Panel Tables Angie's List IncentivesPosted: Updated:
An Indianapolis City-County Council panel has tabled an incentive package of up to $18.5 million as part of a previously-announced Angie's List. Inc. (Nasdaq: ANGI) expansion involving 1,000 new jobs. It includes more than $6 million for Indianapolis Public Schools, which owns the building that would become part of the company's campus. A spokeswoman for the company says the $18.5 million breaks down as follows:
1. $10 million to Company ($9.6 million for the garage and $400k for infrastructure).
2. $6.75 million to IPS, which owns the Ford building and will relocate.
3. $1.75 million for costs related to issuance (legal, accounting, underwriting, marketing, insurance, etc.) and to provide a contingency fund for unexpected issues.
She says the renovated building and completed parking garage would generate more than $1 million in new property taxes each year.
Angie's List announced plans in October to invest $40 million to expand its headquarters and add 1,000 jobs by 2019. The company also says it will move 800 workers from other locations to its downtown Indianapolis campus.
Source: Angie's List Inc.