FISHERS, Ind. (WISH) – IKEA is one step closer to coming to Fishers.
The Fishers City Council voted to approve the Economic Development Agreement Monday evening.
The agreement requires Fishers to complete three road projects, and waives certain road, bridge, and sewer impact fees.
Those incentives would otherwise cost Ikea up to $1.6 million.
City leaders say that for the size of the development, the agreement is a very small price to pay
“We were competing against places all over the US as well as all over the world as Ikea decides where they’re going to invest their dollars and expand their footprint,” said Pete Peterson, Fishers Council President.
If the projects are not completed on time, it could cost Fishers more than $1 million a year for up to 10 years.
The new retail furniture store is a $40 million investment for Fishers. It will employ up to 250 people.