Friday, April 15, 2016
After conducting a public hearing on the Heartland proposal -- which is connected with expansion of the Subaru of Indiana (SIA) plant in Lafayette to keep up with increasing demand for new Subaru vehicles -- the Council unanimously adopted Resolution 2016-3, approving 10-year tax abatement on the new Heartland equipment tied to the venture.
Greencastle Mayor Bill Dory, who guided many such projects through the city approval process in his years as executive director of the Greencastle/Putnam County Development Center, characterized the process as a "phase-in of new property taxes over the next 10 years."
Over time, Heartland Automotive will save $463,000 in taxes, while still paying $311,106 in taxes on the new equipment during the 10-year period. Without tax abatement, Heartland would have been responsible for $774,446 in taxes over the 10-year cycle.
New Development Center Director Kristin Clary noted that Heartland currently employs 369 to 375 people, while the new positions will start at $11-$13 per hour, she said.
