11/8/2005
Media Contact:
Cindy Urban, ARC, 317-291-8600 x29
Weston Sedgwick, IEDC, 317-232-8873
John F. Walker, Indy Partnership, 317-464-5413 |
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Motorsports industry research leader to double in size, create 50 new high tech jobs
INDIANAPOLIS – Auto Research Center LLC (ARC), which operates a 50 percent scale wind tunnel for conducting aerodynamic and vehicle dynamic research, broke ground today for a new two-story, 31,000-square-foot building to accommodate its expanding operation.
Auto Research Center is a tremendous asset to Indiana’s motorsports industry and we are happy they have chosen to stay and grow in Indiana," said Patricia R. Miller, Secretary of Commerce and CEO of the Indiana Economic Development Corporation. "The high-tech jobs created at this R&D facility are the kinds of jobs we are seeking to create and are typical to many motorsports businesses. I am confident that ARC will continue to act as a magnet for other racing businesses considering relocating to the state of Indiana and I look forward to ARC’s continued partnership with our motorsports initiative as we focus on growing this highly competitive industry."
ARC expects to employ 50 additional high-tech workers by 2009 at the new facility located adjacent to its current building at 4012 Championship Drive. ARC currently employs 27 people. The land, building and personal property investments total $4,070,000. The state, through the Indiana Economic Development Corporation (IEDC), and city worked together to provide an incentive package to aid in the expansion.
"Our additional facility expresses ARC’s commitment to the advancement of automotive technology in central Indiana," said Adrian Reynard, majority shareholder in the seven-year old company. "The technology we have developed here has been forged from the highly competitive arena of motor sport, but we see a wider future in the application of advanced vehicle dynamics in fuel savings for all transportation vehicles and world ecology."
ARC is well known in the automotive industry for state of the art aerodynamic and vehicle-dynamic research. Its current facility houses a 50 percent scale, rolling road wind tunnel, a vehicle dynamics rig and leading edge technological services such as scanning and surfacing, conceptual design, rapid prototyping and computational fluid dynamics.
The economic development incentives offered by the state of Indiana through the IEDC include:
- Approximately $41,000 in training grants from the Skills Enhancement Fund (SEF) to train Indiana resident employees;
- Up to $50,000 in training grants for technology professionals through the Technology Enhancement Certifications for Hoosiers (TECH) fund;
- Approximately $100,000 in assistance with off-site infrastructure improvements needed to serve the site through the Industrial Development Grant Fund (IDGF);
- Up to $500,000 over 10 years in Economic Development for a Growing Economy tax credits (EDGE); and
- Up to $1.2 million for certain company investments through the Hoosier Business Investment (HBI) tax credit program.
The city of Indianapolis provided incentives in the form of a 10-year tax abatement on $3.3 million of ARC’s real and personal property investment that qualified for abatement, which is expected to save the company more than $202,000 over the life of the abatement.
"ARC has been providing good-paying jobs for Marion County residents since 1998 and we’re very glad they made the commitment to grow in our city. Indianapolis is dedicated to nurturing and growing our motorsports industry," said Indianapolis Mayor Bart Peterson.
Indianapolis Economic Development (IED), a member of The Indy Partnership, worked with the company to secure the local incentives.
"This is a great day for our motorsports industry here in the Indianapolis Region. ARC’s growth and success just shows that this is the place to be if you’re in the motorsports business," said Jeb Conrad, executive director of IED.
ARC expects that construction of its new two-story, 31,000-square-foot building will be completed by October 2006. The company anticipates it will begin hiring for the new positions in the fourth quarter of next year.
About the IEDC
As a result of legislation passed by the Indiana General Assembly in Feb. 2005, the Indiana Economic Development Corporation replaced the Department of Commerce as the premier entity charged with state economic development. The IEDC has a 12-member board chaired by Gov. Mitch Daniels. Patricia R. Miller, chief executive officer and secretary of commerce of the IEDC, serves on the board and in a cabinet level capacity.
Indianapolis Economic Development is a member of The Indy Partnership, a privately-funded, not-for-profit organization dedicated to strengthening economic and job growth in the 11-county Indianapolis Region – Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Monroe, Morgan, Shelby and Tippecanoe counties. Located in Indianapolis, The Indy Partnership has a full-time professional staff ready to assist clients interested in business expansion or relocation in the Indianapolis Region. More information is available at www.indypartnership.com.
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