Anderson Marks Big Year For New Investment

Posted: Updated:
NTK Precision Axle Corp. announced plans for a new facility in March. (rendering courtesy NTK) NTK Precision Axle Corp. announced plans for a new facility in March. (rendering courtesy NTK)
ANDERSON -

The city of Anderson is touting a strong year for investment and new job commitments in 2017. Our partners at The Herald Bulletin report businesses invested nearly $250 million with plans to add 679 jobs over the next few years, compared to $68.8 million and 262 jobs promised in 2016.

Mayor Thomas Broderick tells the publication new companies are choosing to locate in Anderson because of its location, rather than the city providing 100 percent tax abatements.

"The reality is that the foundation we put in place is proving to be attractive," said Broderick. "I believe we reached that point where we don’t have to offer a 100 percent tax abatement. I understand what we did in previous years to attract investment. Now we’re at the place, unless it’s something extraordinary, we don’t have to offer the same level of incentives. We have to expand the tax base, maxed out through the tax caps."

Some of the notable investment plans include NTK Precision Axle Corp., which announced a commitment to invest more than $100 million to build a new manufacturing facility in Anderson and add nearly 200 jobs by 2021. Broderick says the company initially wanted a 100 percent tax abatement, but agreed to a 10-year, 70 percent incentive.

Last month, Nestlé USA announced plans to invest $80 million into its Anderson facility, creating 30 jobs. The company was offered a 65 percent tax abatement for the project, which Broderick says saved the city $1 million.

Broderick says the new year should be another good one for Anderson. "The existing businesses and newer businesses are looking to expand. These companies have to be satisfied because they are looking to grow in Anderson. I knew things were going well, lots of leads that are coming in. I have high hopes that (2018) will look as good."

  • Perspectives

    • Baby in Your Future?

      There is nothing more special than a new baby! In addition to decorating the nursery, selecting a pediatrician, and buying those first wardrobe pieces, you also need to be financially prepared. And, if either parent will be taking off work, it’s important to understand the parental leave policy. When contemplating a pregnancy or an adoption, be sure to understand your employment benefits. Parental leave policies and insurance benefits can cover associated costs as well as...

    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

    • $25M Behavioral Hospital Coming to Central Indiana

      Danville-based Hendricks Regional Health is partnering with US HealthVest to develop a stand-alone behavioral center on the Hendricks campus in Plainfield. Known as the Indianapolis Behavioral Hospital, the facility will provide specialized inpatient and outpatient mental health care to patients of all ages.

    • Indy, Atlanta Vie For Future FFA Conventions

      As the National FFA kicks of its National Convention and Expo in Indianapolis this week, the organization, and Indy convention planners, have an eye to what city will host future events. The 91st edition of the FFA convention is expected to attract nearly 70,000 attendees from every state in the nation, and pack a $40 million economic impact in the region. The lucrative event is committed to Indianapolis through 2024. Chief Executive Officer Mark Poeschl says...

    • Bags From Train Seats Put PUP in National Marketplace

      An Indianapolis-based nonprofit that creates wallets, handbags and backpacks from reclaimed materials is launching a nationally-focused line of products for the first time. People for Urban Progress, which sells hand-made items from materials including the fabric from the old Hoosier Dome and signage from when Indianapolis hosted the Super Bowl, is repurposing leather from the seats in Amtrak's Boston to Washington D.C. Acela Express trains. The new line includes...

    • Larry Bird Museum Planned For Terre Haute

      A first-of-its-kind museum honoring an Indiana basketball legend is being planned for downtown Terre Haute. The Vigo County Capital Improvement Board has announced the Larry Bird Museum will be located inside the planned Terre Haute Convention Center. The museum was announced during a VIP press conference Saturday in Terre Haute, which included remarks from Governor Eric Holcomb and CIB member Greg Gibson. The CIB says the museum will be the only...

    • Indiana Nonprofits Awarded Duke Energy Grants

      Plainfield-based Duke Energy Indiana says nearly two dozen nonprofits throughout the state will benefit from $315,000 in grants from the Duke Energy Foundation. The funding aims to support initiatives that enhance the regions where Duke customers live, work and play.