Indianapolis-based BioStorage Technologies Inc. is planning to add 108 jobs in the next five years as part of a $7 million expansion and is seeking financial incentives from the city for the second time in three years.
...
...
BioStorage’s latest expansion plan follow its move to the current facility in 2009, when the city offered a seven-year tax abatement as an incentive. Under terms of that agreement, the company was to have 175 local employees by the end of 2012, according to city documents.
The economic downturn put a damper on those plans, however, and BioStorage added just 25 workers over the past three years, boosting local employment to 75.
City officials are recommending a four-year incentive plan that will include compliance provisions tied to the previous and proposed tax abatements should BioStorage fail to meet its hiring goals by 2017, according to city documents.
The city’s Metropolitan Development Commission is set to consider the company’s request for incentives at its Wednesday meeting.
MDC staff said that “a project such as this would not be economically feasible without the tax abatement incentive.”
...
Its $7 million investment should result in an increase to the city’s tax base of $2.8 million, the city said. During the four years of the abatement, BioStorage should save more than $209,000 in property taxes while paying about $147,500.
The city’s Metropolitan Development Commission is set to consider the company’s request for incentives at its Wednesday meeting.
MDC staff said that “a project such as this would not be economically feasible without the tax abatement incentive.”
...
Its $7 million investment should result in an increase to the city’s tax base of $2.8 million, the city said. During the four years of the abatement, BioStorage should save more than $209,000 in property taxes while paying about $147,500.
ADM Milling Co. is planning a $29 million expansion at its plant on Indianapolis’ southeast side that includes construction of a six-story building and new milling equipment.
The subsidiary of Decatur, Ill.-based Archer Daniels Midland Co., a global food-processing and commodities-trading corporation, is seeking a four-year personal and property tax abatement from the city to help offset the cost.
The city’s Metropolitan Development Commission will consider the abatements Wednesday.
ADM said the expansion will help it retain 53 workers at its local operations at 845 Bethel Ave.
...
MDC staff recommends approval of the four-year abatement. The company should expect to save a combined $519,000 in personal and real property taxes during the abatement period and pay about $336,000.
The new building and equipment should add more than $11 million to Indianapolis’ tax base, the city said.
The subsidiary of Decatur, Ill.-based Archer Daniels Midland Co., a global food-processing and commodities-trading corporation, is seeking a four-year personal and property tax abatement from the city to help offset the cost.
The city’s Metropolitan Development Commission will consider the abatements Wednesday.
ADM said the expansion will help it retain 53 workers at its local operations at 845 Bethel Ave.
...
MDC staff recommends approval of the four-year abatement. The company should expect to save a combined $519,000 in personal and real property taxes during the abatement period and pay about $336,000.
The new building and equipment should add more than $11 million to Indianapolis’ tax base, the city said.
