Indiana Tax Reporter: Muncie Approves Public Financing for ...

Muncie Approves Public Financing for Spartech Packing Expansion

From the Muncie Star-Press: The city-county plan commission gave its approval to $2.6 million in public financing on Thursday to help finance a $19.2 million expansion at Spartech Packaging Technologies on the south side. The 60,000-square-foot expansion at the Spartech food packaging manufacturing facility bordered by Memorial Drive, Macedonia Avenue, 18th Street and Penn Street, will add 32 jobs. Current employment is 114 and the current space is 167,000 square feet. "This company is making a long-term investment in Muncie and Delaware County," said Terry Murphy, vice president at the Muncie-Delaware County Economic Development Alliance. The construction cost is estimated at $3.9 million. New machinery, equipment and special tooling and re-tooling are projected to cost another $15.3 million.
? During a special meeting, the plan commission voted 6-1 to create a tax increment financing (TIF) district at Spartech's 16.5-acre site. The city of Muncie will issue up to $2.6 million in bonds to help finance the expansion. The bonds will be repaid by the added property tax revenues generated by the expansion. ?
http://www.thestarpress.com/apps/pbcs.dll/article?AID=2012206010337

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