IBJNews

Startup bakery seeking tax breaks on $78M project

Back to TopCommentsE-mailPrintBookmark and Share

A new firm specializing in baked goods has a $78.3 million project in the oven that could give rise to 241 jobs in the Indianapolis area by 2018.

Dallas-based Specialty Bakery LLC plans to build a 227,000-square-foot production and distribution facility on 27 acres within the Purdue Research Park near Indianapolis International Airport. The startup would make make frozen bread, dough and cookies, according to information filed with the Indianapolis Department of Metropolitan Development.

Specialty Bakery’s products would be sold to quick-service restaurants, in-store bakeries and food-service distributors. The company says it has secured a 15-year contract with a global quick-service restaurant, making it necessary to kick off development of its first facility.

The company plans to spend about $24.3 million to develop the plant, plus another $54 million for manufacturing, IT, and research and development equipment.

To help offset the costs, the company has requested tax breaks on the project.  A proposed 10-year tax abatement on the equipment would save the firm about $3.4 million, and a 10-year abatement on the real estate improvements would save about $2.5 million.

During the 10-year abatements, the firm still would pay an estimated $2.3 million in personal property taxes and $2.6 million in real property taxes.

City development staffers estimate that the facility would add $17 million in assessed value to property tax rolls, and that the purchase of the equipment would result in an increase to the tax base of about $21.6 million in assessed value in the first year of operation.

The 241 jobs created by the project would pay an average wage of $18 per hour.

The Indianapolis Metropolitan Development Commission will consider the tax break requests at its meeting scheduled for 1 p.m. Wednesday.

City development staffers have recommended that the commission approve the abatement requests. “In staff’s opinion, a project such as this would not be economically feasible without the tax abatement incentive,” according to a staff report to the commission.
 

ADVERTISEMENT

  • Bakery design planning
    Major equipment supplier for specialty baking equipment looking for contact information regarding the person or company designing this new facility. Any feedback is appreciated.
  • Kudos!
    Major applause for Brian Wahl's sarcasm! Ha!
  • Why New Construction?
    Is there not a way for Specialty Bakery to make use of any one of the numerous vacant "big-box" manufacturing facilities which currently exist in Marion county? I'm all for attracting new employers with tax incentives, but tie them to re-development of existing vacant properties.
  • Awesome
    Congrats to Indy and the State of Indiana on attracting this company by wisely using incentives to bring new jobs. Indiana is obviously one of the top business-friendly states. Keep it up Pence!
  • $18.00
    Fact check please ,$18.00 an hour? Really?

Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. The Walgreens did not get a lot of traffic. It was not located on the corner of the intersection, and not really visible from Emerson. Meanwhile the CVS there is huge and right on the corner. I am guessing a lot of people drove by a million times and never knew the Walgreens was there. Although, with the new Walmart market going in, that area could really see a lot of increase in traffic soon.

  2. You folks don't have a clue. There is a legal way to enter this country and to get aid. This left unchecked could run us to ruin quickly. I also heard that 'supporters' were getting major $$ to take them in? Who's monitoring this and guess who pays the bill? I support charitable organizations... but this is NOT the way to do it!

  3. Apparently at some time before alcohol has been served at the fair. The problem is that beer or wine used to be a common drink for people before soft drinks and was not thought to be that unusual. Since many folks now only drink to see how much they can drink or what kind of condition they can end up in it becomes more problematic. Go to Europe and its no big deal just as if you had sodas of milk to drink everyday. Its using common sense that is lacking now days.

  4. To address the epic failure of attracting race fans to both the Indy 500 and Brickyard 400 would take too much of my time to write. Bottom line Boles is clueless and obviously totally out of touch with the real paying fan base. I see nothing but death spin coming for the Brickyard, just like Indy. Get somebody in a place of power that understands what race fans want.

  5. I am a race fan through & through. It doesn't matter if it's Indy cars or Nascar. I love a great race. I go to several other tracks each year and you can see the entire track. I know Indy has tradition, but fans want to see the entire race. I sit in the Penthouse, am almost 60 years old, and would like to see a better TV screen in turn 1 so you can see the entire race. Then I think Indy needs to install an escalator so us old folks can make it up to the Penthouse and down again if we want more options to purchase food and drinks. Just a race fans opinion. Lights won't make the race any better, but you might be able to see the TV better at night. Turn 1's screen needs replaced with a better and bigger screen.

ADVERTISEMENT