A Bartholomew County-based racing component manufacturer has announced plans to relocate to Franklin. The city says Rapid Prototype and Axis Industries plans to invest $1.6 million to locate in the Franklin Business Park and add a small number of jobs.
The company will purchase an existing building in the park and construct an identical building next to it. General Manager William Harvey said the city was very attractive and the proximity to Interstate 65 along with the city’s revitalization efforts were especially appealing.
"Franklin has a large number of manufacturing companies and that number is growing thanks to the city’s development efforts. Moving to Franklin exposes us to potential new customers and vendors," Harvey said in a news release. "Our new location in Franklin is very convenient to restaurants, grocery stores, home improvement stores, downtown Franklin, parks and greenways. Franklin’s downtown has been revitalized into great place to eat, shop, see a movie, etc. We feel this will be very attractive to our current employees and we hope will help us attract quality employees as we grow."
The company produces racing components for INDYCAR as well as Cummins crate engines for the public. In addition to the eight new jobs planned for the new location, the city says the relocation will help retain 12 jobs.
The company will receive a seven-year tax abatement on the new building in addition to Tax Increment Finance funds that will assist with moving, building, and renovating both buildings. The city says it is also offering a five-year personal property tax abatement.