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$73 million in conditional tax credits AND the land? Take that Ambrose.
I guess we now know who they sold it too.
It states it clearly in the article that it was sold to the State, namely The Indiana Economic Development Corp., for a $22.5 million profit.
Ambrose did very well on the deal. Initially they sold a plot to the Zoo for more then they paid for the whole site. Combine that with the 22.5 mil they just made and I am sure they will “take it”. It’s a win for everyone. Well, except the tax payer who just handed a multi billion dollar company free land and tax credits out the whazoo.
Actual link for the full size image: https://cdn.ibj.com/wp-content/uploads/2020/12/Screen-Shot-2020-12-04-at-7.46.32-AM-1024×677.jpg
Ugh. Nothing like a suburban office park in the middle of downtown Indy. This promises to be another dead zone filled with more cars than people. Come on, Indy; Get it together.
You are upset that they were able to get the second largest animal health bioscience company to building their world headquarters on a site that has been vacate for decades? This is great news for Indianapolis and getting more working professionals downtown.
Skyscrapers are a thing of the past.
The site “has been vacate for decades”, huh?
This is great news. Economic development working.
Horrific plan
This is an absolute grand slam for downtown Indy.
2mm development per acre is hardly a grand slam for downtown Indy lol Larry
For those who are being critical, over half of the site is left to be developed. Any plan for this site would include office space, so we should be thankful that there is already a tenant lined up for that aspect (unlike Ambrose’s plan). Focus on advocating for good use of the remaining land.
Over half the site is NOT left to be developed
10 acres is for White River State Park expansion leaving only 16-36 acres available to be developed (depending on whether Elanco executes their 20 acre option or not)
This is terrific news! After years of various ideas, many of which were horrible for the area (criminal justice facility), this is a wonderful addition to downtown Indy. Elanco is a very solid, innovative company. And the fact that it’s all about animal health warms my heart. Finally, the right business for the property and for Indy!
This is a great project. The chances of a local developer spending billions for shops, hotel’s, restaurants and homes was very small in this environment. Now you have a billion dollar company bringing employees downtown to participate in all downtown has to offer. The younger employees might move downtown and help to revitalize the existing housing stock next to the hq property just like people are doing in Fountain Sq on the other side of downtown.
Lame
Let me get this straight, tax payers dole out $25 million to Ambrose, give up $73 million in tax revenue, so that we can “retain 1623” jobs, by relocating them the jobs from Greenfield to Downtown Indy. We are supposed to believe that Elanco will create an additional 573 jobs while at the same time reduce the office footprint by 25%.
This just sounds to me like more corporate welfare while screwing the taxpayers of this state and especially the town of Greenfield.
Smart move, a world class corporation will stay and expand in Indiana who desperately needs corporate headquarters. The powers to be understand this.
That is 1000+ lunches being bought most days downtown, and hundreds of happy hours being attended downtown, etc.
Look beyond tax dollars and consider the real local impact.
James, a boon to the service industry is hardly a reason to execute this type of deal.
Hate to see Ambrose succeed in fleecing everyone – massive profit after not delivering anything at all.
+1
I totally agree with you. Ambrose made a fortune with little investment in the property.
Ambrose was smart to get out of the project. These kinds of large-scale developments take way too long to gel and are loaded with risk.
Why does the corporate office park have to be so spaced out? Only gripe is density. Can they consolidate and relinquish more space for future development?
That land should have been apartments on the water and the water area upgraded. Could have sold Condos and received income taxes and property taxes instead of giving up taxes. However, we have come to giving up taxes for jobs. Hope the math works out in the states favor eventually.
This will sell condos and increase the property tax but also other taxes, short sighted to think you build condos without the jobs to fill them.
Pluses and minuses in many categories. Utilization of land and jobs is the major plus. Indianapolis needs more investment in job creation beyond service activities associated with conventions. Residences with lovely views are not attainable without income to secure them. Competition is tough and Indianapolis is not a particularly attractive location for businesses compared to peers such as Columbus OH or Nashville TN that are not hamstrung by a regressive state legislature that promulgates and passes anti-urban legislation (a state statute against light rail and a vindictive riders forcing the transit agency to solicit money in competition with benevolent causes!). Indiana which in general is characterized by poor schools, lower education, poor health, lower income, and bad policies is not ‘open arms’ for business or entrepreneurs as most in the Statehouse think. Indiana’s best bet for prosperity and growth rests in Indianapolis and central Indiana; still, tax incentives and other so-called giveaways may be necessary.
The expansion of the park seems to be a little strange. It is really disconnected from the rest of the park by railroad tracks, and major streets. The pedestrian bridge seems strange too. On the east side of the river, it leads to a former coal yard of the Citizens steam plant, which is cut off from Victory field by a major set of rail road tracks.
Re-routing White River Parkway to the west is going to move it off the top of levy and give everyone a view of a big bank of dirt. That whole area is called the “Little Valley” and before the levy sat in a major flood plain.
The entire length of White Rive and Fall Creek should be addressed from the perspective of a parkway/state park with continuous bike and hike trails, open spaces, trees (!) and water flow control to ensure each stream provides minimum waters levels along with flood control. Fall Creek is a particular eyesore, particularly from Capitol Avenue to 38th Street. Seeking water levels that provide luxurious algae-infested waterfront properties along Geist have left lower stretches of Fall Creek as nothing better than a ditch. Aesthetic aspects, despite poor maintenance and condition, of historic and attractive bridges on Capitol, Meridian and Delaware over Fall Creek cannot be noted due to the forest in the silted waterway. The IWC canal between Fall Creek and 38th Street should become a major focus. A boulevard and parallel greenway with bike and pedestrian trails should be built from Burdsal Parkway to beyond 30th Street and connect to White River Parkway E. Drive. The adjacent neighborhood needs drastic attention; new market rate housing should be built adjacent to the boulevard as a first phase of a Riverside are revitalization scheme that would focus on housing replacement and renovation akin to what has occurred in Bates-Hendricks and near-southside neighborhoods.