The Herald Bulletin

Morning Update

Local Business

March 5, 2013

HyPro says it will hire locals first, then puts it in writing

ANDERSON, Ind. — At Tuesday’s Anderson Redevelopment Commission meeting, Hy-Pro Filtration operations manager Aaron Hoeg outlined his company’s intent to give locals first crack at the 107 jobs it plans to bring to Madison County.

“That sounds very impressive,” said commissioner Carolyn Scott, “But how would you feel about putting it in writing?”

Hoeg said, “I’d feel pretty good about that.”

He agreed to pen a letter, committing to look at qualified locals before moving on to other applicants.

Hy-Pro said in October it planned to move from its two-building complex in Fishers to a nearly 20-acre plot just north of Nestlé USA later this year. The move includes its headquarters, manufacturing facilities and many of its 52 current employees, roughly a third of whom already live in the Madison County area.

“That’s part of the reason we want to be here,” Hoeg told the commission. “There’s this great talent pool that’s not overused right now.”

In October, Hoeg said the jobs created in Anderson — which would come over the course of roughly three to four years — would average $21 an hour plus benefits. Since that initial announcement, he said, the company’s received “some of the best applications” it’s ever seen.

Hy-Pro is projecting a mid-April start to construction on its new 122,500-square-foot facility, which would house manufacturing, assembly and warehouse facilities for its hydraulic, lubricating oil and diesel fuel products. Hoeg said it could be operational as early as late October.

Before it committed to moving to Anderson, Hy-Pro reached an agreement with the city, which included $1.9 million in tax increment financing funds based on the company’s projected employment numbers and property investment.

All told, Hy-Pro’s investment would be roughly $10.5 million.

“This will be an agreement that looks to the future,” said city economic development head Greg Winkler. The Redevelopment Commission approved it Tuesday.

The city has used funding from its TIF districts before, notably with recently opened Greenville Technology Inc.

But “this was a little more challenging,” Winkler said, since the city had to annex the property and is working to develop a TIF bond from an agreed-upon minimum of $202,000 a year in taxes, which Hy-Pro would pay over a 12-year period.

“That gives us a marketable TIF bond,” Winkler said, adding there’s already a potential buyer for both that bond and the one for GTI.

The TIF and zoning issues also need approval from the Economic Development Commission, the Plan Commission and the City Council.

Find Baylee Pulliam on Facebook and @BayleeNPulliam on Twitter, or call 648-4250.

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