ATESTEO North America Inc., a German company that develops and tests drivetrains, is moving forward with plans to invest $26 million in East Lansing after the City Council approved financial incentives.
In a 4-1 vote, city council passed economic incentives ATESTEO had requested, including industrial development assistance through property tax, a 10-year industrial facility tax exemption abating 50 percent of new taxable value and a 10-year personal property tax exemption exempting new personal property investment beyond the projects first two years.
If the company stops business in East Lansing before Dec. 30, 2032, ATESTEO will have to pay back all of the tax exemptions.
The company plans to sped around $700,000 in building renovations for the building off of West Road and to spend $26 million on machinery and equipment in the first five years.
The company plans to bring 46 jobs and will have open positions for engineers, technicians, mechanics and electricians with an average salary of $69,000 per year.
The East Lansing headquarters are expected to open in March.
More information on the project can be found on the City of East Lansing website.