Economic development funds new EV battery plant

NEW CARLISLE, Ind - The $3.5 billion General Motors Electric Vehicle Battery Plant is currently under construction, and it's expected to charge up the Michiana economy.

Bill Schalliol, the Executive Director of Economic Development for St. Joseph County says the purpose of this expansion is to help finance new project to support GM and Samsung's new EV battery plant coming to New Carlisle.

“There are a certain number of utilities and road improvements that have to be done and we have to sell a bond to do that," said Schalliol. "We need to update our economic development area to allow us to sell that bond."

With a large undertaking, like the new plant, a rise in economic activity within the area is necessary to finance it.

One way produce funds for the plant is through Tax Increment Finance (TIF) districts.

New geographic areas are being established to collect revenue to help finance economic development.

Margaret Czarnecki, who owns Moser's Austrian cafe and Carlisle Coffee and Sweets, is hopeful the new economic development plans in store sparks new business.

“With these new businesses coming to town, we just started selling to-go sandwiches," she said. "We have them all made up and they just come in and buy them. [Before] that, you would call into Moser's and do a carry out, now it’s a little bit quicker because they only have a half hour for lunch,” said Czarnecki.