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OngoingStableRisk Index — Q1 2026
Lebanon / Boone County — Indiana (LEAP Innovation District)
Lebanon, Boone County, Indiana
78/100
LOW RISK
Trajectory: No moratorium enacted in Lebanon or Boone County (unlike Marshall, White, Putnam counties). Council unanimously approved Meta's incentive package. Meta broke ground February 2026.
Last updated 2026-03-29
Community risk review · approving-market signal
Lebanon / Boone County — Indiana (LEAP Innovation District)'s score is backed by the record of participants driving it.
RealClear computes a Community Impact Score (0–100) for every named participant in this jurisdiction's entitlement record. Approving markets typically carry pro-development CIS leaders at the top of the record — elected executives, planning staff, and economic-development bodies with consistent posture across multiple projects. Open the cross-referenced case files below for the full per-actor weight breakdown.
Investment Thesis
LEAP PUD provides by-right DC approval in the Industrial Mega Site subdistrict. Meta investing $10B+, Eli Lilly co-locating, state providing $60M infrastructure funding. Opposition exists but has not blocked any project.
Eighty miles from Franklin Township — where Google withdrew under community pressure — Meta broke ground on a $10B campus inside the LEAP Innovation District on February 11, 2026. The city council approved the incentive package unanimously. The plan commission approved the 1,500-acre development plan. Boone County has not enacted a moratorium. Same state, opposite outcome. The difference is a PUD that designates data centers as a permitted use in the Industrial Mega Site subdistrict.
Data centers are Permitted Use in the LEAP Industrial Mega Site subdistrict — unanimously adopted August 2023. No CUP, no rezoning required within the PUD.
Meta officially broke ground February 11, 2026 on a $10B, 1 GW campus on 1,500 acres. Eli Lilly is co-locating in the same district.
Indiana appears on both the Hardest (Google Indy, 13/100) and Clearest (Lebanon, 78/100) lists. 80 miles apart. 65-point gap. Zoning structure is the differentiator.
WVPA filed for 1,200 MW total demand at LEAP with MISO. Citizens Energy Group delivering 25M gallons/day via a dedicated water program. $60M in state funding approved.
Opposition exists — Citizens Action Coalition and Boone County Preservation Group — but has not blocked or delayed any project. A legal challenge filed January 2023 has not produced injunctive relief.
Dimension Breakdown
How this market scores across four dimensions.
Regulatory Risk
30 pts
Permitted Use within the Industrial Mega Site subdistrict of the LEAP PUD, adopted unanimously August 2023. Multiple annexation ordinances executed. Plan Commission approved Meta's 1,500-acre development plan.
Score: 25/30. Permitted Use within the LEAP PUD Industrial Mega Site subdistrict. Multiple annexation ordinances executed. Plan Commission approved Meta's development plan. This is the highest regulatory score among Indiana markets.
Infrastructure Readiness
25 pts
Boone REMC / Wabash Valley Power Alliance with DC recruitment program. WVPA filed for 1,200 MW at LEAP with MISO. Citizens Energy Group water program delivering 25M gallons/day. $60M state funding approved.
Score: 19/25. WVPA/Boone REMC with DC recruitment program. 1,200 MW MISO request filed. Citizens Energy Group 25M gallons/day water program. $60M state funding. Outcome of MISO expedited review is the key uncertainty.
Opposition Density
25 pts
Two organized groups: Citizens Action Coalition (statewide moratorium call) and Boone County Preservation Group. Change.org petition with 1,000+ signatures. Legal challenge filed January 2023. But no project blocked or delayed.
Score: 15/25. Two organized groups and a 1,000+ signature petition — but no project blocked or delayed. This is the lowest opposition score among Clearest markets, reflecting Indiana's statewide tensions.
Approval Timeline
20 pts
Exceptionally fast by industry standards. Meta: council approved incentives unanimously November 25, 2024. Plan Commission approved development plan August 18, 2025. Groundbreaking February 11, 2026.
Score: 19/20. Exceptionally fast. Meta: council unanimously approved incentives November 2024, plan commission approved August 2025, groundbreaking February 2026. This is the best approval timeline in the index.
Key Findings
What the evidence supports.
Data centers are Permitted Use in the LEAP Industrial Mega Site subdistrict.
City of Lebanon UDOMeta officially broke ground on $10B campus on February 11, 2026.
Meta NewsroomWVPA filed for 1,200 MW total demand at LEAP with MISO (expedited project review).
Indiana Economic DigestIncentives & Programs
Why developers are choosing here.
Meta 10-year, 50% real property tax abatement + TIF district
Council unanimously approved November 25, 2024. Meta investing $10B+ in 1GW campus.
SourceIndiana Data Center Sales Tax Exemption
Exemption on qualifying DC equipment and energy use. Administered by IEDC.
SourceMeta community investments — $1M annually for 20 years to Boone REMC Community Fund
Plus $120M+ toward water infrastructure improvements.
SourceKnown Risks
No market is risk-free. Here's what to watch.
The credibility of a favorable score depends on honest risk disclosure. These risks are documented in public records.
Two organized opposition groups (CAC and Boone County Preservation Group)
Legal challenge to annexation filed January 2023
WVPA 1,200 MW MISO request outcome uncertain
Indiana moratorium wave in other counties shows statewide tension
Recommendation
LOW RISK — Score 78/100
Standard process expected. LEAP provides an unusually favorable regulatory framework despite statewide moratorium activity in other Indiana counties.
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About This Index
Published Q1 2026RealClear gives real estate development teams cited entitlement research before they commit serious diligence spend. This index scores U.S. markets across four dimensions of data-center entitlement risk: regulatory complexity, infrastructure readiness, community opposition density, and approval timeline. It is market-level triage, not a parcel score. Submit a specific parcel and you get a 24-hour cited brief whose claims trace to primary sources.
Read the full methodology20Markets Scored
15Index States
249+Source-Backed Claims
Ready to screen a property candidate? RealClear returns a 24-hour cited brief covering zoning posture, approval path, community posture, comparable outcomes, open questions, and next questions for counsel, civil, utility, or the local team.