VIDALIA — The Concordia Parish Police Jury on Monday unanimously approved a resolution and letter of support for Syrah Technology Resources’ application for the Louisiana Industrial Property Tax Exemption Program.
The program would grant the Vidalia technology company an extension of its current property tax reduction of 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, taking Syrah from a “qualification scale” to a “commercial scale” manufacturing company.
The Vidalia industry mills graphite mined from a mine in Mozambique to produce active anode material commonly used to power the battery in electric vehicles.
With the market increasing for such material, Jahn said he expects Syrah to double its capacity every three years in Concordia Parish.
“We’re extraordinarily excited about this opportunity for Vidalia and Concordia Parish and would very much like your continued support of Syrah’s application for a Louisiana Industrial Property Tax Exemption Program,” he said.
Vidalia Mayor Buz Craft, who was in the audience during Monday’s meeting said he supports Syrah’s request.
“We’re excited for this company to be here,” Craft said. “It’s going to be a springboard of opportunity.”
Syrah’s existing industrial property tax exemption was voted on and approved in 2018. The new exemption, if approved would extend that another 5 years to run consecutively with the old exemption. The company would also be given the option to renew its exemption if certain hiring goals are met.
Jahn said before plans to expand the company move forward, Syrah is looking for an agreement with target clients and seeking project financing arrangements.
“We plan to have it on stream by 2023,” he said.