An Indianapolis City-County Council committee has approved an $18.5 million incentive package for Angie's List Inc. (Nasdaq: ANGI). Our partners at Network Indiana/WIBC report there was only one “no” vote for the funding that would support a previously-announced expansion involving 1,000 new jobs. The proposal now heads to the full council. A spokeswoman for the company previously told Inside INdiana Business 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.
In October, Angie's List announced plans to invest $40 million into a headquarters expansion and add 1,000 jobs by 2019. The company says the project also involves moving 800 workers from other locations to its campus in downtown Indianapolis.
Sources: Network Indiana/WIBC, Inside INdiana Business