Hammond Council Approves Lear Corp. Incentive

Posted: Updated:
(photo courtesy of our partners at The Times of Northwest Indiana) (photo courtesy of our partners at The Times of Northwest Indiana)
HAMMOND -

The Hammond City council has approved a $4 million tax incentive for Michigan-based Lear Corp. (NYSE: LEA). The incentive is in relation to the auto parts manufacturer's $30 million expansion project that includes a new 240,000-square-foot facility in the Lake County city.

Our partners at The Times of Northwest Indiana report the incentive is part of a development agreement between the company and the city announced a year ago. During the council meeting Monday night, Hammond Mayor Tom McDermott called the approved "a huge win for us."

The council also amended the development agreement, according to the publication. It initially required Lear to use the city funding for construction costs, but now allows the company to put the money toward new employee training.

Construction on the facility began in November. The plant will be used to produce seats for Ford Motor Co. (NYSE: F) and will consolidate Lear's operations in Hammond and Portage under one roof. The company says 875 existing employees will move to the new facility once it is complete and there will be room for further expansion if demand grows.

The Times reports Lear Corp. is in talks with a potential buyer for its former facility on 165th Street in Hammond. 

  • Perspectives

    • Can You Recession-Proof Your Investments?

      October was a painful month for stock investors! The S&P 500 stock index dropped 6.8 percent for the month with international stocks faring even worse, down more than 8 percent. These sharp, negative moves sparked many conversations about a coming recession. Should you sell now? We have had a nine-year-plus bull market! This has allowed many investment portfolios to experience tremendous growth. However, during this time, we have also heard many calls for...

    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

    • (Image courtesy of Trader's Point Creamery.)

      Trader's Point Creamery 'Bringing Our Brand Back Home'

      Zionsville-based Trader's Point Creamery says it is dialing back its nationwide distribution footprint. In an open letter to its customers, the organic dairy farm says "over time, we have felt the tug back towards the place and production scale that fueled our vision in the early days." It is renewing its focus, the letter says, on being an Indiana and Midwest brand. To maintain a more personal connection with its customers through...

    • Can You Recession-Proof Your Investments?

      October was a painful month for stock investors! The S&P 500 stock index dropped 6.8 percent for the month with international stocks faring even worse, down more than 8 percent. These sharp, negative moves sparked many conversations about a coming recession. Should you sell now? We have had a nine-year-plus bull market! This has allowed many investment portfolios to experience tremendous growth. However, during this time, we have also heard many calls for...

    • (Image courtesy of JA of Central Indiana.) From left to right: Mark Shaffer, Tiffany Sauder, Blake Koriath, Chad Amos, Matt Waggoner, George Giltner, Erin Dettwiler, Cynthia Carrasco, Tiffany Fletcher, Kiamesha-Sylvia Colom, Tamara Cypress, Jennifer Burk

      'Best And Brightest' Earn Honors

      Winners of Junior Achievement of Central Indiana's 2018 Indy’s Best and Brightest awards have been announced. They include honorees who are 40 and under and recognized as "rising talent and the next generation of leaders in our community." Junior Achievement of Central Indiana Inc. focuses on educating and inspiring youth in career exploration, employability/life skills, entrepreneurship, financial literacy and philanthropy. It involves hands-on, experiential learning...
    • Study Takes Stock of Climate Change's Impact on Tourism

      A researcher at Purdue University says a first of its kind study shows how climate change could affect the state's tourism industry and stakeholders -- particularly small businesses. One example, study lead author and Associate Professor of Hospitality and Tourism Management Jonathon Day says is the state will begin losing some of its "sweet spot" days where the temperature is between 65 degrees and 85 degrees. He says, over time, milder months...

    • Scale Computing Eyes Global Growth

      Fresh off a $35 million round of funding and a partnership with global tech giant Lenovo, the chief executive officer of Indianapolis-based Scale Computing says the stage is set for even bigger things in the future. "I think we're on a path to hopefully be looking towards an IPO in a few years," said Jeff Ready. "You never know how these things go, but we're growing very quickly and big partners like Lenovo help us get there and this funding will help, too."