Expansion Projects Receive Preliminary OK From Commission

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Oldcastle BuildingEnvelope is one of three companies seeking tax breaks for Indianapolis growth plans. Oldcastle BuildingEnvelope is one of three companies seeking tax breaks for Indianapolis growth plans.
INDIANAPOLIS -

The Metropolitan Development Commission in Marion County has granted preliminary tax abatement for three planned expansions. In all, the proposals call for more than 200 new jobs and $28.7 million in planned investment. The expansions would also retain 223 jobs.

The largest plans are from a Korean auto supplier looking to launch a U.S. headquarters. Daechang Seat Co. LTD USA says, without the abatement, it would consider a different location. The company intends to pump $16.8 million into a new facility and hire 180 workers. If approved, the 10-year abatement would save the manufacturer more than $135,000.

Chip Ganassi Racing Teams Inc. says it could invest $3.5 million to renovate its Indianapolis facility, which is home to its INDYCAR and International Motor Sports Association operations. Ganassi currently employs 127 in Indianapolis and could add 25 more if the abatement is approved, saving $240,000. If not, the racing company says it could send its Indy operations to North Carolina.

Plans from Oldcastle BuildingEnvelope Inc. call for retaining 96 workers and adding 14 by next year with its planned $7.4 relocation to a shell building. The five-year abatement request is expected to total nearly $250,000 in savings for the manufacturer if cleared by the MDC.

The abatement requests will go before the commission for final approval April 5.

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