Developer awarded tax abatement to build $41 million warehouse in Monroe Township
MORGAN COUNTY — Members of the Morgan County Council held a special meeting Monday night to approve a tax abatement for a building to be constructed in the Westpoint Development in Monroe Township.
The company requesting the abatement, Raindrop LLC, is planning to construct a warehouse on land that had been intended to be used for an amusement park.
The building will be somewhere between 750,000 and one million square feet with an estimated cost of around $41 million.
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At this time, the company has said it does not have any confirmed tenants but is constructing the building for a future business.
The property is in the Westpoint Tax Increment Financing district, part of which stretches into Hendricks County. While the Hendricks County portion of the district has been developed, the warehouse would be the first building constructed in the Morgan County section of the district.
The 10-year abatement has the company paying no property taxes in the first year. According to the abatement schedule, the taxes will be around $32,600 the second year. By the final year of the abatement, the company will pay nearly the full property tax amount, estimated at around $619,200.
Council members expressed their satisfaction with the project, saying they felt it was a good start to bringing business to the county.
Before approving the abatement, the council held a public hearing to see if anyone from the county wanted to speak either for or against the request.
No one from the public attended the hearing. A member of the Monroe Township Fire District and the chief of the department attended the meeting but did not speak.
According to the owner, construction will begin around the middle of 2022 and the building will be finished sometime in the middle of 2023.
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Auditor speaks
Morgan County Auditor Dan Bastin told council members his plan to put all land transactions on a computer.
In the past, Bastin's office staff put land transfers on cards which were then placed in a file.
Bastin said he has almost the full amount to do the work but will have to ask for an additional appropriation to completely pay for it. The plans are to scan the old cards into the system, then store them until future notice, he said. He wants to have the work completed by the time he leaves office at the end of the year.
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The next regularly scheduled meeting of Morgan County Council is scheduled for 6:30 p.m. on Monday, June 6, in the Morgan County Administration Building, 180 S. Main St., Martinsville.
Contact reporter Peter Blanchard at 765-346-2942 or pblanchard@reporter-times.com. Follow him on Twitter @peterlblanchard.
This article originally appeared on The Reporter Times: Monroe Township warehouse tax abatement approved by County Council
