New Pharmaceutical And Biotech Grade Cold Storage Facility Planned For Indianapolis
Indianapolis – City and State economic development officials today announced that Sentry Logistic Solutions, Inc. (SLS) of Indianapolis, Indiana will build a new 81,000 square foot cold storage facility designed specifically to serve the pharmaceutical and biotech industries.
"We are thrilled by SLS's decision to make this significant investment in Indianapolis," said Indianapolis Mayor Bart Peterson. "SLS's state of the art biotech storage facility adds another critical component to our region's life sciences infrastructure."
SLS's Indianapolis state of the art facility includes a capital investment of nearly $8 million and creates 30 jobs with an average wage of $42,400 (plus benefits). Construction on SLS's Phase I, totaling 51,000 square feet, is set to start next week and will be completed by the end of the March 2006. Phase II will begin in the spring of 2006. Garmong Construction Services of Terre Haute, Indiana designed and will construct this facility. The new structure will be located in Ameriplex at 4605 Decatur Blvd. in Indianapolis.
"We are very excited to be able to provide our clients with a new secure, state-of-the-art cold storage facility that will enhance their supply chain capabilities," said Jennifer Marcum, Project Director for SLS. "SLS considered numerous locations for this investment, yet the combination of this region's commitment to growing the biotech sector and the strong support we received from state and local leadership made Indianapolis the logical choice."
To assist the SLS investment, the city's Metropolitan Development Commission approved an eight-year tax abatement based upon $7.5 million in real and personal property investments. The total tax savings projected for SLS will be approximately $481,000.
The State of Indiana made the following commitments:
Skills Enhancement Fund Assistance – up to $18,500 in grant funds
TECH Fund – the maximum award of $50,000
EDGE tax credits – up to $270,000 over an eight period
Additionally, SLS is eligible for the State Hoosier Business Investment Tax Credit which provides a potential 10% tax credit for SLS's "qualified investment" in Indiana.
"We are very pleased that SLS is making this investment in Indiana," said Mickey Maurer, Executive Director, Indiana Economic Development Corporation. "The return on investment for Indiana in terms of new business activity and well-paying job growth make SLS's and Indiana's investments a winning combination."
"Being located within a foreign trade zone, adjacent to FedEx's second largest U.S. hub, within minutes of the Indianapolis International Airport and within a one-day drive of 75% of U.S. businesses, this new facility will greatly enhance the distribution capabilities of many biotech companies," said Jeb Conrad, Executive Director, Indianapolis Economic Development. "SLS's announcement, in many ways validates our local vision of Indianapolis as a major global hub for biotech research, production and distribution."
Phase I will offer storage options of 2° C to 8° C cold storage, -10° C to -20° C frozen storage and ambient room temperature storage. The building design also exceeds normal requirements needed to classify it as a Highly Protected Risk facility and will be FDA compliant, which are important factors when dealing with pharmaceuticals and biotech materials.
Plans for Phase II call for additional frozen storage options including -15° C to -25° C frozen storage and controlled room temperature storage space.
For safety and security the entire facility will have an extensive 24-hour security surveillance system, a sprinkler network designed specifically for biopharma, and perimeter fencing. It will also utilize a highly redundant energy system that includes a back-up generator in case of power failure.
For more information about Sentry Logistic Solutions visit www.slsindy.com.
SOURCE: Sentry Logistic Solutions, Inc.