MT. COMFORT — Construction companies have plans for three speculative buildings in western Hancock County.
Mike Sheek, director of business development for Indianapolis-based GDI Construction, said the company plans to build two 226,000-square-foot spec buildings off the west side of Mt. Comfort Road north of County Road 400 North.
GDI Construction will build one and will get started on the second depending on how quickly the first gets leased, Sheek said. Construction on the first property should begin in June and be complete by November, he added.
The Hancock County Council unanimously approved a 10-year property tax abatement for the project earlier this week. The abatement will be 100 percent the first year and decrease 10 percentage points every year through the end of the decade.
Randy Sorrell, executive director of the Hancock Economic Development Council, told the council that with the abatement, the property will pay more than $2.3 million in property taxes and save about $2.7 million.
GDI Construction’s capital investment in the project totals about $17.8 million, Sorrell said.
Bill Bolander, president of the county council, told the Daily Reporter that there currently aren’t any completed spec buildings in the county. That leaves the county at a disadvantage when companies in quick need of that kind of space are looking in the area, he continued.
Even with the abatement, the property will bring in far more tax revenue with the two proposed buildings than it currently does undeveloped, Bolander said.
“Do we, down the road, want to be full-up with warehouses?” Bolander asked. “Probably not, but right now we need some buildings to attract people.”
The county council will vote on a 10-year property tax abatement for another proposed spec building next month. Carmel-based Lauth Group wants to build a 280,000-square-foot property at the northwest corner of country roads 700 West and 350 North.
Mike Jones, president and CEO of Lauth Group, told county council members that the company plans to begin construction late this summer and be finished by the second quarter of 2020.
