The Noblesville Common Council approved preliminary resolutions designating economic revitalization areas for three Noblesville businesses to expand in the city at its Sept. 13 meeting.
“This reflects the success of our ‘Stay Here, Grow Here’ program, in that building relationships we are at the forefront of retaining and expanding Noblesville businesses,” said Judi Johnson, Noblesville economic development director.
The new economic revitalization area projects include:
Verdure Sciences
Location: Lot 4 of new Metro Enterprise Park
Business background: Founded by Ajay Patel, Verdure Sciences has been in business for 19 years, including 13 in Noblesville. It is a life-sciences leader in the field of botanical ingredients supported with clinical initiatives. Verdure Sciences is a supplier of botanical extracts through the integration of agricultural production and research platforms.
Project: The company will build a new 15,000-square-foot headquarters at Metro Enterprise Park with office space, a warehouse for distribution and an innovation laboratory for manufacturing, with future plans to expand. Total capital investment for the project is $3.5 million.
Job impact: 10 new employees to be hired within five years, retain 20 employees with an average income of $65,000.
Estimated tax savings: $378,785 over eight years for real property and $15,435 over four years for personal property.
Fat Butter Investments
Location: 950 and 960 Logan St., Noblesville.
Business background: Michael and Tawni Partin of Noblesville operate the Parker Mortgage Group and recently opened the Parker Media Group, a video production company, inside the Model Mill building. They plan to expand to downtown and renovate a building, which has a portion of the second floor that has been uninhabited for approximately 15 years.
Project: The project totals 8,283 square feet between the units. The Partins plans to renovate and merge the two buildings into one to create a modern, efficient office inside the shell of the historic building. Total capital investment for the project is $1.13 million.
Job impact: 15 new employees to be hired within five years, retain 32 employees with an average income of $75,000.
Estimated tax savings: $77,868 over seven years.
Spectra Tech
Location: 15230 Endeavor Dr., Noblesville.
Business background: Spectra Tech has been in business since 2004. It is operated by Jim Johnson and his family. Spectra Tech develops and provides solutions for the rehabilitation of the aging infrastructure of wastewater systems.
Project: Spectra Tech plans to build a 9,000-square-foot building for warehouse needs and its office headquarters. It also provides expansion possibilities in the future. Total capital investment for the project is $825,000.
Job impact: Retain 18 employees with an annual income of $34,000.
Estimated tax savings: $38,936 over two years.
With all of these projects, and as part of the resolutions passed, the land is eligible for a declining tax phase-in for real- and personal-property investment. Sept. 13 was the preliminary resolution, which was the introduction to an economic development project and lays out the initial request for approval with council. A public hearing and confirmatory resolution vote will be held at the next council meeting at 7 p.m. Sept. 27 at city hall, 16 S. 10th St.
