Newton’s City Commission on Tuesday approved a development agreement for the construction of a new manufacturing facility for GAF Materials, a New Jersey-based roofing manufacturer with 26 plants across the U.S. Local economic development leaders in the area have called it the largest private sector investment in the Wichita region in the last five years. Under the agreement, Newton will provide up to $350 million in industrial revenue bonds, including a sales tax exemption on construction materials and equipment, as well as a 100% property tax exemption for 10 years. In order to receive the incentives, GAF must invest at least $75 million in improvements on the site.
Source: Wichita Business Journal
