Noblesville approves bond, tax breaks for Bastian Solutions HQ
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The Noblesville City Council this week approved a $9.5 million bond, as well as tax breaks for a new $130 million corporate headquarters for Bastian Solutions, a Carmel-based subsidiary of Japan-based Toyota Industries Corp.
The council voted 7-0 Tuesday night to approve the city-backed bond and 10-year property tax abatements for the company’s planned facility near East 146th Street and Promise Road.
Bastian designs, makes and installs conveyor systems, robotics, software and other materials-handling products used in a variety of applications, from retail distribution centers to auto manufacturing and distribution.
The approval established an economic revitalization area and tax abatements for real property (70%) and personal property (100%). Real property covers new construction, while personal property covers the installation of equipment.
The estimated real property savings for the company are about $6.6 million, while the estimated personal property savings are around $800,000, according to the city.
The company plans to create 250 jobs over the next five years in Noblesville with an average salary of $67,000 and retain and relocate 400 employees to the new corporate campus. The company expects to pay about $43.6 million in salaries for its 650 employees once people are hired.
The Indiana Economic Development Corp. has also pledged up to $4 million in incentive-based tax credits for Bastian, based on its hiring plans, and up to $2 million in assignable redevelopment tax credits.
Construction on the site is expected to begin in the next 24 to 36 months. The campus will include Bastian’s corporate headquarters and an innovation center, together totaling about 180,000 square feet, and a 400,000-square-foot advanced manufacturing facility.
Bastian, founded in 1952, is the second-largest Indianapolis-area engineering firm and seventh-largest logistics provider in the metropolitan area, according to IBJ research.
Outside of central Indiana, the company has offices and/or facilities in more than a dozen U.S. locations, as well as offices in Brazil, Canada, India and Mexico.