Gary to Sell Ivanhoe Gardens Site to Tech Company
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGARY, Ind. - The Gary Redevelopment Commission is selling the Ivanhoe Gardens housing site to Los Angeles-based Akyumen Industries for $50,000. Our partners at The Times of Northwest Indiana report the tech company has selected the 27-acre site as its first corporate headquarters in the U.S.
The smartphone, tablet and smart watch manufacturer says it will create up to 2,000 jobs, though the eventual plant could be home to up to 2,500 employees. Salaries are expected to range from $30,000 to $300,000.
Akyumen is expected to build a new plant as it ramps up its construction, high-tech manufacturing and service. According to The Times, design and construction on the facility are planned to begin before the first quarter of 2021.
Eric Reaves, executive director of Community Investment who oversees the city’s Redevelopment Commission, said he expects the company will seek out state incentives in the form of tax breaks, and not ask the city for any incentives.
According to the publication, Akyumen paid $25,000 to the city and put $150,000 in an escrow account for the exclusive right to purchase Ivanhoe Gardens within six months of signing the contract on August 19.
Per the contract, The Times reports the city can grant Akyumen an additional six months to complete its due diligence and purchase, with a written, 30-day notice and an additional $25,000 fee.
Akyumen will be responsible for paying property taxes once it’s purchased.
“To have the first cellphone assembled in the U.S. in Gary, Indiana is transformative,” said Reaves.
Before building at the Ivanhoe site, Akyumen is planning to move its headquarters to the Genesis Convention Center in the city’s downtown.