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Independence Enters Agreement with Railway Company

 

The Independence City Commissioners approved an incentive agreement with Precision Railway Equipment Company to facilitate the expansion into the West Laurel Industrial Park. The agreement allows the city to transfer a 14.51-acre tract of land to Precision for the construction of a new facility where they will expand their business.

 

They currently operate a facility on South 19th Street in Independence and intend to retain that facility. City Manager Kelly Passauer said the property is valued at just over $145,000 and, under the agreement, will be transferred to Precision with the purchase price forgiven over a six-year period. Precision will have to meet specific terms for employee retention and hiring. They currently have 32 employees and expect to create an additional 15 jobs over the next six years.

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