The Noblesville Common Council approved the preliminary resolution designating economic revitalization areas for two Noblesville business projects in the city Tuesday evening.
“Noblesville Assisted Living Group LLC will bring new and significant assisted living square footage with attractive amenities to Noblesville,” said Judi Johnson, Noblesville economic development director. “Universal Blower Pac Inc., a long-time existing Noblesville business, is experiencing fast-paced growth and the immediate need to expand. We want them to stay and grow in Noblesville.”
The new economic revitalization area projects include:
Noblesville Assisted Living Group
Location: 9600 East 146th Street
Project: Noblesville Assisted Living Group, LLC proposes to build a new four-story, 105,145-square-foot senior housing development on 3.67 acres in Noblesville Business Park. The facility will consist of 124 units (100 assisted living and 24 memory care/dementia) with a commercial kitchen, activity space, large dining room, and other resources.
Finances: The total estimated capital investment is $23 million for land and building construction, staff, fees, and reserves. The real property new construction cost is approximately $14 million.
Job impact: 56 new full-time employees will be hired with an overall payroll of $2.15 million.
Estimated Tax Savings: $1,012,320 over four years for real property. Beginning in the fifth year and thereafter, the city estimates the tax payment to be $389,354.
Timetable: The project is expected to begin this summer and be completed by the summer of 2018.
Universal Blower Pac, Inc.
Location: 440 Park 32 West Drive
Business Background: Universal Blower Pac, Inc. was founded by Ray Fiechter in 1979 and opened its current Noblesville Corporate Headquarters location in 1984. All of the company’s growth has occurred in Noblesville. They provide innovation for manufactured blower systems and engineered solutions nationally and globally.
Project: Universal Blower Pac, Inc. has purchased two acres to the west of its current footprint and plans to build an 8,925 square foot of warehousing and distribution space. The personal property to be added will consist of manufacturing equipment – machines, welding equipment, testing stand and associated equipment, overhead crane, and hoist. Logistical distribution equipment will consist of forklifts, racks, and shelves.
Finances: Total new capital investment in real estate and personal property is $1,140,325 to expand its headquarters, manufacturing, fabrication, and assembly facility.
Job impact: The company anticipates hiring 16 new employees and will retain its 31 employees with an average salary of $75,000.
Estimated Tax Savings: $71,001 over five years for real property and $5,472 over two years for personal property. Beginning in the sixth year and thereafter, the city estimates the tax payment to be $23,667.
Timetable: The project is expected to begin in May.
As part of the resolution, the land is eligible for a declining tax phase-in for real and personal property investment. April 11 was the preliminary resolution, which is the introduction to an economic development project and lays out the initial request for approval with the council. Because the “first look” resolution was passed, a public hearing and confirmatory resolution will be held at the next council meeting on April 25.