A third wave of financial assistance is on the horizon for local businesses.

The Shelbyville Common Council approved a resolution Wednesday morning to authorize the submittal of a phase three grant application to the Indiana Office of Community and Rural Affairs.

Shelbyville mayor Tom DeBaun estimates approximately 60 grant applications have been approved locally in the first two phases. The grants deliver funds to local businesses struggling with COVID-19 restrictions.

“I think all (local businesses) are struggling. We’ve talked to them. Their attitudes are still good and this will be a welcome shot in the arm,” said DeBaun.

Applying for the grants locally will go through the same process, according to DeBaun. He anticipates the funds to be available in April.

Toray Resin Company received a 10-year tax abatement Wednesday morning from the Shelbyville Common Council. The Shelbyville manufacturing facility has 85 employees.

Tax abatement

A Shelbyville manufacturing facility was granted a tax abatement Wednesday morning for the installation of new equipment.

Toray Resin Company, 821 W. Mausoleum Road, develops plastics for electrical, electronic and appliance products.

The company will install new manufacturing equipment totaling nearly $2,000,000.

Seven new jobs will be created with projected salaries of approximately $40,000 per position.

Toray Resin currently has 85 employees.

Phase one of the installation is expected to be complete by March. Phase two has a tentative completion date of July.

The 10-year abatement schedule starts at 100% tax abatement in year one, 90% in year two,  80% in year three, and so on until the completion of the schedule.

The tax abatement committee sent a unanimous approval recommendation to the common council for approval Wednesday.

Rezoning

The council approved at first reading a request to rezone a parcel of property near 1451 McKay Road.

The vacant property sits behind an apartment complex on McKay Road, near fire station No. 2, and is zoned R2 (two-family residential).

Owned by Christian Investments, LLC, the plan is to rezone the property to RM (multi-family residential) so multi-family apartments may be constructed, according to DeBaun.

The property does not currently have access to McKay Road.

The project now moves to the Plan Commission for further inquiries.

Property development

The council approved a resolution to purchase land owned by Flagstone Properties. LLC, to continue the development of the Clearview subdivision.

The land is approximately 13 acres and will have 30 lots for purchase.

The city will invest $170,000 into the land purchase and infrastructure development. Flagstone will then develop the residential sites.

DeBaun believes the city will have its investment returned within four years.