A special session of the Jasper City Council was held at City Hall on Monday morning, to discuss the future of the Indiana Desk Building, and the tax credits it will need to proceed in its development.
Resolution 2024-15 is a resolution of the Jasper Common Council that confirms the designation of a portion of the City as an economic revitalization area and approves a statement of benefits. This Resolution will be the start of a lengthy process for the privately-owned companies involved, Krempp Corporation and Flaherty & Collins Properties, to obtain all tax credits required to develop the “Indiana Desk District” in the area of 13th and Mill Streets in Jasper.
The timeline of this project is currently dependent on obtaining various tax credits, as described to the Council by Bill Kaiser, of Dentons Bingham Greenebaum LLP. Until all financials are in order for this project, the Krempp Corporation does not see construction beginning any sooner than Fall 2025.
The current plan is for The Krempp Corporation to manage, maintain, and develop the Indiana Desk building and surrounding area, working closely with the City of Jasper, Regional Opportunity Initiative – Indiana, and Flaherty & Collins on completing the renovations and construction, so that upon completion, Flaherty & Collins may purchase the property to fully manage the commercial and residential tenants it will house. (See the original article where this project was discussed here).
The Jasper City Council held a public hearing for this resolution to give the Krempp Corporation their agreed-upon tax abatement for this project, and hearing no comments, sent it to vote. The Council voted and approved this resolution upon first reading, to which it will be read again for a second and final readings at a later date.
This meeting concluded at 11 minutes past the hour. The next regular meeting of the Jasper City Council is set for August 21st, 2024 at 5:30 PM EST.
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