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2013 Forty Under 40: Andrew Held

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“It’ll be in the arts, from continuing involvement with Penrod to, hopefully down the road, getting involved with another arts organization.”

Age: 36

President, PCD Capital Group LLC


Andrew Held had an impressive law career going—as an Indiana University-Bloomington law student, he clerked for federal Judge Sarah Evans Barker and Indiana Court of Appeals Judge Margret Robb before joining Hackman Hulett & Cracraft LLP and then Bose McKinney & Evans LLP in its Real Estate Group.

“I practiced almost five years,” the Indianapolis native and North Central High School graduate said, “and it almost seemed like it was a better fit to be on the business side. Law is a great career, and it’s a tremendous background, particularly on the real estate business side of things.”

So he went to work for School Craft Development LLC developing shopping centers and, to learn more about finance, went back to school at Butler University for his MBA.

In August 2008, Held and several partners started Pedcor Commercial Development LLC. With the economy tanking, the timing, seemingly, couldn’t have been worse. But PCD hadn’t established a niche, so rather than development, it decided to buy assets to seed the company. Most of that occurred in Southern California, where Held spent a lot of time picking up five projects from people or banks looking to unload their holdings. (He still managed to continue his longtime work with the Penrod Arts Fair and be home with his wife and their three children.)

PCD was able to buy around $100 million of assets by the end of 2011, Held said. And as the real estate market normalized, Held and company have shifted their focus back to Indiana. They’re buying the Echo Ridge Apartments on the east side of Indianapolis and have two projects in Muncie.

“To me,” Held said, “it’s all about shifting your focus and recognizing opportunities as they present themselves. We were able to do that. We’re a small group, so we’re able to be pretty nimble.”•

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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

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