WL clears way for IEDC’s SK hynix incentives, still negotiating city’s share

SK hynix’s $3.87B chip facility will be second in Indiana to get big incentives from an Innovation Development District. First, WL has to get out of the way, even as it deals with IEDC over city's cut

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WEST LAFAYETTE CLEARS THE WAY FOR IEDC’S SK HYNIX INCENTIVES, WHILE STILL NEGOTIATING CITY’S SHARE

Among the massive incentives used to lure South Korean chip manufacturer SK hynix and its $3.87 billion production facility to West Lafayette was an Indiana Economic Development Corp. offer of up to $554.7 million in Innovation Development District tax rebates.

Before that can lock in, West Lafayette has to clear the deck a bit.

On Wednesday, the West Lafayette Redevelopment Commission introduced a proposal that would pull a 90-acre parcel in the Purdue Research Park from the city’s KCB Tax Increment Financing District. That spot along Yeager Road, about a quarter-mile north of Kalberer Road, has been offered to SK hynix for production of high-bandwidth memory used to feed the artificial intelligence market in an operation that eventually would create an estimated 800 jobs.

The move came as the city hustled to do its part to line up potential state and federal incentive deals for SK hynix before new administrations took over at the Indiana Statehouse and the White House.

(Photo: SK hynix)