Investment Incentives

Local units of government in Putnam County establish a partnership with a firm base on the number of jobs created, wage levels, and amount of investment.  Local government will consider granting of real property tax abatement on a new facility or improvements to an existing facility for up to 10 years.  Ten year abatement results in significant savings in property taxes over the period.  Under state law, property taxes on an existing facility cannot be abated.  Local government will also consider abatement on manufacturing equipment. With past projects, local governments have developed partnerships that have resulted in the granting of 10 years of tax abatement on real property and 5 and 10 year abatement on manufacturing equipment. Each request for abatement is given careful consideration by local officials.

Both the Town of Cloverdale and the City of Greencastle have the ability to issue Industrial Development Bonds through their Economic Development Commissions.  Greencastle and Cloverdale also have Redevelopment Commissions in place that are familiar with using tax increment financing.

The State of Indiana also offers a variety of programs.  Of particular interest is the EDGE tax credit that can be applied against any Indiana Corporate Income Tax liability incurred as a result of the recipient’s project.  The credits are negotiated with the State of Indiana and are used to help minimize the disparity between the costs of a project in Indiana as compared to a competing state.  The EDGE Board considers the number and quality of jobs created, the health of the local economy, the magnitude of the capital investment, the local financial commitment, and the project’s impact on Indiana’s economy.

The state’s Training 2000 grant program helps underwrite the cost of job training for new employees. Many of the employees who are considered “dislocated workers” may be eligible for on the job training and other training through various programs.  In the past, our local school districts have also provided specialized training for employees.

The Greencastle/Putnam County Development Center is available to provide technical assistance to insure the success of a project.  The Center typically aids clients in their work with local and state government, assists with grants applications, and provides the services necessary to make the transition from announcement to operation as smooth as possible.  The Center also has a team of experts from engineers to employment specialists that can be called upon to assist a project.

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