Economic Development

Car event 'astonishing': In 4th year, local show already one of nation's largestRestricted Content

June 19, 2006
Anthony Schoettle
Economic development leaders and corporate executives thought Roger Brummett was spinning his wheels when he launched a classic car show in Indianapolis four years ago. But Brummett and partner Tim Durham find themselves at the wheel of such a fastgrowing enterprise that they hope to expand it into a multiday event, with an auction and classic-car race, that they believe would draw 100,000 attendees. The pair also plans to replicate the show in other markets, starting in Naples, Fla., in...
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$20M overhaul for City Market?: Culinary school may replace east wingRestricted Content

June 19, 2006
Matthew Kish
City Market officials are trying to pull together an ambitious plan to transform the century-old downtown lunch spot into a virtual paradise for foodies, complete with an Ivy Tech culinary school campus. But they still have a couple of big hurdles to clear before giving the green light to the nearly $20 million project. Plans include razing the east wing and replacing it with a five-story, $18 million building that could house Ivy Tech State College's culinary programs. A separate...
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ECONOMIC ANALYSIS: Motor-vehicle jobs: a path to the future?Restricted Content

June 12, 2006
Patrick Barkey
Would landing a new Honda plant be a plus for the Indiana economy? You bet it would. In fact, it's hard to think of any similar-size investment that holds the same immediate potential for supporting additional jobs beyond those inside the plant walls. The project scores well on just about every objective measure you can come up with to assess its attractiveness. It draws on skills and occupations Indiana already has. Its activities hold great promise for new business for...
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BRIAN WILLIAMS Commentary: Program opens eyes to community needsRestricted Content

June 12, 2006
In 1973, an automobile accident inspired a mother to create a dynamic memorial to the accomplishments of her son and for the benefit of the community in which he lived. For 30 years, the Stanley K. Lacy Executive Leadership Series has offered a unique perspective to 25 individuals on the issues confronting our city and region. Guided by a moderator through tours, seminars, reading and interaction with experts, the participants debate education, government, health and human services, the justice system,...
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Geographic restrictions could backfire for PERF: $105 million fund carries lots of potential, risksRestricted Content

June 12, 2006
Peter Schnitzler
By restricting the new $105 million Indiana Investment Fund I to deals within state lines, Gov. Mitch Daniels hopes to simultaneously spur economic development and earn a spectacular return for Indiana's retired public employees. But venture-capital experts warn it's nearly impossible to have it both ways. "You need to be very, very clear what your objectives are when you invest [pension] money. Is it for economic development or to help the pensioners earn better pensions?" said John Taylor, vice president...
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Proposed resource center targets science, tech, math: BioCrossroads wants to help build strong foundation Pulling things togetherRestricted Content

June 5, 2006
Tracy Donhardt
Only 64 percent of Indiana's fifthgraders passed the latest ISTEP+ test in science. A little better-76 percent-passed the math component. Unfortunately, as children advance in grades, their ISTEP+ math scores worsen. By eighth grade, only 64 percent passed the math portion of the test. Yet, economic development officials in Indiana-and much of the country-want young students to choose to study in college areas of advanced manufacturing, life sciences, informatics, agribusiness and an array of disciplines that require a strong foundation...
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DANIELS' DEAL CLOSERS: IEDC generating jobs, but economy shares part of creditRestricted Content

June 5, 2006
Peter Schnitzler
It would have been big. Just last month, a team of officials from the Indiana Economic Development Corp. and The Indy Partnership, its local equivalent, were furiously negotiating with South Carolinabased fire-engine maker American LaFrance. Intrigued by a mix of economic incentives and Indiana's central location, American LaFrance considered moving its operations to Marion County. In formal negotiations, the company dangled promises of 653 jobs and a capital investment of $18.5 million. State records don't reveal what incentives Indiana offered...
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Plant left with hazy future: Ex-Visteon factory employs 2,000-for nowRestricted Content

May 29, 2006
Anthony Schoettle
A struggling auto plant on Indianapolis' east side has quietly shed 300 workers in the past year, reducing employment to 2,000, and analysts say it remains vulnerable to closing. If the steering-components plant on English Avenue meets that fate, employment losses would exceed the 1,500 jobs Indiana hopes to win by persuading Honda Motor Co. to build a $400 million plant in the southeastern part of the state. Before last fall, the east-side plant was part of Visteon Corp., a...
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ECONOMIC ANALYSIS: Good transportation paves the way for strong economyRestricted Content

