updated: 10/11/2007 12:20:09 PM

Putnam County Sees Return on Investments

InsideINdianaBusiness.com Report

Greencastle/Putnam County Development Center, Inc. says the county is seeing the results of more than $250 million in investments this year. The organization says one of the largest projects underway in the county is the new Altra Indiana, LLC, ethanol plant north of Cloverdale. DePauw University is also investing more than $40 million in its campus.

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Source: Inside INdiana Business

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Press Release

Greencastle, Indiana - Putnam County is experiencing a commercial and industrial boom this year. Over $250 million in new commercial, industrial, and institutional construction projects are underway or just recently completed. Several communities around the county are benefitting from these investments.

Commercial projects include a new funeral home and fast food restaurant in Cloverdale, a new contractor’s office and yard in Bainbridge, and several new retail and office projects in Greencastle. At Cloverdale, a group of local investors is building a new horse show arena just west of the US 231 and I-70 interchange. The Crossroads USA Arena and Expo Center is a new 192,000 square foot facility that will provide additional event space and increase tourism in the county. The facility will open in January of 2008. The Cloverdale Redevelopment Commission is supporting the project through the extension of water and sanitary sewer lines and road improvements.

By far the largest project in the county is the new Altra Indiana, LLC, ethanol plant located in Warren Township just north of Cloverdale. This significant project is now in the full swing of construction with completion expected in the first quarter of 2008. Bill Dory, Executive Director of the Greencastle/Putnam County Development Center noted, “This ethanol project will have a significant positive impact on our local agriculture community by providing another market outlet for area farmers and by offering savings in transportation costs to those who sell their corn locally to the plant.”

In Bainbridge, M & D Excavating completed their new headquarters with an office building and equipment maintenance building. The Town of Bainbridge is providing water, natural gas, and sanitary sewer services for the project.

The projects in Greencastle include a 17,500 square foot retail shopping center, a new auto parts store, two gas stations and a new video store. Recently, two new banks opened in the community and a third is under construction. First Financial Bank of Terre Haute and North Salem State Bank have both completed new branch banks in Greencastle. First National Bank of Cloverdale is building a new branch bank on Indianapolis Road. O’Reilly Auto Parts is building a new 7,000 square foot retail store. Gas America and Kroger’s each completed new gas stations earlier this summer. A new 6,084 square foot Family Video store is also under construction.

Greencastle Mayor Nancy Michael stated “We greatly appreciate the investment taking place in our community. These investments, not only in Greencastle, but throughout the county help grow our tax base, provide job opportunities, and provide a better quality of life for our citizens.”

Industrial projects include a new office and warehouse for Cash Concrete Products, an expansion of a local distribution center, and the construction of a 50,000 square foot shell building by Garmong Developments Company, LLC. Two other local industries have invested in new manufacturing equipment. Dory noted, “All of the industrial projects have been encouraged and supported by the Putnam County Council and Greencastle City Council through the granting of local property tax abatement.”

DePauw University continues to invest in their campus with new an enhanced facilities. Over $40 million worth of investment is nearing completion for grand opening this Fall. Significant projects include the Janet Prindle Institute for Ethics and the Judson and Joyce Green Center for the Performing Arts. In addition, the university completed improvements and upgrades to several buildings on campus this Summer in preparation for the start of classes this Fall.

Putnam County is investing $2.9 million in a new 911 emergency operations center. This high security facility will house the county’s 911 dispatch center and serve as emergency command center in the event of a natural disaster or other emergency. Once complete, the 911 dispatch center will move from the Courthouse to the new facility.

After completing a new surgery wing in 2006, the Putnam County Hospital is completing renovations of other areas of the facility. Parts of the hospital are being renovated for a new oncology center, a new sleep lab diagnostic center, and new training rooms. All of the recent work is in keeping with the hospital’s goal of bringing specialized care and services to the community. In the adjacent medical office park, a private developer is building a kidney dialysis center. Working with the hospital and surrounding property owners, the City of Greencastle built a new sanitary sewer lift station to increase capacity in the area.

Dory added, “Our local elected officials at the town, city, and county levels have all been very supportive of encouraging investment throughout the county. This support has been demonstrated through investment incentive packages, utility improvements, and technical assistance.”

Source: Greencastle/Putnam County Development Center, Inc.

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