Hoosier Energy is interested in relocating its corporate offices from north of Bloomington to the south side at Tapp Road and Ind. 37.
The electric generation and transmission cooperative will go before the Bloomington Economic Development Commission
on Friday to seek approval for tax abatement on the estimated $20 million project. Abatement allows increased property tax liability resulting from new development to be phased in over a period of years.
on Friday to seek approval for tax abatement on the estimated $20 million project. Abatement allows increased property tax liability resulting from new development to be phased in over a period of years.
Utility spokesman Chris Tryba said the Hoosier Energy board has not yet approved the project, which he said is contingent upon the tax abatement and the vacation of South Tech Park Boulevard. The Bloomington City Council would have the final vote on both issues.
Tryba said the proposal calls for construction of a three-story, 80,000-square-foot building on approximately 13.5 acres now owned by the Public Investment Corp. of Bloomington at the northeast corner of the intersection of Ind. 37 and Tapp Road. According to information provided to the EDC, the site includes eight lots in the Mill Creek subdivision on the north side of Tapp Road.
Corp. of Bloomington at the northeast corner of the intersection of Ind. 37 and Tapp Road. According to information provided to the EDC, the site includes eight lots in the Mill Creek subdivision on the north side of Tapp Road.
New property taxes on the site would be phased in over a period of 10 years, according to the company’s application to the EDC. In a memo supporting the application, city staff noted that the project would retain 116 jobs in Monroe County that pay an average hourly wage of $46.08, plus benefits.
