The Indiana Economic Development Corporation is requesting nearly $140 million for funding to help attract two new companies to Boone County, according to a state budget committee meeting agenda.
The IEDC is requesting $122 million to acquire about 1,000 acres of property under contract in Boone County's LEAP District to close a deal with a global semiconductor company looking for a location for a $50 billion investment. The semiconductor company is considering Indiana, as well as one other Midwestern state, and IEDC expects the final decision later this year.
“Thanks to the continued leadership of the legislature, the IEDC has the tools and resources to attract the high-wage economies of the future," David Rosenberg, IEDC chief operating officer and chief of staff, said in a statement to IndyStar. "The IEDC’s request at the State Budget Committee is to access funds passed by the legislature in the budget bill from the $500 million Deal Closing Fund and the $150 million Site Acquisition Strategies Fund. The potential projects associated with the IEDC’s request exceed $50 billion of committed capital investment in high-wage industries of the future.”
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The LEAP District property will most likely be included as part of an incentive package to attract the company to Indiana and, the IEDC hopes, close the deal for the $50 billion investment. Eli Lilly is the only company to so far publicly commit to the LEAP District, investing $3.7 billion to build research and manufacturing facilities on approximately 600 acres. The project is expected to bring nearly 700 jobs to the region. Construction for the project officially began with an April groundbreaking.
The IEDC is also requesting $20.2 million to acquire 220 acres for local road infrastructure improvements related to Eli Lilly's LEAP District facilities as well as the Indiana Department of Transportation's interchange construction. Some Boone County community members have expressed concern about LEAP and Lilly, including how the project will impact rural life, water supply and traffic.
The IEDC is also requesting $16 million in site acquisition funds for 290 acres of property in Boone County for a $3.2 billion data center project that could bring up to 250 jobs to the region. The IEDC is negotiating the purchase of the land with the company, according to the agenda. An IEDC spokesperson declined to confirm whether this proposed data center project will be part of the LEAP District.