Client Profile
IMH is a contract manufacturer of metal components for a wide variety of industries including lighting, agriculture, construction, trailers, and defense. IMH provides fabrication, laser cutting, machining, prototyping, stamping, and welding services to its clients. IMH focuses on mild steel, aluminum and stainless steel alloy components and parts. Additionally, IMH produces many stock highway guardrail products and accessories.
The Challenge
IMH has been located at its 46th St. location on the near north east side of Indianapolis for many years. However, due to increasing client demand and company growth, IMH realized the need for a larger space to accommodate growth. In addition to an expanded production facility, IMH also realized the need for additional equipment and services, some of which could not be accommodated in the current facility. Along with this new equipment, IMH would need additional skilled laborers to meet client needs.
Study Results
IMH hired McGuire Sponsel to negotiate and procure economic incentives on their behalf in support of the company’s considered expansion. McGuire Sponsel negotiated and worked with the Indiana Economic Development Corporation (IEDC), Develop Indy, and the City of Indianapolis Metropolitan Development Corporation (MDC) to procure tax credits and incentives to assist with the establishment of a new, expanded operation on Indianapolis’ near north east side. The company, with the guidance and collaboration of McGuire Sponsel’s Credits and Incentives team, requested and received EDGE and IRTC tax credits from the State of Indiana as well as a personal property tax abatement for new industrial equipment and machinery from the City of Indianapolis. These incentives will assist with the renovation of the industrial site and help the company grow to a projected 30+ additional employees
State and Local Incentives
- $225,000 Economic Development for a Growing Economy (EDGE) Tax Credit
- $750,000 Industrial Recovery Tax Credit (IRTC-DINO)
- $285,000 Personal Property Tax Abatement
$1,260,000 Total Incentives