Radius Indiana’s Regional Impact Fund and Indiana Economic Development Corporation Incentivize Expansion
Paoli, Ind. (Aug. 13, 2020) — ElectriCom celebrated its expanded headquarters and growing workforce with a ribbon cutting today at its office facility located on Hospital Road in Paoli. The project was supported by a Radius Indiana Regional Impact Fund grant of $88,739 and state IEDC incentives totaling $350,000.
ElectriCom provides utility construction services to power and communication clients in addition to gas distribution, right of way clearing and storm team response. Founded in 1960, the company has additional offices in South Carolina, Florida and Texas. With nearly 800 employees, including 300 in Indiana with 126 in Orange County and nearly 80 from Paoli, ElectriCom is the second largest employer in the area.
ElectriCom is rapidly growing and its new office space will accommodate 22 additional employees by 2022 in accounting, contract administration, human resources, IT and executive leadership. The company’s $800,000 investment includes multiple improvements at the now 13,230-square-foot headquarters, including a new executive office wing, new accounting and contract offices with 16 new workstations and a kitchen for employees as well as a 17,000-square-foot expanded parking area and upgraded site infrastructure.
“After 60 years of growing and being headquartered in Paoli, we are very pleased that the local and state officials and economic development organizations assisted to make staying in Paoli the most economical option from a business perspective. Our desire was always to stay headquartered in Paoli, but we looked at other options such as Louisville, Kentucky and possibly one of our other offices across the country. The incentives made the business decision match our heart-felt desire to stay in Paoli,” said Kevin Mason, president of ElectriCom.
The ElectriCom utility construction services also help to promote economic development through its work, which helped it secure the grant from Radius Indiana’s Regional Impact Fund. “ElectriCom provides critical infrastructure to new and established sites across our region and beyond that helps secure business development and create new jobs,” said Radius Indiana President and CEO Jeff Quyle. “We are pleased that the Regional Impact Fund could help with this important investment to grow a local company.”
The Indiana Economic Development Corporation offered ElectriCom up to $280,000 in conditional tax credits based on the company’s job creation plans. The IEDC also offered up to $70,000 in conditional tax credits from the Hoosier Business Investment (HBI) tax credit program based on the company’s planned capital investment in Indiana. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
“Thanks to homegrown Hoosier companies like ElectriCom, Indiana continues to build on its reputation as one of the best states in the nation to do business,” said Indiana Secretary of Commerce Jim Schellinger. “We’re grateful for ElectriCom’s continued investment in Orange County, and we remain confident that the state’s skilled workforce will contribute to the company’s growth and success for many years to come.”
Locally, the Orange County Economic Development Partnership and Town of Paoli have supported the expansion.
“As one of the largest employers in Orange County, ElectriCom is an example of a company that understands and values the community where they are headquartered. They have been great community partners both through the services they provide and through civic community involvement. We are proud to have been a part of this success story and look forward to continuing working with ElectriCom and value them as an asset to our community,” said Zach Brown, executive director of OCEDP.
“I am thrilled that ElectriCom decided to retain and expand their business in Paoli, and the fact that they are creating more jobs is greatly appreciated,” added Brian Shipman, president of the Paoli Town Council.
About Radius Indiana: Radius Indiana is a regional economic development partnership representing eight counties in Southern Indiana: Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Orange and Washington. Formed in 2009, Radius Indiana also serves as a point of contact in Indiana for Naval Support Activity Crane and leads regional collaboration by leveraging the diverse assets of Southwest Central Indiana to drive attraction, retention and expansion of business, thereby increasing employment and investment opportunities and quality of life within the region.
About the Regional Impact Fund: The Regional Impact Fund is a sub-organization of Radius Indiana with the purpose of making investments in public and private organizations that advance regional economic development strategies. The Regional Impact Fund is a deal-closing fund that makes such investments in the form of grants, loans, equity investments, or other such vehicles deemed to be in the best interests of Southern Indiana. The Regional Impact Fund gives high priority to projects that include job creation, site development and expansion.
About ElectriCom: ElectriCom was founded in 1960 in Paoli, Indiana, by Phil Brown to provide construction services to Power and Communications clients. Since our inception, we have added divisions for Gas Distribution and Right-of-Way Clearing and have provisioned our resources and people to respond quickly in Storm Team situations. Its mission is to build utility infrastructure to improve the quality of life in communities.