Georgia-based Proveli, LLC now has final approval for a tax abatement from Monroe County that’s worth an estimated $240,000 over a 10-year period.
The tax abatement is for both real and personal property at the site west of Bloomington on Vernal Pike, where the road jogs north for about a half mile.
Monroe County property records show that Proveli bought the Hall Signs real estate on Vernal Pike the day after Christmas in 2019 for $2,155,979.
Proveli is proposing to make about $4.5 million in capital investments over the next four years, adding 60 workers during the same period, who would earn a total of $2.3 million. Annual salaries for the workers—in fabrication, shipping, sales, and administration—would average around $39,000.
The preliminary approval by the council at its June meeting was uncontroversial among councilors. It was the same story on Tuesday night. The OKs required from the county’s economic development commission, and the county commissioners had similar support.
At Tuesday’s meeting, county councilor Geoff McKim called the planned investment by Proveli “very exciting,” adding, “I very much support this.”
Councilor Marty Hawk told Reinhardt Cyphers, co-founder of Proveli, “Thank you for coming to Monroe County!”
Cyphers gave councilors the basic background on the company, with its slogan, “Bringing attention to the curb.” They make mailboxes, real estate signs, address markers—things that every person really needs, Cyphers said.
Part of the history of Hall Signs, which Proveli acquired in its move to Monroe County, was recounted by Cyphers on Tuesday. Hall Signs was founded on Grant Street, on the block across from what is now the Grant Street Inn, he said.
When he and other Proveli representatives toured the current facility on a visit before they’d decided on the acquisition, Cyphers said the group had talked over what their key takeaway was. That takeaway: “The people in Monroe County care.” The caring they saw applied to the business as well as others they met on the list, Cyphers said.
During public commentary, Jennifer Pearl, who is president of Bloomington Economic Development Corporation (BEDC), and Jim Shelton, who is government relations manager with the Greater Bloomington Chamber of Commerce, both spoke in favor of the tax abatement. Pearl said that BEDC had been “absolutely delighted” to work with the Proveli team since late last year. It’s clear they want to invest in the community, Pearl said.
For a 10-year period, on the real property, $341,400 in taxes would be owed, with $168,993 of that abated. On the personal property, $119,490 in taxes would be owed with $71,489 abated. So over the decade of the tax abatement, on the added assessment due to the company’s investments, about $460,890 in taxes would be owed. Of that amount, $220,408 would be paid.