Tiny town getting huge project

February 13, 2008
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Ingalls, Ind.Locally based Mann Properties and Illinois-based Opus North are putting together plans for 1.5 million square feet of industrial and office space along Interstate 69 in Madison County. The 140-acre development, in Ingalls (pop. 1,500) will be called I-69 Trade Center, the developers said. The $100-million project joins several industrial developments planned or under construction in remote areas along Indiana highways, outside the distribution powerhouse of Plainfield. What impact are these projects having? What else is new in industrial real estate?
  • This is not sleepy information at all. This will have a very large impact
    on the surrounding rural areas and will affect everything from the
    environment, the local infrastructure (or lack of it), and spinoff
    development as well as new (low income) housing units. Jut as
    important, this could play out to be a major competitor not only to the
    warehousing and logistics industry based in Plainfield, but that of all
    Central Indiana.
  • amax, are you the leasing agent for this development?
  • Looks like a bit of urban snobbery...which is unfortunate. I had not heard of Ingalls until last year when I heard a new SF residential subdivision was going. So, this sounds like good news for the area.

    Plainfield is close to the airport, so Monrovia has a better chance at development than Ingalls. What Ingalls needs to compete is the outer belt which Mitch proposed, but the Republican farmers in Hancock Co. did not want to sell their land for.

    I'm all for density, but it's a big country and not everyone wants to live in the city.
  • Tim,

    Try focusing on the positives or, if you have a contributing point, make it. If not, shut the z up.
  • This is awesome news for the area! This will really help the economy and give a boost to Anderson and Muncie as well, whose economies and jobs have not been going well lately.
  • Yay for sprawl!!
  • We have 93 acres for sale very close to Ingalls.(1 minute drive) C'mon Mann , offer up the bucks and you can have it all. The sooner, the better.
  • I certainly wish the best for these developers, and this would be great for the area. But, I can't help but wonder just how much more industrial space the I-69 corridor can absorb in the next 5-8 years. I can understand the desire to be close to the loop and I can certainly understand the desire to be near the airport. But, I worry a bit about sinking money, hearts and minds into the notion that all of Exit 10, the corporate campus, and other sites near Exit 5 (all superior sites) are going to absorb quickly enough to make this project viable in the next 5-8 years. I hope for these guys that this site isn't too far off the trucking path...but maybe I'm underestimating the amount of Deroit to Indy needs. I think that the Monrovia plans might get more play.
  • Interesting...being as how this is NOT INGALLS
  • Oh Cory, this is not a remote area. This would be at Exit 14 (Lapel/Fortville), which is directly after Exit 10 Fishers/Noblesville, and is currently contains an 800-unit subdivision on the south side of the interchange. Exit 14 is the next hot spot in the metro and is vital to the livelyhood of Madison County and should be planned carefully and accordingly.
  • CoryW: Ingalls recently annexed the property.
  • CoryS-

    Yes, they did. I was confused as to which parcels until I saw this on the news last night...

    Thanks for the info and KEEP UP THE GOOD WORK!

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing