The developers of a Kings Hawaiian Bakery in the Edinburgh and Taylorsville area will receive a break on their property taxes.
The Bartholomew County Council agreed to a tax abatement on the proposed project at their meeting last night. Under a tax abatement, new property taxes on buildings and equipment are phased in gradually over a period, usually 10 years, rather than being due the first year after construction.
According to figures presented by the Greater Columbus Economic Development Corp, the abatement will save the company about $4.8 million over the next 10 years. However, they will also be paying almost $4 million more in property taxes than what the taxes on the undeveloped land would bring. Jason Hester with the economic development group said that the undeveloped property is estimated to bring in only about $2,100 next year.
The 88 acre parcel is at the intersection of U.S. 31 and Interstate 65 just off Hubler Drive. If the company decides to locate here, their initial plans would be for a plant of up to 400,000 square feet with an $80 to $90 million investment. If fully built out, the project could eventually bring up to a half million square foot facility with an investment of up to $180 million.
In documents filed with the county, company officials are also hoping to talk to county officials about using tax increment financing district revenues for infrastructure improvements in the area. Those could include constructing County Road 700N to extend Hubler Drive to the property, improving Bear Lane and Hubler Drive for semi access, installing a traffic light and assisting with utilities at the property including sanitary sewer.