IBJNews

Life sciences logistics firm plans to add 108 workers

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based BioStorage Technologies Inc. is planning to add 108 jobs in the next five years as part of a $7 million expansion and is seeking financial incentives from the city for the second time in three years.

Founded in 2002, BioStorage is near the Indianapolis International Airport where it prepares, stores and transports tissue and blood samples. The company serves biotech companies, as well as medical-device makers and academic research institutions.

BioStorage’s latest expansion plan follow its move to the current facility in 2009, when the city offered a seven-year tax abatement as an incentive. Under terms of that agreement, the company was to have 175 local employees by the end of 2012, according to city documents.

The economic downturn put a damper on those plans, however, and BioStorage added just 25 workers over the past three years, boosting local employment to 75.

City officials are recommending a four-year incentive plan that will include compliance provisions tied to the previous and proposed tax abatements should BioStorage fail to meet its hiring goals by 2017, according to city documents.

The city’s Metropolitan Development Commission is set to consider the company’s request for incentives at its Wednesday meeting.

MDC staff said that “a project such as this would not be economically feasible without the tax abatement incentive.”

BioStorage occupies 59,160 square feet in the Park Fletcher industrial park and has leased an additional 25,612 square feet to expand operations. As part of the expansion, the company plans to invest $7 million in laboratory equipment, in addition to other equipment to handle and store samples.

BioStorage says the 108 jobs it plans to add with the help of the abatement will pay an average of $32.48 an hour, the same average wage the company’s 75 existing employees currently earn.

Its $7 million investment should result in an increase to the city’s tax base of $2.8 million, the city said. During the four years of the abatement, BioStorage should save more than $209,000 in property taxes while paying about $147,500.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

ADVERTISEMENT