By CHRISTOPHER ROY
Express Staff Writer
NEWPORT CITY â€“ Last Monday, the Newport City Council gave the thumbs up for a tax stabilization request for Numia Medical Technology.
President Eric Flachbart told the council that the property is perfect for his company. For now, the company will occupy one of the two buildings. Flachbart wants to lease the second building for a couple of years, until he is ready to occupy both buildings.
â€śWeâ€™re actually putting a lot more into the buildings than we anticipated,â€ť he said. â€śIt was originally going to be a $119,000 project now itâ€™s over $300,000.â€ť
Mayor Paul Monette explained the price of the project determines the length of the tax stabilization. New or existing projects under $1 million qualify for four-year stabilization and anything between one million and ten million qualifies for five years.
â€śThis qualifies for the four year, based upon the policy,â€ť Monette said. â€śItâ€™s based on improvements to the building and the creation of jobs.â€ť
In the first year, the company would be taxed 25 percent of assessed value. Year two will be 50 percent, year three will be 75 percent, and year four will be 100 percent. The assessed value of the property is $600,000.
In September, Numia Medical Technology purchased the former Vermont Teddy Bear Building. The company designs and manufactures drug infusion devices that deliver critical medications to patients. Flachbart wants to move his firmâ€™s operations from Lyndonville to Newport around April of 2012. The company currently has 25 employees and there will be more job openings latter on.
The council also approved road signs for Prouty Beach and North Country Union High School & Career Center. These signs will be posted on the Causeway, at the foot of the Interstate Access Road, at the foot of East Main Street and at two locations on the Bluff Road.
The signs for the high school will be bright green with black letters and will be 18 inches high by 24 inches long. The signs for Prouty Beach will be brown with white letters and will be 24 inches high by 36 inches wide.