May 22, 2006
Patrick Barkey
"Like it or not," noted author Richard Florida opined as he looked out over a crowd that recently gathered in Indianapolis to discuss economic development issues in central Indiana, "you are all part of the greater Chicago region." That might come as news to you who pay taxes, follow sports, or subscribe to a newspaper. But the point is well made. In the larger scheme of things-the so-called Shanghai perspective one would take in looking at our economy from the...
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VIEWPOINT: Illiteracy is a hot economic issueRestricted Content

May 22, 2006
John Mutz
"Is anybody there? Does anybody care? Does anybody see what I see?" So goes the refrain from the musical "1776," when George Washington communicates his frustration with how badly the Revolutionary War is going while the Continental Congress continues to debate the pros and cons of declaring independence from the British crown. Does anybody in Indiana see what I see? I see an economy, slowly recovering, but not booming like the rest of the country. I see state tax collections...
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ECONOMIC ANALYSIS: Improving state's economy requires a team approachRestricted Content

May 15, 2006
Patrick Barkey
More than 50 years ago, the famous economist Joseph Schumpeter told a simple story that perfectly captured the essence of market capitalism. It's a turn-of-the-century tale of a railroad being built in a part of the country where none had existed. The new investment rapidly upsets the order of everything-once ideally situated towns are left high and dry, while others move up in stature as they exploit newfound advantages. It's messy and it's painful, but the result is for the...
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Battle of the brands: Planners go back to drawing board after city slogan nixedRestricted Content

May 15, 2006
Matthew Kish
They thought they had a winner with The New Midwest. They even had the logo-a stylized "I"-all figured out. And a color palette. But then they hit a bump in the road. When Mark Miles became CEO of the Central Indiana Corporate Partnership in January, he joined the big group and said the slogan was a dud. At the least, he said, participants should run it by focus groups. They only had to run it by two before they realized...
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EYE ON THE PIE: Writers require clarity or risk calamityRestricted Content

May 15, 2006
Morton Marcus
Last night, I had a dream. I was standing on the ledge of a tall building. People down below were shouting, "Jump!" They were angry because they thought I misrepresented the various and diverse meal-delivery programs in Indiana in my column last week. One woman was yelling, "You're trying to take away my job!" "No," I tried to explain. I was just saying that such programs should be coordinated better and that no oversight agency exists to monitor not-for-profit agencies....
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Daniels seeks to copy key-clusters strategy: Industry initiatives would mimic BioCrossroads planRestricted Content

May 15, 2006
Peter Schnitzler
If imitation is the sincerest form of flattery, BioCrossroads has been vindicated. Gov. Mitch Daniels hopes to see a series of similar industry initiatives sprout around key clusters in Indiana's economy. He envisions parallel initiatives for manufacturing, transportation and logistics and a series of other crucial business sectors. "We'd love some company," said BioCrossroads CEO David Johnson. As outlined in Daniels' "Accelerating Growth" economic development plan released last month, the initiatives would be based on proven Indiana strengths and identifiable...
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CHRIS KATTERJOHN Commentary: Now we have a plan-let's use itRestricted Content

May 15, 2006
For years, Indiana politicians-at least the smart ones-have talked about the importance of economic growth and development, and behind the scenes business leaders have replied, "Duh. How about coming up with some kind of plan?" This was always a hot button for Dave Goodrich, retired real estate executive and former head of Central Indiana Corporate Partnership. In his days at CICP, Goodrich would bend the ear of anyone willing to listen about the need for a plan. Well, how does...
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Daniels' economic development plan calls for pricey tools: Three incentive funds would cost more than $100MRestricted Content

May 8, 2006
Peter Schnitzler
Indiana's days of economic development on the cheap may soon be finished. Three major new business-incentive funds are on the Indiana Economic Development Corp.'s wish list, each bearing a significant price tag. The General Assembly will decide next year whether to provide the more than $100 million IEDC requests to form them. Plans for the three funds are tucked into Gov. Mitch Daniels' comprehensive new state economic development plan, "Accelerating Growth," released April 25. It aims to bring Hoosiers' lagging...
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Biz incubator out of room: IU Emerging Tech Center needs $20M or more for expansionRestricted Content

May 8, 2006
Peter Schnitzler
In its quest to develop high-tech startups, Indianapolis has established a healthy pipeline. But there's a bottleneck that's poised to become even more congested. Located at the head of the Central Canal, Indiana University's Emerging Technologies Center is the city's primary business incubator, chock-full of labs and equipment. Established in 2003, the 62,500-square-foot building is now crowded with 26 promising young firms. A handful have outgrown their space, and are on the cusp of "graduation." IUETC CEO Mark Long reports...
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BRIAN WILLIAMS Commentary: Should we invest in ethanol or education?Restricted Content

