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STATE INCENTIVES KEY FOR ELKHART'S COLBERT PACKAGING
ELKHART, Ind. (December 21, 2005) - Colbert Packaging Corp. today announced it would continue to employ approximately 100 workers at its Elkhart, Ind. manufacturing facility after negotiations with state and local economic development officials yielded the necessary incentives to keep the company from moving the jobs to its Illinois operation.
"The retention of existing Indiana companies is a top priority as we continue our economic comeback," said Patricia R. Miller, Secretary of Commerce and CEO of the Indiana Economic Development Corporation (IEDC). "This is great news, but there is still much to be done. We hope to make many more announcements like this in the coming months."
Colbert Packaging, a cardboard box manufacturing company, needed incentives for costly repairs and renovations to the facility. Colbert's decision to stay was based on competitive incentive packages offered by both Indiana and Illinois.
The IEDC, city of Elkhart, and the Economic Development Corporation of Elkhart County worked together to provide the incentive package.
The economic development incentives offered by the IEDC include:
- Approximately $30,000 in training grants from the Skills Enhancement Fund (SEF) to train Indiana resident employees;
- Up to $80,000 over 10 years in Economic Development for a Growing Economy tax credits (EDGE); and
- Up to $100,000 in potential tax credits for certain company investments through the Hoosier Business Investment (HBI) tax credit program.
The city of Elkhart offered a forgivable loan of $100,000 to aid in the facility renovations.
About the IEDC:
As a result of legislation passed by the Indiana General Assembly in Feb. 2005, the Indiana Economic Development Corporation replaced the Department of Commerce as the premier entity charged with state economic development. The IEDC has a 12-member board chaired by Gov. Mitch Daniels. Patricia R. Miller, chief executive officer and secretary of commerce of the IEDC, serves in the Governor's cabinet.