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Sallie Mae plans to add 200 jobs in Muncie

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Student-loan giant Sallie Mae announced Friday morning that it plans to add 200 jobs at its Muncie location as part of a $5 million expansion.

The Newark, Del.-based corporation said the investment will go toward a 20,200-square-foot expansion of its offices at Airpark Industrial Park. When finished next summer, the 75,000-square-foot facility will house 900 employees.

Under terms of the agreement with Muncie, Sallie Mae will hire the employees in the year following completion of the expansion. The jobs will support customer-service operations.

Sallie Mae has committed to keeping 900 employees in Muncie until at least the end of 2024.

The Muncie Redevelopment Commission will consider in August an incentive proposal to lower the purchase price of the building that Sallie Mae now leases but intends to buy. The City Council will consider a request for a partial tax abatement on Aug. 6.

Sallie Mae opened its Muncie location in 2006. It also has an office in Fishers.
 

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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