Members of the LaGrange County Economic Development Income Tax (EDIT) Committee approved another $250,000 for the LaGrange County Economic Development Corporation (EDC) Investment Fund. This approval of expenditure will go to the LaGrange County Council at the Feb. 10 council meeting with a positive recommendation.
The EDC investment fund received $250,000 two years ago and the money is nearly depleted.
“We have used your investment money very prudently,” said EDC Director Keith Gillenwater. “We have been involved in 10 projects in the last two years in addition to buying the Fawn River Crossing land from the county for $100,000. Our balance is now right at $29,000.”
“These projects have produced 624 new employees and retained 874 current employees,” Gillenwater continued. “The new employees will earn an estimated $25.5 million annually and that translates into $870,000 in state income tax dollars and nearly $400,000 in County Adjusted Gross Income Taxes (CAGIT) and Economic Development Income Taxes (EDIT). We have already recouped the principal of your first grant (and remember this income tax money will continue to come in every year) and we own some valuable real estate.”
New investment in LaGrange County as a result of the use of the investment fund has amounted to $13.3 million.
There is some $912,935 in the EDIT fund. Estimated income for 2012 is $740,000. Council has already appropriated about $967,000 of the available money for 2012.
County Highway Supervisor Jeff Brill told EDIT committee members that he may possibly be seeking about $65,000. “We may have a chance to buy some grindings off the SR 5 resurface project (from US 20 to CR 435N). If we do, this amount of money could turn some gravel roads in that area that have very high traffic into blacktop,” he stated.
Officers for the EDIT committee in 2012 will be Jac Price, president, and Charles Ashcraft, vice president. George Bachman and Kay Myers are the other members of the committee.