IU to invest $111 million in microelectronics The project will occur in a tax increment financing district, which means the taxes that would have been collected over the decade would have been invested back into the district. The county council unanimously approved the company’s request to be allowed to not pay any taxes on personal property for a decade. Jeff Cockerill, a county attorney who last week presented to the council the company’s request for tax breaks, said the numbers provided by Patti “are pretty staggering.” Engineers at the Bloomington facility can expect to earn between $150,000 and $200,000, he said. Patti said key positions in the facility will include engineers he hopes to recruit from IU, Purdue and his alma mater, Rose-Hulman Institute of Technology in Terre Haute. Pearl said the semiconductor business also will help diversify the local economy and revitalize a former brownfield. “This is especially critical because our local private sector hourly wages lag the Indiana statewide average,” she said. Pearl said the $150 million investment is one of the largest the BEDC team has seen in its over four years of working on projects, and the wages NHanced plans to pay are significantly higher than the area’s median household income of $54,000. “We’re really seeing the development of an ecosystem here,” she said at the council meeting. Jennifer Pearl, president of the Bloomington Economic Development Corp., said the NHanced project provides an “incredible opportunity for Monroe County, which is really evolving as an epicenter for innovation in Indiana.” Local officials hope the plans by NHanced, combined with a recently announced investment of $111 million from Indiana University and related developments near Crane, can help diversify the local economy and set up Bloomington as a hub for research, development and production of components that are critical to the nation’s national security as well as the next generation of consumer technologies. In the best case scenario, Patti the company would begin moving in equipment in April and start production in the third quarter of next year. Bob Patti, president of NHanced Semiconductors, talks to the Monroe County Council Dec.
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