WINDSOR — The town of Windsor has agreed to rebate half of the personal property taxes on $5 million of new equipment to permit Norfolk Iron & Metal Co. to improve operations and expand.

Norfolk, located at 31825 Great Western Drive in Windsor, is a metal fabrication company that employs eight people. In early 2022, it bought the facility that had been owned by PlatePlus Inc., an Illinois company that established an operation in Windsor in 2017.

The company, as related to the town board, is experiencing a decline in business because of antiquated equipment. It plans to spend $5 million to replace and upgrade equipment and asked for assistance from the town.

The assistance, as approved by the board Jan. 9, comes in the form of a 50% reduction in the personal property tax payments on the new equipment for a period of 10 years. The incentive totals $46,749 over the 10 years.

The company also received a 50% reduction in the personal property tax that would be paid to Weld County during that same period. The total rebate from both governments is estimated at $105,186.

Norfolk told the town that it plans to add five employees in early 2023 as it gears up for expansion. Existing employees earn an average of $28 per hour, according to the request from Norfolk.