Monday, December 17 2018
Shovel-ready site includes 184 acres
Shelbyville, IN -- A shovel-ready industrial site adjoining Interstate 74 in Shelbyville has been acquired by the Shelbyville Redevelopment Commission, the parties announced.
The 184-acre location, which is next to Exit 116 on I-74 and nearly tabletop flat, was assembled from two tracts owned by First Presbyterian Church of Shelbyville and Krone, a German farm equipment manufacturer that considered a third tract for its North American headquarters.
“This industrial has park has fantastic potential,” said Brian Asher, executive director of Shelby County Development Corp., an arm of the city and Shelby County. “It has all the infrastructure in place. It’s more than ready, and we’re excited about the future.”
The site is one of two federal Enterprise Zones in Shelbyville. It is located within an hour of international airports in Indianapolis and Cincinnati and a half-hour from the Honda auto assembly plant in Greensburg.
The $3.9 million acquisition, which closed on Dec. 7, was funded equally by Shelbyville and Shelby County through a 10-year bond sale. The site is bisected by State Road 44, with the former 40-acre Krone tract on the south side of the highway.
Krone planned to move its North American headquarters from Memphis, Tennessee, but cancelled the decision in August 2017 for business reasons. The impending move prompted Shelbyville and Shelby County to extend electricity, water, wastewater and gas to the site. The state of Indiana funded the addition of a turn lane on State Road 44 through an infrastructure grant.
The acquisition of the church property allowed Shelbyville to bundle the Krone tract into the new industrial park.
Located close to Indianapolis, Shelbyville has received more than $300 million in foreign direct investment since 2008, primarily from Japanese and German firms.