May 8, 2006
During times of high gasoline prices, the investment made by the Daniels administration in six ethanol plants would seem prudent. The touted benefits of ethanol plants are that they create jobs in rural communities, support Indiana corn growers, improve air quality, and lower dependence on foreign oil. As an Indianapolis resident with little exposure to our farm economy, my first question was, "How do you make ethanol?" Ethanol is made by fermenting and distilling simple sugars like those found in...
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New funds target life sciences: MidPoint concentrates on agricultural technology; Heron aims at broader marketRestricted Content

May 1, 2006
Peter Schnitzler
Two new locally based venture capital funds believe Indiana is ripe with opportunity for biotech deals. With $20 million under management, Heron Capital LLC is broadly focused on the whole Hoosier life sciences market. Attempting to raise $30 million, the Mid-Point Food & Ag Fund LP has a narrower concentration: high-technology related to farming and nutrition. "We're very excited about our prospects," said Heron Managing Director Greg Maurer. "We have a number of deals in the hopper, some of which...
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First-class parking: Airport freebie list includes former politicians, other VIPsRestricted Content

May 1, 2006
Chris O\'malley
Scott Jones could probably afford to buy the 1,800-space parking garage at Indianapolis International Airport, as one who's earned millions of dollars in patent income from voice mail technology he invented. But why buy the garage? The Indianapolis multimillionaire shows up on a list of nearly 400 politicians and other VIPs entitled to free parking at the airport, a review of airport records shows. Begun as a courtesy to a handful of elected officials decades ago, the free parking list...
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IEDC hopes to establish regional venture capital funds: Counties may balk at spending tax money elsewhereRestricted Content

May 1, 2006
Peter Schnitzler
It is the kind of business stimulus program that few oppose on paper, but to get the idea off the drawing board, IEDC must convince counties to relinquish their parochialism and ingrained spending habits. That's likely to be tricky. "One of the things we're trying hard to do as a state is to break down county borders where you have infighting, wasted resources and missed opportunities," said IEDC Executive Vice President and General Counsel Nathan Feltman. "We want to make...
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ECONOMIC ANALYSIS: It's time we get started on a new state economyRestricted Content

May 1, 2006
Patrick Barkey
Have you ever plunked down a lot of money for something and worried if you made the right choice? You have plenty of company. To cope with that insecurity, some of us try to persuade our friends to follow our footsteps. We put forth convincing arguments why our brand of car, or our new electronic gizmo, is really the best thing, and feel comforted and vindicated when they make the same choice we made. For too many years, that simple...
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Cleveland tech firm going west: Parker Hannifin falls short of employment promises, plans to leave Intech ParkRestricted Content

May 1, 2006
Tom Murphy
A Cleveland-based technology giant plans to move its Intech Park operation next month, leaving behind some attractive office space and a broken promise to create jobs. Parker Hannifin Corp. will consolidate its Indianapolis location into a California site, spokesman Jim Cartwright said. It should empty its 30,700-square-foot offices in the park's Intech 10 building by the end of June. The move will have no impact on Parker Hannifin's Tell City production facility, which employs about 100 people who make industrial...
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At age 2, Future Fund still work in progress: So far, 7 startups have received investments from BioCrossroadsRestricted Content

May 1, 2006
Peter Schnitzler
For two years now, the $73 million Indiana Future Fund has been at work in the Indiana life sciences market. BioCrossroads, Indiana's public-private life sciences economic development initiative, is pleased with the results so far. "When we put the Indiana Future Fund together and surveyed the landscape, there were only two or three [local venture capital] firms that really identified themselves as in [the life sciences] area," said BioCrossroads President David Johnson. "Now we see much more traffic than we...
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Design standards, fees squeeze local builders: National players go bigger on subdivisions to cut costsRestricted Content

April 24, 2006
Tammy Lieber
Vinyl siding? Forget it. Rows of homes that differ only in their shade of beige? Don't even think about it. Want to turn a farm road into a neighborhood street? It's going to cost you. Increasingly, that's the refrain being heard by home builders across central Indiana, as cities and towns demand more from developers. Developers agree basic standards are a good thing for a community, but more requirements push up the price of new subdivisions. The result? The big...
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