Noblesville Common Council Approves Dura Products
The Noblesville Common Council tonight approved the preliminary resolution for designating an economic revitalization area for Dura Products, 17265 Harger Court, during the Noblesville Common Council meeting.
Dura Products will construct a new 15,000-square-foot building and install new and used equipment for the manufacturing and distribution activities of the company. Total investment for this project will be approximately $1.8 million for real property and $1.15 million for personal property.
“We are excited to have another successful manufacturing businesses relocate to Noblesville. Our city is the agricultural gateway to northern Hamilton County and Dura Products provides small and large farmers with dependable, safe equipment,” Noblesville Mayor John Ditslear said.
Dura Products was founded by owners, Patrick and Marcy Molter, who have been in the farming industry in many capacities – from family farming to agricultural sales to sales and service of agricultural pumps and meters. Dura Products places a high priority on products that address today’s environmental concerns including the EPA requirement that all portable re-fillable containers have either a one-way check valve and/or tamper evident seals on all openings.
“Dura Products continues to experience exponential growth and is poised to become the No. 1 brand in agricultural transfer systems, as well as one of the top three American made transfer systems for the diesel exhaust fluid market. We are very proud to be a Hoosier born company, with the majority of our suppliers located in Indiana,” Dura Products owner Patrick Molter said.
Dura Products Inc. has 70 United States distributor locations as well as two in Canada.
“Noblesville is logistically well-suited and has a balanced community infrastructure, making it attractive for employee recruiting and retention. We are excited to build our new corporate office and manufacturing facility in Noblesville,” Molter added.
As part of the resolution, the common council has approved the location as an economic revitalization area eligible for an eight-year tax abatement on the $1.8 million of real property. Currently, the City of Noblesville receives minimal property taxes on the vacant land. Subject to the adoption of a confirmatory resolution, the tax phase-in allows 100 percent of the assessed value of the building to be deducted the first year and approximately 13 percent less each of the following seven years.
During those eight years, the city will earn $191,330 of net property taxes and the developer will save $240,670. In exchange, Dura Products will relocate 11 current employees and create 28 new jobs within five years with an average wage of $40,560 without benefits.
Dura Products also is receiving a five-year tax abatement on personal property. During that time, the city will earn $25,154 in net property taxes and the developer will save approximately $43,846.
November 10 was the preliminary resolution, which is the introduction to an economic development project and lays out the initial request for approval with council. Because the “first look” resolution was passed, a public hearing and confirmatory resolution will be held at the next council meeting on Nov. 24.
Released 11/10/2015 8:51:00 PM
Courtesy of The Times located in Noblesville, IN