The Herald Bulletin

Overnight Update

Local News

May 15, 2013

Anderson plans bond sale to provide business incentives

ANDERSON, Ind. — The Anderson Redevelopment Commission plans to sell approximately $5.64 million in bonds so money is available to hook other businesses like Greenville Technologies Inc. and Hy-Pro Filtration.

The city provided $3.25 million to help GTI build its auto-parts manufacturing plant at the Flagship Enterprise Center.

That money was offered as an incentive to the company to build its $21.4 million, 150,000-square-foot plant in Anderson and create 325 jobs over three years.

The city offered Hy-Pro, which broke ground last week, $1.9 million to help on its new 122,000-square-foot headquarters, manufacturing and warehouse facility. The company’s total investment will be about $10.5 million.

The money for both incentive packages came from city tax increment financing district funds.

TIF districts are created so that property taxes from new commercial, industrial and manufacturing businesses are captured and spent on infrastructure improvements within the district. Those improvements are then used as an economic development tool to attract more business to the city.

Interim Economic Development Director Greg Winkler said money from the bond issue will be used to provide similar incentive packages to other businesses that might be interested in locating here.

He said the bonds will be paid off from property tax revenue generated by both GTI and Hy-Pro.

Find Stu Hirsch on Facebook and @StuHirsch on Twitter, or call 640-4861.

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