Abatement could anchor software headquarters

October 5, 2007
In exchange for promises to keep its headquarters here, Marion County is considering providing an eight-year property tax abatement worth $17,659 for local parking ticket software-maker T2 Systems Inc.

According to a Department of Metropolitan Development filing, T2 Systems is promising to add 115 jobs to its current work force of 43 as well invest in $2.1 million in information-technology equipment. Current staff earns an average wage of $33.65 per hour, according to the filing. New hires would average $24 per hour.

Founded in 1994 and located at 7835 Woodland Drive, T2 Systems makes software used by universities and governments to manage parking permits and citations.

The Metropolitan Development Commission has recommended approval of the abatement. It still must be considered at an Oct. 17 public meeting before final approval.

Indianapolis had national and local competition for T2 Systems' headquarters, said Stephanie Quick, the department's assistant administrator of economic development. Stephanie Quick. Canada, Florida and Hamilton County all were in the running, but T2 Systems began its negotiations by approaching Indianapolis economic development officials, she said.

The company has also been in contact with the Indiana Economic Development Corp., but Quick did not know whether the state is considering offering additional incentives.

"It keeps a headquarters here, an information technology-related headquarters. One of our targeted industries is information technology," Quick said. "We're very excited about it."

In June, T2 Systems received a $3 million venture capital investment from Nashville, Tenn.-based Petra Capital Partners. T2 Systems' local customers include IUPUI and Indiana University and the cities of Indianapolis and Bloomington. It reported $10 million in annual revenue last year and expects $13 million in 2007.

Source: XMLFULL/XMLFull5351.xml

Recent Articles by Peter Schnitzler

Comments powered by Disqus