A metal-forming startup that will reuse the former Chassix plant in Bristol, Ind., plans to get started with a bond of up to $40 million.
This story by Jordan Fouts originally appeared in The Elkhart Truth.
Wilmington, Del.-based Brinco plans to open a steel casting plant at 51650 C.R. 133, where an automotive parts maker once employed close to 600 people. The new company will recycle scrap metal to make steel castings needed for the production of rail parts.
Brinco plans to hire about 250 people and make an initial investment of around $34.5 million.
Elkhart County officials have considered economic incentives for Brinco in recent months, including the declaration of an economic revitalization area and the granting of a tax phase-in. The Elkhart County Commissioners on Monday approved a measure related to the company’s bond application, which expresses Brinco’s intent to borrow up to $40 million.
Legal counsel Craig Buche told the commissioners the measure acknowledges that they’re aware of the project but doesn’t require any repayment from the county. It also doesn’t affect the county’s ability to borrow money for its own projects.
The company has also received a $500,000 workforce training grant from the Indiana Skills Enhancement Fund.
Brinco plans to close on the bond in March and start production in April.
Brinco bought the 430,000-square-foot facility for $10 million earlier this year. It plans to invest about $4.5 million in improvements to the property and to buy and install about $15 million worth of equipment.
