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IEDC leads European trade mission

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Officials from five of Indiana’s largest economic development organizations, Rolls-Royce North America and Duke Energy are traveling to Europe next week on a job- and investment-attraction mission.

The Indiana Economic Development Corp. is leading the delegation, which will visit Germany, Italy and the United Kingdom from April 17 to May 1.

Their first stop will be the four-day Hannover Messe Trade Show, a global exhibition focused on renewable and conventional power generation, transmission and distribution. After that, the group will move on to Italy for several days of business meetings.

The trip will conclude in England, where meetings will concentrate on the defense, aerospace, biotech and electric vehicle industries. Retired Rolls-Royce North America executive S. Michael Hudson will be the keynote speaker at a U.S. and Indiana Aerospace and Defense seminar co-sponsored by the West of England Aerospace Forum, Bristol International and United Kingdom Trade & Investment.

According to IEDC, Germany has $3.5 billion in total capital investments in Indiana, while the United Kingdom has total investments here worth $11.3 billion. This is IEDC’s fourth European trade mission since 2005.

Reached on the road via cell phone Thursday morning, IEDC spokeswoman Blair West couldn’t immediately quantify the number of new jobs or total new business capital investments the IEDC’s previous European trips have yielded for Indiana.

Instead, she pointed to a recent example: Schott North America’s Oct. 20 announcement of plans to add 150 jobs in Vincennes. Schott, which already made glass-ceramic cooktops for home appliances at its Vincennes facility, said it plans to invest $7.2 million there after winning a defense industry contract to fabricate transparent armor. Schott's armored windows were selected for a new line of mine-resistant, ambush-protected all-terrain vehicles designed for the rugged mountains of Afghanistan.

IEDC awarded SCHOTT a package of incentives including up to $2.3 million in performance-based tax credits and up to $50,000 in training grants.

West said the German company's Indiana expansion came as a direct result of Gov. Mitch Daniels' 2007 European trade mission. She said it was one of several deals that can be directly traced to that trip.

Other economic development groups sending representatives on the upcoming mission include Indianapolis Economic Development Inc., Indy Partnership, Northeast Indiana Regional Partnership and the Columbus Indiana Economic Development Board.

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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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