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Real Estate & Retail

VOICES FROM THE INDUSTRY: New tax law provides significant deductions for industry Contractors, architects, engineers stand to benefit For example Replacement legislation Another example

A new tax break known as the "Production Deduction" was signed into law by President Bush late last year and is effective for years beginning after Dec. 31, 2004. Construction contractors and engineers and architects involved in construction projects can benefit from this important new tax deduction. Upon announcement, the legislation raised many issues, and the IRS recently issued guidance to clarify them. For 2005 and 2006, the deduction is equal to the lesser of 3 percent of the taxpayer's...
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Purdue ousts biz guru: Director fired amid shakeup of high-profile tech incubator

The billboards read "Go Businessmakers," but the yellow flag is up. Purdue University is reorganizing its primary program to assist high-tech startups and has fired the director. Part of Purdue's nationally recognized effort to transform raw university research into viable businesses, the Gateways Program had been managed since October 1998 by Sam Florance, a former investment banker and management consultant. Purdue closed Gateways and eliminated Florance's position on March 14, IBJ has learned. On March 18, Joseph B. Hornett, senior...
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Indiana State Bar Association embraces construction: Organization starts Construction and Surety Law section to help lawyers who work in building-related fields

A new section of the Indiana State Bar Association is a little out of the ordinary. The Construction and Surety Law section, which went into operation last fall, focuses on a specific industry instead of a specialized area of the legal practice, such as liability or contract law. This approach is pretty uncommon for state bar associations, Indiana State Bar Association officials said. "This section represents the cutting edge for bar membership," said Section Vice Chairman David J. Theising, a...
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Barton House awaits renovation: Former nursing home to become housing

A long-vacant downtown nursing home is about to find new life as affordable housing. The Indiana division of the Salvation Army plans to convert the Barton House on the northeast corner of Delaware and Michigan streets into 30 apartments for lowincome families and space for some of the organization's programs. The Salvation Army purchased Barton House and Carpenter apartments, its neighbor to the east, for about $500,000 each in late 1999, said Maj. Dennis Strissel, the Salvation Army's divisional commander...
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GIZMOS: High-tech watch keeps information at your fingertips

The idea of a portable device to indicate the time of day is nothing new in the world of technology. Watches of various forms have been around for years. However, it's only been in the last 30 years or so that modern technology has changed the face-literally-of telling time. Since the days of the original Pulsar LED digital watches (think red calculator digits) in the early 1970s, watch manufacturers have tried to appeal to technology's early adopters by adding functionality...
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Bye-bye Big Apple, hello Indy: Young entrepreneurs opt to open firms here

Two Hoosier natives are back home in Indiana to start neighboring businesses on Fort Wayne Avenue, no less. The world travelers-separated in age by just a year-spent significant time in New York City but only met within the past six months. With similar stories to tell about why they chose to return to Indianapolis, and impressed with the city's vibrant downtown that had blossomed while they were away, the two opted to take the plunge together. Both say they're not...
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BEHIND THE NEWS: Mergers may shake up Simon's department-store mix Last supper

Big changes are brewing at the department-store chains that anchor Simon Property Group Inc.'s shopping malls in Indianapolis and across the nation. That may be good news for the company's strong malls but bad news for its weak ones. The Wall Street Journal says Cincinnatibased Federated Department Stores Inc., parent of Lazarus-Macy's, has rekindled negotiations to buy St. Louis-based May Department Stores, the underperforming parent of L.S. Ayres. Such a deal would be the latest in a string of shakeups...
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FAMILY BUSINESS: Consider having lawyer audit your business Small doses of advice from all of the professionals you consult with can prevent serious problems in the future

Many family business owners view their lawyer as a necessary evil. It's almost as though we carry some deadly disease; call your lawyer only when the life of your business depends on it! But just as physicians have learned to control smallpox with small doses of vac cine, administered over time, the owners of a family business can also use regular doses of lawyers and other advisers to minimize the risks of the many problems that can put your business...
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Johnson County gets major gated community: Development planned next to The Legends golf course

Johnson County is set to get its first major gated housing development, and The Legends of Indiana golf course-coowned by former Indiana University basketball coach Bob Knight-should reap a much-needed financial boost. Construction on the $35 million project on 35 acres in Franklin is set to begin this spring. The project, consisting of 144 homes and condominiums, will be constructed between the front nine and the back nine of The Legends' Jim Fasiodesigned championship course. There will be 38 single-family...
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Mortgage industry waking up to fraud: Collaboration increasing to combat illegal schemes Flipped out

When the U.S. Attorney's Office in late January announced a 101-count indictment in a mortgage fraud scheme, it closed a year-long investigation into a ring that involved 10 people and 43 houses in Indianapolis, Marion and Fairmount. For the individuals involved, the indictments could bring prison time and hefty fines. But for the bank that loaned money on the houses, the scheme signaled the end of the road. The lender, Louisville-based First Bank Inc., struggled during 2003 and 2004 to...
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