How much is this land worth?
State officials are challenging a $7-million assessment for a 2.3-acre parking lot sandwiched between the RCA Dome and Lucas Oil Stadium. The state has launched eminent domain proceedings, and the owner isn’t…
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Lilly buys rights to pain-fighting compound
Eli Lilly and Co has agreed to buy rights to an experimental compound for the treatment of various pains, including pain associated with osteoarthritis, from Glenmark Pharmaceuticals Ltd India. Lilly will pay a $45 million upfront fee as well as up to $215 million more in potential development and sales milestones, plus royalties. The compound, […]
Indianapolis firm plans to shoot “500” movie
An Indianapolis filmmaking company is preparing to start work on a movie about the first Indianapolis 500, which took place in Speedway in 1911. My First Bike Productions Director Justin Escue, who graduated from Ball State University and worked in the filmmaking hotbed of Austin, Texas, has lured screenwriter Angelo Pizzo, who wrote “Hoosiers” and […]
Fort Wayne development veteran to leave
Lincoln Schrock, who helped Fort Wayne launch an economic development organization during the depths of recession in 1982, is leaving its successor group, the Northeast Indiana Regional Partnership. Schrock, now 66, left the administration of former Mayor Win Moses Jr. to start the organization after the city became a national poster child for Rust Belt […]
Old National credits managers for profit gain
Evansville-based Old National Bancorp today reported that third-quarter profit increased 13.3 percent, to $22.6 million, due to broad gains created by tighter management. Interest margins widened, credit quality improved and expenses were contained in the quarter ended Sept. 30, said the bank, which has branches in the Indianapolis area. Return on average equity of 14.2 […]
Asset sale pushes Simon profit higher
Simon Property Group Inc. posted $418.7 million in funds from operations in the third quarter, a 13.3-percent increase over the year-ago period. Profit in the quarter increased 74.3 percent, to $164.9 million, due mostly to gains on sales of assets. For the year, the Indianapolis-based retail mall developer said it expects funds from operations, a […]
Crane base buying more Indiana supplies
The Naval Surface Warfare Center at Crane has increased procurement spending in Indiana four-fold in the past six years, according to the Times-Mail of Bedford. The base bought $1.3 billion of goods and services from Indiana companies in the most recent fiscal year, the newspaper reported. Most of the increase has been driven by the […]
Conventions abandon hotel-challenged Muncie
The executive director of the Horizon Convention Center in downtown Muncie estimates the center has lost half a dozen conventions since the historic Roberts Hotel across the street closed a year ago. Joann McKinney said in The Star Press that the loss of the city’s last downtown hotel left convention-goers no place convenient to rest, […]
Sellers waiting for recovery in area housing market: Economist expects another nine months of ‘slow going’
Melinda and Brooks Bertl know the ups and downs of the current real estate market-personally. They started looking for a home to buy this spring and it took them only two weeks to find one they liked in Carmel. “I guess we knew what we wanted and found it. And the house had been on the market for some time,” said Melinda Bertl, indicating the sellers were ready to make a deal. They bought the house and moved into it….
New gadget may alter radio biz
If it lives up to the hype, the Portable People Meter could revolutionize radio advertising by providing a more accurate look
at who’s listening to what. The pager-size device tracks radio-listening habits in real time, rather than relying on ratings
survey participants to remember what stations they tuned in during the course of a day.
