VIDALIA – Concordia Parish Police Jury unanimously on Monday approved a resolution and letter of support for Syrah Technology Resources’ application for the Louisiana Industrial Property Tax Exemption program.
The program would allow technology company Vidalia to extend its current property tax credit by 80% for up to 10 years.
Paul Jahn, commercial manager at Syrah Technologies, said the exemption would allow the company to continue plans for a $ 137.5 million expansion project that will take Syrah from a “skill level” to a “commercial” manufacturing company would.
The Vidalia industry grinds graphite, which is mined in a mine in Mozambique, to produce active anode material, which is commonly used to power the battery in electric vehicles.
As the market for such material grows, Jahn expects Syrah to double its capacity in Concordia Parish every three years.
“We are extremely excited about this opportunity for Vidalia and Concordia Parish, and we would be delighted if you continue to support Syrah’s application for an industrial property tax exemption program in Louisiana,” he said.
Vidalia’s Mayor Buz Craft, who was in the audience during Monday’s meeting, said he supported Syrah’s request.
“We’re excited to have this company here,” said Craft. “It will be a stepping stone to opportunity.”
The existing exemption from Syrah’s trade tax exemption was decided and approved in 2018. The new exemption, if approved, would extend it for an additional 5 years to apply in sequence with the old exemption. The company would also have the option to renew its exemption if certain recruitment goals are met.
Jahn said before the company’s expansion plans got underway, Syrah is looking for an agreement with target customers and is looking for project finance agreements.
“We plan to have it operational by 2023,” he said.