Economic Development Incentives

Struggling Greenwood biotech firm finds buyer

February 7, 2013
 IBJ Staff
Elona Biotechnologies Inc., which has been struggling to repay Greenwood for more than $8 million in economic development incentives, says it has solution to its financial problems.
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Local tool supplier plans to expand, add 20 jobs

February 5, 2013
Indianapolis-based Hahn Systems LLC said it will add 20 jobs by 2016 as part of a $900,000 expansion that includes purchasing and equipping a 27,000-square-foot facility.
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Life sciences consultancy plans to expand, add 38 jobs

January 29, 2013
Indianapolis-based Pearl Pathways, founded by two former Eli Lilly employees, plans to move into new space in March and add the jobs by 2016.
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Division of Carmel firm plans 300 jobs in Fort Wayne

January 29, 2013
Associated Press
Accelerated Tanks and Trailers, a division of a Carmel-based company, plans to open a Fort Wayne manufacturing plant that could bring about 300 new jobs to northeast Indiana by 2016.
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Carmel tech consultant plans expansion, 36 jobs

January 24, 2013
Allegient LLC said it will add the jobs by 2017 and expand its Carmel headquarters by 4,000 square feet.
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Greenwood seeks funds back from drugmaker with big plans

January 22, 2013
J.K. Wall
Greenwood-based Elona Biotechnologies Inc., which has been trying to bring a generic version of insulin to market, was declared in default on $8.4 million in incentives from the city of Greenwood.
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Sun King brewery lands tax breaks for expansion

January 16, 2013
Scott Olson
The downtown brewery plans to spend $2.1 million on additional equipment and add 20 jobs by 2016 in exchange for a tax abatement from the city.
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Michigan's right-to-work law could change Indiana's economic development pitchRestricted Content

January 5, 2013
Dan Human
As the controversial provision spreads to other states in the region, Indiana is likely to give more weight to its other selling points.
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Celadon plans $5.2M driver training center, 182 new jobs

January 2, 2013
Chris O'Malley
Indianapolis-based trucking carrier Celadon Group Inc. plans to build a $5.25 million driver-training center and add 182 workers to its 633-employee local work force by 2016.
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Daniels fell short on lifting incomesRestricted Content

December 29, 2012
J.K. Wall
As Gov. Mitch Daniels leaves office in January, there is debate about whether his policies of keeping taxes and spending low, while pursuing alternative strategies to improve roads and schools, have been the best way to help Indiana attract and create more high-wage, knowledge-based jobs.
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Pence says he'll review school safety; no word on guns

December 19, 2012
Associated Press
Incoming Gov. Mike Pence says he'll conduct a thorough review of safety at Indiana schools in response to the Newtown school shootings last week. He also made a number of new appointments Wednesday.
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Chrysler plans 400 more jobs, $212M expansion in Kokomo

December 17, 2012
Dan Human
Chrysler Group LLC on Monday night said it was planning to spend as much $212 million on another expansion in Kokomo that could add more than 400 jobs.
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Chrysler plans $162 million plant, 850 jobs in Tipton

December 17, 2012
Dan Human
Tipton officials approved a 10-year tax abatement worth $2.5 million to help the company launch production in a nearly 800,000-square-foot plant at U.S. 31 and State Road 28, about 25 miles north of Carmel.
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Times report on IEDC shows low cost of corporate subsidiesRestricted Content

December 15, 2012
Indiana spent less per capita than most states on incentives aimed at adding jobs.
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Chrysler seeks tax incentives on Kokomo plant

December 14, 2012
Associated Press
Chrysler Group LLC is seeking tax incentives for its transmission plant in Kokomo at the same time it's asking Tipton County officials for similar incentives on a vacant plant.
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Indianapolis technology companies pledge 1,500 new jobs

December 11, 2012
Three fast-growing Indianapolis technology companies—Angie's List, ExactTarget and BidPal—plan to add up to 1,500 jobs collectively over the next half-decade, officials announced Tuesday morning.
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Medical software firm plans to expand, add 25 jobs

December 10, 2012
Indianapolis-based RND Group Inc. said it plans to spend $1.3 million to update and equip its 13,510-square-foot headquarters. The company has 27 employees.
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Indiana county giving $50 million boost to food company

December 6, 2012
Associated Press
The Wayne County Council on Wednesday approved a $50 million bond issue as part of Sugar Creek Packing Co.'s plans to expand and refurbish the former Really Cool Foods plant near Cambridge City.
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Manufacturer of pet supplies adding 80 jobs in Indiana

December 4, 2012
Rockville-based Scott Pet Products Inc. announced Tuesday morning that it plans to relocate its manufacturing and distribution operations in Tishomingo, Okla., to Newport in western Indiana, creating up to 80 jobs by 2014.
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Cancer treatment firm adding 27 jobs in Indianapolis

December 3, 2012
J.K. Wall
A North Carolina-based maker of cancer-fighting ultrasound machines plans to create 27 jobs paying an average of $36 an hour at its Indianapolis facility over the next three years.
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Auto parts supplier expanding Indiana operations

November 30, 2012
Associated Press
Tenneco Inc. plans on spending $18.5 million to expand its northeastern Indiana operations after winning a contract to supply emission-control parts to Chrysler. The manufacturer said it will hire an additional 100 workers.
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Iron ore processor plans $350M Indiana project

November 27, 2012
 IBJ Staff
A Minnesota-based mining company plans to spend as much as $350 million to build a iron ore pellet plant in Indiana, creating up to 100 jobs by 2015, the company announced Tuesday morning.
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Truck-parts supplier expanding in Plainfield, adding 82 jobs

November 13, 2012
Troy, Mich.-based Meritor Inc., a global supplier of commercial truck parts, said it will consolidate North American remanufacturing operations by moving production from Ontario, Canada, to its facility in Hendricks County.
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Local scientific software firm plans to add 63 jobs

November 12, 2012
Scott Olson
Indianapolis-based Indigo Biosystems Inc., a scientific software provider, announced Monday morning that it plans to add 63 jobs by 2015 as part of a $1.4 million expansion.
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ADM planning $29M expansion on city’s southeast side

November 5, 2012
Scott Olson
Decatur, Ill.-based ADM Milling Co. is seeking tax incentives related to its plans to construct a six-story building to increase its milling capacity. The expansion will help it retain 53 workers.
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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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