Zionsville Times Sentinel

March 5, 2014

Council gives Lids project green light

By Matt Werner Times Sentinel Writer
Zionsville Times Sentinel

---- — The Zionsville Town Council took the final step Monday, March 3, that will bring the Lids corporate headquarters to town. The council approved a pair of 10-year, 50-percent personal property and real estate tax abatements for the hat and sports apparel manufacturer to build a 150,000 square foot corporate headquarters in Creekside Corporate Park along 106th Street between Zionsville Road and Bennett Parkway. According to figures provided by the town, the abatement for the real estate would be $194,438 per year, while Lids will pay $418,810 per year in taxes. The land value is not eligible for the abatement. The abatement for personal property would be $15,350, while the company will pay $78,031 in annual taxes. Only new personal property is eligible for the abatement. The figures are estimates and are subject to change and do not factor in likely increases in assessed values, which would result in more tax collections. Redevelopment Commission President Luke Phenicie made the request to the council for approval. See Wednesday's Times Sentinel for more on this story.