<p>A Franklin company that makes race-car parts was recently given a tax break on a new piece of equipment.</p>
<p>The Franklin City Council agreed to give Rapid Prototype a five-year personal property tax abatement for a new piece of equipment worth $300,000.</p>
<p>The company will pay no taxes the first year, but its tax bill will increase 20% annually until it reaches the full amount. They are expected to pay just under $7,000 in taxes on the equipment over the course of five years. The company will save about $11,000, according to city documents.</p>
<p>The company will also pay a 5% economic development fee, city documents said.</p>
<p>Money from the economic impact fee has been used to pay for alley improvements, holiday lighting and to start a shared work space, said Krista Linke, Franklin’s community development director.</p>
<p>Rapid Prototype, which makes parts to specifications ordered by companies such as IndyCar, Penske and Axis Industries moved to the Franklin Business Park in 2018. City officials approved a seven-year tax break on the building, and a five-year tax break on equipment as part of its initial abatement when it came to town.</p>
<p>The company has kept its promises in regards to its initial abatement, Linke said.</p>
<p>The new piece of equipment should bring at least one new job. The company has 14 employees with an average hourly wage of $37.38, according to city documents.</p>
