8/9/2006
Media Contact:
Justin Ohlemiller, [317] 327-3690 |
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Mayor launches new economic development tool to bring jobs, investment to Franklin Township
New initiative is unveiled in conjunction with the Mayor’s City Hall for a Day
INDIANAPOLIS – Mayor Bart Peterson today kicked off the city’s eighth City Hall for a Day in Franklin Township by announcing a new economic development initiative aimed at spurring private investment and job growth on the city’s southeast side.
Joined by Mays Chemical Vice President Bill West and other business and community leaders, the Mayor outlined a pilot incentive package targeting five vacant parcels in Franklin Township primed for development. To encourage investment and job creation, the City of Indianapolis will offer a 10-year tax abatement up front to developers and businesses that follow through on investing and building on the targeted sites.
The targeted locations include:
1) Emerson and County Line Rd.
2) Arlington and County Line Rd.
3) Troy Ave. and Post Rd.
4) Southeastern Ave. and Franklin Rd.
5) 7455 Company Drive
“Franklin Township, with its qualified workforce, easy access to interstates and highways and its prime locations for growth and development, has a lot to offer businesses,” Peterson said. “By providing a solid, 10-year abatement on the front end, we believe we can spur private investment and ultimately create more jobs in Franklin Township.”
This economic development tool – which has never been used in Marion County – is known as speculative tax abatement because the partial break in property taxes is tied to the construction of a facility at the five locations prior to a tenant or business being identified to occupy the space.
Peterson said developers and businesses will still have to meet certain criteria to take advantage of the incentives, and as with all tax abatement packages, the city will monitor the projects to make sure businesses are following through on their commitments.
Peterson and Franklin Township leaders have made promoting business growth and investment on the city’s southeast side a priority because of the need to bolster the tax base in the sparsely developed township. In mostly residential Franklin Township, a more diverse tax base will help to shift some of the disproportionate property tax burden off of homeowners.
Today announcement took place at one of Mays Chemical’s operating facilities. Last August Mays made a significant investment in Franklin Township after locating part of its operations there.
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