Fort Wayne City Council approved $12.5 million in tax breaks for Sweetwater Sound Tuesday night, as the company seeks to expand its headquarters.
Sweetwater’s expansion comes at an $82 million price tag, recently earning $2 million from the Allen County Council two weeks ago. The abatement phases in property taxes over 10 years.
CEO Chuck Surack projects the expansion will allow Sweetwater to hire more than a thousand new employees, and projects it will attract largely outside talent.
“I would say about three-fourths of those will relocate from around the country," Surack said. "Today, about 60 percent of our staff is from around the country. We think that will increase going forward.”
Surack predicts payroll will increase $56 million. City Council approved the measure 7-2; Jason Arp and Paul Ensley opposed the request.
FULL DISCLOSURE: Sweetwater is a financial contributor to 89.1 WBOI.
