BATESVILLE, IN — Batesville City Council approved a tax abatement Monday night for Indianapolis-based IKIO LED Lighting to purchase the Shell Building (pictured) in the Industrial Park.
It’s a ten-year, 100-percent abatement on Real and Personal Property the first year with a declining scale percentage each of the following years of the incentive.
IKIO plans to create 30 full-time jobs with an overall investment of $25 million.
“It brings another partner to this community to hopefully help the community grow and brings some jobs to the community, “said Batesville Economic Development Commission Vice President Kevin Campbell. “We’re really excited about it.”
Campbell says closing on the purchase is expected in the next couple of weeks.
“Their goal is to get moved in and set up for distribution within the first quarter of the year,” Campbell added. “We are hoping that’s still in progress to make that happen. And then there will be some light distribution out of there, to begin with, and hopefully, some manufacturing will show up shortly after.”
Construction of the 51,000-plus square foot Shell Building was completed in late 2015 on just under 11-and-a-half acres.
