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Putnam Co. tax abatement opens door to hoped for future with POET

It has been 11 years since POET hosted a grand opening in Putnam County at its ethanol refinery in Cloverdale.

 

And, now, Putnam County officials are waiting with baited breath to see if the company will reopen the site, which it closed in 2019. After shuttering the plant, POET honored farmer contracts that were already in place, but those contracts were reduced significantly as the company moved most of its ethanol production capabilities to Shelby County.

 

“The Poet project proposal was to reopen the Cloverdale facility and invest $30 million in new capital investment into the facility. They currently have a small crew of 6-8 people on staff at the Cloverdale facility. They would increase that number to a full-time employment of 50 employees,” Greencastle/Putnam County Development Center executive director Kristin Clary told the Putnam County Post.

 

Recently, the Putnam County Council approved a tax abatement for POET in hopes of luring them back to Putnam County. Currently, the Cloverdale location is one of three sites across three states being considered. The abatement was approved at 100 percent for five years for both personal property and real property.

 

Councilman Dave Fuhrman told the Putnam County Post favorable regulations have POET considering the location in Cloverdale again.

 

“The Cloverdale site never fully shut down and the enhancements have already started. The abatement is a tool local governments use to attract investment of companies to the area. By reducing property tax initially, the long-term benefits of job creation and infrastructure improvement mean a stronger community with enhanced opportunities for many citizens. Because of the operations location, you will not see the improvements being made to Poet itself, but you will notice the state modifying the on/off ramps of US 231 to allow a smoother truck flow for area farmers delivering their grain,” Fuhrman said.

 

Clary echoed those sentiments, adding Indiana has offered state incentives through its tax credit programs, as well as the efforts by local officials.

 

Both Clary and Fuhrman are optimistic that POET will view Putnam County as a great place to do business.

 

Furhman said should POET reopen the Cloverdale site, it will be a win-win for the entire county and POET.

 

“It’ll bring 60 or so jobs, farmers will have a closer buyer especially with $5-6 diesel, an eventual increased tax base and trickle down benefits to local merchants and eateries. It would signal to other corporations that Putnam County is a good place to do business,” he said.

 

That is also Clary’s hope.

 

“It is true that Putnam County is a great place to do business. This is in large part to our proximity to major transportation systems in Indiana, being located right off I-70 within 30 minutes of the Indianapolis International Airport. And as pertaining to the ethanol plant, the abundant amount of corn within a 40-mile radius makes it an excellent place to produce ethanol,” Clary told the Putnam County Post.

 

Clary acknowledged Putnam County’s elected officials understand the importance and willingness to be “business friendly.”

 

“They understand that in order for business to locate and expand in Putnam County, they have to offer local incentives to companies to be competitive. We are also located in close proximity to a labor shed of over 100,000 people, so finding workers to fill new jobs is easier than it is in more rural Indiana. And Indiana is known for their work ethic, which is especially true in the Agriculture industry, of which Poet will be a part,” Clary said.

 

So now that the abatement has been granted, what’s next?

 

For Putnam County officials, it is waiting.

 

Should POET reopen its Cloverdale location, they would begin construction this June.

 

“Once construction has been completed, the Assessor’s office will properly assess the additional capital investment, and they can begin requesting tax abatement on the new assessed value, through the process of filing their personal property tax return with the assessor’s office and filing their CF-1 forms in the county assessor and auditor offices. At this time, we are patiently awaiting Poet’s decision, which will be made in the immediate future, as they have a construction schedule primarily planned for June,” Clary said. 

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