The Metropolitan Development Commission this afternoon approved two requests for property tax abatement, including one for a mammoth development known as World Connect at AmeriPlex.

South Bend-based Holladay Properties is planning to invest $120 million in the development at the business park near the Indianapolis International Airport.

World Connect would encompass 200 acres and contain about 3 million square feet of logistics, advanced manufacturing and office space. The developers estimate the project will create 1,700 jobs with an average annual salary of $45,000.

The nine buildings would be constructed to achieve Leadership in Energy and Environmental Design [LEED] certification and would include large distribution centers as well as medium bulk and flex space. 

The city entered into a contract with the developers and will receive a 1-percent equity share in the buildings.

The commission approved a 10-year tax abatement that would save Holladay $13.2 million in property taxes over the next decade.

In addition, the commission granted a five-year tax abatement to the Indianapolis plant of Rexnord Industries LLC that should save the company $79,653 in property taxes.

In exchange, Rexnord is promising to create 43 jobs and retain hundreds more. Milwaukee-based Rexnord’s plant, at 7601 Rockville Road in Indianapolis, manufactures industrial-roller and ball-bearing products for industrial uses.

The company is requesting the abatement to offset a $1.8 million investment in new equipment that will help it consolidate two manufacturing lines outside the state into the local facility.

The jobs created by the new production line are expected to pay an average hourly wage of $20.93, Rexnord said. In addition, the company said the new equipment will help to retain 270 jobs paying an average of $25.45 an hour. 

The abatements granted by the commission still need the consent of the City-County Council.