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City mulls creation of 'high tech district' for ExactTarget

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ExactTarget Inc. could get a 10-year tax break on an unspecified investment in new equipment if the City-County Council agrees to designate several parcels tied to the Indianapolis-based company as a "high technology district."

The measure, set for a hearing Monday evening, would allow the fast-growing company to install the equipment at a series of locations, including its existing office operations in the Guaranty Building on Monument Circle, the Century Building at Pennsylvania and Maryland streets, and the Gibson Building at Michigan Street and Capitol Avenue.

The filing also shows as eligible a series of parcels at Kentucky Avenue and West Henry Street west of Lucas Oil Stadium, and the block of surface parking that surrounds the Gibson Building on two sides.

The inclusion of the surface parking area around the Gibson Building seems to suggest ExactTarget is interested in building on the property. Company spokesman Mitch Frazier did not return a phone message left Monday morning.

With a proposed investment of $35 million, Exact Target would save about $3.3 million over 10 years, based on current tax rates for Center Township District 101.

One of the measure's sponsors, Democratic At-Large Councilor Zach Adamson, said the company must provide 100 new jobs at an average salary of $86,000 per year to retain the tax breaks.

The e-mail marketing company is seen as a key driver of employment: ExactTarget now employs 1,673 people—most of them in Indianapolis—compared with 1,133 at the beginning of 2012.

The company was one of three Indianapolis-based tech companies that announced big expansion plans at the end of 2012.

John Bartholomew, a spokesman for the Department of Metropolitan Development, said the creation of the "high technology district" expands a 2-year-old deal with ExactTarget and brings it into compliance with new legislative requirements.

The publicly traded company last week reported record revenue in its fourth-quarter earnings, but a growing loss.

The company lost $13 million in the quarter ended Dec. 31, compared with a $6.1 million loss for the same period of 2011. On a per-share basis, the loss dropped to 19 cents from 68 cents a year earlier because of a huge increase in common shares that hit the market after the company went public in March 2012.

Revenue increased 42 percent, to a record $84.2 million. For the year, revenue grew 41 percent, to $292.3 million.

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  • Boo on industry!
    ExactTarget, send your potential high-paying jobs to India or China! Do nothing to develop Indy! The suburbanites have spoken!
  • Indianapolis is a banana republic
    Only the rank n file citizens pay taxes. Screw these companies that are FREELOADERS.
  • Exact Spam?
    No need for this! They can pay their tax bills just like every other company.
  • exact target
    fyi
  • Exact Target
    I thought you might find this interesting
  • Semantics
    I hardly think sending spam emails is "high tech."

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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