Just hours after announcing plans for a $60 million expansion of its Atlanta headquarters, Beck’s Hybrids discussed four resolutions that would provide two tax abatements and establish a new economic revitalization area with the Hamilton County Council on April 2.
Sonny Beck, president of Beck’s Hybrids, said the project has a net worth of $5.6 million for the county during a 20-year period – $2 million the first 10 years and $3.6 million the following 10 years.
The request from the company is for 100 percent of its $45 million personal property for 10 years and 50 percent of their real property for 10 years. Beck said that the company decided to ask for the 50 percent of real property (a savings of $2 million) to allow money to flow locally.
“It allows other taxing agents to share in additional revenues in the first 10 years,” he said.
“It works for them, it works for us,” Councilor Brad Beaver said.
Beck said the total taxes his company in 2014 to 2025 will be $11.8 million. After the proposed abatements end, Beck said that amount increases to $12.2 million for 2026 to 2035.
Beck said the $60 million expansion will add research labs, greenhouses, seed-processing facilities and equipment, and offices at Beck’s 1 million-square-foot headquarters complex. He said the construction will be completed in the next three to four years.
“It will create over 100 jobs in Indiana and a few more in other states,” Beck said. “That will occur easily in the first three years. In 2012 we had 74 new jobs and in 2013 85 new jobs.”
The council has scheduled a public hearing for May 7. After the hearing, the council may vote on the final resolutions.
In addition to the tax abatements, Beck’s is working to improve 276th Street over the next two and a half years. The Hamilton County Council and Commissioners are partnering with the state and federal government on the $6 million road improvement.
“There are substantial road improvements in front of the building with county and state funding,” Beck said. “We worked hard to obtain federal grants for some of the roads.”
Beck’s Hybrids operates additional Indiana facilities in Sharpsville, West Lafayette and Noblesville with operations also in Illinois, Kentucky, Ohio and Iowa. Beck’s employees 290 full-time employees in Indiana and more than 400 people overall. The Indiana Economic Development Corporation offered Beck’s up to $825,000 in conditional tax credits and up to $75,000 in training grants based on the company’s job creation plans.
