Hamilton County’s Industrial Development Board today approved a seven-year tax break for a steel processor to expand its operations and add 84 jobs.
LJT Tennessee/Steel Warehouse is expected to receive property tax savings of about $500,000 over the period, said Steve Hiatt of the Chattanooga Area Chamber of Commerce.
The company is to pay the school portion of the property tax levy over the period, officials said. The jobs are expected to average about $42,000 a year, they said. That’s above the county average of $38,900, Mr. Hiatt said.
The company announced about a month ago it planned to undertake an $11 million expansion at its Centre South Riverport facility off Amnicola Highway as it diversifies its business. The expansion would give the company a total of about 200 jobs in the city within the next couple of years if not sooner, Mr. Hiatt said.