From the Richmond Palladium-Item:
A company that might relocate to the former Visteon plant already is working on the facility.
Wayzata, a Minnesota-based cabinet manufacturer, hasn’t yet committed to buying the property on Indiana 1, but all signs seem to point to that decision, Connersville Mayor Leonard Urban said Wednesday.
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Wayzata Real Estate LLC of Connersville has until late October to decide on locating here. The time period began June 24 when the city council and board of public works agreed to sell the property to the Connersville Redevelopment Commission. The 184-acre property was appraised at about $4 million, but the redevelopment commission may sell it for an amount less than the appraised value.
If Wayzata invests $12.4 million in the property and employs 309 people within five years, it may buy the facility from the redevelopment commission for $1, according to the agreement.
Redevelopment commission president Joe Glowacki said the project appears to be going in the right direction.
“I think it’s moving along very well. They’re doing their due diligence, and the city is responding,” Glowacki said. “We took the next steps this week. I’m feeling very good about it.”
This week, the Economic Development Commission agreed to issue $3.5 million in economic development revenue bonds to finance the sale and pay for equipment and renovation of the facility. One of Wayzata’s Minnesota companies will buy the bonds if the project goes forward, Urban said.
Under the proposed agreement, Wayzata would receive the real estate and personal property taxes collected over the next 20 years because it’s a Tax Increment Finance (TIF) District. The company would use those funds to repay the bonds, Urban said.
“It’s a win-win for us. The only thing we’re giving up is the property tax, and right now, that’s zero because the city owns the property,” Leonard said. “The state set up TIF for communities like ours.”
http://www.pal-item.com/apps/pbcs.dll/article?AID=2013308210013
