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M&I Plaza seeks rebound under different ownership: Struggling downtown tower is about 70-percent vacant

Struggling M&I Plaza once again can become a prominent office tower, real estate experts contend, but only if the next owner atones for its predecessor’s mistakes. Local real estate developer Paul Kite Co. had emerged as a top contender to buy the struggling downtown property from Maryland-based CapitalSource Inc., which assumed ownership of the 28-story building in June after foreclosing on a $5 million mezzanine loan. Paul Kite didn’t respond to an e-mail request for comment. But sources say Kite’s…

Obama raising more money in Indiana, but business interests stick with McCain

Republican Sen. John McCain has been unable to achieve the same Indiana fund-raising edge on his Democratic opponent that
President George W. Bush did in past elections. Bush rang up an Indiana fund-raising advantage of $1.7 million over Sen. John
Kerry in 2004, according to the Center for Responsive Politics. And his popularity in Indiana allowed
him to spend those dollars to help him campaign in other states while easily winning Indiana’s electoral
votes. But this election, Sen. Barack Obama had outraised Republican John McCain by $360,000 through the end of August, when
McCain’s decision to take public campaign funds forced him to stop raising funds directly for himself.
Obama did not take public funds, and so has continued to raise money.

VOICES FROM THE INDUSTRY: Delays to development projects cost everybody money

Here’s a common scenario: A developer gets approval on zoning and planning permits to build a business on a piece of property. The business has signed an agreement to either lease or buy the building once it’s completed. The owner of the business then begins making plans to open the new facility. The developer, meanwhile, goes to work to prepare the property for construction, which includes everything from figuring out the utilities, access road, curbs, sidewalks and landscaping. Working with…

EYE ON THE PIE: Unemployment rates highly variable

I apologize for filling a column with numbers. But there is no other way of depicting the unemployment situation in Indiana. As we have learned in the current financial crisis, lack of knowledge is the root of calamity. In August, the latest date for which we have information, Indiana’s unemployment rate was 6.4 percent, compared with 4.5 percent a year earlier. Nationally, the unemployment rate had gone from 4.7 percent in August 2007 to 6.1 percent this year. This stronger…

VOICES FROM THE INDUSTRY: Benefits to buying or leasing in a troubled economy

As real estate professionals well know, a troubled economy is making it harder to negotiate and close deals. However, buying or leasing real estate in a troubled economy also provides great opportunities for buyers and tenants. Real estate brokers often talk about it being a buyer’s and renter’s market and focus on selection and price; however, there are several other benefits when buying or leasing commercial real estate in a troubled economy. These additional benefits include tax abatements or credits…

Indiana adoption agencies try new strategies: Supply of kids from China, other sources dwindles

Families Thru International Adoption holds a reunion each summer at Forest Park in Noblesville that draws hundreds of families. Most of the children were born in China or Guatemala, but adoptions from those countries have slowed dramatically. The Evansville-based agency will have to form relationships in other countries, or expect fewer new faces at the annual picnic. FTIA is among a handful of Indiana agencies revamping their strategies to deal with the dramatic downturn. “It is a difficult time for…

ECONOMIC ANALYSIS: What Halloween can teach us about economics

The week of Halloween at the Hicks household is also the week we learn about taxes. It is a natural combination-they are both kind of scary and involve giving up something you’ve worked for to someone else. Having three kids of different ages and interests is especially instructive. My fourth-grader is all about the experience of trick or treating with friends. She is likely to savor every minute chatting, holding hands and skipping along. She is not trying to maximize…

Was HIP program enough?: Candidates spar over impact of Daniels’ health reforms

Just how big of a deal was the Healthy Indiana Plan? That seems to be the key question dividing Republican Gov. Mitch Daniels and his Democratic challenger, Jill Long Thompson, in their competing plans over health care reform. Daniels’ campaign for re-election points to his administration’s ongoing rollout of the Healthy Indiana Plan as his entire plan for health care reform in his second term. The plan, which uses cigarette tax revenue to offer health insurance and health savings accounts…

ACCOUNTING: Private-company audits make a comeback, but not for all

In recent years, Sarbanes-Oxley Act regulations have been a moving force in increasing the emphasis on improved internal controls, governance and accountability in the public markets. The Securities and Exchange Commission has always required audits for publicly traded companies, but the primary users of private companies’ financial statements-banks and other lending institutions-have been slow to mandate audits. With the recent turmoil in credit markets and increasingly tight credit requirements for closely held business loans, the audit appears to be coming…

Pacers cut costs, boost marketing to break even within three years

The Indiana Pacers are ratcheting up sales and marketing initiatives while cutting costs elsewhere in an effort to simultaneously
ride out the economic storm and boost attendance. The team has little hope of being profitable this year-or even breaking
even, said Pacers President Jim Morris, but he added that within three years the franchise’s financial status should be much
improved.

