News & Analysis

IndyCar, other circuits show signs of motorsports recovery

January 22, 2011
Anthony Schoettle
Open-wheel series leads resurgence in sponsorship dollars flowing to racing circuits, venues and teams.
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Lilly seeks to block imports of cancer drug copy

January 21, 2011
Bloomberg News
The local drugmaker told the International Trade Commission on Thursday that the generic version of Gemzar violates its patent on the process for making the active ingredient.
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City refocuses on targets, ramps up goals for tourism

January 21, 2011
Scott Olson
Tourism honchos outline aggressive goals for 2011, including increasing hotel room nights for conventions from 650,000 to 725,000, and targeting leisure travelers from Chicago and the United Kingdom.
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Former Allison exec settles suit alleging bribery

January 21, 2011
Kathleen McLaughlin
A former China-based executive of Allison Transmission has agreed to drop a lawsuit that claimed the company won business by bribing foreign officials. But it's likely that the firm still must deal with scrutiny from the Department of Justice, according to one legal expert.
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Tim Durham's exotic cars hit auction block

January 21, 2011
Greg Andrews
Fair Finance Co.'s bankruptcy trustee scheduled the Friday auction to raise money for creditors of the defunct company, including more than 5,000 Ohio residents who hold more than $200 million in unsecured investment certificates.
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Michigan City snack-food baker adding up to 100 jobs

January 21, 2011
Hearthside Food Solutions says it will invest $3.8 million to expand its operations and hire new workers. The company bakes snack foods for such brands as Keebler, Nabisco and Kraft.
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MainGate signs three-year pact with Churchill Downs

January 21, 2011
 IBJ Staff
For the Kentucky Derby, the Indianapolis-based retail and merchandising firm is providing licensed goods, handling official off-site retail locations and launching a new e-commerce website.
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Vote on North of South project's bond financing delayed

January 21, 2011
Scott Olson
The city's Economic Development Committee, which was set to vote on the downtown project's $98 million bond financing package on Tuesday, chose to wait until February after making a few changes.
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Lilly imaging drug fails to win FDA panel's backing

January 21, 2011
Bloomberg News
Eli Lilly and Co.'s Amyvid isn't ready to be approved to detect Alzheimer's-related deposits in the brain, according to FDA advisors. The medicine could still be approved if Lilly establishes a training program and a way to ensure that the results of brain scans are read consistently, they said.
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INSIDE DISH: Venezuelan chef keeps day job, hatches big plan

January 21, 2011
Mason King
Dish_Caracas_watchvideoDaniel Blanco took a serious shot at the restaurant biz, working 19-hour days as both a truck driver and owner of a South American eatery, with more on the way.
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UPDATE: Demand for distribution services drives firm's growth

January 20, 2011
Scott Olson
Indianapolis logistics firm Backhaul Direct LLC plans to invest $1.7 million to grow its downtown operation and add nearly 325 jobs by 2015 as demand for its distribution services grows.
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Federal judge backs jury award in FedEx-ATA dispute

January 20, 2011
Kathleen McLaughlin
Richard Young rules that the $66 million verdict against FedEx was rational and "not monstrously excessive."
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UPDATE: ITT Educational profit gives shares a boost

January 20, 2011
 IBJ Staff and Bloomberg News
Shares of ITT Educational Services Inc. rose the most in a year Thursday after the for-profit educator reported a fourth-quarter profit that beat analysts’ estimates.
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DeCoudreaux leaving Lilly for top job at Mills College

January 20, 2011
J.K. Wall
Alecia DeCoudreaux, the top attorney for Eli Lilly and Co.’s U.S. unit and an active community volunteer, will leave to become president of Mills College in California on July 1.
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ChaCha lands $3M investment

January 20, 2011
The Carmel-based company said the latest round of financing extends a $20 million investment it received in October to fund an expansion of its signature mobile service.
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BREAKING: Backhaul Direct plans expansion, 325 new jobs

January 20, 2011
 IBJ Staff
Indianapolis logistics firm Backhaul Direct LLC will invest $1.7 million to grow its downtown operation, adding nearly 325 jobs over the next four years. State officials announced the expansion plans Thursday morning.
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Statewide smoking ban bill clears House committee

January 19, 2011
Associated Press
The Indiana House Public Health Committee voted 9-3 to endorse the bill prohibiting smoking in public places and indoor work sites—after it exempted casinos and pari-mutuel horse tracks from the ban.
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Indiana House panel backs texting ban for all drivers

January 19, 2011
Associated Press
Drivers wouldn't be allowed to send or read text messages on cell phones under a bill approved by an Indiana House committee.
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Man gets 3 years in cemetery scheme

January 19, 2011
Associated Press
Mark Singer, who was convicted of scheming to steal as much as $27 million set aside to maintain the graves of people who had paid in advance for their funerals, has been sentenced to three years in prison.
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Bill would make Indiana schools start after Labor Day

January 19, 2011
Associated Press
Republican Sen. Mike Delph of Carmel said it makes sense to start school after Labor Day because families would have more summer vacation time together.
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Daniels' budget proposal wouldn't cut hearing aids

January 19, 2011
Associated Press
State budget director Adam Horst said he misspoke when he told the State Budget Committee last week that Daniels&' proposal would eliminate Medicaid coverage for hearing aids.
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Family Dollar plans 350 jobs in northeast Indiana

January 19, 2011
Scott Olson
A $70 million investment in a new distribution center by the North Carolina-based discount retailer is expected to create up to 350 jobs. The facility should be operational by spring 2012.
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Smaller meetings key to convention center expansion

January 19, 2011
Scott Olson
Large conventions typically get the most attention, but it's the smaller meetings that will be critical to ensuring the expanded Indiana Convention Center is adequately occupied.
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Salvation Army reaches holiday goal after late surge

January 19, 2011
Kathleen McLaughlin
The Salvation Army of Indiana announced Wednesday morning that it reached its holiday fundraising goal of $2.93 million after a last-minute appeal.
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Home building suffers another bad year, locally and nationally

January 19, 2011
 IBJ Staff and Associated Press
Building permits filed for new homes in the nine-county Indianapolis area rose just 2.6 percent in 2010, to 3,720. That’s just 95 more homes than in 2009—the worst year for local home construction in more than a quarter century.
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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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