IEDC confirms it’s selling properties originally bought as part of LEAP District
The Indiana Economic Development Corporation is reselling some of the land it bought for the project.
BOONE COUNTY, Ind. — Two homes in the biggest economic development project in Indiana history are up for sale.
Our newsgathering partners at the Indiana Capitol Chronicle report the land up for sale was originally going to be part of Boone County’s LEAP Project, a multi-billion dollar technology park.
Now, the Indiana Economic Development Corporation is reselling some of the land it bought for the project.
Gov. Mike Braun recently announced an audit of how that agency does business.
Members of a preservation group in Boone County think that audit and now the sale of this land, point to something they’ve believed all along, that the IEDC has been acting like a property developer and didn’t think the LEAP project all the way through.
When a “For Sale” sign went up recently for the property and house right behind Brian Daggy’s house in Boone County, Daggy took it as a sign of something much bigger.
“I think it’s a sign that somebody, particularly under the new administration has realized that the IEDC over spent, over bought, maybe bit off more than they can chew in terms of how they’re hoping to acquire property,” said Daggy, who’s part of the Boone County Preservation Group and explained that more than three years ago, the IEDC offered to buy his land along with land belonging to several of his neighbors.
“They were kind of like a drunk sailor over here buying property,” Daggy recalled, saying that he and most of his neighbors turned them down, except the property owner who lived behind Daggy who sold his land and house to the state.
Now, the house and part of the land, along with a second home and the acres of land it sits on, are back on the market.
The second home sits just north of where Eli Lilly is setting up shop in the LEAP District.
Property records show the IEDC bought the second home and land for $840,000. The asking price now for the same property is $649,000.
“Buying high and selling low is not a good way to make money,” said Daggy.
A spokesperson with the IEDC confirmed to 13News it has two properties listed for sale and that they are in the process of looking at all land they own within the LEAP District.
The IEDC sent a statement to 13News that said:
“As part of that analysis, the IEDC identified two purchased properties that were necessary at the time for access and annexation, but no longer warrant the state maintaining to support current and future investments. For these reasons, it has been determined that the best path forward is to list and sell portions of these two properties, eliminating maintenance expenses and better aligning with the long-term vision for the site.”
It’s a vision neighbors like Daggy still question, even with Eli Lilly so far being the only company that’s broken ground in the LEAP District.
The IEDC’s statement went on to say:
“To date, the purchase of land and the development of the LEAP District has resulted in the IEDC securing more than $18 billion in committed long-term investments for critical life sciences, R&D and data center projects, with resulting land sale proceeds already being returned to the state’s general fund.”
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