LEBANON, Ind. — The Lebanon City Council approved a number of measures that could help lure Meta to the LEAP District.
Per a release, Meta has engaged in talks with local officials about a proposed $800 million investment in the LEAP (Limitless Exploration/Advanced Pace) District. The measures the Lebanon City Council approved on Monday night to try to secure Meta’s investment pertain to water pre-allocation from Lebanon Utilities, performance-based economic development and the implementation of a Tax Increment Financing (TIF) area.
“While not yet finalized, (Meta’s) proposed investment would demonstrate a strong commitment to contributing to the growth and well-being of our community,” Lebanon Mayor Matt Gentry said via release.
The City of Lebanon has also indicated that its proposed deal with Meta could include $1.5 million per year in funding for local projects. The money would be considered “non-restrictive community impact funds,” which the City of Lebanon could use to improve its residents lives.
In June, the IEDC announced that it was aiming to purchase another 2,500 acres for the LEAP District. Not counting the addition, the LEAP District already spans more than 9,000 acres.
Major companies like Eli Lilly have already invested heavily in the LEAP District. Eli Lilly’s current investment is about $9 billion.
Despite the investment, the LEAP District isn’t without its detractors. Some Hoosiers have expressed concerns about the amount of water that will be needed to sustain the district once it is fully developed.
More information is available on the LEAP District is available here. As of this article’s publication, little additional information on Meta’s potential investment in the LEAP District had been made available.
