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Carmel-based wind-gear maker plans Marion plant

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Vela Gear Systems LLC, a Carmel-based startup manufacturer of mechanical power transmission components used in wind energy, announced Tuesday that it will establish its first manufacturing operations in Marion, creating up to 163 jobs by 2013.

The company, which manufactures components for gears and gearboxes, said it will make a multimillion dollar investment to construct a 250,0000-square-foot manufacturing facility next to Ivy Tech Community College in Marion.

Construction on the new facility is scheduled to begin by mid-2011. Hiring will take place in late 2011 with operations set to begin by mid-2012.

"Indiana is an ideal location due to the high-skilled workforce, and a central location close to a variety of North American customers," said Noel Davis, founder and CEO of Vela Gear Systems.

Vela was founded by veterans of the gear making industry from across the Midwest. The facility will be among the only U.S. manufacturers of large-scale gears for wind-turbine assemblies.

The Indiana Economic Development Corporation offered Vela up to $1.6 million in performance-based tax credits, based on the company's job-creation plans. The city of Marion will consider the establishment of a tax increment financing district at the development site.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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