Noblesville OKs tax break for iron castings plant

February 26, 2014
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Three time-worn buildings on the old Noblesville Foundry property are set to come down this spring to make way for a 260,000-square-foot factory employing 50.

Noblesville Common Council voted 5-0 on Tuesday to approve a three-year tax abatement for ID Castings LLC, which plans to install $31 million in manufacturing equipment as it brings the long-neglected site back to life.

The company’s capital investment is expected to be about $20.4 million.

Plant Manager Jack Kruse told council members that demolition permits are in hand for two of the buildings, and the work is expected to begin in the next few months.

The company already has 27 workers in an existing building on the property, turning out iron castings for clients nationwide. Kruse said production—and employment--should double within a year.

Demand for domestic castings is strong, he said, and the competition is not as stiff as it once was. Kruse said only about 500 iron foundries remain in operation in the United States, compared to about 4,000 in the mid-1970s.

ID Castings was founded last fall. Kruse oversees operations for an investment group that owns the company.

“This has been a long time coming,” he told the council. “We’re very happy.”

Council member Steve Wood said although past owners have failed to deliver on promised improvements, he is encouraged by current activity on the site.

“I think this is going to be a good project for Noblesville,” he said told Kruse. “I hope you’re going to do what you say you’re going to do.”

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  1. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

  2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

  3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

  4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

  5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

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