Franklin’s Innovative 3D is expanding again, and it is getting a new five-year tax break to do so.
The Franklin City Council unanimously approved a personal property tax abatement to purchase a $1.06 million piece of 3D manufacturing equipment to support the growing business.
The abatement will save the small company an estimated $38,500 in taxes, while $63,600 in taxes are still owed over the life of the abatement, city documents show.
Per the agreement, Beck will also pay a 5% economic development fee to the city, which goes toward future city projects.
A previously issued three-year abatement expires this year. It was deemed in substantial compliance by the city council and Franklin Economic Development Commission.
Innovative 3D, a local 3D printing manufacturer, was founded in 2017. At the time, it had just two employees, including founder Chris Beck.
In the last three years, the company has doubled in size to four employees, and has plans to add a job with this expansion, according to city documents. The new job will start at $27 an hour and include benefits, documents show.
The company 3D-prints parts for big names in the aerospace and medical device industries, and for military contracts, Beck said. The business also works in development and research, and prints prototypes of new products, he said.
