Muncie’s mayor asked to give Accutech an expansion ‘incentive.’ The MRC approved part of the request

The Muncie Redevelopment Commission is giving $750,000 to local business Accutech to expand its building and hire new employees.  But as IPR’s Stephanie Wiechmann reports, that’s much less than the city’s mayor wanted to give.

No one from Accutech attended Thursday’s Muncie Redevelopment Commission meeting.

But Muncie Mayor Dan Ridenour presented a request to give the company $1 million to support its expansion.  That includes adding about 160 employees in the next three-and-a-half years, bringing two more restaurants to downtown, and absorbing the building next to its current location.

“The reason I’m asking for this incentive is I see a similar-like return on the building and the property taxes for the other building Accutech has purchased – which is right next door to theirs.  They’re connected, they’re both three-story buildings.  They intend to … I’ll call it ‘bust out’ – bust out some of the walls so they can make the buildings… The second floor will all be Accutech.  The third floor will all be Accutech.”

The wealth management software company announced plans to renovate downtown’s former Sears building in 2019.  It’s now opened a restaurant and digital sports venue on the first floor and the mayor says Accutech now has 120 employees.

Ridenour says its renovations have already added more than $1.8 million in taxable assessed value for its current building.

But the request seemed too large for commission member Shareen Wagley, who also works as the mayor’s executive assistant.  The original agreement called for $1.25 million, and the mayor asked for $1 million on Thursday.

Wagley proposed a different agreement.

“If we gave them less than the million, say $750,000, and they could go to, like, the Revolving Loan Fund – I mean, I’m not on that board, but it sure sounds like that’s a perfect fit for what that board does.  And they would have to pay that back.”

The commission voted two to one to give Accutech a smaller share of money and encourage it to make an ask for $500,000 to the Muncie Industrial Revolving Loan Fund.

Normally a five-member body, one member abstained and President Jeff Howe had announced at the beginning of the meeting that local attorney and member Brandon Murphy had resigned.

Ridenour says he’ll put Accutech in contact with the loan fund.  And he’ll also need to appoint Murphy’s replacement to the MRC.