County to Contribute Funds, Making Building Easier to Sell to New Industry
1/19/2010
Courtesy of the Hartford City News Times
By Cynthia Payne
NT Editor/Publisher
NT Editor/Publisher
Published:
Wednesday, January 20, 2010 6:09 AM CST
A business that would create 50 jobs at an average salary of $15 per hour is the target for a Hartford City Redevelopment Commission (BCEDC) project that involves public money.
“We have a large surplus of available buildings and that is attractive to businesses,” said Rob Cleveland, BCEDC executive director.
One building, in particular, is marketable, he noted.
That is the 70,000 sq. ft. building at 1204 Gilkey Ave., Hartford City, which is one of two Tru-Form Steel & Wire, Inc. buildings in the industrial park owned by Jeff and Monty Tuttle.
“We have a large surplus of available buildings and that is attractive to businesses,” said Rob Cleveland, BCEDC executive director.
One building, in particular, is marketable, he noted.
That is the 70,000 sq. ft. building at 1204 Gilkey Ave., Hartford City, which is one of two Tru-Form Steel & Wire, Inc. buildings in the industrial park owned by Jeff and Monty Tuttle.
“There are companies all around the country looking for buildings this size. It is the building I have shown the most,” Cleveland said.
However, the building has been appraised for $762,500, which is an average of two independent appraisals of $950,000 and $575,000.
But, given the ceiling height of 18 ft. (when some companies want 30 ft. ceilings) and condition of the building, Cleveland believes the actual price the building could be sold for is less than its assessed value of $580,000. “We believe the building will sell for $386,000,” Cleveland told the Blackford County Commissioners at a meeting Tuesday morning, Jan. 19.
That leaves a gap in funds and Cleveland is asking several public entities to make up that difference so he can market the building to a new company which will invest in the county, pay taxes and create jobs.
The county commissioners pledged to contribute $150,000 out of Economic Development Income Tax (EDIT) funds. Hartford City and the Blackford County Economic Development Corporation (BCEDC) each will contribute $22,000.
“EDIT funds are designed for economic development. If we can find a company, we will do a tremendous service to the county,” Cleveland said.
The county, city and BCEDC will be subsidizing the purchase of the building by a company that will agree to create at least 50 jobs over three years at an average wage of $15 per hour. “Obviously, that will be a huge plus to this community,” Cleveland said.
See the rest of the story in the Wednesday, Jan. 20 print edition of the News Times
However, the building has been appraised for $762,500, which is an average of two independent appraisals of $950,000 and $575,000.
But, given the ceiling height of 18 ft. (when some companies want 30 ft. ceilings) and condition of the building, Cleveland believes the actual price the building could be sold for is less than its assessed value of $580,000. “We believe the building will sell for $386,000,” Cleveland told the Blackford County Commissioners at a meeting Tuesday morning, Jan. 19.
That leaves a gap in funds and Cleveland is asking several public entities to make up that difference so he can market the building to a new company which will invest in the county, pay taxes and create jobs.
The county commissioners pledged to contribute $150,000 out of Economic Development Income Tax (EDIT) funds. Hartford City and the Blackford County Economic Development Corporation (BCEDC) each will contribute $22,000.
“EDIT funds are designed for economic development. If we can find a company, we will do a tremendous service to the county,” Cleveland said.
The county, city and BCEDC will be subsidizing the purchase of the building by a company that will agree to create at least 50 jobs over three years at an average wage of $15 per hour. “Obviously, that will be a huge plus to this community,” Cleveland said.
See the rest of the story in the Wednesday, Jan. 20 print edition of the News Times
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