ECONOMIC ANALYSIS: Evaluate today before gauging effects of tax proposal
Gov. Mitch Daniels unveiled a tax proposal Oct. 23 designed to remedy a number of widely held concerns over property taxes in the state. In a nutshell, his proposal reduces property tax collections by one-third and generates additional revenue by increasing the general sales tax 1 percentage point. His plan offers a three-tiered property tax rate-1 percent residential, 2 percent rental and 3 percent commercial-and moves taxation (and perhaps budgetary decision making) from the township to the county level. It…
VIEWPOINT: Corporate transactions: lose-lose deals
Corporate transactions, such as the sales of Peoples Bank and First Indiana Bank, as well as mergers of utility companies, benefit no one. For example: Retail customers: No evidence exists that consumers benefit from these transactions. Companies might argue that fees and prices rise more slowly in larger organizations, a result of efficiencies, but no proof is available, and the principle of diminishing returns suggests that, at some point, the cost of running a large entity becomes proportionately greater than…
IRL widens advertising base
The Indy Racing League will roll out category sponsorship deals with soft drink, energy drink and motor oil brands in the
next two months. IRL officials declined to divulge which companies the deals are with, but said each are multiyear, multimillion-dollar
deals.
EDITORIAL: Tough love for struggling park: State’s high standards deserve praise
Tough love for struggling park State’s high standards deserve praise It would be easy for the state’s certified technology park initiative to degenerate into a handout program with little or no accountability. If communities in all corners of the state get a park, along with the accompanying tax benefits and grants, everyone’s happy, right? Perhaps. But for the Indiana Economic Development Corp. to deploy resources in the most potent manner, it must focus on the parks with the potential to…
LESSONS LEARNED: Look for ways to overcome obstacles
Flory May isn’t one to back down from challenges. She’d rather work around them. Overcoming obstacles was her job as a lieutenant in the U.S. Army, and not much changed when she left the military and started her own event-planning business. Turns out, her two careers aren’t all that different. “They’re both about creating order out of chaos, bringing people together behind a common mission,” said May, 40. “In some ways, event planning can be more difficult.” Indeed, organizing a…
Cyber sky is falling, cyber sky is falling-or not: State, IU make nice with Colorado company leasing lines for vital I-Light network linking Indiana universities
Indiana’s network for advanced university research, linked by a web of fiber optics known as I-Light, is now deemed safe by the state and Indiana University. Both have backed away from dire warnings about the network’s future that they issued earlier this month after a key partner in the network changed hands. Indianapolis-based Indiana Fiber Works, which leases hundreds of miles of fiber to I- Light under state contracts not set to expire for nine more years, was purchased Oct….
Financial education on a roll: Money Bus travels state to make children smarter about finances
Teaching kids about finances used to be as simple as giving them lunch money. With credit card debt and bankruptcy rates soaring among young adults, however, there’s a new push nationwide to help kids get smart about money. Experts say even kindergartners aren’t too young to learn the ins and outs of spending, saving, borrowing and budgeting. One local program is hoping to do all that in a fun, informative setting. The Money Bus, a sort of traveling classroom, visits…
VOICES FROM THE INDUSTRY: Employers: Are commission plans putting you at risk?
Many employers compensate their sales representatives, in whole or in part, through commission agreements or plans. The various benefits of such plans are readily apparent. Among other things, they can provide powerful incentives for salespersons to generate business, and they can assist employers in managing their costs and cash flow. However, lurking within these plans may be significant legal issues. Ill-defined or poorly-worded compensation plans can cause a number of legal problems and expose employers to significant liabilities. Generally, commissions…
City fights property owners over value of land by stadium
A legal fight is brewing over a 2.3-acre parking lot sandwiched between the RCA Dome and Lucas Oil Stadium. The state is seeking
to acquire the property through eminent domain and is fighting an appraisal that puts its value at $7 million. The owners,
meanwhile, contend the land is worth about twice as much.
RETURN ON TECHNOLOGY: Is your Web site a cost or an investment?
I don’t particularly like to shop, but I like seeing how other people shop, especially online. There are always so many surprises. Of course, the big research is in e-commerce, where buyers spend money online. Studies show the number of people willing to buy online is growing steadily. The Census Bureau shows a consistently upward trendline through August 2007 (www.census.gov/mrts/www/ecomm.html). Most experts seem to believe that not only are more people throwing down their plastic electronically, but established shoppers are…