Commission Approves Major Project Incentives
FedEx opened its Indianapolis hub in 1988.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Metropolitan Development Commission in Indianapolis has approved economic development agreements with multiple companies looking to invest more than $450 million and create over 900 full-time and part-time jobs. The commission says the projects will also help retain more than 1,000 full-time jobs.
Mayor Joe Hogsett says the city, in one day, "supported development in logistics, foodservice and biotech."
The largest product is from FedEx Corp. (NYSE: FDX), which plans to invest $385 million into new equipment at its hub at Indianapolis International Airport, creating 125 full-time and 450 part-time jobs by 2026. The abatement is expected to save the company $29 million.
Other proposals approved for incentives include Indianapolis-based CraftMark Bakery LLC, which is looking to invest more than $56 million to expand its current facility and add nearly 120 jobs. LifeOmic, founded by Indianapolis entrepreneur Don Brown, says it will invest $16 million to establish its headquarters at the IU Emerging Technology Center and create 225 jobs. And, India-based Infosys (NYSE: INFY) was approved for abatement to help offset the costs of installing IT equipment as part of its location in the OneAmerica Tower in downtown Indianapolis.