|2/26/2020 12:39:00 PM|
A true win-win for NV
Business is booming at Layman Fabrication, so much so that the North Vernon firm will soon be doubling its size and creating 15 new jobs.
Here is a wonderful case where a public-private partnership is helping a company expand and, in the process, boosting the community's economic bottom line. The agreement reached between Layman Fabrication and the North Vernon Redevelopment Commission fits perfectly with the city's Tax Increment Finance District's primary
mission, which is to bring more jobs to North Vernon.
In a smart move, the Commission agreed last week to grant Layman Fabrication 10 acres of land where the firm will construct a new $1.2 million facility. At the same time, the Commission will purchase the firm's current plant for $510,000 and then put it on the market, thus eventually bringing in even more new jobs.
Layman Fabrication is a success story with its business increasing by leaps and bounds. The company recently became a certified vendor for Honda North America.
Founded in 2003 by Doug Layman on his farm in western Center Township, the firm grew quickly. It moved in 2014 to its current location on North Fourth Street near the U.S. bypass and expanded in 2018, currently employing 18. Its new plant will be constructed on a site adjacent to the current facility.
Owner Kyle Layman, son of the founder, envisions the metal fabrication
firm continuing to grow as it moves to its new site after construction is completed later this year, reaching up to 80 employees and even beyond in short order.
Public-private partnerships aren't always this productive. The potential benefits for North Vernon are huge. At the very least, the city will most likely recoup its investment and then some. This is a win-win if ever there was one.
Hats off not only to the Redevelopment Commission and Layman Fabrication, but also the Jennings County Economic Development Commission for its role in brokering this agreement.
Article Comment Submission Form