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Food company closing in Indiana has unpaid bills

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An organic food company that is closing its eastern Indiana preparation center was offered up to $3.5 million in state tax credits to open its plant, but it owes more than $31,000 in property taxes and sewer bills.

The closing of Really Cool Foods near Cambridge City is putting 131 employees out of work, far short of 1,000 workers the company said it planned to hire when it moved from New York to Indiana in 2008.

Indiana commerce agency spokeswoman Katelyn Hancock told The Palladium-Item of Richmond that it can't disclose how much state-incentive money the company received.

Gov. Mitch Daniels touted the company when it picked the Indiana site. He told WTHR-TV that its prepackaged organic food became a luxury item for consumers but that he's glad Indiana had its jobs for four years.

Company officials didn't immediately return a message seeking comment on the unpaid bills.

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  • 3.5 million for 131 jobs?? and Mitch as good ?

    Mitch thinks it is good to give a company (he is always for GIVING to companies) 3.5 million tax payer dollars (not much corporate tax dollars has business seems to be above taxes and getting Mitch's corp tax cut and property tax cuts) to hire only 131 people, and I wonder if the 131 were Hoosiers or these were jobs that Mitch claims "Hoosers don't want"...(low cost Mexicans).

    I hope voters start looking at what a person does and not what they say. Mitch is great with saying good things while doing nothing good for Hoosier working class.

    Perhaps this is another business that failed because Mitch has not completely destroyed middle class union jobs....yet.

    Dupree

    Dupree

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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