State, Indy Recoup Funds From Carrier, UTEC

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Indianapolis Mayor Joe Hogsett (pictured at podium) made announcement about recouping incentives from Carrier Corp. at the Vincennes University Aviation Technology Center on the city's west side. Indianapolis Mayor Joe Hogsett (pictured at podium) made announcement about recouping incentives from Carrier Corp. at the Vincennes University Aviation Technology Center on the city's west side.

The city of Indianapolis and state of Indiana have clawed-back incentives given to Connecticut-based United Technologies Corp. (NYSE: UTX). The funding, which totals around $1.6 million, was issued to Carrier Corp. in Indianapolis and United Technologies Electronic Controls in Huntington for job-creation plans. In February, the company announced it would move manufacturing operations from Indiana to Mexico, a move which will eventually result in the loss of some 2,100 Hoosier jobs.

Huntington has not yet announced if it has been reimbursed. UTC said last month each of the cities and the state would get their money back.

During meetings with Governor Mike Pence and economic development officials at the Statehouse last month, officials with the parent company pledged to keep corporate headquarters and the Marion and Huntington County sites, along with 400 jobs. UTC says it will maintain current or near-current levels of employment in Indiana for the next three years. It has also said displaced workers will receive severance packages and education funding.

Indianapolis Mayor Joe Hogsett says he is confident the $1.2 million fund set up as a result of the company returning funds to the city will "make an impact as we work to lift up our neighbors." A task force set up by the mayor shortly after Carrier announced the decision has identified several partners including the United Steelworkers, EmployIndy, IUPUI and the Vincennes University Aviation Technology Center, which plan to offer support to the displaced workers. You can connect to more about the task force as its next steps materialize by clicking here.

The state says it will redeposit more than $380,000 from the company into the Indiana Economic Development Corp.'s Skills Enhancement Fund. Pence says he's disappointed by UTC's announcement, but he appreciates the effort to repay the incentives. "My administration has made it a top priority to support the employees, their loved ones and the communities affected by this decision and to protect Hoosier taxpayers. Today, I am pleased to announce that these companies have repaid state and local incentives, and I thank Carrier and UTEC for following through on the commitment they made to the state of Indiana."

The bulk of the lost jobs, 1,400, will be in Indianapolis, while around 700 in Huntington will be displaced.

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