8/10/2007
Media Contact:
Margie Smith-Simmons, [317] 327-3690 |
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Mayor, business leaders celebrate first major deal with Franklin Township Speculative Tax Abatement Pilot Program
INDIANAPOLIS – Today, Mayor Bart Peterson announced that Franklin Township has landed its first major deal utilizing the Franklin Township Speculative Tax Abatement Pilot Program. Peterson was joined by representatives from Panattoni Development Company, LLC., the Franklin Township Chamber of Commerce and Indianapolis Economic Development Corporation for the announcement.
Panattoni will invest $4.9 million to construct two speculative buildings on 14 acres located at 7455 Company Drive in Franklin Township. The construction will consist of two units on the site – 60,480 square feet and 100,800 square feet – with each unit containing 10 percent office space. Docks and drive-ins will be in the rear of the buildings.
“This is a big win for the city of Indianapolis. We are excited about this large development project that will bring new property tax revenue to Franklin Township, just one year after putting a program in place to spur growth in the area,” said Peterson.
“Panattoni Development Company would like to thank Mayor Peterson’s Office, Indianapolis Economic Development, the Department of Metropolitan Development and the Franklin Township Chamber of Commerce for having the foresight to develop this speculative tax abatement program in Franklin Township and Marion County,” said Chris Alexander, senior development manager for Panattoni. “We are pleased to partner with the city, the township and Colliers Turley Martin Tucker to market the property and attract high quality companies to the community. This is an exciting opportunity for all of us to strategically build new tax base in Franklin Township.”
One year ago, Peterson announced that six properties within Franklin Township would be part of a new Franklin Township Speculative Tax Abatement Pilot Program, the first of its kind in Marion County, created to encourage investment and job creation at the following sites:
- Emerson Avenue and County Line Road
- Arlington Avenue and County Line Road
- I-74 and Post Road
- 7455 Company Drive
- Southeastern Avenue and Franklin Road
- I-465 and Emerson Avenue
This pilot program offers a 10-year real property tax abatement for projects with proposed buildings of at least 50,000 square feet in size. The property must be constructed within 12 months from the date of the application and at least 50% of the property must be occupied within 18 months from the date of completion. An applicant must submit an application and statement of benefits form to the Department of Metropolitan Development by December 31, 2009 to be considered for this abatement.
“Franklin Township welcomes this development and we are glad to see the efforts of the pilot program pay dividends,” said Julia Dunkman, president of the Franklin Township Chamber of Commerce. “We’d like to thank Panattoni and the city of Indianapolis for making this project possible.”
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