The company, a manufacturer of metal warehouse storage/pallet racks, plans to purchase and renovate a 330,000-sf building, buy new machinery and equipment and transfer equipment from its two existing facilities.
Speedrack selected Quincy as a place to consolidate its two operations in Alabama and West Virginia, thanks in part to an incentive package provided by the state. The company's headquarters is in Sparta, MI.
The package includes a Single Business Tax credit of $1.4 million for five years, a Community Development Block Grant of about $805,000 for infrastructure improvements and an abatement of the State Education Tax Credit of about $91,000. The village of Quincy is offering a 50% abatement of personal and property taxes of about $441,000 for 12 years.
The company plans to spend about $13 million to remediate and renovate the building.
The site had been used by Acorn for the manufacture of metal windows, doors and associated hardware since 1972.
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