Business View Magazine | September 2020

222 BUSINESS VIEW MAGAZINE SEPTEMBER 2020 innovators and entrepreneurs and people whose real core business is getting up and running and profitable instead of having have to worry about real estate. That’s probably the most innovative program that we’ve offered.” Other city programs include build-out grants or forgivable loans for either tenant improvement allowances or other improvements to a building’s exterior for companies that need a little additional assistance and don’t want to have to amortize those expenses into their loans or leases. “That’s been incredibly helpful and we see that as a deal-closing fund,” says Baumgartner. “We’ve also done a training grant that’s very similar to what the State of Indiana does through the Indiana Economic Development Corporation, where the city will reimburse up to 50 percent of eligible training expenses. This has been helpful, as all these companies are hiring new employees and there’s a considerable amount of training going on. So, we said that for any new employees that a “It’s allowed us to help with new redevelopment projects within our community, but also for attracting start-up companies and entrepreneurs here, as well,” Baumgartner explains. “When we first started doing these leases back in 2013, we worked with a company, Meyer Najem, to build their corporate headquarters here and to help them get favorable financing. We came in and, in addition to some traditional incentives of land, etc., did a Master Lease, where they were able to take the city’s credit, as a tenant, to their bank. We’re an AAA-rated community, and that got them favorable bank terms. “That kicked off all of our redevelopment projects. We’ve also been able to put entrepreneurs in there because under the Master Lease scenario, we’re able to say we have an agreed-upon lease term, where we have the flexibility of offering people competitive office rates, and not have them commit to the traditional five, seven, or ten-year lease term. So, that’s incredibly helpful for us in trying to attract