Angie’s List Seek Indianapolis Public Help for Expansion

LNI,

Amidst the losses, Angie’s List, the online consumer review service,  has asked the Indianapolis City Council to invest taxpayers money in their company. They have asked them to invest for the company’s future. They are promising jobs in return of the money.

The company announced that if they get $18.5 million from the city, they will create around 1000 new jobs. They want to use the money to acquire the old Ford plant which is located two blocks east of the company’s headquarters.

Angie’s List gave the list of the expenditure they will carry out. They will use around $10 million to build a garage and other infrastructure, $6.75 would be given to IPS, as they are the owners of the old Ford Building and the rest $1.55 million for insurance and other contingent expenses.

A panel of City-County Council considered the proposal of $18.5 million tax incentive for the company to allow them more time to put together their bid.

Though, the council leaders are giving positive response to the proposal, still the Metropolitan and Economic Development Committee has postponed the vote on it until February.

Councilman Zach Adamson said that the delay was necessary to give Angie’s List more time to put together their proposal. He also co-sponsored the proposal.

Some council leader’s are approving on the proposal as Angie’s List has helped in stabilizing the condition in the near East side of the city.

But other doubt whether it is a safe bet. In last 20 years the company has never made any profit. It went public in 2011, but there are indications that Wall Street is losing patience with it. The company’s stock were significantly low at $5.14 pe… MORE

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