Develop Indy Reports on 2020 Business Investments
(photo courtesy: Wes Mills)
The economic development organization for the city of Indianapolis and Marion County says the community measured “solid growth” in 2020, despite the unpredictability brought on by the pandemic.
Develop Indy is reporting $1.4 billion in capital investment and over $728 million in real estate development over the past 12 months.
The organization highlighted growth in both the technology and life sciences sectors. Notably the office mentions Elanco Animal Health’s plans to relocate its $100 million headquarters to the former GM stamping plant site west of downtown.
The city also announced Toronto-based pharmaceutical startup Point Biopharma Inc. plans to build a $25 million cancer-drug manufacturing facility on the city’s northwest side.
In June, Advanced Accelerator Applications SA, a subsidiary of Swiss drug giant Novartis AG, announced plans to build a drug manufacturing plant at Purdue Research Park near Indianapolis International Airport. The plant will produce radiopharmaceuticals for cancer treatment.
Develop Indy says the city also approved $20 million in financial assistance for more than 2,000 small businesses through four different loan and grant programs over the last nine months.
“The City of Indianapolis has worked tirelessly with the Indy Chamber to keep businesses afloat through innovative, multi-level support, whether it be outdoor dining resources, rent and mortgage assistance, or personal protective equipment,” said Mayor Joe Hogsett. “As we emerge from the pandemic, continued collaboration will be essential to reinvigorating a robust, inclusive economy.”
Among the offerings was the Rapid Response Loan program which paid out $3.8 million to serve as a financial bridge to help small businesses struggling to remain open during the pandemic.
In the fall, the city offered more than $10 million in funds through the Hospitality Establishment Lifeline Payment (HELP) Grants for restaurants, bars, and live entertainment venues.
The city says 53% of recipients were women- or minority-owned businesses.