The Noblesville Common Council has approved the preliminary resolution designating an economic revitalization area for Timberline Properties, LLC, 925 Conner St., Noblesville.
Timberline Properties plans to renovate the second floor of the Caylor Building to create 10 to 12 executive office suites to attract new business to the downtown area. Based on the proposal, the 5,800 square feet can hold up to 32 new jobs. The renovation is expected to cost approximately $174,000. Timberline will receive a 100 percent tax phase-in on the assessed value of real property for seven years, which is estimated to save them $35,000.
“The project will further promote the city’s development objectives by effectively using underutilized space in an urban building, expand the property tax base and attract new businesses and employees to downtown Noblesville,” Mayor John Ditslear said.
According to the plans, phase I will include 11 rooms on the east and middle of the building. Using profit generated from the phase I remodel, phase II will include five rooms and the west hallway. Timberline plans to create a business incubator model in the new office space where new and small businesses may share resources and will be offered special amenities, including a shared copier, access to a “plug and play” phone system and utilities paid for by the landlord.
The second floor to the Caylor Building has been uninhabited for approximately 25 years. The first floor contains The Hamilton Restaurant, Indiana Kitchen Co. and the Indiana Taekwondo Academy.
May 26 was the preliminary resolution, which is the introduction to an economic development project and lays out the initial request for approval with council. A public hearing and confirmatory resolution will be held at the next council meeting on June 9.
