TERRE HAUTE — The Vigo County Redevelopment Commission took the first step in providing its incentive package for the construction of an inhaled-insulin manufacturing facility for Pfizer Inc.
Pfizer is investing $174 million in its Exubera facility and the creation of about 450 new full-time jobs at hourly wages in excess of $16 per hour, excluding overtime and benefits. The company in March announced it will develop the facility in Terre Haute and already has developed a large portion of the project, including hiring workers for production lines.
The commission unanimously approved a declaratory resolution to create a tax increment finance district for an approximately 900-acre site at Pfizer. A TIF district allows taxes collected from the district to be used for improvements in the district, instead of being distributed countywide.
The TIF funds will be used to obtain a more than $9 million bond to fund road and water improvements for Pfizer. The 20-year bond will provide about $5.4 million for the county to use for that work.
The difference includes various bond fees and costs, plus about a 25 percent cushion used to create a fund that can pay for a year of bond payments should the TIF district not generate enough funds to repay the bonds, said Gary Malone of H.J. Umbaugh & Associates, an Indianapolis accounting firm. It also includes making payments to bond holders while Pfizer completes construction of its Exubera facility, Malone said.
In addition, the bond will have to be backed by the county, likely from the County Economic Development Income Tax. The project, through the creation of jobs, will likely add to the county’s income tax revenue, Malone said.
An impact study, which would include income tax revenue, will be included as part of the bond preparation, he said.
The resolution next goes to the Vigo County Area Plan Commission, then the Board of Commissioners for approval. The issue would then return to the Redevelopment Commission for a public hearing and final approval.
Steve Witt, president of the Terre Haute Economic Development Corp., said the exact amount of the bond will not be known until an engineering study from the Corradino Group is completed. Witt said work to benefit Pfizer likely will include improving the intersection of Harlan and Carlisle roads and the roads themselves; and the intersection of Dallas and Carlisle roads.
It also includes providing a water supply to Pfizer by extending a water line from Dallas Road south along Carlisle Road to Harlan Road, and a second line west of Carlisle Road along Dallas Road.
“The primary reason for that is Pfizer used to own its own water well field and treatment facility, but that is now owned by Danisco Sweeteners, so Pfizer will need some municipal water service,” Witt said.
“Part of the reason that Pfizer considered Terre Haute for [the Exubera facility], was the offer of certain incentives, both state and local. The local level was property tax abatement as well as tax increment finance assistance,” Witt said.
Witt said incentives from the state of Indiana include about $8.3 million in tax credits from two separate state incentive programs and $400,000 in job training assistance for Pfizer.
Richard Jenkins, a member of the Redevelopment Commission, said that while there is risk involved in backing a bond issue from the TIF district, the money to be spent will be used on road improvements, something that will benefit the southern part of the county.
Howard Greninger can be reached at (812) 231-4204 or howard.greninger@tribstar.com.
Local & Bistate
Redevelopment Commission approves TIF district for Pfizer
- Local & Bistate
-
-
Montford Point Marine
In 1943, 19-year-old Ezell Odom was on the sandy beach of a tiny South Pacific island about 7,000 miles from his parent’s home in Terre Haute.
-
K-9 officer Shadow honored as a hero
A Terre Haute K-9 officer injured in the line of duty has been honored as a hero by the Indiana Veterinary Medical Association.
-
Freezin’ for a Reason
Hundreds lined up outside Hulman Center amid frigid air to participate in a warm-hearted cause.
-
Even as law, right-to-work dominates crackerbarrel
The flames of the right-to-work debate were gone, but the coals still seemed to smolder.
-
Vigo School Board to give OK on bonds for DeVaney project
The Vigo County School Board will meet at 6 p.m. Monday in the administration building, 686 Wabash Ave.
-
Bridging the gap to ‘forever’
They can be taken from their homes by strangers for reasons they may not understand, with no possessions other than the clothes they are wearing.
-
Students showcase keen problem-solving skills at Rose-Hulman
For the 16th straight year, Honey Creek Middle School students came out on top in the Wabash Valley MATHCOUNTS competition at Rose-Hulman Institute of Technology.
-
Ivy Tech to celebrate Black History Month
Ivy Tech Community College will celebrate Black History Month with a series of events at its campuses statewide.
-
Whitney Houston, superstar of records, films, dies
Whitney Houston, who ruled as pop music's queen until her majestic voice and regal image were ravaged by drug use, erratic behavior and a tumultuous marriage to singer Bobby Brown, has died. She was 48.
-
Giant welcome home for Steve
Terre Haute was suddenly home to thousands of cheering New York Giants fans Friday as residents welcomed Super Bowl champion Steve Weatherford back home for a parade.
-
‘One for Terre Haute,’ Steve tells crowd at North
“This one was for Terre Haute,” native son Steve Weatherford proclaimed Friday as he shared his Super Bowl victory with the community that helped send him on the path to a world championship.
-
Hometown support vital to success, Weatherford says
Steve Weatherford said Friday he wouldn’t be celebrating a Giants’ Super Bowl victory if not for the support he’s received from his hometown, his parents and mentors in his life.
-
Craning for a rare glimpse
A visitor from the Far East has naturalists flying to Linton, hoping some good comes from one bird’s bad directions.
