Inventrek recertified as state Tech Park
Portion of facility on schedule to reopen in March after complete restoration
Thursday, February 16, 2017 8:00 AM
The Greater Kokomo Economic Development Alliance has announced that the Inventrek Technology Park has been recertified as a state Certified Technology Park.
A tool to support the attraction and growth of high-tech business, the state-issued designation is given to communities that partner with a research institution and meet certain criteria, including a commitment to creating technology-based jobs and the existence of a business incubator.
Designation as a CTP allows for the local recapture of certain state and local tax revenue which can used for the operation of the facility, said Mike McCool, manager of economic development for the Greater Kokomo Economic Development Alliance.
“That money is reinvested in the Inventrek facility and the programming it offers to help local entrepreneurs and start-up businesses become successful,” McCool said. “Inventrek serves an important role as the high-tech epicenter for the greater Kokomo area and having the facility recertified as a Certified Tech Park continues to fuel Kokomo’s status as an entrepreneurial city.”
Since 2004, Inventrek has provided start-up and high-growth companies with the tools, resources and physical needs required to grow their businesses to the next level. The 98,000-square-foot facility on East Firmin Street was developed through a collaborative effort of Purdue University and Indiana University’s Innovate Indiana programs, the city of Kokomo and Howard County to incubate growing technology companies until they are ready to operate on their own.
The facility was severely damaged during the August 2016 tornadoes and is undergoing a complete restoration. At the time of its closing, the facility had 39 of 41 office suites leased, 94 percent of leasable square footage under contract and 27 tenants engaged in diverse business sectors.
“This recertification was granted based on the assumption that Inventrek will be up and running by the end of the first quarter,” McCool said. “The renovation is on schedule to reopen the incubator program in March.”