(La Porte, IN) - A new industrial development in La Porte got another official push toward the finish line. On Wednesday night, LaPorte’s Redevelopment Commission approved tax incentives for the new industrial building currently under construction at the Thomas Rose Industrial Park.
Under the agreement, the developers of the $6.5 million building will recoup their property tax amount, estimated to be about $136,000 per year, for a term of four years. A fifth year of tax rebate will kick in if the business occupying the space is new to the La Porte area and offers high-paying jobs.
The structure is currently 150,000 square feet. However, it is easily expandable to twice that size. Bert Cook, Executive Director of the La Porte Economic Advancement Partnership, told the Redevelopment Commission that such an expansion is likely to happen. "In speaking with the developer and based on demand for the space as it stands right now," he said, "it's highly likely I'll be back in front of you in very short order to announce that they're going to double the size of the building."
According to LaPorte Mayor Tom Dermody, a major jobs announcement will be forthcoming from his office next Tuesday. That news could be tied to the development at Thomas Rose Industrial Park.