11/6/2012 7:56:12 AM
Indianapolis-based BioStorage Technologies Inc. is planning to add 108 jobs in the next five years as part of a $7 million expansion and is seeking financial incentives from the city for the second time in three years. Founded in 2002, BioStorage is near the Indianapolis International Airport where it prepares, stores and transports tissue and blood samples. The company serves biotech companies, as well as medical-device makers and academic research institutions. BioStorage’s latest expansion plan follow its move to the current facility in 2009, when the city offered a seven-year tax abatement as an incentive. Under terms of that agreement, the company was to have 175 local employees by the end of 2012, according to city documents. The economic downturn put a damper on those plans, however, and BioStorage added just 25 workers over the past three years, boosting local employment to 75. City officials are recommending a four-year incentive plan that will include compliance provisions tied to the previous and proposed tax abatements should BioStorage fail to meet its hiring goals by 2017, according to city documents.
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