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Fishers offers financial deals to lure new companies

FISHERS, Ind (WISH) – More and more companies are choosing Fishers. Owners said it’s in part because of the vibe and workers, but there’s also a financial reason.

Over the past few months, several companies, including IKEA, Topgolf and Stanley Security, have announced moves to Fishers.

“I think it’s a good thing because the city is improving all their services,” Fishers resident Gerald Meier said.

“I think it’s great, because I think more jobs keeps crime down,” Cassandra Muhammad, also a Fishers resident, said.

But when you take a look at how businesses are getting lured, some aren’t as happy.

“I don’t think that’s so good,” Muhammad said. “I mean, we don’t get a lot of [tax] breaks. We have to work and provide for our families, and we don’t get any tax breaks. I would be against them giving breaks to companies to come here.”

Stanley Security received a 10-year tax abatement, saving the company $1.8 million, and $328,000 in waived fees.

Braden Business Systems will receive upwards of $769,000 over the next five years, with $230,000 in waived fees. In March, city council will consider a deal for Republic Services, which will give the company $123,909 in tax breaks over the next 10 years.

As for other recent deals, IKEA received $1,657,000 in waived fees. Topgolf received 10-year tax breaks. Big breaks, but city leaders said it means big job numbers too.

Here’s a look at the jobs on the way: Stanley Security plans to bring more than 300 and Braden Business Systems will employ 70. Republic Services will hire 500 people, IKEA another 250 and Topgolf will hire 450 people.

“They’re going to have to buy homes,” Fishers City Council President Pete Peterson said. “They’re going to have to rent apartments. They’re going to have to go eat. They’re going to have to use dry cleaners. All that then comes into play.”

Some of these businesses are moving from Indianapolis. The mayor’s spokesperson said the city doesn’t usually offer the same deals as Fishers.

The tax breaks aren’t usually at 100 percent for more than a year, but Fishers leaders say it’s necessary to keep the city moving forward.

“I don’t know how anybody can look at a business that’s coming into our city, that’s going to bring 1,000 jobs between these two businesses, as a bad thing,” Peterson said.

And it’s not just jobs; some of the businesses are expected to general millions in city revenue as well. Topgolf alone, city officials estimate, will generate $264 million over the next 10 years.