Chesterton Tribune

 

 

Journeyman Distillery nets $5M tax credit for new Valpo location

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By LILY REX

Governor Eric Holcomb (R) was in Duneland yesterday chairing a meeting of the Indiana Economic Development Corporation’s (IEDC) board of directors at Urschel Laboratories.

The IEDC is Indiana’s equivalent of a state department of commerce. It operates like a business to attract new investment in Indiana and support business all over the state. Yesterday’s meeting was business as usual, though one agenda item was local to Porter County.

The Board approved $5 million in tax credits for Three Oaks, Mich.-based Journeyman Distillery to open a second location in Valparaiso.

The tax credits come from the Indiana Recovery Tax Credit program, a program known as “Dino,” that incentivizes the redevelopment of old, vacant industrial buildings larger than 100,000 square feet that can become dinosaur-sized eyesores on communities.

John T. Thompson, acting chair of the Board’s entrepreneurship committee, said the IEDC requires companies receiving tax credits for projects to invest at least one of their own dollars for each dollar of incentive, but often the agency sees companies invest seven times the incentive they’ve received. “We like to see those seven-to-ones,” he said.

Journeyman will invest $22 million of its own funds in the Valpo project in a roughly four-to-one ratio. The new distillery on the site of the former Anco windshield wiper factory is planned to have a distillery, tasting room, restaurant, and retail and banquet hall spaces that will be part of a larger master development under Indianapolis-based Flaherty & Collins heralded in by the Valparaiso Redevelopment Commission.

Elaine Bedel, Board president, noted that the 2019 Legislative session of the Indiana General Assembly resulted in some victories for commerce. One of which was expanding the reach of the Dino tax credit program. While the tax credits were granted for industrial spaces in the past, Bedel said large, empty schools or office spaces will also be eligible come July 1, when new legislation takes effect.

 

 

Posted 6/20/2019

 
 
 
 

 

 

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