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Council acknowledges Medicine Foundry IDD (Project Matrix); members press for transparency on redacted wage figures
Summary
Council voted to acknowledge a state‑designated Innovation Development District (Medicine Foundry/Project Matrix) and approve an IDD agreement that sets a 12% local minimum distribution; one member abstained and councilors questioned redactions in incentive exhibits.
Lebanon City Council on July 13 acknowledged a state designation of a second Innovation Development District (IDD) — the Medicine Foundry, also referred to as Project Matrix — and approved an accompanying IDD agreement with the Indiana Economic Development Corporation.
Rob (city attorney) summarized the statutory changes and said the IEDC’s notice identified the district and that the mayor set the base assessment date at Jan. 1, 2025. The notice estimates significant captured revenues over the life of the IDD: Rob read figures the IEDC provided, including an anticipated ~$199.4 million in state and sales taxes and about $585.3 million in real and personal property taxes captured in the IDD’s footprint over the district’s life.
The IDD agreement guarantees a local minimum distribution of not less than 12% of incremental annual property tax revenue to be divided among the city, county and the local school corporation; the remaining 88% of incremental property tax revenue will be deposited into an IEDC‑managed IDD fund and used consistent with the statute (the city’s presentation said the 88% is pledged to LEAP district debt and infrastructure in state allocations).
Councilor Sandra Dushanowski raised a transparency question: the incentive agreement attached to the resolution had the company's average wage figure redacted. Sandra asked whether council had seen the unredacted wage amount and why it was blacked out. Rob said some provisions were subject to confidentiality with the company and were redacted by the state; he said the state provided a redacted version for inclusion with the packet.
The resolution passed with six votes in favor, none opposed, and one abstention (one council member said they needed more time to review the materials). The council directed the mayor to deliver the required notices to the Boone County auditor, the Department of Local Government Finance and affected taxing units and authorized execution of the IDD agreement in substantially the form presented.
Why it matters: The IDD will capture a portion of property tax growth in the Medicine Foundry footprint for up to 30 years; while at least 12% of captured incremental property tax revenue will flow to local taxing units, a large portion of captured value is committed to broader LEAP financing per the state agreement, a point that drew public and council attention.
What’s next: The mayor will provide required notices and execute the IDD agreement; councilors requested clarity on the redacted wage figures and asked staff to follow up if additional public records can be shared.
