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Caterpillar seeks tax abatement for Franklin plant

IBJ Staff
September 13, 2010
Keywords
Economic Development Incentives, Expansion, Facilities, Factories, Franklin, Johnson County, Manufacturing & Technology, Tax Abatements
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A division of Peoria, Ill.-based Caterpillar Inc. is asking the city of Franklin for a 10-year tax abatement to offset costs related to a $13.6 million investment in local operations.

Summerville, S.C.-based Caterpillar Reman Powertrain said in a city filing that the abatement request is related to new equipment and the expansion of a production line to prepare for additional work, according to Franklin Planning Director Krista Linke.

The company, which refurbishes and restores used machinery, said in the request that the abatement will help retain 338 workers at the plant, Linke said. The Franklin City Council could approve the request at its meeting Sept. 20.

The expansion will be phased in over the next three years, ending in 2013.

Cat Reman operates facilities in the United States, United Kingdom, Europe, Asia and Mexico, and is one of the world’s largest remanufacturers, according to Caterpillar’s website.
 


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  • No
    donnie harold harrisSeptember 13, 2010 5:47 PM
    It takes a group to save one man,no one man should have to save a group,threw his personal tax.
    Reply to CommentFlag Comment

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  1. The lack of street-level retail in this part of the Block 400 development is a huge oversight and somewhat perplexing given the high quality of recent city-backed developments downtown. This portion of an otherwise stellar development is going to have an extremely negative impact on the aesthetics, urban environment, walkability, and livability of the NW quad.

    I'm not sure why One America would oppose including retail. And I find it very hard to believe that the thousands of office workers literally footsteps away wouldn't be able to support new lunchtime destinations and other businesses along Illinois and Vermont. We've got to reconnect the disjointed segments of our blossoming downtown, not create yet another lifeless dead zone that no one wants to walk through. Sadly, that is exactly what this massive ugly single-use structure will accomplish.

    Why not follow the precedent set by the proposed garage in Broad Ripple and create an attractive mixed-use structure? Why does the city get it there but not downtown?

  2. Bear mind that DS is just not another lazy, rich kid. He attended Columbia grad school and was in investment banking for 4 or 5 years before joining his dad's company. An annual grant of stock options at market price would be the correct pay-for-performance program then no one could argue with it.

  3. This comes from an executive who gave his wife a Bentley as a wedding present. He is heir to billions of dollars. He should be working for a dollar a year and stock options only. Seems like a conflict of interest, time to bring in a non-relative as CEO. Haven't met him, but have heard his arrogance is legendary.

  4. If the property is improved, property taxes increase - more revenue. If AUL's employment grows, more income taxes - more revenue. If more people move and/or work downtown, it means more demand for goods and services, more employment, more taxes - more revenue, etc., etc. It's not just the city throwing money at big companies. There's much, much more. Yes, the project has private backing, but apparently not enough to make the deal work and therefore they don't have it covered. And while Marsh is a nice anchor, they are no credit tenant like a Kroger or somebody. And if the police department has a major shortfall, they need to reduce the force. This city has way too many policemen.

  5. It's hard to defend billionaires, but David Simon has created a tremendous amount of value for shareholders since joining the company. He is widely regarded as one of the best CEOs in America. The company is growing and making good strategic decisions. And Indy is fortunate to have SPG HQ'd here. Now, does that merit $120 million (about 15 mil over 8 years or so)? Maybe. But this family and David have truly built a business. Should Zuckerberg be worth $20 bil? Who knows. Hopefully David will be supportive of Hoosier charities like his family has.

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