Site plans for the two buildings proposed in the EDA
Provided photo
HANCOCK COUNTY – The Hancock County Council approved an extension request for an economic development agreement (EDA) with Exeter McCordsville Land LLC at the council meeting last Wednesday.
Kyle Resetarits, partner with Dentons law firm, spoke on the topic and said that they received a fully executed copy of the amended and executed EDA for a proposed two building project from the commissioners, related to a tax abatement schedule that the council had approved a few years previously.
Resetarits said that, since then, there have been a couple rounds of revisions to the EDA and the development, and the only changes to the project scope is regarding construction dates of the two buildings. The changes were to have construction of the first building to begin in September 2025 with a completion date of September 2026, and the second building following thereafter.
According to the site plan, the buildings would be located off of CR W 500N.
Resetarits said that the EDA amendment was approved by commissioners in September of 2023 and was signed earlier this year by commissioner Bill Spalding. Resetarits said that while commissioners have approved the amendments, the EDA has a requirement for the SB1 form to be submitted and then signed by the president of the council.
“At the recommendation of legal counsel for the county council as well as the terms for the economic development agreement, there is just an obligation for the developer to submit amended SB1 form,” Resetarits said.
Resetarits said that council has seen the project before since the dates have been amended once before, and that nothing from the previous SB1 forms besides the construction start and finish dates.
The EDA that the county approved states that the county is to enter into an agreement with “private entities to encourage investment and foster economic development within the county and not burden the county with the impact of such investment and economic development.”
The EDA states that building one will be approximately one million square feet and cost approximately $50,787,000. Building two will be approximately 677,000 square feet and cost approximately $33,858,000.
The EDA also states that the developer may switch the order in which the buildings are to be constructed and completed in response to market demand, as long as the first building is to be completed by the agreed completion date.
The council motioned and passed to accept the amended SB1, with council member Scott Wooldridge voting no.
Wooldridge said he voted no due to when he ran for office two years ago, he promised his constituents and the voters that when agreements pertaining to warehouses came up, he would vote no.
“Even if it’s an EDA or anything to do with a warehouse, I’m going to vote no on that,” Wooldridge said. “Cause when you make a campaign promise, you’ve got to follow through.”
Wooldridge said that another warehouse added in that area would add supply when there is already a vacancy rate of approximately 30%. While the EDA lists the buildings being built in the next couple of years, Wooldridge said he’d like to see them built further out when there is no vacancy.