-
Vigo’s primary election filings complete
The slate is set for the May 8 primary election, with the race for three at-large seats on the Vigo County Council drawing the largest pool of candidates at the county level.
-
Documentary on electric vehicles plays Sunday at Rose
The rising popularity of electric vehicles and their impact on the world eco-system is the focus of a documentary, “Revenge of the Electric Car,” being presented at 3 p.m. Sunday in Rose-Hulman Institute of Technology’s Hatfield Hall Theater.
-
Man gets 10-year sentence in battery case
A West Terre Haute man received a 10-year prison sentence Friday after pleading guilty to aggravated battery for beating a friend caught in bed with the man’s wife.
-
Asian hooded crane lands in Greene County wildlife area
Bird watchers are flocking to a southwestern Indiana wildlife area to try to catch a glimpse of a crane usually spotted only in Asia.
-
Slow drips: It’s maple syrup season in Indiana
More seasonal, colder temperatures will hit the Wabash Valley this weekend, which is ideal weather for maple syrup production, said Keith Ruble, superintendent of the Vigo County Parks and Recreation Department.
However, Ruble voices concern that this year’s maple syrup season may be short.
-
Downtown restaurant celebrates expansion
The streets of Terre Haute were chilly Thursday night, but for the glow of hot pasta inside Louise’s Pizzeria and Cafe.
-
Contract signed for new Y
Papers are signed and the ink is in place for a new YMCA to operate in Terre Haute.
-
City to impose $30 release fee on towed vehicles
The Terre Haute City Council voted without opposition Thursday to impose a new $30 release fee on vehicles towed and impounded by the police as part of a criminal investigation.
-
Valley educators cautious on Indiana’s ‘No Child’ waiver
Indiana is one of 10 states to receive a waiver from federal No Child Left Behind requirements.
-
Driver dies after Illinois school bus crash
“Brace yourself. Brace yourself,” Fay Pickering shouted to her students just before the school bus she was driving crossed U.S. 40 and landed in a ditch Thursday morning.
-
Trial date set for former WTH police chief
A July 23 trial date has been set for a former police chief of West Terre Haute accused of theft.
-
Motorcycle gang member pleads guilty in federal court
A member of an Indianapolis motorcycle gang who delivered methamphetamine to a Terre Haute dealer has pleaded guilty to drug charges in federal court.
-
July trial date set for mother charged with child neglect
A July 30 trial date has been set for a Terre Haute mother charged with neglecting and battering her toddler.
-
Business hosting SPPRAK fundraiser
Java Haute is hosting the latest fundraiser sponsored by SPPRAK — Special People Performing Random Acts of Kindness.
-
Valley high school cooking competition under way today
Clabber Girl Corp. and Gordon Food Services will host the fourth-annual High School Chef Competition, beginning today through Saturday, and again Feb. 18, in the Culinary Classroom at Clabber Girl.
- UPDATE: Marshall, Ill., school bus driver involved in accident dies; cause appears to be cardiac-related
-
Terre Haute road name game
What used to be called U.S. 40 from the Wabash River west through West Terre Haute to Interstate 70 needs to be renamed and, probably, get new street addresses, a Vigo County planner recommends.
- More Local & Bistate Headlines
-
Pop Music Superstar Whitney Houston Dies at 48
Raw Video: Whitney Houston's Last Performance
Police: Houston Found Dead in Her Hotel Room
Fans 'Speechless' Over Houston's Death
Reaction to Houston's Death at Clive Davis Party
Recording Superstar Whitney Houston Dead at 48
Paul Suffers Narrow Loss to Romney in Maine
Palin Brings Anti-Washington Message to CPAC
Maine GOP Chairman Says Romney Wins Caucuses
Snow Strands Italian Towns
Raw Video: Deadly Blasts in Syria
Obama Scraps Birth Control Mandate
Latest Jason Wu Collection Shows Chinese Roots
ShowBiz Minute: Madonna, Beresford-Redman, Pawsc
US Airmen's Killer Sentenced to Life in Germany
Raw Video: Rough Seas Stop Oil Removal
Winter Slamming North Asia, Parts of Europe
The Pits: Israelis Spit Olives for Glory
Marines: No Punishment for Nazi-like Flag
5 Killed in Wrong-way Crash on I-10 in La.
Exclusive Video - Whitney's Bodybag
Girl rescued after avalanche buries village in Kosovo
Whitney's Final Days - EXCLUSIVE
Raw Video: Aurora Borealis As Seen From Space
First glimpse of Blue Ivy Carter
Lusetich: AT&T Rd. 3 recap
Peek inside Barbie's closet
Romney Tops Santorum in CPAC Straw Poll
Madonna's Daughter Shaves Head
Angry Dad Shoots Teens Laptop
Absolute Lin-sanity
Test on Comforter in Powell Unit Shows Blood
Hero Driver Saves Kids From Burning Bus
Funeral to be held for Powell boys
Sandusky on having to stay inside and people turning on him
Uzbek Man Pleads Guilty in Plot to Kill Obama
Woolly Mammoth Caught on Camera?
Did JLo 'Assault' Marc Anthony on Camera?
Christie Brinkley's Runway Slip
