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Tax breaks approved for bioanalytical lab operator

IBJ Staff
April 7, 2011
Keywords
Bioscience, City Government, Contract Research, Economic Development, Economic Development Agencies, Economic Development Incentives, Government, Government & Economic Development, Life Science & Biotech, Local Government, Tax Abatements
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The Metropolitan Development Commission on Wednesday preliminarily approved a property tax abatement for Advion BioServices Inc., which plans to collaborate with Eli Lilly and Co. to open a drug-discovery laboratory at Purdue Research Park of Indianapolis.

Advion, a provider of bioanalytical research and a subsidiary of Ithaca, N.Y.-based Advion BioSciences Inc., is expected to open the 22,000-square-foot lab in mid-May with 49 employees, according to the company’s abatement application.

Advion plans to spend $6.1 million to lease and equip the facility, and is seeking an eight-year abatement to offset costs. MDC staff recommends approval and estimates the company will save $187,290 in personal property taxes over the life of the abatement.

The Indiana Economic Development Corp. offered Advion up to $650,000 in performance-based tax credits and up to $30,000 in training grants based on the company’s job-creation plans. Develop Indy will provide additional training funding.

MDC is set to grant final approval of the abatement at its April 20 meeting.

Advion announced its collaboration with Indianapolis-based Lilly in early March.
 

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