Noblesville OKs tax break for iron castings plant

February 26, 2014
Back to TopCommentsE-mailPrintBookmark and Share

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.”

ADVERTISEMENT

Post a comment to this blog

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
  1. I keep wondering why I keep hearing about this problem of corporations leaving America, and I never hear a reasonable proposal to lower corporate tax rates and raise personal rates on income from capital gains and dividends, especially for high earners. It is just too simple of a solution for Congress to embrace?

  2. Are you financially down and you need money to settle your dept,or you need money to start up a business or to invest on a huge business,we also offer Loans to individuals, Firms and cooperate bodies at low interest rate , loan terms determinant,Loan amount between the sum of $5,000.00 to $100,000,000.00. US Dollars And Euro. Loan for developing businesses a competitive edge/ business expansion. We Offer The Following Kinds Of Loans. Personal Loans (Secure and Unsecured) Business Loans (Secure and Unsecured) Consolidation Loan FIRST INFORMATIONS NEEDED ARE: BORROWER’S DATA’S INFORMATION,FILL AND RETURN FOR QUICK START UP PROCESS. Name:_________ Last Name:_________ Age:_________ Contact Address:_________ Country:_________ Amount Needed as Loan:_________ Loan Duration:_________ Phone Number__________ Monthly Income/Yearly Income:_________ Purpose for Loan:_________ Occupation:_________ How Soon is Loan Needed__________ Email via: albertbrownfirm@outlook.com

  3. is a disaster. SR37 already needs to be built to interstate standards between 465 and SR144. Southport Road is a mess each morning and evening.

  4. Bass Pro Shops would be good for the mall as well as a Giant Eagle Market District or a Jungle Jim's International Market Place grocery store like the one near Cincinnati Ohio.A Disney quest indoor theme park would be good.An Academy outdoor store would be good too.Indoor Circus shows and magic shows would be good as well. A casino with sports bar would be good.A Disney theater inside that shows movies and Broadway shows would work.Nashville Tennessee concert shops with indoor neon lights would be good.How about a theater that shows travel shows and theme parks. A train store would be good.How about a giant toy store with high tech video games.

  5. This development is in addition to Allpoints Midwest 5, Aitrtek, a recent FedEx and more in Plainfield. Greenwood and Brownsburg also have similar projects.

ADVERTISEMENT