INGALLS — The commercial potential of a tract of land adjacent to Interstate 69 here may finally be realized because an Indianapolis paving company wants to locate its headquarters at the 214 exit.
Dustin Calhoun, owner of DC Construction Services and Calhoun Development Co., has quietly been negotiating with town officials for several months to create a tax increment financing district to make development of the 55-acre parcel possible.
Members of the Ingalls Redevelopment Commission voted 4-1 on Monday to begin formal consideration of the project. Town Councilman Tim Green voted against beginning that process right now.
Under Calhoun’s proposal called “Ingalls, Indiana 5G Today,” the property at 9614 W. 800S would be divided into 14 lots. Sewer and water lines would each be extended 2,700 feet to allow for residential and commercial expansion south of the property.
In addition, fiber optic lines would be extended from Hamilton Town Center to the town’s water tower; and next generation 5G antennas for high-speed wireless communications will be installed.
DC’s headquarters building will be comprised of a two-story office building with 5,600 square feet of space and a 12,000-square-foot shop building. The company, which employs 60 people, specializes in commercial asphalt and concrete services. Two other companies have expressed interest in moving to the location, Calhoun’s representatives said.
To finance the project, Calhoun proposes selling up to $1.9 million in bonds. The TIF district would allow the company to capture property tax revenue to make bond payments, with 80 percent of the tax revenue dedicated to making the bond payments and 20 percent going to the town.
The Summerlake housing addition approved by Madison County planning officials in 2000 was just one piece of a larger planned unit development called Summerbrook. The property Calhoun now wants to develop is the commercial component of that original project. Officials originally thought the commercial property would be developed long before the housing addition was built out.
“So far, no one has been interested in developing that property,” Tony Jost, a lawyer representing Calhoun, told members of the Redevelopment Commission.
“Mr. Calhoun has expressed a real interest in making this property something the town can really be proud of while substantially increasing its tax base,” he said.
The advanced technological capability promised by a new generation of wireless internet service will allow Ingalls to compete with existing commercial developments within Hancock and Hamilton counties, Jost predicted.
“Just as 5G represents the latest in new, forward thinking technology, this project and the proposed TIF will allow Ingalls to propel itself in the development market for those looking for practical, attractive options just off the interstate but outside the bustle of Marion and Hamilton counties,” he added.
Over the next couple of months lawyers for the town and Calhoun will develop precise language for terms of the deal and bond rates and repayment schedules.
In addition, the public will have an opportunity to comment on the plans before any final decisions are reached, members of the commission said.