Lilly adds another $1.6B, 200 jobs to Boone County project
The price tag on Eli Lilly's research and manufacturing facilities in Boone County will come to $3.7 billion, which is $1.6 billion more than originally committed, the company announced at a groundbreaking Monday.
Eli Lilly has committed to 600 acres of land in the Limitless Exploration/Advanced Pace (LEAP) District in Boone County, first announced last May as a $2.1 billion project. This is the largest investment in a single site in Lilly's history, according to a news release.
“As a state, we are proud to partner with Lilly in accelerating Indiana’s talent pipeline and career opportunities while leveraging the state’s manufacturing excellence to develop life-changing and life-saving solutions for people across the world," Gov. Eric Holcomb said in a news release.
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The sites will also create nearly 700 jobs, which is 200 more than projected in the original announcement. The plans for Lilly's development, revealed in January, will consist of 12 buildings encompassing 1.6 million square feet, including two 330,000 square-foot three-story peptide manufacturing facilities.
The Indiana Economic Development Corp., which is putting land under contract for the project, is offering massive incentives for the Lilly project, including up to $4.5 million in training grants, up to $17.1 million in redevelopment tax credits and up to $271.5 million of rebates from the Innovation Development District designation.
The project could grow to around $4.5 billion in capital investment, according to the release.
Lilly's development is expected to take 3-and-a-half years to complete, Lilly CEO Dave Ricks told IndyStar. He expects that the facilities will be producing drugs by early 2027.
The IEDC currently has identified over 9,000 acres of land along I-65 for the project, according to the IEDC's LEAP District website. Though Lilly is the only company to publicly commit to the LEAP District, IEDC Executive Vice President David Rosenberg previously stated that the company was eyeing commitments from companies in the microelectronic and electric vehicle industries in 2023.
Ricks said the facilities will allow the company to create medications to address life-threatening illnesses like diabetes and cancer. The increased scope in both funding and jobs is due to both Lilly's success with diabetes drug Mounjaro, which is currently under FDA consideration for weight loss, and the increased likelihood of several molecules in testing becoming medicine, Ricks said.
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Lebanon Mayor Matt Gentry, a Republican, called the investment a "historic day" for the city in a news release.
“I am grateful for the state’s partnership to develop this future-focused, world-class project and Lilly’s decision to invest in Lebanon," he said. "Lilly and LEAP will create life-changing career opportunities for Lebanon and Boone County residents for generations to come.”
The LEAP development and large land annexations, mostly of farmland, have been met with criticism from residents who oppose the development and worry about its effect on the county's rural identity, farming industry and water supply.
A legal challenge to the development against the IEDC and the city of Lebanon was filed in Boone County Circuit Court in January, and a status hearing is scheduled for April 27.
Ricks said that he understands this opposition, but thinks that Lilly's development in Boone County is going to be "a big net positive for the company but also for the Lebanon community."
"The economy of the future is is going to include biotechnology, chips, other technology," he said. "We need to move to that as a state."
Got a business or development story? Contact Claire Rafford at 317-617-3402 or crafford@gannett.com.
This article originally appeared on Indianapolis Star: Eli Lilly adds another $1.6B, 200 jobs to Boone County project
