By KEN de la BASTIDE, Kokomo Tribune enterprise editor
TIPTON - German transmission company Getrag Corporate Group purchased 145 acres of property in Tipton County for the expected construction of a new manufacturing facility.
Documents filed at the Tipton County Recorder's office show Getrag purchased the property for approximately $3.4 million.
Getrag is working in conjunction with DaimlerChrysler to construct a $560 million transmission plant in Tipton County that is expected to employ 1,200 people. The plant is expected to produce 400,000 to 500,000 transmissions annually starting in February, 2009.
Although there has been no official announcement of a decision on a site location, Getrag has now secured 145 acres at the intersection of U.S. 31 and Ind. 28. A drainage and site plan for the property has already been approved by county officials.
Getrag purchased the property on Friday and the deeds were filed with the Tipton County Recorder's office on Monday.
The purchase of the property allows for work on the site to begin at any time.
Legal documents indicate the property was sold for $10 and "other valuable consideration." Earlier this year, it was widely reported that the company was willing to pay $20,000 per acre for the farm ground.
Rita Gall and Mary J. Tragesser had ownership of the crucial piece of property, which included 107 acres at the northeast corner of the intersection.
On the sales disclosure form filed with the warranty deed, a sale price of $2,112,520 and an additional consideration of $237,480 is listed. That amounts to $22,254 per acre.
The sales disclosure form indicates the Dick Johnson family received $1,150,000 for 34.3 acres. That figure comes to $33,528 per acre, it is not known if that includes the purchase of the family's house.
There is no information available about the sales price for the Mitchell Reeves property, containing four acres, who completed a purchase of the land from Lloyd and Susan Lucas on Friday. The Reeves have been purchasing the land on contract since 2004.
Options on the property were originally taken by the Tipton County Economic Development Foundation. Those options were recently transferred to Getrag.
An option to purchase is created when an individual, company or government entity signs an agreement to purchase property for an established price at a later date. There is normally a date on which the option to purchase expires, if no sale takes place the seller keeps any down payment. The option to purchase can be transferred to a third party.
Bill Keir, executive director of the Tipton County Economic Development Corp., said Monday that all the options on the land taken by the Economic Development Foundation have been transferred to Getrag.
Kym Stroup, who owns 80 acres north of the Gall property, said the option on her property was transferred to Getrag on Friday.
"They are doing some more surveying work on my property," Stroup said Monday.
Stroup said she has bittersweet feelings about selling the property, but it required a lot of upkeep. Her husband died in an accident last year.
"This is a good step forward," she said of the land purchase.
Getrag timeline:
This is the timeline for the possible placement of a joint venture transmission plant by DaimlerChrysler and German manufacturer Getrag in Tipton County. The plant is expected to be a $560 million investment that will employ up to 1,200 people and start production in 2009.
• November - Tipton county officials indicate they have been in discussions with a prospect to locate a manufacturing plant at the intersection of U.S. 31 and Indiana 28. Tipton is believed to be one of five central Indiana location vying for the plant, the others are Miami and Tippecanoe counties, Frankfort and Kokomo.
• December - The Tipton County Economic Development Foundation secures purchase options for the potential purchase of 188 acres. The Tipton County Plan Commission approves the rezoning of the land from agricultural/residential use to industrial use.
• January - Tipton County Economic Development Foundation secures options for an additional 42 acres of property.
• April 17 - The Tipton County Drainage Board approves the drainage plan for the property as submitted by Getrag.
• April 22 - The Tipton County Plan Commission approves the rezoning of an additional 38 acres for industrial use and approves a site plan submitted by Getrag.
• April 30 - Tipton County forms a Redevelopment Commission to finance infrastructure improvements at the site through the issuance of Tax Increment Financing Bonds.
• May 11 - The Indiana Department of Environmental Management begins 30-day period to accept public comments on an air quality permit for the plant as submitted by DaimlerChrysler.
• May 11 - Getrag purchases 145 acres at the proposed site and the Economic Development Foundation transfers the options on the remaining property.