With a vote of 5 - 2, the Miami County Council approved the use of CEDIT funds for the construction of a shell building at Grissom during its regular meeting Tuesday.
The funds will include $95,000 for the first three years and $203,000 per year until the shell building is leased or sold, according to a county council resolution. The total estimate for the construction of the shell building is $2,850,000.
County Council Members Richard Wood and Craig Boyer voted against the item.
Miami County Economic Development Authority Director Jim Tidd said Miami County is losing several business opportunities by not having an existing building that is marketable to those businesses seeking to relocate to Miami County.
"We have no inventory building as usable for manufacturing, or warehousing and distribution," Tidd said.
Tidd said with the construction of a new shell building more jobs and economic development will follow.
He further explained the CEDIT monies are going to continue to increase for the next four years and that the investment in the shell building will not hinder the CEDIT account.
"At the end of this year we are projecting a $1.6 million balance," Tidd said. "In the end of 2016, after revenues and expenses, a $2.1 million balance, in 2017 a $2.5 million balance, and in 2018 a $2.9 million balance."
Tidd said Miami County will have a return on investment after the shell building has a buyer.
"Grissom is a TIF (Tax Increment Financing) area, and the personal property tax dollars made from businesses out there will go back to the county," Tidd said.
Miami County Council President Ralph Duckwall said if there is no shell building in Miami County 70 percent of business prospects are lost.
"I personally believe that as soon as we get this one sold we need to be working on the next one," Duckwall said. "As long as we have a building we will get more attention."
Wood said he voted against the Shell Building because he "didn't think it was the time to do it."
"With the way the finances are, and the guarantee of payback being too long of a time, I didn't think it was the right time to do it," Wood said.
Boyer said he voted against the item because of similar buildings being constructed in the past that sat for a while and were hard to sell.
"It is not right yet and we think it might be a good thing, but our county is not financially stable enough for a guarantee like that and the payoff is very slight," Boyer said.
Miami County Councilman Ethan Manning said he sees a very positive outcome with the shell building.
"Indiana is rising as a state economically and so is the business climate for manufacturers," Manning said. "I think all of these things stirring together are going to make a very positive outcome for us and I think it will happen soon."