Development is occurring throughout Morgan County, and a tax abatement approved Monday night could help bring more to the Monrovia area.

Members of the Morgan County Council held a special meeting Monday night to approve a tax abatement for a proposed building in the Westpoint Business Park near Monrovia.

Others are reading: What to know about property tax assessments in Morgan County.

The company requesting the abatement, Raindrop LLC, is planning to construct a warehouse on land that had been intended to be used for an amusement park several decades ago.

The building, which will be up to 1 million square feet, will cost an estimated $41.25 million.

At this time, the company has said it does not have any confirmed tenants, but is constructing the building for a future prospects.

The property is in the Westpoint Tax Increment Financing District. Part of the district is in Hendricks County while the rest is in Morgan County.

The Hendricks County portion has been developed, while this is the first building to be constructed in Morgan County.

The 10-year tax abatement has the company paying no property taxes to the county in the first year of the agreement.

According to the abatement schedule, the taxes will be around $32,600 the second year. At the 10 year end of the abatement, the company will pay nearly the full property tax amount, estimated at around $619,200.

Council members expressed their happiness with the project, and felt it was a good start to bringing business to the county.

Before approving the abatement, the council held a public hearing to see if anyone from the public wanted to speak either for or against the request.

No one from the public attended the hearing.

A member of the Monroe Township Fire District and the chief of the department attended the meeting, but did not speak.

According to the owner, construction will begin around the middle of 2022 and the building will be finished sometime in the middle of 2023.
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