Company got Indianapolis tax break despite pending appeals
INDIANAPOLIS (AP) - A published report says Indianapolis officials approved a $9.3 million tax break for drug maker Eli Lilly and Co. despite the city controller's concerns that the company was appealing $20 million in property taxes at the same time.
The Indianapolis Business Journal reports Lilly sought the 10-year abatement in exchange for the company investing $159 million to boost insulin manufacturing operations at its Indianapolis technical center.
Emails obtained by the Indianapolis Business Journal show Controller Fady Qaddoura told city officials he opposed giving Lilly abatements while the property tax appeals were pending. If Indianapolis loses the appeals, the cash-strapped city may have to refund Lilly millions.
City officials supported the tax break and the City-County Council unanimously approved it.
A spokeswoman for Mayor Joe Hogsett says Indianapolis will bring in $7.7 million in net new taxes as a result of the agreement.
Information from: Indianapolis Business Journal, http://www.ibj.com
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