A local software firm is seeking a property-tax break from the city to help it move its headquarters from leased space downtown to a pair of vacant buildings it owns south of Broad Ripple.
The Consultants Consortium Inc., which does business as TCC Software Solutions, said it plans to spend about $1.3 million to renovate the buildings on the 3.6-acre property at the northeast corner of Winthrop Avenue and East 52nd Street. The property is bordered by the Monon Trail on the east.
The buildings, which are in an Economic Revitalization Area, were formerly occupied by a window manufacturer and insulation contractor. The renovation would turn the industrial buildings into office space.
TCC said the move from 1099 North Meridian St. to the new facility will help it retain its 112 employees and hire 12 more workers by 2018. The retained and new employees will be paid an average wage of $32.66 per hour, the company said.
Department of Metropolitan Development staff are recommending the city approve the company's request for a property-tax abatement that would save the firm almost 59 percent on over a six-year period.
The city said the company would save an estimated $51,944 in property taxes over the six years while paying $36,597.
After the abatement, TCC would pay an estimated $14,757 annually in property taxes.
The renovation of the property would mean an increase in the tax base of about $455,000 of assessed value, the DMD said.
"This project represents an important step in the continuing redevelopment of Midtown, with the potential to catalyze further development in the area," DMD said in a report.
The proposal will be presented at the Jan. 15 Metropolitan Development Commission meeting. It is the set for final approval and a public hearing at the Feb. 5 MDC meeting. After that, it is subject to City-County Council approval because the property is in a TIF district.
TCC, founded in 1996, produces mobile workforce and technology software, child care information systems and other tailored software applications.