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Lauth moving HQ to North Meridian office building

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Lauth Group Inc. will relocate its headquarters to a North Meridian Street office building as part of a bankruptcy court settlement, the company announced Thursday afternoon.

As IBJ.com reported July 27, the real estate developer was looking for new space after its largest investor took control of the building it now calls home.

LIP Holdings LLC, an affiliate of Chicago-based Inland American Real Estate Trust, now owns two of the three buildings in Meridian Corporate Plaza, a Lauth-developed complex just north of Interstate 465 between Meridian Street and College Avenue.

In 2007, Inland invested $228 million to get an ownership stake in dozens of Lauth properties. But Lauth defaulted on its agreement to pay dividends to Inland in late 2008, and multiple Lauth subsidiaries filed for Chapter 11 bankruptcy reorganization in May 2009.

Inland in April dropped a federal lawsuit against Lauth and a request for a judge to appoint a Chapter 11 bankruptcy trustee after Lauth ceded control of some properties where ownership was in dispute. Both sides also agreed to the appointment of a special mediator, Chicago attorney Robert M. Fishman.

Lauth Investment Properties LLC and LIP Holdings have settled the matter, Fishman said in a prepared statement Lauth issued on Thursday. Terms of the deal were not disclosed pending the court’s approval, which is expected within 30 days.

Earlier, CEO Bob Lauth told IBJ in an e-mail that Lauth agreed not to contest Inland's ownership of Meridian Corporate Plaza Two and Meridian Corporate Plaza One, where it has its headquarters, but the company retained control of Meridian Corporate Plaza Three.

Lauth Group also still controls local office space at Intech Park, Clay Terrace and Meridian Corporate Park, where it's moving its headquarters. The release said the company expects to move into 11595 N. Meridian St. in October.

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  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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