Cytec planning $15 million expansion

One of Greenville’s high-tech industries is planning a major expansion.

Cytec Engineered Materials is seeking a tax abatement and the creation of a reinvestment zone for the estimated $15 million project, which is expected to add approximately 21 jobs.

A public hearing is scheduled prior to the City Council taking any action during Tuesday’s regular session, starting at 6 p.m. in the Municipal Building, 2821 Washington Street. A work session is also scheduled at 5 p.m. Tuesday.

Cytec is proposing an investment of $4.1 million in real property and a $10.8 million investment in business and personal property on the almost 30-acre expansion site next to the company’s existing plant near the intersection of State Highway 66 and Jackson Lane in the Greenville Industrial Park. Cytec is seeking a five-year abatement, after which the improvements would be taxed at the full rate, unless the abatement and reinvestment zone is renewed.

Prior to the consideration of the Cytec request, the Council is also scheduled to a resolution re-adopting the City of Greenville’s guidelines and criteria for reinvestment zones for the purposes of tax abatement.