According to a document filed with the Goshen Economic Development Commission in Goshen, Indiana, funding has been approved for an industrial development that will transform 313 acres of farm land.
The plan includes development of two RV manufacturing facilities and a lamination building.
The developer is Last Dance LLC and the site is just east of the former Lippert Parcels on East College Avenue.
So far, Last Dance has invested $6 million for the development of storm sewers, roadways, sanitary sewers, water mains and other infrastructure, like flood routing. On Tuesday, the Economic Development Commission (EDC) passed two measures related to funding, including passage of a $10.7 million bond issue.
Overall investment from Last Dance for the development estimated to be about $26 million, according to the project report sent to the EDC. Only $14 million will be needed for preliminary construction costs, and the developer is hoping to regain about $9.4 in bond proceeds.
Immediate plans for the development are to construct two manufacturing buildings and a lamination building by January 2023, at a cost of about $40 million. The developer has also committed to a bond scenario wherein Last Dance builds an additional manufacturing building each year from 2025 through 2027 for three total additional manufacturing facilities.
According to the EDC report, the development is anticipated to generate $968,260 annually by 2028 and would provide a bond capacity of $10.4 million.
According to the developer report, Last Dance LLC will buy the bonds and receive repayment through property taxes on the improved parcels.
“Overall, the public infrastructure improvements planned as part of this project will allow for continued growth for the city of Goshen,” Last Dance stated in an authorization request for the project. “There is very limited, if any, land available for large-scale manufacturing growth within the existing Southeast TIF. Following Lippert’s decision to not proceed with their previous project at this location, the idea had been discussed of proceeding with the public infrastructure improvements with the hope that if we were to build it, development would then come.”
Last Dance has told the EDC it plans to invest $26 million in the next three years, adding an estimated 500 new jobs with an average wage of $40 per hour within that timeframe.
