By Phil Wieland, Times of Northwest Indiana
phil.wieland@nwi.com
VALPARAISO | Urschel Laboratories will be joining Boyer Properties in seeking tax abatements at today's City Council meeting as a result of the newly expanded economic revitalization areas.
Valparaiso Economic Development Director Matt Murphy said Urschel is seeking abatement on a total $11 million investment during the next 10 years. Of the amount, $7 million will be on personal property to upgrade its existing equipment and for its research and development facilities and to upgrade the company's information technology infrastructure.
The remaining amount of the improvements will be to add to Urschel's warehouse space. The project is expected to begin in about five years. If the abatement is approved, the company hopes to add up to 42 new employees over the next five years with average salaries of $59,000. The abatement allows the company to spread the full impact of the property taxes over the 10-year period.
"This is great news for the city," Murphy said. "It strengthens one of our premier manufacturing facilities. Urschel Labs has a long tradition of investing in its operation and in the community. These are great jobs, and we're really excited they are making these investments."
Boyer plans to seek a five-year abatement to redevelop the Valparaiso Motel site on U.S. 30 just west of Washington Street. The motel and other buildings on the property would be demolished, drainage improved and the site divided into three lots of about an acre apiece. One of the lots is expected to have a financial institution on it, and the total investment is estimated at between $2.8 million to $3.75 million.
The company said at the Oct. 12 council meeting that poor soil conditions on the property, which is in a flood plain, will require pilings on which to construct the new buildings. That and some sewer work will require additional expense it hopes to recoup through the abatement. The council also made the U.S. 30 corridor an economic development targeted area to allow commercial development to qualify for abatements.