ERIN MCDANIEL
City of Newton
NEWTON, Kan. — At Tuesday night’s meeting, the Newton City Commission finalized a 10-year tax abatement for Bunting Magnetics most recent expansion.
Bunting recently completed its redevelopment of a 12,000-square-foot building at 1001 S. Spencer, which it purchased in 2022. The expansion represents a capital investment of $2.2 million and the creation of six new jobs. The tax abatement exempts property taxes for 10 years on the increase in valuation created by the improvements.
William Wesolowsky from Bunting noted the company plans to use the new facility to house operations of its recent acquisition of TD Wright, a manufacturer of magnetic cylinders for printing.
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