Indy's Angie's Adds $40M Expansion to Its List
Consumer review service Angie's List Inc. plans to undertake expansion of its Indianapolis headquarters, including renovations to a 176,000-sq-ft former Ford manufacturing facility owned by Indianapolis Public Schools. The company, co-founded by Angie Hicks in 1995, also plans to construct a 1,000-space parking facility adjacent to its campus, sited on the city's east side.
Angie's indicated the additional space will accommodate 1,000 new employees while consolidating an additional 800 from multiple area locations.
The $40-million project is key to ongoing revitalization of the city's East Washington Street corridor, Indianapolis Mayor Greg Ballard indicated in a statement. Indiana Economic Development Corp. (IEDC) has offered Angie’s up to $6,500,000 in conditional tax credits and up to $500,000 in training grants based on the firm's job creation plans. IEDC also plans to provide the city of Indianapolis with up to $2 million in infrastructure assistance in support of the project.
The city has indicated it will consider additional incentives, including $9.6 million in assistance from the Downtown Tax Increment Finance District for construction of the parking structure and $6.75 million to Indianapolis Public Schools to offset the cost of relocating from the Ford facility.
All told, Angie's could receive up to $25 million in city and state incentives for the project. The firm currently employs 2,000, about 60% of which are in sales. In August, the firm reduced sales staff by 97. The firm lost $18.4 million in its most recent quarter, as compared to a loss of $14.3 million for the same period last year.
The Ford facility conversion is due for completion in 2017 and the parking structure in 2016.