FISHERS, Ind (WISH) — Fishers City Council is expected to vote on an Economic Development Agreement Monday evening. The agreement would require Fishers to complete road projects, and if it doesn’t, would have to pay millions of dollars to the furniture retailer.
There’s no question. Many are looking forward to IKEA coming to town.
“I see the huge benefit for the economy for the news jobs being created. Certainly a lot of great new products,” said Jon Streeter, who works near the IKEA site.
The city of Fishers believes it’s a benefit, too; a $40 million investment that would employ up to 250 people. That’s why City Council President Pete Peterson is in support of the agreement. It would waive certain road, bridge, permitting, development and sewer impact fees. Those Incentives would otherwise cost the IKEA up to $300,000, according to Peterson.
“For a transaction this size, it’s a very nominal type of incentive to bring them here,” said Peterson.
The agreement also requires Fishers to complete three road projects at or near the site of IKEA at 116th Street just east of I-69.
That location will see a new lane go up. It’ll stretch from I-69 to Cumberland Road. USA Parkway will be restructured and new traffic lights will also go up. A new I-69 interchange will go in at 106th Street.
If those projects are not completed on time, it could cost Fishers more than $1 million a year for up to 10 years. The agreement states that IKEA would receive a property tax abatement of 100 percent.
“I don’t think it’ll come to that. We’re well underway with these projects and I have full faith in the engineering department and the mayor’s office they’ll get this done in a timely fashion,” Peterson said.
A timely fashion is what shoppers are hoping too, so they can start stocking up on home fashions.
“I think it’ll all work out. I think it’ll be a huge benefit to the community,” said Streeter.
Peterson says he expects the agreement to pass in Monday’s meeting. It’ll be held at Fishers City Hall at 7:00 p.m.