News

Ossian Town Council members Monday night granted Haldrup Inc. a 10-year, $1.9 million tax abatement on its current building.

The normal procedure for seeking tax abatement is to seek it and then build. Haldrup built relying on savings it thought it would receive after the declaration of the Ossian Industrial Park as a tax incremental finance district by the town council.

“After looking at things, the TIF just wasn’t going to work as well as an abatement,” said Wells County Economic Development Director Chad Kline, who was representing Haldrup along with Haldrup managing director Tamra Boucher. Kline explained that the original setup would have captured Haldrup’s property taxes for infrastructure improvements to the area around it, but he added that tax abatement would financially be a better deal for Haldrup.

The council members also heard a presentation by Kline and Hannah Stork of the Northeast Indiana Regional Partnership. Stork said NEIRP is “a public-private partnership focused on generating business leads and building regional capacity through product development and effective regional collaboration.

“By collaborating closely with economic development partners at the state, regional and local level, the Partnership is able to pool resources and serve as a single point of contact to businesses by working as a unified team,” Stork explained.

It wasn’t an action item. Stork was just there to explain what NEIRP is and does.

Article by Glen Werling, Courtesy of the News-Banner