The Fishers City Council gave its stamp of approval on the economic development deal bringing List Therapeutics, a South Korean firm, to Fishers.  The life sciences firm will develop a $110 million facility in the area near 126th Street and Cumberland Road.  Initially, 200 jobs drawing an average salary of $70,000, with an expansion planned on 4-5 years.

The state and city is offering List a personal property tax abatement, 50% in 15 years, worth $65 million.  If the planned expansion happens, there will be another 15-year abatement applying to additional property added.

Councilman Pete Peterson and other council members praised the mayor and his staff for their efforts in recruiting life science firms from overseas to the city.

Mayor Scott Fadness emphasized that the firms locating in Fishers are not research arms of the companies, but rather the production of already-discovered drugs.

“We are getting a lot of success in the infrastructure that supports drugs that have been discovered and then need to be manufactured,” Fadness told council members.

Another life science company, Genezen Laboratories, had their economic development deal with the city amended after city council approval.