The “shell building” in Batesville’s industrial park is in the process of being purchased by IKIO LED Lighting for $1.75 million.

The business is currently in conversation with city officials about investing a total of $25 million into the property and business and consequently into the local community over a five year period. The company plans to hire 30 employees over two years.

Incentives outlined in the city’s offer letter have been accepted by the purchaser.

The Economic Development Commission agreed Monday to recommend to the city council that they approve a 10-year sliding scale tax abatement plan, beginning at 100% and ending with 0%. The abatement, sale price and quick permitting are all incentives for the IKIO Company to choose to invest in Batesville and locate their business here.

All incentives are expected to be approved at the November 8 city council meeting.

“If they invest early, they could save nearly $1 million in taxes,” said EDC President Kevin McGuire.

Batesville’s Redevelopment Commission (RDC) began paying a 20-year bond last year that encourages recapitalization of the industrial park. As a part of this, money from the sale of the shell building will assist in building of a paved road to it. It currently is accessed by a gravel road.

GM Development and Runnebohm Construction, in partnership with the City of Batesville, completed construction of the Batesville shell building in December, 2015. The 51,360 square foot building has the ability to expand to 225,000 square feet.

The 11.34 acre site has utilities available and was built to be ready for any manufacturing company to quickly move in and begin production.

That is exactly what IKIO plans to do.

IKIO currently has six manufacturing facilities with over 30 years of experience and 1,300 certified products, according to their website. The company’s founder and CEO, Ekamdeep Singh, was recently awarded a Bronze Globee CEO World award for his company leadership during the pandemic.

IKIO is headquartered in Indianapolis.

IKIO has a two-part plan to implement at the Batesville location. Phase One should be completed by the first quarter of 2022 and includes establishing warehouse space for their products. Phase Two contains a build-out to include manufacturing.

“We are excited to welcome IKIO to our business community,” Batesville Mayor Mike Bettice said. “IKIO is one of the leading LED lighting manufacturers in America and will be a great fit for our community. They have been recognized as one of the fastest-growing companies in Indiana and the Midwest by INC. magazine. We are thrilled that they have chosen Batesville and we look forward to developing a long-term relationship. The purchase of the shell building demonstrates Batesville’s commitment to long-term growth and business diversity.”

Mayor Bettice, Clerk-Treasurer Paul Gates, Redevelopment Commission members Kevin Campbell and Andy Saner and EDC Director Sarah Lamping held a virtual meeting with Singh and his Colliers broker Houston Spencer on Sept. 24 to meet and discuss the sale. If all goes according to plan, the sale is expected to close in mid-November.

Josie Clark: josie.clark@greensburgdailynews.com or 812-651-0873

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