City Approves Tax Break for Saxony Projects
City Approves Tax Break for Saxony Projects
March 14, 2007 - Paraphrased Article from The Noblesville Ledger
By: Chris Sikich
NOBLESVILLE— The city council approved tax breaks for a $5 million, 71,356 square foot office/warehouse building for First Industrial Realty Trust in the Saxony area of the corporate campus.
Ben Bontrager, Assistant Economic Development Director, said “it’s being built as a speculative construction project so the number of jobs or amount of wages it might create is unknown.”
The council also approved tax breaks for Helmer, also at Saxony. It had already done so in November, but Bontrager said, “the legal land description on those documents was incorrect.”
Helmer, now in three buildings on the Herriman Boulevard corridor, was founded in 1977 and manufactures products for blood banks and clinic laboratories, including platelet storage systems, plasma-thawing systems, cell-washing systems, refrigerators, centrifuges and freezers.
According to city documents, the new Helmer corporate headquarters will be 68,000 square feet on 5.4 acres at Interstate 69’s Exit 10, and it will be used for office and warehouse space. It will have 112 employees initially, and about 29 more will be added by the end of 2008. That will bring the payroll from $5,323,202 to $6,267,113.
First Industrial Realty Trust will build and own both buildings.
The council’s approval Tuesday for Helmer and First Industrial Realty Trust were preliminary. Both were for 10-year tax abatements. The final vote will be March 27.
The council also confirmed asix-year tax abatement for an office/industrial project east of Indiana 37 at Pleasant Street.
Smith Development will erect several small buildings at a cost of $3.6 million in the Pleasant Street Commercial Park. The council approved a preliminary agreement for tax breaks February 27th.
