Ports of Indiana to provide $11 million for Berry Plastics expansion
The Ports of Indiana plans to provide Berry Plastics Corp. about $11 million in real estate financing to expand its Evansville, Ind. headquarters.
Barry Plastics plans to add 200,000 square feet of manufacturing and warehousing space. The project will be financed by port revenue bonds and leased from the Ports of Indiana under the 2003 Energize Indiana state legislation.
Previously, the port authority could only offer this development-financing program to companies within its 2,300 acres on the Ohio River and Lake Michigan port facilities. The new program allows the port authority to provide “synthetic leases” to firms developing capital projects anywhere in the state.
The Ports of Indiana is a quasi-state enterprise governed by the Indiana Port Commission. Barry Plastics is a manufacturer of plastic open-top containers, aerosol overcaps, closures, drink cups and housewares.