The first company to get Chapter 100 bonds from Boone County has met all job requirements at the end of its 10-year tax break.
Analytical Biochemistry Laboratories Inc. released its final Chapter 100 report Thursday. The report noted the company has 372 employees in Columbia — almost 100 more than required by the initial Chapter 100 agreement.
With the bonds, which were initially estimated to save $1.29 million over 10 years, ABC Labs expanded its Discovery Ridge property and increased its workforce.
When the bonds were approved in 2008, ABC Labs had 224 employees. The county resolution required it to add and keep at least 50 jobs to keep the bonds, which gave the company a 50 percent tax break. With the Chapter 100 bonds expired, the company will pay about $140,000 a year in property taxes, according to online property records.
Regional Economic Development Inc. pitched Chapter 100 bonds to the Boone County Commission in 2008 to increase the expansion of local companies. Since then, the commission has issued Chapter 100 bonds to several companies, with property tax discounts reaching up to 75 percent .
Northwest Medical Isotopes is in the process of asking for the same property tax break, a 50 percent discount over 10 years, to bring a facility to Columbia. Northwest would work with the MU Research Reactor Center to produce the radioactive isotope Molybdenum-99, which is used to diagnose cancer, according to previous Missourian reporting.
The $108 million facility would be built in the same area as ABC Labs, in Discovery Ridge Research Park. It would bring an estimated 104 jobs paying $35 per hour to Columbia. The commission has not yet approved Chapter 100 bonds for Northwest.
Some other local companies that have received Chapter 100 bonds are:
- Aurora Dairy, which received a 75 percent tax break for 10 years to build its company.
- American Outdoor Brands, which received a 50 percent tax break for 10 years to create 328 jobs.
- Columbia Kraft Heinz production plant, which received a 75 percent tax break for seven years to finance $93.3 million of new machinery and equipment and maintain 300 jobs.
- Dana Light Axle, which received a 50 percent tax break for seven years to retain 89 employees and add 135 more.
ABC Labs recently celebrated its 50th anniversary. The Columbia-founded company was acquired in 2015 by Evans Analytical Group after a year of seeking a buyer, according to previous Missourian reporting. It was acquired in December by Eurofin Scientific.