Fishers council approves tax abatement and $1M stormwater grant for INCOG Biopharma expansion
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Summary
The Fishers City Council on Dec. 15 approved a 10-year, 100% real property tax abatement and authorized a $1,000,000 stormwater grant to support INCOG Biopharma’s third-phase expansion — an $80 million investment projected to add about 350 jobs at the Fishers facility. The grant would be routed through the Town Hall Building Corporation to facilitate additional parking. (Corey Lewis; Megan Baumgartner)
Fishers City Council voted Dec. 15 to back INCOG Biopharma’s next expansion by approving a 10-year, 100% real property tax abatement and authorizing a $1,000,000 stormwater grant to support the company’s planned parking improvements.
Megan Baumgartner, director of community and economic development, told the council the company’s third phase represents an additional $80,000,000 in local investment and about 350 new jobs. She said the property tax abatement would be for 10 years at 100% and that the stormwater grant would be administered through the Town Hall Building Corporation to facilitate construction of additional parking on a pond parcel adjacent to the facility.
Corey Lewis, identified as the company CEO, thanked the city and said the Fishers facility has grown to ‘‘a little over 400 people’’ and that the company’s goal is ‘‘to be close to 1,000 people by 2030.’’
Baumgartner said the company had earlier phases in Fishers totaling $60 million (initial commitment) and a subsequent $40 million expansion; this action would add the next phase. She described the stormwater work as necessary so INCOG can reuse land that otherwise would remain undeveloped to add parking and build the third facility on a constrained site.
The council voiced support during the presentation. Todd moved to approve the economic development agreement and the related incentives; John DeLucia seconded the motion. A voice vote of ‘‘aye’’ was recorded and the measure passed.
What the council approved: the economic development agreement as presented, a 10‑year, 100% real property tax abatement for the expansion, and authorization to provide a $1,000,000 stormwater grant through the Town Hall Building Corporation to support on-site improvements.
Next steps: city staff will finalize the economic development agreement and the grant mechanics through the Town Hall Building Corporation and return any required documents for execution.
Quotation: ‘‘Fishers now has been our home for 5 years,’’ Corey Lewis said. ‘‘Our target is to be close to 1000 people, by 2030.’’
