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10/10/2018 6:38:00 PM
Valparaiso council approves tax abatements for CSI expansion, medical building

Joyce Russell, Times of Northwest Indiana

VALPARAISO — After looking for a new home in Northwest Indiana for a few years, CSI has decided to stay put.

The financial technology and regulatory compliance provider, based in Paducah, Kentucky, received a real estate tax abatement at this week's city council meeting for a planned $5.5 million physical addition and upgrade to its current facilities at 2401 N. Calumet Avenue, and a $3.5 million personal property abatement on the addition of information technology equipment. The abatements will run for a term of seven years.

"Valparaiso is very appealing to us," said Patrick MacCartney, chief administrative officer for CSI, adding that the community's amenities allows the company to attract employees needed for its operations and growth. 

MacCartney said the company employees about 1,200, with approximately 10 percent of those working at the Valparaiso facility.

MacCartney said CSI has over 3,000 customers, from banks to Google and Uber, and holds 8 percent of the industries market share.

The proposed expansion would renovate the interior and exterior of the building, adding space for a potential 66 new employees over time.

The project will begin in the near future and completed on or before April 1, 2020.

Jade Construction of Crown Point also received a tax abatement on real estate it is purchasing at 600 Vale Park Road. The property is the former Purdue University building, which has been vacant for about two years. 

Owner Dave Streeter said the plan is to remodel the building into a medical office facility. The company will retain ownership and seek tenants to fill the building. He said the project is similar to one the company recently completed in Merrillville.

The five-year abatement is for $2.6 million. The project will include a building addition, remodel the existing the structure, improve parking and an exterior renovation. It is scheduled for completion by Dec. 31, 2019 and could add 37 to 40 new jobs.

The company is also looking to purchase a parcel of land-locked property at 1 Valley Drive, said Patrick Lyp, attorney for the city's Redevelopment Commission. Lyp outlined the sale process, saying the land may be used to the company to construct a 12,000-square-foot building. 

The council approved the sale. The Redevelopment Commission will hold a public hearing on the deal prior to taking action on Oct. 25.

Copyright 2018, nwitimes.com, Munster, IN






Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR


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