The Noblesville Common Council approved the preliminary resolution designating economic revitalization areas for three Noblesville businesses to expand in the city Tuesday evening.
“This reflects the success of our ‘Stay Here Grow Here’ program in that building relationships we are at the forefront of retaining and expanding Noblesville businesses,” said Judi Johnson, Noblesville economic development director.
The new economic revitalization area projects include:
VERDURE SCIENCES
Location: Lot 4 of new Metro Enterprise Park
Business Background: Founded by Ajay Patel, Verdure Sciences has been in business for 19 years with 13 of those years in Noblesville. It is a life sciences leader in the field of botanical ingredients supported with clinical initiatives. Verdure Sciences is a supplier of botanical extracts through the integration of agricultural, production and research platforms.
Project: Verdure Sciences will build a new 15,000 square foot headquarters building at Metro Enterprise Park with office space, warehouse for distribution, innovation laboratory for manufacturing and future plans to expand. Total capital investment for the project is $3.5 million.
Job impact: 10 new employees to be hired within five years, retain 20 employees with an average wage of $65,000.
Estimated Tax Savings: $378,785 over eight years for real property and $15,435 over four years for personal property.
FAT BUTTER INVESTMENTS
Location: 950 and 960 Logan Street
Business Background: Michael and Tawni Partin of Noblesville operate the Parker Mortgage Group and recently opened the Parker Media Group, a video production company, inside the Model Mill building. They plan to expand to downtown and renovate a building – which has a portion of the second floor that has been uninhabited for approximately 15 years.
Project: 8,283 square feet between the units. The petitioner plans to renovate and merge the two buildings functionally into one to create a modern efficient office inside the shell of the historic building. Total capital investment for the project is $1.13 million.
Job impact: 15 new employees to be hired within five years, retain 32 employees with an average salary of $75,000.
Estimated Tax Savings: $77,868 over seven years.
SPECTRA TECH
Location: 15230 Endeavor Drive
Business Background: Spectra Tech has been in business since 2004 by Jim Johnson and his family. From its inception, Spectra Tech continues to develop and provide solutions for the rehabilitation of the aging infrastructure of wastewater systems. This is done by combining their extensive background in resin technology with broad experience in the underground utility industry.
Project: Spectra Tech intends to build a 9,000 square foot building for warehouse needs and their office headquarters. It also provides expansion possibilities in the future. Total capital investment for the project is $825,000.
Job impact: Retain 18 employees with an annual wage of $34,000.
Estimated Tax Savings: $38,936 over two years.
As part of the resolution, the land is eligible for a declining tax phase-in for real and personal property investment. Sept. 13 was the preliminary resolution, which is the introduction to an economic development project and lays out the initial request for approval with council. Because the “first look” resolution was passed, a public hearing and confirmatory resolution will be held at the next council meeting on Sept. 27.
