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Council approves Granary economic development steps and tax abatement for Deer Creek project
Summary
Council introduced a bond ordinance and approved a declaratory resolution establishing the Granary economic development allocation area, and approved a tax abatement resolution to support a $30 million investment and retention/addition of about 300 jobs at Deer Creek Business Park.
On Sept. 23 the Noblesville City Council took several actions intended to advance local economic development incentives.
The council introduced Ordinance Number 34-09-25 to authorize issuance of taxable economic development revenue bonds for the Granary project; city staff said the ordinance is the first step to lend bond proceeds to project developers Flannery and Collins and that the EDA previously approved the incentive package. Council later approved Resolution RC-32-25, the declaratory resolution establishing the Granary Economic Development Area and allocation area, by hand vote, 8-0.
Separately, the council approved Resolution RC-34-25, a real-property tax abatement authorization for Patch Nyer Deer Creek Building 2 LLC to support Garrett Performance Sports Systems relocating and expanding operations. Mr. Haberman told the council the project is intended to retain and add a total of approximately 300 jobs and involve an investment of about $30,000,000. Council approved the abatement resolution by hand vote, 8-0.
Council also considered the common municipal procedural step of ratifying a previously approved ordinance for operating expenses at the Innovation Mile arena after a required notice error; that ratification (Ordinance Number 20 two-seven-twenty 5) passed by roll call 8-0.
City staff said further steps remain for implementation, including bond issuance processes, documentation for abatement and potential loan agreements; council action at this meeting provided the local approvals necessary to move each incentive forward.