Kite Realty goes on defensive: Local developer says stock sale should help it through tough times

Expecting a rocky 2009, locally based Kite Realty Group Trust sold nearly 5 million new shares in October to quickly raise almost $48 million in cash. The retail real estate investment trust saw its stock price tumble after the $10.55-per-share offering, from a close of $11.19 the day (Oct. 2) it announced the sale to $7.44 by Oct. 10. The deal dilutes existing shareholders, but company officials say it puts Kite in a stronger cash position to pay down debt…

A&E Lou Harry: Murder most Hoosier

Last year, when I commented on Indiana Repertory Theatre’s boiled-down-to-90-minutes production of “Hamlet,” the theater wrote back making clear that the presentation was part of Shakespeare for a New Generation, an initiative sponsored by the National Endowment for the Arts in cooperation with Arts Midwest. As part of that program, the to-thebone length was mandatory. That explained the “why.” But it didn’t change my reaction to the show as an audience member: It felt more like reading a Classics Illustrated…

RETURN ON TECHNOLOGY: Web conferences have come a long way, baby

I can change my mind. It’s painful, like yanking off my right arm for a slightly upgraded replacement. But it happens. For a long time, I resisted holding Web conferences. As the name implies, Web conferences are held over the Web, rather than in person. For years, most of the ones I’d been in were videoconferences with grainy, slowly updated images of talking heads where it was difficult even to know who was speaking. I didn’t like the document-centric online…

VOICES FROM THE INDUSTRY: Property tax reform will change development landscape

As the country faces the “subprime crisis” and its effect on the availability of financing, we know local real estate markets have seen brighter days. Fortunately, we also know this crisis will pass. If you are a real estate developer or land-use professional, there will be many opportunities ahead. However, it is important to consider that the regulatory landscape in Indiana relative to land-use development will not be the same as the one you knew prior to the current market….

As politics finds new mediums, local firms are along for the ride

In this year’s election cycle, the policy watchword is "change." But amid the partisan debate, another type of
change is revolutionizing the way candidates track voters and spread messages. Communication tools like
text messaging, social networking and YouTube are increasingly integral to successful politics.

‘BE PICKY’: LESSONS LEARNED

At Bjava Coffee & Tea, owner Bj Davis stocks the joint with as many local products as she can find, regularly auditions different roasters, and tries not to sigh when her customers order the spiced macchiato to go-even though she says it’s best drunk from an open bowl, for the “aromatics.” Davis is picky when it comes to taste, which is all the more impressive considering that she didn’t even drink coffee until she began working part-time in a coffee…

SPORTS: Tony Dungy is much more than a football coach

Of this, that and the other: It was my pleasure to co-moderate (with IBJ’s Anthony Schoettle) last week’s IBJ “Power Breakfast” featuring Indianapolis Colts coach Tony Dungy. This was the third year I’d shared the stage with Dungy, the Super Bowl-winning coach who most of us know by now is also a best-selling author, a man of deep faith, and a committed social activist, the latter best exemplified by his involvement with his mentoring program, All-Pro Dads. A Westin Hotel…

EDITORIAL: Preparing for vote will make it count: Educate yourself before election

Preparing for vote will make it count Educate yourself before election Barring a repeat of the 2000 presidential election debacle that took more than a month to sort out, we are a little over a week away from finding out who will become our country’s next commander in chief. Although IBJ has a policy of not endorsing candidates, we do have some other recommendations as central Indiana heads into the homestretch of this hotly contested race. For weeks, political pundits…

INVESTING: Don’t get complacent; stocks may fall again

Hurricane season in the tropics is coming to a close. Some damaging storms came through, but nothing Katrina-like, and for that everyone is grateful. No, the real devastation this year wasn’t in the tropics. It came on Wall Street in the form of the stock market crash. And there is no denying that a crash is exactly what happened. The scientists at the National Weather Service have a system of rating the strength of a hurricane. Sustained winds of 74-95…

Despite subsidiaries’ sales, Ontario struggles with debt: Lawsuit sheds light on tech holding company

Over the last five years, Daleville’s Ontario Corp. has successfully divested two of central Indiana’s larger high-tech firms. It’s had less luck resolving its debts. This month, a federal court in Indianapolis reopened a lawsuit filed three years ago by Charles Craig-one of Ontario’s former executives-and his wife, Barbara. Their complaint alleges Ontario defaulted on $1.3 million in promissory notes. According to court documents, the company east of Anderson provided the couple a series of 10-year notes in 2001 on…