Carmel pharmacy gains tax break, plans to add 116 jobs

Mar 4, 2010 — The Indianapolis Star

Chris Sikich

Mar. 4, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- A Carmel startup business-to-business pharmacy hopes to add more than 100 jobs over the next five years.

Young at Heart, 12800 N. Meridian St., Suite 175, plans to invest $1.6 million in manufacturing and information technology equipment at its new Carmel headquarters and distribution facility. The pharmacy opened in January, primarily serving elderly patients and those with disabilities.

Young at Heart plans to add 116 jobs by Dec. 31, 2015, of which it already has hired 10. The average salary for the new jobs is $50,000.

Founders Erik Young and Barry Hart serve about 200 customers now and hope to grow that base to 900 by May. With those goals, they know they will outgrow their current 3,400-square foot leased facility. They hope to find and lease within Carmel a new home with up to 10,000 square feet, and they also plan to open satellite facilities.

Hart said Carmel was an attractive location for the pharmacy's headquarters because of its skilled labor pool and Mayor Jim Brainard's long-term vision for the city. Ultimately, he sees their core service area as Indiana, Illinois, Michigan, Ohio and Kentucky.

The Carmel City Council on Monday agreed to give the company a personal property tax abatement valued at about $18,000 over 10 years. The Indiana Economic Development Corp. also offered the company $1 million in performance-based tax credits for job creation over 10 years and up to $45,000 in training grants. The grants also depend on job creation.

Young said those incentives are critical for the business.

"In the first year of startup business, we are in survival mode," Young said.

Newstex ID: KRTB-0095-42583712