Cook, Bloomington Agree on Non-Annexation

Posted: Updated:
(Image courtesy of Cook Group) (Image courtesy of Cook Group)
BLOOMINGTON -

Bloomington-based Cook Group Inc. has agreed to pay its home city $100,000 per year to prevent company-owned land from being annexed. The agreement in lieu of taxes will cover 15 years. The city says the arrangement was a "significant factor" in the company's plans to invest more than $100 million into an expansion at an old General Electric site and adding more than 500 jobs over the next decade.

The city says the company's payment will be increased if it fails to meet investment and hiring targets. Bloomington and Cook have entered into other agreements in lieu of annexation agreements, which date back to 1979 and have been modified multiple times since.

Mayor John Hamilton says "Bloomington and Monroe County residents are thrilled with Cook's recent announcement that they will continue investing in this community, adding hundreds of jobs, redeveloping a significant property at the former GE site, and developing the local workforce through a variety of innovative training opportunities. With this agreement in place, Cook will have the security of knowing what its tax obligation will be going forward, which we hope will make the financial planning of both the City and Cook easier and more predictable. This is good for Bloomington and good for Cook."

The agreement calls for a total of $1.5 million paid to the city's General Fund over its life and in exchange, Bloomington will not annex Cook properties outside the city limits.

  • Perspectives

    • Dominance in The Stock Market

      What do Facebook, Amazon, Netflix, and Google have in common? All are "growth" stocks and are currently dominating the stock market. Will these companies continue performing better than other companies, or will their "day in the sun" end? Currently, the stock market is all about growth stocks. You don't hear much about value stocks any more. So, what does that mean for good, old-fashioned value investing?

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Hospitals in the IU Health system make up half of Indiana's 2017 ranking.

      Indiana Hospitals Listed Among Best in U.S.

      Several Indiana hospitals are included in this year's list of the best hospitals by U.S. News & World Report. The publication ranks the hospitals on a state-by-state basis in addition to specialty categories, such as cancer, cardiology & heart surgery, and geriatrics. 

    • Fort Wayne Newspaper Lays Off Staff

      A long-running news operation in Fort Wayne has announced many of its employees will be out of work. Our partners at WPTA-TV report, despite the The News-Sentinel staffing decisions, the digital news operation will continue. The newspaper did not specify the number of employees affected by the move. Officials say some "stringers," or freelance reporters, may be used to enhance coverage, according to the station. Reporter Tom Davis, who worked in the...

    • (Image courtesy of Charter Communications Inc.)

      Charter Communications Cutting Dozens of Indy Jobs

      Connecticut-based Charter Communications Inc. (Nasdaq: CHTR) says it will cut its customer services department in Indianapolis. In a notice to the state, the telecommunications provider said the decision is expected to affect 84 jobs. The company operates in central Indiana under the Spectrum brand and was previously known as Bright House Networks. Charter Communications says its entire Roosevelt Avenue facility won't be closed, but the customer service department will be.

    • McDonald's Investing Tens of Millions Into Indiana Stores

      The owner of multiple McDonald's locations in Michiana says major modernization investments by the parent corporation and individual franchisees will create jobs throughout the state. Mishawaka-based Greater Indiana Operators Co-op President David Sparks says, of the more than 350 McDonald's locations in Indiana, over 270 will receive work that includes interior and exterior makeovers, additional digital menu technology and self-ordering kiosks.

    • (photo courtesy Mayor Tom Henry)

      Fort Wayne Awards Grants to Nonprofits

      The city of Fort Wayne is awarding $180,000 in grants to 10 local nonprofits. The funding, which comes from the city's federal Community Development Block Grant program, will be used for various services for low and moderate income residents, including employment skills, language translation and interpretation, and youth development.