Meta eying LEAP district for potential $800M investment
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Meta Platforms Inc., the parent company of Facebook, Instagram and WhatsApp, is considering an investment of up to $800 million in Lebanon’s LEAP Innovation and Research District.
The Lebanon City Council on Monday night approved incentives tied to the technology conglomerate’s possible plans for a project in the advanced manufacturing and research development park. The incentives include a new tax-increment financing district, pre-allocation of water resources from Lebanon Utilities and a performance-based economic development agreement.
Specific details of the incentives were not immediately available.
“While not yet finalized, their [Meta’s] proposed investment would demonstrate a strong commitment to contributing to the growth and well-being of our community,” Lebanon Mayor Matt Gentry said in a statement released by the Boone Economic Development Corp., which provides business attraction and retention services for the county.
LEAP stands for Limitless Exploration/Advanced Pace. Meta’s potential inclusion in the district would join a $13.5 billion cumulative investment from Eli Lilly and Co.
Lilly has signed multiple development agreements for LEAP that together would span two sites totaling 800 acres. The projects include new manufacturing facilities and a first-of-its-kind medicine foundry that could yield more than 1,300 high-wage jobs by 2030.
Indiana Commerce Secretary David Rosenberg told IBJ in October that an undisclosed company was expected to make an announcement later this year about plans for a $6 billion project on a 1,500-acre site west of Interstate 65 in the LEAP District.
The potential agreement between Lebanon and Meta could include as much as $1.5 million annually in community impact funds focused on quality of life and placemaking initiatives.
IBJ has reached out to the IEDC and Lebanon city officials for comment.
This story will be updated.