IEDC requests additional $60M for Lilly, Meta land, infrastructure at LEAP
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The Indiana Economic Development Corp. is seeking approval to funnel $60 million toward further property acquisitions and infrastructure development at its LEAP Research and Innovation District in Boone County, according to the State Budget Committee’s December agenda.
The state’s job-creation agency is seeking $27 million to purchase about 307 acres and pay for deposits and option payments for additional land west of Interstate 65. The land would be dedicated to its two publicly announced tenants: Meta and Eli Lilly and Co.
Eli Lilly is building a foundry for advanced manufacturing and drug development at the LEAP development. Its planned investment at the district totals more $13 billion.
Meta, the parent company of Facebook, is planning to build a facility focused on data center operations on 1,500 acres at the south end of the park. So far, the company has committed to a $800 million investment in what is the first of a potentially six-phase development with an investment of up to $4.8 billion
It also seeks $33 million to continue infrastructure development at LEAP, specifically focused on these two projects. Improvements include roadwork and water and wastewater support around the sites. (LEAP stands for Limitless Exploration/Advanced Pace.)
More money is being requested to support an extension of the Citizens Energy system that would send 25 million gallons of water per day to LEAP and other Boone County developments.
The IEDC is requesting an additional $25 million to be held in an Indiana Finance Authority debt service reserve fund that will be used to secure bond financing. The budget committee approved $50 million to support bonds and provide debt service coverage in August.