City offers $1 million tax incentive to keep Yale Lock
After hearing that Yale Lock planned to close its local factory, town leaders in Lenoir City, Tenn., geared into action last week, according to reports by WBIR-TV.
The City Council decided on April 2 to offer Assa Abloy, the Swedish parent company of Yale Lock, a 100% property tax abatement if the company abandons its plans to consolidate its Lenoir City manufacturing operation with another factory in Connecticut. The 10-year deal would save the company an estimated $1 million.
In lieu of taxes, the council proposes taking ownership of the property and leasing it to Yale Lock. The manufacturing plant has been in Lenoir City for more than three decades and employs more than 200 people. Current plans call for a shutdown of the factory over the next 12 months. No response to the offer from Assa Abloy has been reported.