History of the ECDC
A Corporation Is Formed
In 1960, the Elwood Chamber of Commerce, under the leadership of George Stevens, Glenn Auxter, and Charles J. Jehlen, directed the formation of the Elwood Industrial Development Corporation for the purpose of growing the community by attracting new industrial and commercial business.
An EIDC board of directors was established, composed of Joseph L. Beaty (public utility), J. Phil Copher (funeral home), George F. Stevens (manufacturing), Riley Sharp (attorney), and Walter A. Gillson (retail).
In an effort to produce working capital for the new entity owned by the community, 4,000 shares of stock in the EIDC were offered for $25 per share to local business owners and residents. Although the shareholders would not receive dividends or financial gain on their investment, their return would be community growth due to the corporation’s efforts.
The role of EIDC as stated in its articles of incorporation dated January 7, 1960, would be:
“To advance the commercial and industrial interests of the City of Elwood, Indiana. To purchase, hold, own, improve, manage, operate, lease as lessee or as lessor, sell, convey and/or mortgage real estate of every kind …”
The EICD’s First Investment
In 1961, EIDC purchased a 30-acre plot of land for its first industrial park. Later, four acres of land was sold to the City of Elwood for a new water supply field. EIDC constructed its first building on the site in 1966 and later leased it to RGF Manufacturing Company. RGF Manufacturing enjoyed many years of occupancy in the approximately 30,000-square-foot building before vacating. In 1982, the building was leased to Var Chem Industries of Indiana, and they remain there today. EIDC has made significant improvements to the building including expansion, improved on-site roadways, new office space, exterior improvements, and roof renovations.
Progress through Investment
In 1983, the EIDC sold a small portion of its land to the CentraMet Company, for the construction of a new facility for their business.
In 1986, the EIDC purchased the historical R.L. Leeson building in downtown Elwood. The Leeson building was a three-story structure rich with Elwood heritage, having formerly housed the well-known R.L. Leeson Department Store for decades. EIDC completely remodeled the building to the specifications of the new tenant – Spurgeon’s Department Store. Spurgeon’s was a welcome addition to Elwood, which had suffered numerous vacancies in the downtown business district. Spurgeon’s not only brought shoppers to area, but many new jobs, as well. Spurgeon’s occupied the building for many years before the company closed its entire business operation – including the Elwood store.
EIDC purchased land at the northeast corner of South B and Anderson Streets in late 1986 and cleared the property of unsightly, outdated buildings in need of repair. Later, construction of a modern, one-level office building was completed which has housed businesses such as Visiting Nurse, an appliance store, and law offices. It currently houses medical offices related to Ascension-St.Vincent Mercy Hospital, which now owns the property.
In 1987, EIDC purchased the former Leeson Hardware Store in the 1500 block of South A Street at a public auction. Within 30 days, the property was sold to a local businessman, who completely renovated it into an attractive office complex. Since that time, the property has housed medical offices, business offices, and the Bureau of Motor Vehicles.
In 1990, in cooperation with Indiana & Michigan Power Company, EIDC constructed a 32,000-square-foot industrial building. It was leased for storage and later purchased by ELSA Corporation in Elwood.
In 1994, EIDC purchased property again on South A Street behind Star Bank. One structure was repaired and the remainder of the lot was cleared for paving. This property was then traded to Star Bank for another property located on the northwest corner of South B and Anderson Streets. Star Bank benefited from this trade by adding needed parking adjacent to their location, and EIDC obtained a corner lot. EIDC then constructed another one-level office building similar to the one it constructed across the street. The building was later sold to St. Vincent Mercy Hospital and currently houses numerous medical offices.
In 1996, EIDC sold 4-1/2 acres to a company that erected a rental storage facility at the end of South J Street. The business remains there today.
In 1997, EIDC purchased 14 acres of land at the northwest corner of State Road 28 and 37. Nine-and-a-half acres of this land were sold to a seed business, and although the business is gone, the building remains there today. In addition, 4-1/2 acres of this land were sold to Ron Vielee who constructed a new shopping center and a retail building there. The site is currently occupied by Ascension-St.Vincent Mercy Hospital offices, China Buffet, Verizon, H&R Block, and Pizza Hut.
In 1998, EIDC sold five acres in the original industrial park to Walker Construction for offices and storage.
In 2000, EIDC finalized the purchase of 54 acres on the southeast corner of State Roads 28 and 37. Since then, EIDC has worked diligently to develop this land working with realtors, real estate developers, and city officials. In 2005, Brian Reichart purchased this property for Red Gold.
