From the Indianapolis Business Journal:
Indianapolis software firm T2 Systems Inc. could lose a tax break from the city because it moved its office last year.
The Indianapolis Metropolitan Development Commission in 2007 agreed to abate personal property taxes for T2 for eight years. The deal, valued at about $18,000 in savings for T2, intended to anchor the parking software developer to 7835 Woodland Drive in northwest Indianapolis. The company promised to invest $2.1 million and hire 115 people.
The investment and hiring appear to be on track so far, development officials said. About 135 people work for T2, which has hired 44 people this year, according to the company.
But the firm moved to a new office at 8900 Keystone Crossing in February 2012. Because it was in another tax district, the move nullified the abatement agreement.
The commission will consider terminating the tax abatment at its meeting on Wednesday afternoon.
Even though T2 remained in Indianapolis and continued to invest in new equipment and employees, the move took tax revenue to a different township, said Ryan Hunt, senior project manager for the Department of Metropolitan Development. That affects certain local government agencies, such as schools.
The initial agreement to abate T2’s taxes was an economic development effort for a specific area, Hunt said. Regulations dictate that those tax breaks needed to remain at the Woodland address.
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Losing the tax abatement won’t affect T2’s expansion plans, she said. The firm does not plan to object to rescinding the abatement.
http://www.ibj.com/t2-systems-set-to-lose-abatements-over-technicality/PARAMS/article/44462
