Carmel pharmaceutical firm eyeing move to Noblesville

September 11, 2013
Back to TopCommentsE-mailPrintBookmark and Share

A Carmel institutional pharmacy could move its growing drug repackaging operation to Noblesville’s Corporate Campus if city leaders sign off on an incentive deal.

Pharmakon LTC Pharmacy and sister firm Pharmakon Pharmaceuticals have asked for tax breaks worth about $225,000 in exchange for a nearly $1.5 million investment that would bring 65 jobs this year and another 70 by the end of 2018.

The companies, which supply long-term-care facilities and government hospitals with pharmaceuticals packed for convenience, together have more than 200 employees sharing a 50,000-square-foot facility, founder Paul Elmer told the Noblesville Common Council on Tuesday.

“We are seeing rapid growth in this highly specialized industry,” he said, adding that a new contract with a large hospital chain is driving the planned expansion of the pharmaceutical unit.

Pharmakon is proposing to improve and equip a vacant 37,000-square-foot industrial building at 14450 Getz Road. Elmer said he would like a location that could accommodate both companies once the Carmel lease expires.

The five-acre Noblesville property provides adequate room to grow, he said.

Pharmakon “fits the profile” of industries the city is targeting for its Corporate Campus, Economic Development Director Judi Johnson said, and the company is planning to occupy a building that has been vacant for more than a year.

The company expects a total payroll of more than $8 million within five years. The new positions will pay about $45,000 per year, Pharmakon said in its abatement application. Annual salaries for existing jobs were listed at $80,000.

That’s significantly higher than the $50,000 that Pharmakon LTC promised in 2008 when it won state and local incentives to move from Indianapolis to 801 Congressional Boulevard in Carmel. At the time, the company had 60 employees and promised to add another 50.
 
Indiana Economic Development Corp. provided $205,000 in tax credits and training grants in 2009, according to state records.

Last year, the city of Carmel pulled a 10-year personal property tax abatement (worth a whopping $16,700) after Pharmakon LTC failed to file a required compliance report.

Pharmakon had been late filing the form once before, City Councilor Luci Snyder said, and the promised salaries had not yet come to fruition—although the number of new jobs exceeded expectations.

Elmer told IBJ the company concluded that the small tax break “wasn’t worth the trouble” of completing the required paperwork.

Indianapolis consulting firm Ginovus is helping Pharmakon with the Noblesville deal, which received a preliminary OK on Tuesday. Final approval won’t come until after a public hearing.

ADVERTISEMENT
  • That is some expensive paperwork cost!
    Either something is fishy or their cost to fill out paperwork is astronomical. This seems to be a case of a business trying to maximize profitability via public assistance. The entitlement mentality has permeated our society. They no doubt will ask Carmel to raise the ante to keep those jobs here.

Post a comment to this blog

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
  1. Uh, sorry Johnnie, but you are incorrect. Despite the assertions by yourself and various defenders and captains, sports attendance is NOT off significantly at most sporting events in the US. Variances in attendance has been in the range of single digits, both + & - for years now. MLB has had most of its best overall attendance nubers in the last decade, and that trend has been consistent for most major sporting events. The number one issue cited by most fans when asked about attendance is the overall cost of attending. The presence of HD and big screen televisions in home doesn't even register, as a factor for not attending an event. VALUE in the product is the key, and apparently is something lacking in the current ICS. What other explanation is there when with what is routinely touted as the "best" racing on the planet, fans are staying away in DROVES. A "close" title battle into the last event at Fontana, with the "cars and stars" of the ICS, and who showed up? MAYBE 8K. Sorry, but HD TV isn't to blame for that kind of fan apathy.

  2. Do you need finance to establish your business ? Are you interested in getting a loan at 3% from our private company? If so please Email: suntrust_oil@blumail.org

  3. If she was worth the $ the public outcry over direct tv dropping them would have kept them on their dishes as we have seen with other companies. I too quit watching channel 13 after she showed up since I left channel 8 because of her all show rather than production results. When Randy on 8 corrected her she had a big head and incorrectly challenged his correction for pronunciation of a city. Other antics while she matures was too much for me with her very inaccurate forecasts. All the forecasters were predicting rain until Thursday except Chris. They predicted sunny on Thursday but instead of rain until Thursday upon which the sun would finally make it out in full glory Chris was right on the money just as I too predicted looking at the radar on weather.gov. One thing I love about Angela is the fear you can see in her every time it thunders in the winter. It far exceeds the entertainment value of her body language (high heel noise drags, depression, etc) when her forecasts are so incorrect. Her hair stands on end, you have to see it!!!

  4. Good Day, Apply For A Loan I am Mr Fernadez Antonio, a private Loan lender and a cooperate financial for real estate and any kinds of business financing. I also offer Loans to individuals, Firms and cooperate bodies at 3% interest rate We offer any kind of loans. email us via fernadezloaninvest@outlook.com LOAN APPLICATION FORM First name:......................... Middle name:......................... Last name:........................................ Date of birth (yyyy-mm-dd):....................... Gender:........................................... Marital status:................................... Total Amount Needed............................... Loan Duration.................................... Address:.......................................... City:............................................. State/province:................................... Zip/postal code:.................................. Country:.......................................... Phone:............................................ Fax:.............................................. Mobile/cellular:.................................. Monthly Income.................................... Occupation:....................................... Best Regard, Mr Fernadez Antonio.

  5. i will love to share my testimony to you all the people in world i got married to my husband about 2 year ago we start having problems at home like we stop sleeping on the same bed,fighting about little things he always comes home late at night,drinking too much and sleeping with other women out side i have never love any man in my life except him. he is the father of my child and i don't want to loose him because we have worked so hard together to become what we are and have today .few month ago he now decided to live me and the kid,being a single mother can be hard sometimes and so i have nobody to turn to and i was heart broken.i called my mom and explain every thing to her,my mother told me about DR.okoro how he helped her solve the problem between her and my dad i was surprise about it because they have been without each other for three and a half years and it was like a miracle how they came back to each other. i was directed to DR. okoro on his email:okorospell@gmail.com and explain everything to him,so he promise me not to worry that he will cast a spell and make things come back to how we where so much in love again and that it was another female spirit that was controlling my husband he told me that my problem will be solved within two days if i believe i said OK So he cast a spell for me and after two days my love came back asking me to forgive him i Am so happy now. so that why i decided to share my experience with every body that have such problem contact Dr okoro the great spell caster on his email addresses spellcasterforlove@outlook.com

ADVERTISEMENT