The council, in a 19-6 vote, approved Eli Lilly’s request. Eli Lilly has pledged to spend $91 million renovating its Lilly Technology Center in the city. The updated building will house insulin production operations.
Eli Lilly also won a $9.3 million tax abatement in 2017, in exchange for investing $159 million in other insulin manufacturing operations.
Angela Smith-Jones, Indianapolis deputy mayor of economic development, told The IBJ that Eli Lilly’s presence in the area “absolutely pays more than whatever the abatement benefit is in a dollar amount.”
Those in opposition of the abatement raised concerns that the tax decrease isn’t being given in exchange for additional jobs.
Read the full report here.
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