The Noblesville City Council is considering a tax abatement request that could breathe new life into longtime vacant space downtown.
Timberline Properties LLC is proposing a seven-year, $35,000 abatement for a project that would renovate 5,800 square feet on the second floor of the Caylor Building into 10 to 12 office suites and a business incubator.
The renovation is expected to cost $174,000.
According to city documents, the second floor of the building has been unoccupied for 25 years. The first floor includes The Hamilton Restaurant, Indiana Kitchen Co. and the Indiana Taekwondo Academy.
The project will be completed in phases, with the first section including 11 rooms. The company intends to use profits from the first phase to fund the rest of the remodel, which will include five rooms and the west hallway.
A business incubator in the office space will allow start-up companies to share resources and have access to a community copier, “plug and play” phone system and free utilities.
The council is expected to vote on the tax abatement June 9.
It approved several other tax incentive requests in the past couple of months, including a four-year, $33,191 abatement for Industrial Dielectrics and a four-year, $369,754 break for Noblesville Senior Real Estate LLC.•