The city-county plan
commission gave its approval to $2.6 million in public financing on Thursday to
help finance a $19.2 million expansion at Spartech Packaging Technologies on
the south side.
The 60,000-square-foot
expansion at the Spartech food packaging manufacturing facility bordered by
Memorial Drive, Macedonia Avenue, 18th Street and Penn Street, will add 32
jobs. Current employment is 114 and the current space is 167,000 square feet.
"This company is
making a long-term investment in Muncie and Delaware County," said Terry
Murphy, vice president at the Muncie-Delaware County Economic Development
Alliance.
The construction cost is
estimated at $3.9 million. New machinery, equipment and special tooling and
re-tooling are projected to cost another $15.3 million.…
During a special meeting,
the plan commission voted 6-1 to create a tax increment financing (TIF)
district at Spartech's 16.5-acre site. The city of Muncie will issue up to $2.6
million in bonds to help finance the expansion. The bonds will be repaid by the
added property tax revenues generated by the expansion.
…http://www.thestarpress.com/apps/pbcs.dll/article?AID=2012206010337
