IEDC wants to offer $120M for $3.2B manufacturing facility. For whom is unclear.
The Indiana Economic Development Corporation is asking the state budget agency to approve $120 million in deal closing funding to incentivize a $3.2 billion project from an advanced manufacturing company to the state, according to the state budget committee's August meeting agenda.
The company plans to build a new, highly advanced manufacturing facility and create 1,400 high-paying jobs.
It's unclear what company is behind the project. An IEDC spokesperson declined to comment on the project, saying that economic development projects are confidential until its board approves the incentive and the official award is made.
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The IEDC has already been promised the funds in the budget passed at the end of the legislative session in April, which appropriated $500 million to the agency for a "deal closing fund" to court prospective companies to Indiana. However, the IEDC can only access these funds after requesting and garnering approval from the state budget committee.
The IEDC's incentives will be spread over a period of several years and be contingent on the company passing muster investment, jobs and wages, according to the agenda item.
Earlier this summer, the IEDC requested $122 million to acquire about 1,000 acres of property in the hopes of closing a deal with a global semiconductor company looking for a location for a $50 billion investment.
That land is under contract in Boone County's Limitless Exploration/Advanced Pace (LEAP) District, the massive technology and research park planned on annexed land in Lebanon. The district has already seen a $3.7 billion commitment by Eli Lilly to build manufacturing plants. The unnamed semiconductor company is considering Indiana, as well as one other Midwestern state, and IEDC expects the final decision later this year.
The state budget committee will consider this request from the IEDC in its meeting Friday.
Contact business reporter Claire Rafford at crafford@gannett.com or 317-617-3402.
This article originally appeared on Indianapolis Star: IEDC wants to offer $120M for $3.2B manufacturing facility
