Wednesday, February 26, 2014

IBJ Reports ID Castings Seeks Abatement for Investment in Noblesville

From the Indianapolis Business Journal:

A new owner plans to invest $51.4 million to overhaul the former Noblesville Foundry on South Eighth Street, resurrecting a property that has been underused for years.

ID Castings LLC officials did not return messages from IBJ, but a tax-abatement application filed with the city provides a glimpse of the proposed project. About half of the facility is targeted for demolition, an existing production line will be refurbished, and two new lines are in the works.

The company, founded in October, has 27 workers at the site now, and plans to add another 25 with an average salary of $35,525, according to the application.

Noblesville’s Common Council will consider the abatement request Tuesday evening.
The 13.9-acre foundry site has become an eyesore after years of underuse. (IBJ Photo/Andrea Davis)
On the table: a three-year abatement on personal property taxes tied to the $31 million in manufacturing equipment it plans to install. The temporary tax break would save the company almost $1.3 million.

ID Castings acquired the 13.9-acre site and a warren of well-worn foundry buildings in October. Previous owner Indiana Ductile LLC bought it in 2004, according to Hamilton County tax records.

The property was assessed for tax purposes at about $1 million last year.