A $31 million investment that is expected to create up to 1,160 Boone County jobs is moving forward. The Lebanon City Council Monday night approved tax abatement for XPO Logistics Inc.’s (NYSE: XPO) plans to locate in and upgrade a former Pearson Education facility.
The abatement could save the global company up to $1.3 million over 10 years. The Boone County Economic Development Corp. says the proposed distribution facility is the first project "seriously considered" for the property in almost three years. EDC Executive Director Molly Whitehead says "XPO’s investment in Lebanon will breathe new life into a building that has sat vacant for several years. This has been a true team effort and we look forward to working with XPO for years to come."
Mayor Matt Gentry calls the company "an excellent fit" for the city. Over the next decade, Lebanon is estimated to stand to collect some $8.6 million in real property taxes through XPO’s location to the more than one million square-foot operation.
The company’s website lists nearly 20 affiliated locations throughout Indiana, including a $26 million distribution hub in Fort Wayne.