Government & Economic Development

Federal cuts in training funds hit at awkward timeRestricted Content

August 13, 2011
Francesca Jarosz
Funding for the state’s work-force-development agencies to help Hoosiers develop job skills has fallen sharply, even as unemployment remains high and the economy is still shaky.
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Fundraising starts slowly for Indiana student loan programRestricted Content

August 13, 2011
Andrew Smith
The slow economy is hurting progress on an endowment that would help pro bono lawyers repay debt.
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City to cut $20 million from most departments in 2012

August 11, 2011
Francesca Jarosz
Indianapolis will shed 200 positions next year to help cut $20 million from non-public safety agencies.
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Westfield company wants to add 178 jobs in Jeffersonville

August 10, 2011
J.K. Wall
A subsidiary of Westfield-based Revere Industries LLC could add 178 jobs in Jeffersonville in southern Indiana if it wins approval of a property tax abatement.
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City plans to put $80M from utility sale into new fund

August 10, 2011
Scott Olson
The money would be used as a safeguard to help Indianapolis maintain its AAA credit ratings. But Democrat mayoral challenger Melina Kennedy is criticizing the move.
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Green group: I-69 will drain money from other projects

August 9, 2011
Associated Press
Indiana's 142-mile extension of Interstate 69 between Indianapolis and Evansville will siphon hundreds of millions of dollars away from other road and bridge projects in coming years, according to a report from an environmental group.
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Cummins OK with new federal fuel standards for trucks

August 9, 2011
U.S. truck makers are expected to improve tractor-trailer fuel economy by about 20 percent by 2018, saving $50 billion in fuel costs over five years and decreasing carbon-dioxide emissions, President Barack Obama said.
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City considers tougher ticket-scalping regulations

August 9, 2011
Scott Olson
A proposal in front of a City-County Council committee would require ticket brokers to purchase an annual license to sell tickets within one mile of an event venue.
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Fishers named a top suburb for retirees

August 9, 2011
 IBJ Staff
Forbes magazine said Fishers had the lowest crime rate on the list, average home prices just above $200,000 and a cost of living 10 percent below the national average.
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1,300 Hoosiers eligible for United Financial restitution

August 8, 2011
 IBJ Staff and Associated Press
Indiana Attorney General Greg Zoeller said more than 1,300 Hoosiers are eligible for restitution from United Financial Systems Corp. in the wake of a court ruling against the Indianapolis-based company. The company also faces at least two class-action lawsuits.
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'Buy local' law could make projects costlierRestricted Content

August 6, 2011
Francesca Jarosz
A new state law that alters the public bidding process could add complication and possibly millions of dollars to a soon-to-be-bid segment of a massive Indianapolis sewer project.
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Global micro lender Grameen ramps up in IndianapolisRestricted Content

August 6, 2011
Low-income women could receive loans in weeks.
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Marion County prosecutor plots white-collar strategyRestricted Content

August 6, 2011
Cory Schouten
Terry Curry expects his creation of a task force will start paying off with new cases—ranging from employee theft and investment fraud to political corruption—in the next few months.
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HICKS: Cuts will come in wake of federal budget dealRestricted Content

August 6, 2011
Mike Hicks
It is clear that the agreement to raise the United States’ debt ceiling demands cuts to military budgets, to entitlements and to the vast cornucopia of discretionary spending.
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Indiana banks continue quest for tax consistencyRestricted Content

August 6, 2011
Scott Olson
Lobby prepares new pitch for next legislative session.
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Stocks go on roller coaster ride after jobs report

August 5, 2011
Associated Press
Market swings continued all day after a better-than-expected employment report. By the market's close, the Dow was up 60 points, or 0.54 percent, to 11,444.
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Indiana counties wrestling with tax overpayment

August 5, 2011
Associated Press
City and county officials across Indiana are starting to wrestle with how they'll deal with the state's plan to recoup roughly $610 million it overpaid local governments for income taxes it expected to collect.
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City cracking down on noncompliant tax breaks

August 5, 2011
Cory Schouten
The city of Indianapolis is seeking to overturn property tax breaks for more than 20 companies that continued to apply for abatement even though they were unable to meet job commitments.
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Goldsmith stepping down as New York deputy mayor

August 4, 2011
Bloomberg News
New York City Deputy Mayor Stephen Goldsmith, the former Indianapolis mayor who joined Mayor Michael Bloomberg’s administration last year, has resigned to pursue a job financing infrastructure development.
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Franklin Electric moving HQ, 220 jobs to Fort Wayne

August 4, 2011
 IBJ Staff and Associated Press
Franklin Electric Co. Inc. says it will move its corporate headquarters from Bluffton to a $25 million development in Fort Wayne by 2013. The company has 220 employees and expects to add 35 more by 2014.
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U.S. unemployment applications slip slightly

August 4, 2011
Associated Press
The number of people seeking unemployment benefits dipped last week but has been at or above 400,000 for 17 straight weeks.
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Skillman to lead trade mission to Japan

August 4, 2011
Associated Press
The lieutenant governor's delegation will will leave in September and focus on job creation.
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Candidate Pence eyes Indiana income-tax cuts

August 3, 2011
Associated Press
Republican Mike Pence is looking at ways to cut Indiana income tax rates across the board if elected governor next year.
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Indiana tax revenue better than expected for July

August 3, 2011
Associated Press
The new budget year is off to a good start for Indiana's state government with about $23 million more in tax revenue coming in than expected.
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Railroad plans Gary redevelopment, 251 jobs

August 3, 2011
 IBJ Staff
Canadian National Railway Co. on Wednesday announced plans to relocate part of its operations from Markham, Ill., to northwest Indiana.
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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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