HANCOCK COUNTY — Developers are proposing nearly 8 million more square feet in large buildings in the western part of the county at an investment of nearly $400 million.

All are speculative, meaning no occupants have yet been identified. The developers are asking that the property taxes for the 12 proposed structures be gradually phased in over 10 years, something the Hancock County Council will consider on Wednesday, Sept. 8.

Exeter Property Group, a global firm with an office in Indianapolis, is pursuing three buildings on two different sites, all of which would be eyed for warehouse and distribution purposes. Two would be near the northwest corner of county roads 500W and 500N, one of which would be just over 1 million square feet and the other about 677,000 square feet. Exeter Property Group estimates the combined value of the buildings at $86 million.

Brian Zentz, senior project manager of construction and development for Exeter Property Group, said at a Hancock County Budget, Efficiency and Revenue Committee meeting earlier this month that semitrailer traffic would use County Road 500N.

He added the firm has been working with Hancock County engineer Gary Pool on how it can help with improvements to that road.

“We will be, per his request, resurfacing the road and also dedicating right-of-way to the county highway department so in the future if there is an expansion of the road, that right-of-way will be there,” Zentz said.

Exeter Property Group’s other proposal is a 523,260-squarefoot facility near the northeast corner of county roads 400W and 300N estimated at $27.8 million. That property would need to be rezoned, a process requiring consideration from the Hancock County Area Plan Commission and approval from the Hancock County Board of Commissioners.

VanTrust Real Estate, based in Kansas City, Missouri, is planning three buildings in the northeast quadrant of county roads 700W and 400N for an estimated $115 million. The buildings would be over 900,000 square feet, nearly 590,000 square feet and nearly 300,000 square feet.

Phil Rasey, vice president of development for VanTrust Real Estate, said the firm plans to do improvements to county roads 700W and 400N; build a future public road into the project and route sewer utilities to the site; and seek reimbursement in tax increment financing funds from the Hancock County Redevelopment Commission.

Cincinnati-based Al. Neyer wants to build a logistics/e-commerce facility of over 260,000 square feet to the west side of County Road 700W between county roads 350N and 400N. That project is estimated at over $10 million.

The Hancock County Plan Commission gave a rezone needed for the project a favorable recommendation in August. Industrially zoned land already surrounds the site, and multiple industrial developments are operating in the area while others have been approved.

“It’s essentially surrounded by similar uses,” said Briane House, a lawyer with the Greenfield law firm Pritzke & Davis, representing Al. Neyer.

Alexis Sowder, manager of client services for Indianapolis-based KSM Location Advisors who is assisting with the project, said while she can’t promise who will occupy the building, its size suggests it could come with bigger paychecks for employees than what’s typically found at much larger warehouses.

“Yes, it’s spec, ... but the size of the facility lends itself to more likely having some heavier automation, which really lends itself to a higherskilled type of employee,” Sowder said.

All of the developers are seeking tax abatements that would allow the buildings to avoid real property taxes in their first year. They’d then owe 10% of their taxes the second year, growing by 10 percentage points each year until the taxes were fully phased in.

The Hancock County Council will give initial consideration to the tax breaks at their next meeting, which starts at 8:30 a.m. Wednesday, Sept. 8 in the Hancock County Courthouse Annex, 111 American Legion Place. Council members will also give second and final consideration to tax abatements for five buildings totaling 3.5 million square feet proposed by Indianapolis-based GDI Construction at the northeast corner of county roads 700W and 400N, an investment estimated at $160 million.

The considerations come as the council also considers ways to make up for financial hits to public safety and schools spurred by tax abatements and tax increment financing, which diverts tax funds from their usual sources to be used on improvements that draw development. One of those considerations consists of a modified tax abatement that has the same net savings over the 10 years, but less of a break up front with more toward the middle and end of the decade.
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