Commission Approves Major Project Incentives

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

The Metropolitan Development Commission in Indianapolis has approved economic development agreements with multiple companies looking to invest more than $450 million and create over 900 full-time and part-time jobs. The commission says the projects will also help retain more than 1,000 full-time jobs.

Mayor Joe Hogsett says the city, in one day, "supported development in logistics, foodservice and biotech." 

The largest product is from FedEx Corp. (NYSE: FDX), which plans to invest $385 million into new equipment at its hub at Indianapolis International Airport, creating 125 full-time and 450 part-time jobs by 2026. The abatement is expected to save the company $29 million.

Other proposals approved for incentives include Indianapolis-based CraftMark Bakery LLC, which is looking to invest more than $56 million to expand its current facility and add nearly 120 jobs. LifeOmic, founded by Indianapolis entrepreneur Don Brown, says it will invest $16 million to establish its headquarters at the IU Emerging Technology Center and create 225 jobs. And, India-based Infosys (NYSE: INFY) was approved for abatement to help offset the costs of installing IT equipment as part of its location in the OneAmerica Tower in downtown Indianapolis.

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