GOSHEN — A startup metal casting company has scaled back plans as it moves into an unused Bristol plant, but still intends to hire close to 300 workers.
The Bristol Indiana Corp., doing business as Brinco, bought the former Chassix facility at 51650 C.R. 133 for about $10 million. But because of unexpected cost overruns in renovating the building, the company had to cut the size of its initial investment roughly in half, according to Chris Stager, president of the Elkhart County Economic Development Corp.
As the result of eliminating a line, the company reduced what it plans to spend on manufacturing equipment from $28.5 million to $15 million, he told the Elkhart County Council on Saturday. Brinco also reduced its planned spending on research and development equipment from $6 million to $3 million.
The company submitted a revised application for financial incentives based on the new plan.
The council was prepared to vote on a resolution confirming an economic revitalization area, which would lay the groundwork for a tax phase-in for the company, after approving a declaration at the September meeting. Instead, it approved a resolution amending the original declaration.
“The project’s proceeding as planned, but they wanted to make these changes,” Stager said. “So that required us to redo the declaratory (resolution) and start the process from that again.”
He said the company still estimates that it will hire about 280 people when it’s fully in operation. The full-time positions represent a salary of about $14 million, according to the new resolution.
The phased-in tax deduction will apply for 10 years for the real estate improvements and seven years for the equipment, according to the resolution.
The Chassix plant has been vacant since 2017. Council heard in September that Brinco’s highly automated facility would use scrap to make metal forms, and that everything would be in place by the end of 2021.
Also Saturday, council voted to end the process of declaring an economic revitalization area for another Bristol company after hearing that the company is moving.
The county council approved a declaratory resolution in May for Ameri-Kart, at 17196 S.R. 120. On Saturday, Stager said the company decided to build a new building instead of renovating its old building after weighing the two options.
He said the company moved the project to Commerce Park and will move 107 employees into the new building.
“It’s a net win for us, plus we have another marketable property that we will be able to have occupied moving forward,” he said. “The original plan was to expand the building and they ran into some sewer-related issues. They’ll be on Bristol’s municipal system. ... It’s a better net result, I think, for everyone involved.”