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Crosspoint Polymer Technologies reports $12M invested; council accepts compliance explanation
Summary
Crosspoint’s CFO told council the company has invested about $11–$12 million and moved into an 80,000-square-foot facility; council noted compliance metrics on the tax-phase-in compliance sheet showed low "placed in service" values but accepted the explanation that unplaced construction isn't counted until usable and voted to accept the compliance update.
Crosspoint Polymer Technologies presented an update on its tax-phase-in compliance, telling Vanderburgh County Council that most construction is complete and that roughly $11–$12 million has been invested to date.
Pat Hickey (EREP) introduced the item and said the company remained within its approved three-year building period, which runs through December 2026. Doug Wormnest, Crosspoint’s chief financial officer, said the company began using its 80,000-square-foot leased facility in May and expects about 95% of ancillary construction (office remodels and interior work) to be completed within the year. Wormnest told council the discrepancy on the compliance sheet — low percentages listed under real and personal property placed in service — resulted from investments not yet placed in service for tax-assessment purposes; once equipment and building components are placed in service the values will be reflected in future filings.
Council members asked for clarification about projected versus recorded real-property spending; Wormnest said the building investment will be approximately $9 million in real property and total investment to date is roughly $11–$12 million. Members asked for a written explanation for the record; Hickey agreed to provide additional documentation and the council took a motion to accept the compliance report as presented.
