From the Indianapolis Business Journal:
Eli Lilly and Co. wants the city of Indianapolis to give it more than $30 million in tax breaks on $400 million in projects that include a new manufacturing facility and improvements to existing operations downtown.
The Metropolitan Development Commission will weigh two Lilly requests for 10-year tax abatements totaling $30.6 million at its meeting at 1 p.m. Wednesday.
Over the last several months, the pharmaceuticals giant has rolled out plans for a manufacturing plant southwest of downtown Indianapolis where the firm will manufacture cartridges for insulin.
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Lilly’s first request is for a 10-year abatement on $133 million in construction and renovations, which would create a real property tax savings of $13.8 million for the firm.
The other request focuses on $267 million in new equipment related to the new operations. The equipment would include cartridge filling and packaging lines, logistics equipment and a backup power supply. The personal property tax abatement would create a savings of $16.8 million for Lilly over 10 years.
Over the 10-year period of the two abatements, Lilly still would pay $22.2 million in taxes on the new construction, renovations and equipment. Once the abatement is over, the firm is expected to pay about $5.2 million in taxes annually on those items.
City development staff has recommended that the commission approve the abatements.
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If the requests are given preliminary approval by the MDC on Wednesday, a public hearing and final approval will be scheduled for the MDC’s meeting on May 1.
http://www.ibj.com/lilly-seeks-306m-in-tax-breaks-on-downtown-projects/PARAMS/article/40776
