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November 4, 2013
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Faced with huge debt payments next year, San Francisco-based Genstar Capital is exploring a sale of Indianapolis-based Harlan Laboratories, the world’s second-biggest provider of lab animals. Genstar, which acquired Harlan in a leveraged buyout in 2005, faces long odds on refinancing $280 million in debt that comes due in July 2014. That’s because Harlan has experienced “double-digit revenue contraction” after sales reached $326 million in 2012, according to a report by Standard & Poor’s. Harlan has been losing ground in its contract research work, analysts say, because pharmaceutical companies have scaled back early-stage research. Harlan employs about 330 people in the Indianapolis area.

The state of Indiana will extend its high-risk insurance pool through the end of January to accommodate Hoosiers who have been unable to enroll in coverage through the federal marketplace, according to TheStatehouseFile.com. The Indiana Comprehensive Health Insurance Association–often called ICHIA–provides coverage for roughly 6,800 individuals with significant medical needs and costs the state about $6.3 million per month. The program was scheduled to shut down at the end of the year. The state created its high-risk insurance pool in 1982 to provide health care options for seriously ill Hoosiers who did not have access to coverage in the private market. Its users tend to have problems including cancer, hemophilia, HIV/AIDS or organ failure. Last spring, the General Assembly passed a law dissolving the program because the patients would become eligible to purchase coverage through the federal marketplace. But state officials now worry those patients won’t be able to sign up in time.

In an attempt to improve public health planning and efforts, researchers at IUPUI have received a $200,000 grant to study whether they can use electronic medical records to measure health outcomes by neighborhood or census block. The two-year study will try to establish a valid method for integrating data from the medical records with other community health indicators such as parks, health care facilities and grocery stores selling fresh produce. “When there is a limited budget for, say, preventing diabetes, the county health department has to determine how to spend its resources,” said Brian Dixon, an informatics professor and researcher at Indianapolis-based Regenstrief Institute Inc., who is leading the study. “One choice is to evenly divide the money across all communities within the county, some of which probably don’t have as much need as others. A second choice is to identify specific areas within the county that might need intervention the most.” The grant was awarded by the National Network of Public Health Institutes with support from the Robert Wood Johnson Foundation.
 

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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