FOR IMMEDIATE RELEASE
May 16, 2019
City of Greenwood welcomes Cummins
Company to invest $35+ million in professional office building, relocate 500 employees
GREENWOOD, Ind. – Greenwood Mayor Mark W. Myers today joined Cummins Chairman and CEO Tom Linebarger, Indiana Governor Eric Holcomb, Indianapolis Mayor Joe Hogsett and Columbus Mayor James Lienhoop for a series of major announcements as Cummins celebrates its 100th year in business.
Speaking to a crowd of business and community leaders hosted at the Indianapolis Motor Speedway, Linebarger unveiled the company’s plans to invest more than $35 million in a professional office building located off of Interstate 65, south of County Line Road in Greenwood. The 100,000 square-foot facility will house 500 professional employees averaging a salary of $100,000. Cummins intends to relocate the employees from other facilities and has an option to expand its footprint with an additional office building.
“I’m proud to welcome Cummins as Greenwood’s newest corporate citizen,” said Myers. “Cummins has a storied history of success, driving innovation in its industry and serving as a model for meaningful community partnerships. Beyond the significant financial investment from one of the world’s largest and most historic companies, Greenwood will see an influx of several hundred new professional employees averaging six-figure salaries. This is a considerable achievement for our city and continues our significant economic development momentum.”
To facilitate the project, Greenwood’s Redevelopment Commission (RDC) purchased 83.5 acres of property in the area. The RDC will provide 31 acres to Cummins for a nominal fee of $10 (valued at approximately $5 million), reimbursement for construction of a parking lot (approximately $1.7 million) and a $1 million donation to the Central Nine Career Center in Greenwood supporting STEM-focused education and workforce development.
In exchange for agreed-upon incentives, Cummins will not seek a local tax abatement for the new facility. Linebarger described Greenwood as a natural fit for Cummins’ expanded presence in Central Indiana, highlighting the city’s accessibility and business-minded leadership.
“We believe our presence in Greenwood will have a significant economic and social impact on the entire county,” said Linebarger. “It also provides Cummins another location in Indiana to help attract and retain top talent. The city has been a tremendous partnership throughout this process, and we believe our presence can fuel future investment in this area.”
As part of the land purchase agreement, Greenwood’s RDC retains an option to purchase an additional 10.6 acres in the area. The Commission will facilitate additional redevelopment of the property, seeking to complement the Cummins office space with additional professional buildings, retail, hospitality and other commercial development.
Myers cited the Greenwood’s unique opportunity to support a transformational corporate investment while also securing the ability to guide future private development for one of the city’s most attractive properties.
“Similar to the RDC’s purchase of the former Greenwood Middle School property, this was a rare opportunity for Greenwood to take control of its own destiny,” said Myers. “Previous attempts to parcel individual pieces of the property for development impeded successful outcomes. The Cummins development alone will generate returns well above the city’s investment, and once fully matured, the tax revenue generated from the entire property will allow our citizens to continue benefitting from economic growth while also enjoying Indiana’s fourth lowest tax rate.”
Cummins plans to begin construction of the new facility later this year with completion scheduled for 2020. Greenwood Redevelopment Commission members voted to approve the project during its May meeting held earlier in the day.
###
