MDC Approves of Abatements(posted Oct 5) The Indianapolis Metropolitan Development Commission approved two economic revitalization designation areas on Oct 3 that will grant tax abatements in Pike Township. Beckman Coutler/Dugan Financing received a ten year real property tax of $575,673. DMD Public Information Officer Angela Nussmeyer said, "the company is expected to pay $585,262 in real property taxes over that time for the new improvements related to abated project." The company is currently paying $8,833 annually on the property. The company's proposed investments is $6,380,342, thus increasing the assessed valuation to $4.5 million. The company is located at 5355 W. 76th Street. The personal property tax amount is $70,349. The abatement still requires the company to pay $47,235 in personal property over ten years. The company's investment of $1,171,307 is expected to increase the assessed valuation by $468,523. Beckman is expected to create 120 jobs based as a result of the abated project. Beckman Coulter is a life science business. Nussmeyer explained that the Beckman Coulter/Dugan Financing original preliminary abatement was approved September 19, but a waiver was required Oct 3 because of improper timing to advertise the public hearing. The waiver allow the company to install the personal property equipment instead of waiting for the Oct 17 public hearing. T2 Systems Inc., located at 7835 Woodland Drive, received an eight year personal property tax abatement for the amount of $17,659. The company is still expected to pay $67,014 in personal property taxes during those eight years on the new equipment related to the project. The company's proposed investment is $2,100,000 that should increase the assessed valuation by $840,000. The project is expected to create 115 jobs. T2 Systems is in the parking solution business. Nussmeyer said if the companies fail to meet the conditions of the abatement, the city has the right to request damages based on the amount of savings received due to the abatement. |
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