A proposed $30 million investment should help one of Putnam County’s longest-standing employers remain cemented in the community for years to come.
With Greencastle/Putnam County Economic Development Director Kristin Clary describing business as “bursting at the seams” for Buzzi Unicem U.S.A., the company is looking to invest $10 million in real property and $20 million in personal property in new equipment at the local facility.
Explaining the situation to the Putnam County Council on Tuesday, Clary said the move will help the cement plant long known as Lone Star Industries, which has been in operation south of Greencastle since 1919, retain employees and keep up with demand with what is apparently booming business.
“Buzzi is at full capacity,” Clary said. “They are just busting it out 24/7.”
Clary was in attendance on behalf of Buzzi to request the first of two steps in obtaining a tax abatement on the investment. While she said she will not be back for the actual abatement request until February, the matter at hand was the establishment of an economic revitalization area, which opens the door to abatement.
While the details on the abatement request have not been worked out, Clary said the company is leaning toward a traditional 10-year abatement, which phases in property taxes 10 percent at a time over the life of the agreement.
Asked about job creation, often one of the benefits of abatement, Clary said the nature of this request is different.
“They are retaining jobs because it (demand) is really putting a strain on them,” Clary said.
She noted that the Italy-based company has already approved moving forward with the investment, with construction likely to start in June 2024.
The council approved the economic revitalization area by a 6-0 vote.