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