Tyler, Smith County approve tax abatement for Trane
Two local government jurisdictions approved a tax abatement for Trane, with hopes that the parent company will bring more jobs to Tyler.
On Tuesday, the Smith County Commissioners Court approved granting a seven-year tax abatement to Trane. The Tyler City Council approved the same agreement last week.
The abatement would allow Trane to opt out of paying 100 percent of city and county property taxes for five years, and 50 percent of those taxes for years six and seven.
The incentive is dependent on the company meeting certain investment and job creation goals for expanding operations, but Ted Crabtree, Trane’s vice president of operations, said the deal isn’t done and the manufacturers parent company Ingersol Rand is evaluating all of its options.
Trane’s proposed $22 million capital investment project in Tyler could result in an additional 50 jobs, and a pledge from the company to retain an existing 469 jobs. The first phase is a $6.5 million remodel.
The abatement will allow the company to redesign and revamp the entrance and some meeting spaces.