Commission to Consider Tax Breaks For Major Projects

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FedEx opened its Indianapolis hub in 1988. FedEx opened its Indianapolis hub in 1988.

The Indianapolis Metropolitan Development Commission will Wednesday consider tax abatement proposals for several major projects. The proposals represent more than $450 million in total investment and the creation of more than 1,200 full-time and part-time jobs over the next several years.

The MDC will consider a 10-year tax abatement request from FedEx Corp. (NYSE: FDX) which is expected to save the company more than $29 million. FedEx plans to invest $385 million into new equipment at its hub at Indianapolis International Airport, which the company says will also create 125 full-time and 450 part-time jobs by 2026.

Indianapolis-based CraftMark Bakery LLC is requesting a 10-year, $3.7 million tax abatement from the city. The bakery says it will invest more than $56 million to expand its current facility by 120,000 square feet and add nearly 120 jobs by the end of 2020.

LifeOmic Inc. says it will invest $16 million to establish its headquarters at the IU Emerging Technology Center and create 225 jobs by 2023. The biotech startup, founded by Indianapolis entrepreneur Don Brown, is seeking a 10-year tax abatement expected to save the company nearly $766,000.

India-based Infosys (NYSE: INFY) is seeking a 10-year, $115,000 tax abatement to help offset the costs of installing IT equipment at its new location inside OneAmerica Tower in downtown Indianapolis. The company has committed to hiring 300 employees by the end of 2019 as a condition of receiving the incentives.

The Metropolitan Development Commission is scheduled to meet at 1:00 p.m. Wednesday.

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