PORTAGE – The Northwest Indiana Forum expressed its pleasure at the signing of the Industrial Recovery Tax Credit by Gov. Mitch Daniels. Known as the Dinosaur Building incentive, the legislation affects more than 250 facilities in Indiana that require significant rehabilitation or remodeling.
The Forum was among several local economic development organizations in pushing the legislation. It changes the minimum size of eligible buildings from 250,000 to 50,000 square feet, the age from 20 to 15 years, the vacancy rate from 75 percent to 50 percent for one year and is retroactive to Jan. 1.
“It was imperative to lower the threshold for these types of buildings,” said Charles Weaver, executive director of Starke County Economic Development Foundation and the Forum Economic Development chair. “An aged, vacant building made marketable and attractive results in significant benefits – the creation of jobs, property tax, income tax, sales tax, and perhaps most importantly, putting back into service what otherwise will continue to deteriorate and rot.”