CaptiveAire Systems Inc., a North Carolina-based manufacturer of commercial kitchen ventilation systems, plans to spend $7 million to renovate and equip a building on the far-east side of Indianapolis in an expansion that's expected to create 75 jobs over the next several years.
The city’s Metropolitan Development Commission on Wednesday approved a personal property tax abatement that will save the company an estimated $312,942 over the next six years.
The Raleigh, North Carolina-based company already has existing sales offices in Brownsburg and Muncie. The renovations to the building at 1515 Brookville Crossing Way will enable CaptiveAire to open a manufacturing administration and storage facility where it will stock parts and produce fans and HVAC units to serve customers of the sales offices, according to public filings.
The company bought the building in November for $4.1 million from Indianapolis-based OBI Properties LLC and plans to begin operating there in the summer.
Founded in 1976, CaptiveAire has annual revenue of more than $400 million and has become the nation’s largest manufacturer of commercial kitchen ventilation packages. The company plans to pay new employees an average wage of $20 per hour.
The company’s $7 million investment should result in an increase to the tax base of $2.8 million of assessed value.
CaptiveAire will pay an estimated $170,058 in property taxes over the abatement period and about $63,000 annually related to the new equipment after the abatement period.