In late 2004 and early 2005, EIDC sold Michelle Richardson a parcel of land EIDC in the 1400 block of South A Street. This is the location of a new building housing the Key West Tanning Company, which finalized construction in 2005.
In 2004, EIDC successfully sold one of its largest commercial buildings on the original industrial park property to Marble House, Inc., which leased the building for several years prior to the purchase. Marble House has been a tremendous asset to the Elwood community with its product being in high demand and the employment of over 30 people at its Elwood facility.
EIDC Becomes ECDC, a Not-for-Profit Corporation
In late 2004, the EIDC became a not-for-profit corporation. Because the original corporation was formed on the premise that all profits would be reinvested in future projects, and that no stockholder would benefit financially from the purchase of EIDC shares, the board of directors felt EIDC was already operating much like a not-for-profit corporation – without any of the tax advantages. For this reason, EIDC was converted from a for-profit corporation to a not-for-profit corporation. The original stockholders of EIDC were provided notice of this change and previous stockholders became “certificate-holders” of the new corporation.
With the change of corporate status, EIDC was renamed Elwood Community Development Corporation, or ECDC. The board felt that the new name accurately reflected the objectives of the corporation, noting the shift from Elwood being a strictly industrial community to retail and light industrial. At that time, the board also expanded the board from seven to eleven members.
The four new “advisory” members would consist of someone appointed by the mayor of Elwood, a representative of the Elwood Ministerial Association, a representative of the Elwood School Corporation, and a representative of the Elwood Chamber of Commerce.
In recent years, the ECDC board has endeavored to gain input from various sectors of the Elwood business community. Although a challenge, due to the small pool of business people and organizations from which to draw, the current board consists of a diverse cross-section of our community leaders.
As the ECDC moves into the future, its focus will be the Elwood community’s continued improvement and successful management of its assets. It is the board’s hope that this will be done through growth in Elwood’s retail sector, protection of business district buildings from substandard tenants, and the addition of employers.
The history of EIDC and ECDC is a shining example of what a group of like-minded business people can accomplish together for the growth of their community. The board looks forward to continuing this strong tradition of growth to elevate the Elwood community to even higher levels in the future.
In 1960, the Elwood Chamber of Commerce, under the leadership of George Stevens, Glenn Auxter, and Charles J. Jehlen, directed the formation of the Elwood Industrial Development Corporation for the purpose of growing the community by attracting new industrial and commercial business.
An EIDC board of directors was established, composed of Joseph L. Beaty (public utility), J. Phil Copher (funeral home), George F. Stevens (manufacturing), Riley Sharp (attorney), and Walter A. Gillson (retail).
In an effort to produce working capital for the new entity owned by the community, 4,000 shares of stock in the EIDC were offered for $25 per share to local business owners and residents. Although the shareholders would not receive dividends or financial gain on their investment, their return would be community growth due to the corporation’s efforts.
The role of EIDC as stated in its articles of incorporation dated January 7, 1960, would be:
“To advance the commercial and industrial interests of the City of Elwood, Indiana. To purchase, hold, own, improve, manage, operate, lease as lessee or as lessor, sell, convey and/or mortgage real estate of every kind …”
The EICD’s First Investment
In 1961, EIDC purchased a 30-acre plot of land for its first industrial park. Later, four acres of land was sold to the City of Elwood for a new water supply field. EIDC constructed its first building on the site in 1966 and later leased it to RGF Manufacturing Company. RGF Manufacturing enjoyed many years of occupancy in the approximately 30,000-square-foot building before vacating. In 1982, the building was leased to Var Chem Industries of Indiana, and they remain there today. EIDC has made significant improvements to the building including expansion, improved on-site roadways, new office space, exterior improvements, and roof renovations.
Progress through Investment
In 1983, the EIDC sold a small portion of its land to the CentraMet Company, for the construction of a new facility for their business.
In 1986, the EIDC purchased the historical R.L. Leeson building in downtown Elwood. The Leeson building was a three-story structure rich with Elwood heritage, having formerly housed the well-known R.L. Leeson Department Store for decades. EIDC completely remodeled the building to the specifications of the new tenant – Spurgeon’s Department Store. Spurgeon’s was a welcome addition to Elwood, which had suffered numerous vacancies in the downtown business district. Spurgeon’s not only brought shoppers to area, but many new jobs, as well. Spurgeon’s occupied the building for many years before the company closed its entire business operation – including the Elwood store.
