updated: 1/18/2013 8:10:22 AM
A proposed $120 million logistics park in Indianapolis that had been delayed because of the recession may be back on track. The metropolitan development commission in Indianapolis is expected to approve a two-year tax abatement extension for a project known as World Connect. South Bend-based Holladay Properties Inc. Senior Vice President Chris Wilkes says when the economy "trended back up" last year, the developer decided to move forward.
The commission initially approved the 10-year tax abatement in 2009. At that time, the developers said that park would create approximately 1,700 jobs with an average salary of $45,000 per year.
The deal contained a provision that guaranteed the city nearly $5 million in real estate taxes over ten years, with the developer making up the difference if the funds are not generated at the site.
Commissioners are scheduled to take up the two-year extension on February 6.
Source: Indianapolis Metropolitan Development Commission