CONSTRUCTIONAPPROVED

Noblesville Redevelopment Commission AgendaPacket BioLife Solutions Project 2026-06-11

Patch Development Wins Washington Business Park Construction Incentive

Not less than $5,000,000 capital investment (real property); $16,000,000 total project investmentNoblesville Housing AuthorityPATCH DEVELOPMENT LLCJune 11, 2026

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Description

Noblesville RDC approved an Economic Development Agreement with Patch Development LLC for a 35,000 sq ft building project in Washington Business Park, including a minimum $5 million capital investment and a 9-year, 50% real property tax abatement.

Contract Details

Contract Amount

Not less than $5,000,000 capital investment (real property); $16,000,000 total project investment

Vendor

PATCH DEVELOPMENT LLC

Agency

Noblesville Housing Authority, IN

Contract Type

CONSTRUCTION

Document Date

June 11, 2026

Contract Term

Tax abatement: 9 years (50% abatement each year), community involvement: 10 years, tax covenant: 15 years (from agreement), project completion by Jan 1, 2028

Renewal Date

2035-06-11

Renewal Info

Tax abatement runs 9 years with stipulations for compliance. 15-year tax covenant on assessment appeals and exemption.