The City of Lebanon has announced that the parent company of Facebook, known as Meta, has struck a tentative deal with the city that could conclude with an investment of up to $4.8 billion on a parcel in the LEAP Innovation and Research District.
Meta Platforms Inc., which owns Facebook, Instagram and WhatsApp, has committed to an initial $800 million investment as the first phase of a possible six-phase development over the next decade or longer according to Lebanon Mayor Matt Gentry.
The project is expected to focus on data center operations, occupying a 1,500 acre site in the southern portion of the LEAP District along State Road 32 just east of County Road 450 West. The Lebanon City Council approved incentives to entice the business leaders to invest in the advanced manufacturing and research development park, including a new tax-increment financing, TIF, district, pre-allocation of water resources from Lebanon Utilities and a performance-based economic development agreement.
“While not yet finalized, their proposed investment would demonstrate a strong commitment to contributing to the growth and well-being of our community,” Gentry said.
The deal reportedly includes a 10-year, 50% real property tax abatement and a 35-year complete abatement of the personal property taxes that company would typically owe for the development. The first phase of the project, which would include the installation and operation of data equipment, would possibly employ up to 50 people.
Meta has reportedly committed to a $1.5 million annual community impact payment for the city for every completed phase of the project with the funds being expected to be utilized toward quality of life and placemaking initiatives.
According to Gentry, the city expects to collect approximately $114.6 million in property taxes and community impact payments over the next 15 years for the first phase of the project.
– Photo courtesy of The City of Lebanon.