The Noblesville Common Council has approved the preliminary resolution designating an economic revitalization area for Industrial Dielectrics, Inc., 407 S. Seventh St., Noblesville.
“Industrial Dielectrics, Inc. is a longstanding business in Noblesville and it is great to see them continue to grow and add to the economic development within the city,” Mayor John Ditslear said.
Industrial Dielectrics would like to locate a research and development facility and pertinent equipment at its current location in downtown Noblesville. The facility expansion will be an investment of $300,000 and will include an additional 175 square feet in the entry area and some conversion work within the building. Total capital investment for this project will be approximately $1.3 million. Personal property capital investment is estimated at $1 million.
“Once again, Industrial Dielectrics, Inc. has chosen downtown Noblesville to expand here through the purchase of personal property for research and development. They have several locations across the world and they could put this anywhere they are located,” Economic Development Director Judi Johnson said. “For Noblesville it is important we keep that machinery here. It doesn’t give us a lot of jobs but it does increase the attractiveness of this global company within our downtown area.”
As part of the resolution, the common council has approved the location as an economic revitalization area eligible for a four-year tax phase-in for its $1 million personal property investment. Subject to the adoption of a confirmatory resolution, the tax phase-in allows 100 percent of the assessed value of the personal property to be deducted the first year and 25 percent less each of the following three years.
During those four years, the city will earn an estimated $17,809 of net property taxes and the developer will save approximately $33,191. In exchange, IDI will create one new job and retain 98 employees with an average wage of $68,890 with benefits.
May 12 was the preliminary resolution, which is the introduction to an economic development project and lays out the initial request for approval with council. Because the “first look” resolution was passed, a public hearing and confirmatory resolution will be held at the next council meeting on May 26.