updated: 5/3/2006 3:39:04 PM
Strand Analytical Laboratories, a DNA testing company, says a tax abatement will allow it to expand its Indianapolis operations and create 52 high-paying jobs by December 2010.
The company, which opened ten months ago, was co-founded by former Marion County Prosecutor Scott C. Newman and DNA expert Dr. Mohammad A. Tahir.
Source: Inside INdiana Business
INDIANAPOLIS – Strand Analytical Laboratories, the DNA testing company co-founded by Scott C. Newman and internationally known forensic scientist Dr. Mohammad A. Tahir, is preparing to expand its operations just 10 months after opening in July 2005.
The Metropolitan Development Commission of Indianapolis today granted a tax abatement for Strand on the planned expansion to its laboratory at 5770 Decatur Blvd. The expansion will create 52 new high-paying jobs by December 2010 to add to the existing 11 positions, and it represents a capital investment of nearly $2 million for the company.
“We’re very excited that it’s already time to grow at Strand Labs in Indianapolis. It confirms what we thought about the demand for high quality DNA identification services and our ability to provide them here,” said Newman, Strand’s President & CEO.
Newman co-founded Strand Labs with Dr. Mohammad A. Tahir, a leading DNA expert. Dr. Tahir was a member of the FBI Director’s DNA Advisory Board (DAB) that has established standards for forensic DNA analysis and the convicted offender database (CODIS) in the United States.
In January, Strand was chosen to provide DNA identification training to Pakistani scientists to aid in the fight against crime, including acts of terrorism, in that country.
The state of Indiana, through the Indiana Economic Development Corporation (IEDC), has offered an incentive package that will assist Strand Analytical Laboratories with its expansion. The IEDC-offered incentives include up to $81,000 in training grants and up to $515,000 in tax credits based on anticipated employment and capital investment levels.
“Decisions like the one Strand Analytical Laboratories is making to continue to invest in Indiana reflects a growing confidence in the business climate in our state,” said Michael S. Maurer, Secretary of Commerce and IEDC president. “We’re working hard to grow and strengthen our economy, and these kinds of high-paying high-tech jobs are exactly the kind we need.”
Property tax abatements, like the one granted to Strand by the MDC, permit new or expanding companies to phase in property tax payments over time and are contingent on the creation of new jobs. Abatements are a means of assisting firms with the high cost of startup and capital investment.
“Strand’s early success has been impressive, and we look forward to their continued growth in Indianapolis,” Indianapolis Mayor Bart Peterson said. “These new jobs at Strand are the type of quality, high-paying positions we strive to attract and create in our city.”
Indianapolis Economic Development, a member of The Indy Partnership, assisted Strand in the application process to receive tax abatement for its expansion.
“DNA identification is a life sciences business which is one of the economic clusters the city, IED and The Indy Partnership have identified for growth. We’re very happy to help Strand with their expansion,” said Jeb Conrad, executive director of IED.
In addition to forensic DNA testing, Strand also does testing for parentage and provides expert testimony in court for prosecutors and defense attorneys in criminal and parentage cases. Since its opening, Strand has been receiving cases and contracts from around the country, and has significant developing international commercial ties as well.
About the IEDC
As a result of legislation passed by the Indiana General Assembly in Feb. 2005, the Indiana Economic Development Corporation (IEDC) replaced the Department of Commerce as the premier entity charged with state economic development. The IEDC has a 12-member board chaired by Gov. Mitch Daniels. For more information about IEDC, please visit www.iedc.IN.gov.
Indianapolis Economic Development is a member of The Indy Partnership, a privately-funded, not-for-profit organization dedicated to strengthening economic and job growth in the 11-county Indianapolis region – Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Monroe, Morgan, Shelby and Tippecanoe counties. Located in Indianapolis, The Indy Partnership has a full-time professional staff ready to assist clients interested in business expansion or relocation in the Indianapolis region. More information is available at www.indypartnership.com.
Source: The Indy Partnership