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home : most recent : property tax October 22, 2017

10/11/2017 11:13:00 AM
Monroe County OKs tax abatements for Cook Group, Phoenix Closures

Ernest Rollins, Herald-Times

Two former manufacturing sites on Monroe County’s west side could see new businesses move into them in the future.

Cook Group and Phoenix Closures are looking to expand their companies by moving operations to the vacant General Electric Appliances plant and a portion of the former Otis Elevator site, respectively. But to do so, both companies needed help from the county in the form of tax abatements.

On Tuesday, the Monroe County Council gave final approval on both companies’ tax abatement requests.

“The fact that we are hearing two really exciting adaptive reuse projects in the community on the same day, I think, really is great news for the community,” county council member Geoff McKim said.

Cook Group request

Cook officials made it clear that expanding its local operation into the former GE Appliances site will require local government assistance.

The county is willing to help in the form of a tax abatement to free up money for renovations of the vacant GE plant at 301 N. Curry Pike. Given the size of the property, the abatement is a little different than others more commonly employed in the county.

“It is a 10-year tax abatement on anything done over 15 years,” Monroe County Attorney Jeff Cockerill said.

Related Links:
• Herald-Times full text

Related Stories:
• Closures manufacturer looking to expand to former Bloomington Otis Elevator site
• Cook Group to buy GE property for expansion, sell Pharmica to Catalent
• Cook to stay in county through agreement with City of Bloomington

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