December 5, 2022
Ken De La Bastide
The Herald Bulletin
ELWOOD — The Elwood City Council has approved a 10-year tax abatement requested by Red Gold.
The council approved the request Monday for the company, which is planning an $11.1 million investment and retaining 510 jobs.
Matthew Tebbe with Red Gold said the company packages all its ketchup products in Elwood.
“The whole ketchup market is changing when it comes to packaging because of COVID,” he said. “We’re trying to keep up with the market and our competitors.”
Tebbe said that many restaurants now want individual packages of ketchup instead of bottles.
“This will maintain the jobs we have in Elwood,” he said. “We’re not adding any jobs. We’re investing to remain competitive.”
Elwood Mayor Todd Jones said Red Gold is a vital part of the city’s success.
He said Red Gold employs 510 people with an annual payroll of $33.9 million.
“This is an $11 million investment in our community.”
Tebbe said Red Gold continues to look for ways to invest in the community.
Jones gave his annual “State of the City” address to the council Monday evening, noting that in the past year, the city’s cash reserves grew by $452,855, and the city’s Rainy Day fund has seen a 125% increase in reserves since 2016.
He said Elwood received a $750,000 Community Crossings grant from the Indiana Department of Transportation and, with $250,000 in local matching funds, spent $1 million on paving projects.
“We have several exciting projects coming to Elwood,” Jones said about 2023. “A potential million-dollar, multisports complex, new housing developments, the renovation of the Mary Beth Dunnichay Aquatic Center, a potential hotel on Indiana 37 and expansion of the Bison Ridge Estates.”
He said the operating revenues for both the city water and sewer departments are exceeding the levels of 45 days recommended by the city’s financial advisers.
“You can clearly see we are on the right track,” Jones said, “to move the city forward by being great financial stewards and having the foresight to capture potential growth in population.”