Indianapolis Business Journal – April 19-25, 2019




In This Issue

Front Page

Legislation provides CIB badly needed cash infusion

Legislation that will help fund a renovation of Bankers Life Fieldhouse will do much more: It will bail out the Capital Improvement Board, which is headed for insolvency without the additional revenue.

Indiana Pacers have grand plans for 1.5-acre plaza

Plans call for the outdoor plaza to host concerts and other public events, along with a public ice-skating rink in the winter and a public basketball court in the summer.

Lilly bets billions on focus on cancer drugs

Long a leader in diabetes and neuroscience drugs, Eli Lilly and Co. is pushing hard and spending record sums to turbocharge its oncology business, potentially a huge growth area.

Top Stories

Filling Anthem space on Circle ‘not going to happen overnight’

Little progress has been made in replacing Anthem Inc. in the Monument Circle building that, until the end of last year, served as headquarters for the Indianapolis-based health insurance giant.

Grocery newcomer says market ripe for growth

Needler’s Fresh Market, which entered the Indianapolis market in 2017, says it’s so bullish on its local prospects that it’s already looking to expand here.

Angel investor network VisionTech fills need for startup funding

Founded in 2014, VisionTech has seen its membership, or investors—as well as the amount invested by those members—swell significantly in the last two years.

Q&A with SJ Luedtke, IndyCar’s marketing director

Luedtke talked about what drew her to the job, her experiences working for Nike, and what comes next for the racing series.

Buttigieg goes from cordial to critical of Pence on campaign

On the campaign trail, Democratic presidential contender Pete Buttigieg blasts Vice President Mike Pence’s cultural and religious conservatism. But as the mayor of Indiana’s fourth largest city, his tone toward the state’s Republican former governor was more muted.

Democrats ramp up early campaign effort to re-elect Hogsett, Democrat-led council

Mayor Hogsett and Council President Vop Osili have decided to pool resources and launch what Democrats say is the first true citywide coordinated campaign in Marion County to re-elect the mayor and expand the party’s majority on the 25-member council.

Student apartments near IUPUI to get 72-unit addition from new developer

Indianapolis-based Spectra Student Living bought an existing complex on 10th Street for $23 million and is planning a second phase with units overlooking the White River.


IU program makes leap into Columbus by design

IU’s small architecture program in Columbus is not seen as threat to Ball State, but it could give a big boost to Indiana’s modernism mecca.

Luxury titans lead expensive effort to restore Notre Dame

Crew, Fishers find alternate site for carwash, expand plan to include new headquarters

Crew Carwash and the city of Fishers announced Friday morning that the company will build a corporate headquarters and a carwash not far from the controversial location where Crew previously had wanted to build a carwash. Crew plans to spend at least $10 million on the project.

Flaherty & Collins hires law firm partner

Kyra Rimsans had been a partner at Barnes & Thornburg.


Editorial: Public kept in dark on Pacers deal until 25-year pact was fait accompli

On the morning of April 12, the Capital Improvement Board voted unanimously to approve a Pacers deal that will cost the quasi-governmental entity nearly $800 million over the next 25 years. But until that morning, there had been no public discussion hinting that a deal would be so costly.

MICKEY MAURER: Check out my advice, for whatever it’s worth

To atone for my naughty April Fool’s Day behavior, I’ll share some good clean employment tips given in all sincerity from years past.

Tim Cook & Katie Culp: State’s Skills Enhancement Fund works but is at risk

Then IEDC overhauled SEF with one simple goal: Provide the training dollars companies say they need and get out of their way. The agency stopped nickel-and-diming how companies could spend SEF, removing the compliance shackles that made federal military contracts seem mild by comparison.

Scott Frye: It’s time to equitably fund charter school students

As an administrative team, one of our top concerns is the well-being of our teachers. Our students need teachers who are 100% devoted to ensuring student success. We do not want to lose great teachers due to a lack of financial resources.

Santiago Jaramillo: CEOs, HR can drive alignment on people, culture strategy

What I learned from that experience is that, as business leaders, we have to hold our people and culture initiatives to the same standards that we hold every other function.

URBAN DESIGN: Urban dwellings need separation from the street

New multi-family projects often fail to provide the privacy statement delivered by the porch, stoop or plinth.

Ed Feigenbaum: It’s conference committee time—let the games begin

Pro tip to the new kids on the block: Throw everything you’ve learned about lawmaking in your first session to date (or in fourth grade civics!) out the back door of the Statehouse, buckle your seat belts, and prepare for a ride like you’ve never experienced before.

KIM: Stocks’ recovery from December massacre holds important lessons

The doom and gloom headlines from December have turned ebullient, as the S&P 500 in the first quarter posted its best performance since the third quarter of 2009.

BOHANON & CUROTT: Democratic socialism raises a fundamental question

Democratic socialism is much more than bumping up federal social spending. It is designed to generate fundamental changes in our economic order.

Letter: Initiatives take aim at opportunity gap

In Brief

Controversial payday lending bill dies in House without vote

On the last day for bills to pass out of the Indiana House, the sponsor for Senate Bill 613—Rep. Matt Lehman, R-Berne—declined to call it for a vote.

Pharmacy owner found guilty of manufacturing over-potent drugs sold to hospitals

Paul Elmer, former owner and CEO of Pharmakon Pharmaceuticals in Noblesville, was convicted in federal court of nine counts of adulterating drugs and one count of conspiracy. He was acquitted of an additional count of obstruction of justice.

Local transportation tech firm acquired for $50 million

Synovia Solutions, known for its Here Comes the Bus app, has been acquired by a transportation technology company based in Irvine, California.

Veteran morning broadcaster O’Brien parts ways with Hank-FM

Dave O’Brien, a staple on local morning radio since 1996, is no longer with WLHK-FM after station owner Emmis Communications opted not to renew his contract.

Continuing to slim down and reduce debt, Celadon sells logistics division to Texas firm

As a result of the deal, Jon Russell, the son of Celadon co-founder Steve Russell, is expected to leave the company for a management position with the acquiring firm.


MIKE LOPRESTI: Say hello to the Indianapolis eclectic Indians

A pitcher named Rookie, an economics whiz and a minister/coach are among the interesting group you’ll find at Victory Field this year.