News Release

INDIANA — Officials of Indiana’s economic development agency will appear before a budget panel Friday, Aug. 4, seeking a nine-figure incentive grant to close a deal on a prospective large manufacturing project.

The Indiana Economic Development Corp. is asking for $120 million in performance-based incentive funds for a company planning to invest in a new facility in Indiana. The company would invest about $3.2 billion and create 1,400 high wage jobs.

The IEDC did not give any information about this company, the work it does or where the facility would be located.

State lawmakers created a $500 million “deal closing” fund for the IEDC in the most recent budget, which is where these performance incentive grants would come from. However, the IEDC can only use the money after the lawmakers and budget experts of the state budget committee have reviewed individual funding requests.

If granted, the incentive commitment would be based on project performance and compliance with metrics for job creation and wages that will be determined in the IEDC’S deal with the company.

This is the second time the IEDC has appeared with a large funding request since the state budget committee adjourned Friday, April 28.

In June, the committee voted to approve the IEDC’s request for $122 million to buy about 1,000 acres of land in Boone County for a prospective $50 billion semiconductor plant investment. The land is located in the LEAP (Limitless Exploration/Advanced Pace) Innovation and Research District. The LEAP District is a planned 9,000 acre manufacturing hub, located along Interstate 65.

At the same meeting, the committee also approved the IEDC’s request for $35 million in performance-based grants for an electric vehicle battery manufacturing operation in St. Joseph County; $10 million in grants to General Motors for investments in its Fort Wayne Assembly plant; $16 million for 290 acres of LEAP District land for the potential creation of a $3.2 billion data center; and $20.2 million for 220 acres of land in Boone County for an INDOT interchange and improvements to existing roadway infrastructure to support Eli Lilly’s planned expansion.