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California firm to fill empty building, create 30 jobs

Intellectual Technology Inc. plans a $2.57 million renovation of this vacant building at 2980 E. Coliseum Blvd., creating 30 full- and part-time jobs. (News-Sentinel photo by Kevin Leininger)
Intellectual Technology Inc. plans a $2.57 million renovation of this vacant building at 2980 E. Coliseum Blvd., creating 30 full- and part-time jobs. (News-Sentinel photo by Kevin Leininger)
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press

Intellectual Technology Inc. to invest $2.5 million in former Mutual Security space

Tuesday, November 12, 2013 12:01 am
A California firm's $2.57 million investment in an empty north-side building is expected to create 20 full- and 10 part-time jobs.Intellectual Technology Inc., which provides computer, printing and delivery services to motor vehicle agencies nationwide, has asked City Council to approve a “phase in” that would temporarily reduce taxes owed on planned improvements to part of the former Mutual Security Life Insurance complex at 2980 E. Coliseum Blvd. The application was expected to be introduced Tuesday and could lead to creation of jobs with an average salary of $$72,250 and a total annual payroll of $1.65 million.

The new location would incorporate the company's existing operation at 4111 Engleton Drive, which has 38 full- and five part-time employees.

The company is based in Carlsbad, Calif., and was founded in 1989. It had sales of about $13.4 million in 2012 and lists state license bureaus in Indiana, California and Nevada among its largest customers.

Construction is expected to begin later this year, with completion in March 2014.

The 19,500-square-foot building is in poor condition and has been vacant since 2009, according to the application. If the phase-in is approved, the company would save about $281,886 in taxes on new equipment and building improvements and pay $255,469 over the same period. After that, taxes would be paid at 100 percent.

The company also plans to erect a new 10,000-square-foot building on the site.

After Mutual Security moved out in 1990, the much of the 115,000-square-foot complex was vacant until the U.S. Postal Service occupied 20,000 square feet for a remote encoding center in 1995. But the center closed in 2009, eliminating about 400 full- and part-time jobs.

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