TIF District Set Up For Biodiesel Plant
July 28, 2016 at 4:25 p.m.
Four county boards convened in the old courtroom Monday to approve the Louis-Dreyfus request to establish an economic development area and to approve a tax abatement and benefits for the company.
All members of the county council, commissioners, area plan commission and redevelopment commission heard from Louis Dreyfus representative Mike Mandl, Todd Samuelson of Umbaugh and Associates and Thomas Downs of the Ice Miller law firm.
In March, after nearly two years of research and study, Louis Dreyfus Commodities announced its decision to build one of the largest soybean processing plants in the world in Kosciusko County, south of Claypool.
Groundbreaking at the 250-acre property was April 20. Construction costs are expected to be $120 million.
The board members received an overview of the Louis Dreyfus group, a review of the financing structure and issuance of economic development revenue bonds as well as the legal procedures in establishing a tax increment finance area.
In a flurry of recommendations and unanimous approvals the TIF district was established, the county agreed to issue bonds amounting to $5.4 million and approved tax abatements - $2.5 million in real property and $2.9 million in personal property.
The redevelopment commissioners approved a resolution declaring the Louis-Dreyfus property an economic development area.
The Area Plan Commission determined that the Louis Dreyfus conforms to the comprehensive plan.
The county commissioners approved the APC's recommendation.
The council established an economic development commission, appointing council president Harold Jones to this new board.
The EDC, a new governmental board, will issue the zero percent interest bonds to Louis Dreyfus as a loan. The company has sole responsibility to pay back. The county will be under no financial obligation to make payments.
The commissioners and the Warsaw common council will each appoint an EDC member.
The Louis-Dreyfus facility is expected to open in 2008 and initially employ 60 people.
County council members are Harold Jones, Tom Anglin, Brad Tandy, Charlene Knipsel, Bob Sanders, John Anglin and Larry Teghtmeyer.
Commissioners are Brad Jackson, Ron Truex and Avis Gunter.
Redevelopment commissioners are Max Courtney, Larry Teghtmeyer, Bruce Woodward, Bill Warren, and Lowell Owens.
APC members are Vic Virgil, Don Ahrms, Avis Gunter, Norm Lovell, Charlene Knispel, Charles Hapner, Kevin McSherry, Larry Coplen and Dick Kemper. [[In-content Ad]]
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Four county boards convened in the old courtroom Monday to approve the Louis-Dreyfus request to establish an economic development area and to approve a tax abatement and benefits for the company.
All members of the county council, commissioners, area plan commission and redevelopment commission heard from Louis Dreyfus representative Mike Mandl, Todd Samuelson of Umbaugh and Associates and Thomas Downs of the Ice Miller law firm.
In March, after nearly two years of research and study, Louis Dreyfus Commodities announced its decision to build one of the largest soybean processing plants in the world in Kosciusko County, south of Claypool.
Groundbreaking at the 250-acre property was April 20. Construction costs are expected to be $120 million.
The board members received an overview of the Louis Dreyfus group, a review of the financing structure and issuance of economic development revenue bonds as well as the legal procedures in establishing a tax increment finance area.
In a flurry of recommendations and unanimous approvals the TIF district was established, the county agreed to issue bonds amounting to $5.4 million and approved tax abatements - $2.5 million in real property and $2.9 million in personal property.
The redevelopment commissioners approved a resolution declaring the Louis-Dreyfus property an economic development area.
The Area Plan Commission determined that the Louis Dreyfus conforms to the comprehensive plan.
The county commissioners approved the APC's recommendation.
The council established an economic development commission, appointing council president Harold Jones to this new board.
The EDC, a new governmental board, will issue the zero percent interest bonds to Louis Dreyfus as a loan. The company has sole responsibility to pay back. The county will be under no financial obligation to make payments.
The commissioners and the Warsaw common council will each appoint an EDC member.
The Louis-Dreyfus facility is expected to open in 2008 and initially employ 60 people.
County council members are Harold Jones, Tom Anglin, Brad Tandy, Charlene Knipsel, Bob Sanders, John Anglin and Larry Teghtmeyer.
Commissioners are Brad Jackson, Ron Truex and Avis Gunter.
Redevelopment commissioners are Max Courtney, Larry Teghtmeyer, Bruce Woodward, Bill Warren, and Lowell Owens.
APC members are Vic Virgil, Don Ahrms, Avis Gunter, Norm Lovell, Charlene Knispel, Charles Hapner, Kevin McSherry, Larry Coplen and Dick Kemper. [[In-content Ad]]