Indiana's economic development arm wants $20 million to buy roughly 185 acres in Boone County for a $1.5 billion medical isotope production project planned by California-based Oklo Inc. at the LEAP district near Lebanon. The State Budget Committee is scheduled to take up the request Tuesday, alongside two other sizable funding asks tied to the sprawling industrial park.
The Indiana Economic Development Corporation plans to draw $8 million from its Deal Closing Fund and reallocate another $12 million previously earmarked for LEAP infrastructure and land purchases to cover the acquisition, according to Inside INdiana Business. The money would go toward payments for land options and deposits as the state works to assemble the parcels Oklo needs for its isotope facility. The committee is set to meet at 3 p.m. Tuesday at the Indiana Statehouse to weigh the request.
Separate from the land purchase, the IEDC also plans to sell up to 440 acres at LEAP to an Oklo subsidiary, Bigfoot Metals Development LLC, for about $70.4 million. The state already owns much of that property but has agreements in place to buy additional parcels before the sale can close, the outlet's report notes. Under the contract, the subsidiary would buy property south of State Road 32 and west of County Road North 400 West at $160,000 per acre.
What the Deal Does and Doesn't Spell Out
The agreement permits several potential uses for the land, including nuclear power generation and radioisotope production, but it does not specify how many jobs the project is expected to create or when construction would begin. That ambiguity leaves open questions for Boone County residents watching the development unfold, even as officials tout the scale of the investment.
LEAP, short for Limitless Exploration/Advanced Pace, is a roughly 9,000-acre technology and industrial development district north and west of Lebanon. The district has already drawn major tenants: Eli Lilly bought 605 acres from the state for $60 million back in April 2023, part of a broader land-buying campaign that, as of October, had cost the IEDC almost $427 million for roughly 5,800 acres tied to the project, per the Indiana Capital Chronicle. The state had initially planned to purchase up to 11,000 acres for the park.
A Pattern of Land Deals at LEAP
Tuesday's request echoes a similar move in June 2024, when the State Budget Committee approved about $59 million for the IEDC to buy Boone County acreage already under contract and another $29 million for infrastructure improvements in the area, the Capital Chronicle reported at the time. That package included $58.5 million to buy 1,100 acres already under contract and roughly $500,000 in options on 1,400 additional acres.
The IEDC has said the land purchases and development at LEAP have helped secure more than $18 billion in committed long-term investments. Officials have also estimated the district could eventually need 55 million to 60 million gallons of water per day once current and prospective tenants reach full capacity in 18 to 20 years.
Other Items on Tuesday's Agenda
The State Budget Committee's Tuesday agenda isn't limited to the Oklo land deal. Members are also set to consider a $53.75 million request tied to an electric vehicle battery project in Kokomo and a $10 million request for a proposed workforce training center at LEAP, according to the same Inside INdiana Business report.
The medical isotope push at LEAP comes as similar projects take shape elsewhere in the country. In New Mexico, Eden Radioisotopes has announced plans for a production reactor and processing facility in Lea County valued at up to $1.4 billion and expected to create 205 jobs, aimed at producing isotopes used in diagnostic imaging and cancer treatment, per Area Development. Oklo itself has been selected, along with other developers, to take part in the U.S. Department of Energy and NRIC's Nuclear Energy Launch Pad initiative, which chose 12 developers across 13 projects, according to Oklo.
For now, the immediate question in Boone County is whether the State Budget Committee signs off on the $20 million request Tuesday, setting in motion the next phase of land assembly for a project that promises to be one of the largest additions yet to the LEAP district.