EIDC purchased land at the northeast corner of South B and Anderson Streets in late 1986 and cleared the property of unsightly, outdated buildings in need of repair. Later, construction of a modern, one-level office building was completed which has housed businesses such as Visiting Nurse, an appliance store, and law offices. It currently houses medical offices related to Ascension-St.Vincent Mercy Hospital, which now owns the property.
In 1987, EIDC purchased the former Leeson Hardware Store in the 1500 block of South A Street at a public auction. Within 30 days, the property was sold to a local businessman, who completely renovated it into an attractive office complex. Since that time, the property has housed medical offices, business offices, and the Bureau of Motor Vehicles.
In 1990, in cooperation with Indiana & Michigan Power Company, EIDC constructed a 32,000-square-foot industrial building. It was leased for storage and later purchased by ELSA Corporation in Elwood.
In 1994, EIDC purchased property again on South A Street behind Star Bank. One structure was repaired and the remainder of the lot was cleared for paving. This property was then traded to Star Bank for another property located on the northwest corner of South B and Anderson Streets. Star Bank benefited from this trade by adding needed parking adjacent to their location, and EIDC obtained a corner lot. EIDC then constructed another one-level office building similar to the one it constructed across the street. The building was later sold to St. Vincent Mercy Hospital and currently houses numerous medical offices.
In 1996, EIDC sold 4-1/2 acres to a company that erected a rental storage facility at the end of South J Street. The business remains there today.
In 1997, EIDC purchased 14 acres of land at the northwest corner of State Road 28 and 37. Nine-and-a-half acres of this land were sold to a seed business, and although the business is gone, the building remains there today. In addition, 4-1/2 acres of this land were sold to Ron Vielee who constructed a new shopping center and a retail building there. The site is currently occupied by Ascension-St.Vincent Mercy Hospital offices, China Buffet, Verizon, H&R Block, and Pizza Hut.
In 1998, EIDC sold five acres in the original industrial park to Walker Construction for offices and storage.
In 2000, EIDC finalized the purchase of 54 acres on the southeast corner of State Roads 28 and 37. Since then, EIDC has worked diligently to develop this land working with realtors, real estate developers, and city officials. In 2005, Brian Reichart purchased this property for Red Gold.
In late 2004 and early 2005, EIDC sold Michelle Richardson a parcel of land EIDC in the 1400 block of South A Street. This is the location of a new building housing the Key West Tanning Company, which finalized construction in 2005.
In 2004, EIDC successfully sold one of its largest commercial buildings on the original industrial park property to Marble House, Inc., which leased the building for several years prior to the purchase. Marble House has been a tremendous asset to the Elwood community with its product being in high demand and the employment of over 30 people at its Elwood facility.
EIDC Becomes ECDC, a Not-for-Profit Corporation
In late 2004, the EIDC became a not-for-profit corporation. Because the original corporation was formed on the premise that all profits would be reinvested in future projects, and that no stockholder would benefit financially from the purchase of EIDC shares, the board of directors felt EIDC was already operating much like a not-for-profit corporation – without any of the tax advantages. For this reason, EIDC was converted from a for-profit corporation to a not-for-profit corporation. The original stockholders of EIDC were provided notice of this change and previous stockholders became “certificate-holders” of the new corporation.
With the change of corporate status, EIDC was renamed Elwood Community Development Corporation, or ECDC. The board felt that the new name accurately reflected the objectives of the corporation, noting the shift from Elwood being a strictly industrial community to retail and light industrial. At that time, the board also expanded the board from seven to eleven members.
The four new “advisory” members would consist of someone appointed by the mayor of Elwood, a representative of the Elwood Ministerial Association, a representative of the Elwood School Corporation, and a representative of the Elwood Chamber of Commerce.
In recent years, the ECDC board has endeavored to gain input from various sectors of the Elwood business community. Although a challenge, due to the small pool of business people and organizations from which to draw, the current board consists of a diverse cross-section of our community leaders.
As the ECDC moves into the future, its focus will be the Elwood community’s continued improvement and successful management of its assets. It is the board’s hope that this will be done through growth in Elwood’s retail sector, protection of business district buildings from substandard tenants, and the addition of employers.
The history of EIDC and ECDC is a shining example of what a group of like-minded business people can accomplish together for the growth of their community. The board looks forward to continuing this strong tradition of growth to elevate the Elwood community to even higher levels in the future.