INDIANAPOLIS - Indianapolis-based Eli Lilly and Co. (NSYE: LLY) is seeking a nearly $10 million tax abatement for a $90 million project to build and equip a facility to house insulin research and production. A City-County Council committee Monday approved the proposal, with a full council vote set for next week.

The company is not committing to any new jobs as part of the project. Lilly says the project will allow it to keep up with peak and backup capacity demands for insulin products. The project involves $48.4 million in real estate and $42.3 million in personal property investment.

Indianapolis Deputy Mayor For Economic Development Angela Smith-Jones says Lilly is being "courted by other entities, other countries" for its investments. She says Mayor Joe Hogsett's administration supports the abatement proposal.

Last month, Lilly reported 2018 fourth quarter net income of $1.1 billion, but cut its revenue and profit forecast for 2019.