News & Analysis

State's largest pension programs get new leader

May 11, 2010
 IBJ Staff and Associated Press
Steve Russo was chosen Monday as executive director of both the Indiana Public Employees' Retirement Fund and the Indiana State Teachers' Retirement Fund.
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Tax credits help boost April home sales in central Indiana

May 10, 2010
 IBJ Staff
Home-sale agreements surged 33.8 percent in the Indianapolis area in April as buyers rushed to beat the deadline for federal tax incentives.
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Study: Pacers, Fever add $55M to local economy each year

May 10, 2010
Scott Olson
The Indiana Pacers and Indiana Fever contribute an estimated $55 million a year to the Indianapolis economy, according to a study conducted by Chicago-based hospitality consulting firm Hunden Strategic Partners.
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WellPoint, others may need relief from law's spending mandate

May 10, 2010
Bloomberg News
The health law passed by Congress in March will force insurers like WellPoint to give rebates to customers next year if the companies don't meet the medical-spending minimums.
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Bren Simon lashes out over 'wrongfully removed' medical log

May 10, 2010
Cory Schouten
Widow alleges in a new court filing that a former nurse aide for Melvin Simon stole a confidential medical log and unlawfully turned it over to attorneys representing one of Simon's children from a previous marriage.
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Simon shares surge despite failed General Growth deal

May 10, 2010
 IBJ Staff and Associated Press
Simon’s rise suggested investors believe the company will be just fine without General Growth Properties Inc., the Chicago-based rival it had been pursuing for months.
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CIB set to release results of Pacers impact study

May 10, 2010
Scott Olson
The report from a Chicago consulting firm will detail how much the Indiana Pacers contribute to the local economy, as the Capital Improvement Board negotiates with team officials over paying $15 million in annual Conseco Fieldhouse operating costs.
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Packaging manufacturer plans 22 jobs in Westfield

May 10, 2010
Carmel-based CPS Inc. is moving into an existing 64,800-square-foot building and will begin hiring in July.
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Braly, Obama spar again over WellPoint cancellation policies

May 10, 2010
J.K. Wall
CEO of Indianapolis-based health insurer wrote to Obama on Sunday to rebut the president's criticism that WellPoint seeks out breast cancer patients to cancel their policies.
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Local funeral home operator in Michigan jail

May 10, 2010
Robert Nelms will spend at least a month in jail until the sale of Memory Gardens Management Corp. is complete. He is awaiting sentencing in Michigan and faces up to three years in prison.
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Cabela's revs up expansion, but leaves Greenwood off list

May 10, 2010
 IBJ Staff
The Nebraska-based outdoor retailer plans to open new stores again after a two-year, recession-induced halt on expansion. But the company is not reviving its plan for the 96-acre plot it owns in Greenwood.
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Wishard Hospital project is life blood to contractors

May 8, 2010
Scott Olson
Replacing the existing Wishard Memorial Hospital is so critical to the well-being of the sickly construction sector that one industry official likens the project to a "lifeline."
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Stone Creek owner adding to his dining empire

May 8, 2010
Cory Schouten
Mike Cunningham has run dining spots ranging from a bar and grill to yogurt stands and is now growing a popular chain of upscale restaurants—primarily under the Stone Creek Dining Co. name—in Indiana and Ohio.
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Glick Eye Institute designed to mesh architectural styles, ophthalmology researchers

May 8, 2010
Norm Heikens
The new home for the Eugene and Marilyn Glick Eye Institute that’s rising from the ground at IUPUI must do a lot of things well.
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Study: Indiana shows long-term decrease in air toxicsRestricted Content

May 8, 2010
Chris O'Malley
IDEM says in its newly released “ToxWatch” report that the level of air toxics over the last decade has “decreased to within levels acceptable to the U.S. EPA.
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Knauf Insulation sues NatCity over $8M investment lossRestricted Content

May 8, 2010
Kathleen McLaughlin
One of Shelby County's largest employers is suing NatCity Investments Inc. to try to recover nearly $8 million in losses on auction-rate securities. Knauf Insulation filed suit in Shelby Superior Court in March, saying NatCity should repay the money in accordance with a settlement the bank reached with federal regulators in March 2009.
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Coffee sales give Christel House a boostRestricted Content

May 8, 2010
J.K. Wall
Indianapolis-based Christel House is brokering sales of in-room coffee to resorts around the country, taking a 10-percent royalty to do so. The coffee is roasted by Indianapolis-based Copper Moon Coffee Co. and packaged in red and green bags decorated with drawings by students at Christel House's schools.
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Veolia concessions worry regulatorsRestricted Content

May 8, 2010
Chris O'Malley
Testimony filed in Indianapolis Water Co.'s rate case shows the city in 2007 agreed to take on millions of dollars in costs from the private firm it hired to operate the utility, including $48 million in retiree medical plan obligations.
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Lilly hopes Elanco unit becomes a cash cow

May 8, 2010
J.K. Wall
Elanco Animal Health chief Jeff Simmons predicts that consumers will opt for food made cheaper by using Elanco's productivity-enhancing drugs over pricier organic and locally grown products. But, as a hedge, he has Elanco developing products to help organic farmers, too.
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Mass Ave project adds garage, wins approvalRestricted Content

May 8, 2010
Tom Harton
Work could begin this fall on $10 million Trail Side complex.
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Allison Transmission, supplier feuding in courtRestricted Content

May 8, 2010
Kathleen McLaughlin
A dispute between Allison and a major supplier over allegations of defective parts has grown so contentious that the supplier is threatening to halt shipments—a move Allison says could force it to shut down.
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Finish Master profit slides

May 7, 2010
 IBJ Staff
Recession aftermath continued taking a toll on sales of paint for auto repairs.
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Simon withdraws bid for General Growth

May 7, 2010
 IBJ Staff and Bloomberg News
Indianapolis-based Simon Property Group Inc. has withdrawn its offer for General Growth Properties Inc. after a bankruptcy court judge approved a sale process that gives an advantage to a group lead by rival bidder Brookfield Asset Management Inc.
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INSIDE DISH: Brugge Brasserie brews plans for expansion

May 7, 2010
Mason King
Brugge_WatchVideoThe Broad Ripple-based brewpub's owners bet its Belgian beer and vittles will go over just as well outside Indy. But first they need $1 million from an investor, in part to streamline brewing.
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General Growth still backing Brookfield despite new Simon bid

May 7, 2010
Bloomberg News
General Growth Properties Inc. rejected Simon Property Group Inc.'s "best and final" offer.
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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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