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GTI Plant in Anderson Indiana to hire 325 people
|by - 07/24/2012|
|"GTI plant to employ 325, and supply Honda"|
|ANDERSON, Ind. — A company based in Ohio will be opening a facility in Anderson by early next year, and is expected to create 325 jobs over a five-year period, according to interim city economic development director Greg Winkler.
Winkler spoke about the project during an Anderson Redevelopment Commission meeting Monday, but did not disclose the name of the company, which is an automotive parts manufacturer.
The parent company is based in Japan and, along with its divisions, employs 3,100 people, Winkler said. He did not provide details of the parts that will be made or what company it will supply.
“It’s a very good company,” Winkler said.
The full economic development announcement will be made at 9:45 a.m. today by local officials, company executives and Gov. Mitch Daniels, according to a city news release.
A 150,000 square-foot plant will be built on 25 acres at the Flagship Enterprise Park, Winkler said. The facility must be operational by the end of the first quarter, or March, of 2013, he said.
The company will invest $21.5 million in the construction and purchase of equipment, Winkler said.
The annual payroll will be $9 million, excluding benefits, he said.
As an incentive for the company, the city is investing $3.25 million in tax increment financing (TIF) dollars for the construction. The TIF fund is made up of property taxes collected from new commercial, industrial and manufacturing businesses within a designated district to be spent on infrastructure improvements within the district or to benefit the district.
The redevelopment commission approved the use of TIF during its meeting on Monday. The investment still has to be approved by the plan commission, the economic development commission, the city council and a second time by the redevelopment commission.
Otto W. Krohn, an executive partner with financial firm O.W. Krohn and Associates, has analyzed the TIF district and has said the district is healthy, with a $6.6 million annual income.
During the analysis report in April, he said that at the time, the city had $25 million in total TIF obligations, which is what it owes on bonds and loans taken out for various projects. To pay off those debts, the city must make annual payments of $2.6 million for at least 10 years throughout the varying lifetimes of the bonds.
That leaves $4 million available each year for other projects.
On Monday, he said, “There is plenty of room to cover this project ($3.25 million for the new company) and future commitments.”
The incoming company will be paying full taxes, and won’t get any tax abatements.
The city’s $3.25 million investment will eventually make it back to the TIF fund as the company is added onto the tax collection rolls. In the meantime, the redevelopment commission will issue bonds to reimburse the TIF fund, Krohn said.
Krohn said he predicts that the city will collect about $4.3 million for the TIF fund during the company’s first 11 years.