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  • Writer's pictureBill Raines

Lawrence County RDC to take out loan for Mitchell Shell Building

MITCHELL - AUGUST 10, 2023 - The Lawrence County Redevelopment Commission will seek a two year loan to move forward with the plans to construct the shell building in the Mitchell Industrial Park.

The loan will have to be approved by the Lawrence County Commissioners in a future meeting.

The building will cost $5.2 Million with the RDC only the interest of the loan until revenues from the Lehigh TIF district start coming in. Then pay off the loan once the revenues come in in 2025.

Heidelberg Cement will receive a 100 percent tax abatement and revenues will not start until 2025.

The shell building will be 50,400 feet with possible expansion up to 200,000 square feet depending on the business needs of the company that will locate there.

The property is located in the Industrial Park at the intersection of Doc Hamilton and Meridian Road. The City of Mitchell entered into a MOU with the Lawrence County RDC.

Locating business in the Mitchell Industrial Park has been slow since its inception, this project will hopefully attract economic development to the area.

The project is already being marketed to perspective companies. Projects have already had success in other communities across the state.

Construction will begin this Fall and be completed by the summer of 2024.

The Lawrence County RDC chose a Build Operate Transfer Model in the RDC will build the building, the tenant will operate in the building, and after a period of time the property will be transferred to the company.

The Lawrence County RDC has a cash balance of just over $1 million using the funds from the sale of Dunn Memorial Hospital.

The Lawrence County RDC already disposed of the funds from the Marshall Township TIF district after they decided not to expand or renew the TIF District.

ADVERTISEMENT Tonya Hudson has 18 years of real estate experience

American Rental 1416 James Avenue Bedford,Indiana

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