2011 Year in Review

Top 2011 news and newsmakers

December 27, 2011
 IBJ Staff
The economy may be stuck in the doldrums, but government and the private sector are continuing to make huge investments aimed at strengthening the region's future. Check out IBJ's complete year-in-review coverage, including a photo gallery, reader poll and A&E recap.
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State's economy still stuck in neutral

December 24, 2011
The year started with a sense that slowly—not fast enough for anyone’s liking—but steadily, Indiana’s economy was coming back. But then a spike in gas prices and the never-ending sovereign debt crisis in Europe created a summer of setbacks.
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Indictment: Durham looted Fair Finance

December 24, 2011
Indianapolis financier Tim Durham was indicted on wire and securities fraud charges in March—the culmination of a federal probe that began in 2009.
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Political neophyte Ballard cruises to second term

December 24, 2011
A contentious battle for Indianapolis mayor culminated in a second term for Republican Mayor Greg Ballard, who won the race with 51 percent of the vote. His Democratic challenger, Melina Kennedy, garnered 47 percent.
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City backs string of high-profile real estate projects

December 24, 2011
The administration of Mayor Greg Ballard found its stride in the final year of its first four-year term, at least when it comes to major publicly supported real estate projects.
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Manning's neck injury sends Colts into tailspin

December 24, 2011
The Indianapolis Colts won their first game of the 2011 season on Dec. 18—nearly an entire year after they racked up their last victory.
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Battle over right-to-work bill derails legislative session

December 24, 2011
Advancement of right-to-work legislation during this year’s legislative session caused Indiana House Democrats to flee to Urbana, Ill., where they remained for 36 days in what became the longest walkout in Indiana history.
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GOP-controlled Legislature overhauls K-12 education

December 24, 2011
This year saw the most sweeping changes to public education since the approval of teachers’ unions in 1973.
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Real estate meltdown leaves developers reeling

December 24, 2011
It was another rough year for the real estate sector in 2011, as the homebuilder Estridge filed for bankruptcy, strip-center specialist Broadbent struggled to hold onto its headquarters, and Centre Properties faced a $43 million foreclosure suit.
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Spate of Indiana firms lines up for IPOs

December 24, 2011
The highest-profile Hoosier initial public offering was staged by Angie’s List Inc., the online provider of consumer reviews. The Indianapolis-based company raised $76 million by selling new shares, and existing stockholders raked in another $31 million by selling some of their holdings.
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Rolls-Royce relocates 2,500 jobs to downtown

December 24, 2011
The aircraft-engine maker will occupy Eli Lilly and Co.’s former Faris Campus on South Meridian Street, which is being renamed the Rolls-Royce Meridian Center.
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Openings launch new era for Indianapolis tourism

December 24, 2011
The $275 million Indiana Convention Center expansion was completed in January, and the 1,005-room JW Marriott opened the following month.
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Patent expirations up pressure on Lilly

December 24, 2011
Eli Lilly and Co. lost patent protection on its $5-billion-a-year best-seller Zyprexa in October, plunging the company into the long-awaited zone of uncertainty that it calls “Years YZ.”
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Las Vegas calamity saps IndyCar momentum

December 24, 2011
IndyCar Series CEO Randy Bernard racked up a number of accomplishments early in 2011 but was buffeted by challenges late in the year—most notably a crash at a Las Vegas race in October that left one driver dead and the future of the series mired in uncertainty.
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Headlines range from stage collapse to legal mergers

December 24, 2011
Other 2011 news of note
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2011 NEWSMAKER: Simon collects big raise, takes on Amazon.com

December 24, 2011
Simon Property Group Inc. signed an employment agreement with CEO David Simon that will keep him as head of the Indianapolis-based company the next eight years.
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2011 NEWSMAKER: Melangton gears up for Indy's big game

December 24, 2011
Indianapolis Super Bowl Host Committee CEO Allison Melangton began 2011 with a trip to Dallas to see firsthand how the NFL pulls off its big game.
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2011 NEWSMAKER: Daniels declines presidential bid

December 24, 2011
Supporters of Indiana Gov. Mitch Daniels were disappointed when he announced May 22 that he would not seek the Republican nomination for president.
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2011 NEWSMAKER: Eugene White in crosshairs as reformers target IPS

December 24, 2011
There’s a pitched battle under way in K-12 education as reform advocates and charter schools challenge traditional institutions such as teachers’ unions and education schools.
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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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