[Courtesy: Inside Indiana Business]
LEBANON, Ind. – The parent company of Facebook has struck a tentative deal with Lebanon that could eventually mean an investment of up to $4.8 billion on a massive parcel in the LEAP Innovation and Research District, the city’s mayor told IBJ.
Meta Platforms Inc., which also owns Instagram and What’s App, has committed to an initial $800 million investment as the first phase of what could be a six-phase development over the next decade or longer, said Lebanon Mayor Matt Gentry.
The project is expected to largely focus on data center operations and occupy a 1,500-acre site in the southern portion of LEAP, along State Road 32 just east of County Road 450 West.
IBJ was the first to report Monday evening that the Lebanon City Council had approved incentives to woo the technology conglomerate to the advanced manufacturing and research development park. The incentives include a new tax-increment financing district, pre-allocation of water resources from Lebanon Utilities and a performance-based economic development agreement.
Gentry said Meta was “not totally comfortable” with the city releasing its name Monday as the council considered the incentive package. But the mayor said he pushed the company to let the city reveal its identity, telling leaders there that “this is a really important thing and, frankly, trying to approve an investment like this with an unknown company isn’t something my community is comfortable with.”
“Obviously, from a city standpoint, we’re very excited for the investment,” he added. “We’re excited what it means for Lebanon.”
The deal includes a 10-year, 50% real property tax abatement and a 35-year complete abatement of the personal property taxes Meta would otherwise owe. The first phase of the project—primarily the installation and operation of data equipment—could employ up to 50 people.
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