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For-profit university eyes College Park office space

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National American University wants to turn 35,000 square feet on the second floor of a building in the College Park office complex into its latest campus.

The for-profit chain of colleges, based out of South Dakota, has asked the city’s Department of Metropolitan Development for a zoning variance for the building at 3600 Woodview Trace—immediately north of the Pyramid office towers on the northwest side of Indianapolis.

The request is scheduled to be considered by the Board of Zoning Appeals on May 15.

National American University Holdings Inc. operates 35 campuses nationwide, which includes the one in Indianapolis. National American already has a distance-learning center in Carmel, which offers help to online students located in this area.

Through its physical and online campuses, National American enrolls nearly 11,000 students.

The campus will open Aug. 1, although it is not clear how many students National American intends to enroll at the Indianapolis campus. Messages left for National American executives Friday morning were not immediately returned.

Also unclear is what types of programs National American would offer at its Indianapolis campus. Nationally, its schools offer a bevy of associate, bachelor’s and master’s programs in business, criminal justice, information technology and health care, including nursing.

If its zoning petition is approved, National American would join a handful of other for-profit schools in the College Park area. The Art Institute of Indianapolis, owned by Pittsburgh-based Education Management Corp., opened in one of the Pyramid towers in 2006. Fort Wayne-based Indiana Tech also has a campus in one of the towers.

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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.

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

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