Council OKs tax break for Nachi’s $9M expansion

The Greenwood City Council agreed to give a local technology company a tax break worth more than $300,000.

The council on Wednesday unanimously approved a personal property tax abatement for new machinery and equipment.

The abatement will save the company a projected $316,760 over seven years. Nachi will pay $532,800 in taxes over the next 10 years, after the abatement, according to city documents.

Nachi intends to invest more than $9 million in advanced technology and manufacturing equipment specifically for grinding, matching and assembling automobile bearings.

The investment is expected to create 10 new jobs for Nachi, in addition to the 65 workers the company currently employs, city documents show.