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Deflating the Dome
Demolition crews will begin letting air out of the RCA Dome as early as next spring. Deflating and removing the Dome’s fabric roof is the first step of a five-month demolition process,…
Nothing But Noodles acquired by competitor
Nothing But Noodles, a Scottsdale, Ariz., restaurant chain, has been acquired by Noodles & Co. of Aurora, Colo., in a move that affects at least two Indianapolis locations. As a result of the merger, a Nothing But Noodles at 3625 E. 96th Street has been closed because of its close proximity to a Noodles & […]
Landmark acquisition fuels First Internet profit
First Internet Bancorp said today that third-quarter profit shot up 63 percent, largely because of its acquisition of Landmark Financial Corp. Indianapolis-based First Internet said it earned $664,325 in the period ended Sept. 30. The online bank closed its $12 million purchase of Landmark on Jan 1. Landmark was the parent of Landmark Savings Bank […]
Cultural Trail takes shape
How much will the Indianapolis Cultural Trail affect real estate downtown? What do you think of it? The $50-million bike and pedestrian path eventually will connect downtown’s five cultural districts. Funding comes…
WellPoint enlists Zagat to rate doctors
After making a reputation rating highbrow restaurants in New York, the Zagat Survey now will help WellPoint Inc.’s health insurance customers rate their doctors. In January, WellPoint and Zagat will launch an online survey tool that will allow patients to share their physician experiences with other WellPoint customers. The tool will allow consumers to review […]
Calumet buys petroleum products firm for $240M
Calumet Specialty Products Partners LP, the Indianapolis company that produces specialized petroleum-based products, has bought Texas-based Penreco for $240 million. Penreco is a general partnership owned by ConocoPhillips Co. and M.E. Zukerman Specialty Oil Corp. that manufactures and markets white mineral oils, and other petroleum products and specialty solvents. It is headquartered in The Woodlands, […]
One step forward, one back for manufacturing
News late last week that a manufacturing plant in Wabash employing 800 will close before December continues the good news-bad news Indiana is experiencing with the industry. For every expansion announcement, there seems to be another about a contraction or outright closing. On Friday, GDX Automotive, an auto parts supplier headquartered in Farmington Hills, Mich., […]
Power plant opponents claim Duke, governor interfered: IURC head received letter, press release referring to Edwardsport project
Groups opposing Duke Energy’s coal gasification plant proposed for Edwardsport allege the utility and Gov. Mitch Daniels tried to sway regulators with improper contact and political pressure to get the $2 billion plant approved. They “are clearly trying to back-door the public decision-making process,” said Jerry Polk, an attorney representing a group led by Citizens Action Coalition. Polk this month filed a complaint with the Indiana Utility Regulatory Commission, citing a Sept. 25 letter an executive from Duke’s Charlotte, N.C.,…
Westfield on verge of development boom: At least four major projects in works in growing town
In the top drawer of an old desk in the basement of Westfield Town Hall, there is a small steno-style notebook filled with fraying, hand-written pages. It’s where town planners kept track of building permits for more than a decade starting in the 1960s. This was a tiny town then, where most people knew all their neighbors and permits were organized by last names. Westfield is a lot different today. New developments are appearing all over the growing town, which…
ECONOMIC ANALYSIS: Time for a little schooling on income inequality
A reader in South Bend recently argued that attention to growing wage inequality in the country should be part of these economic discussions. He is right-and given the proximity of the presidential election, we are all going to hear plenty about it. Here’s a bit of economic analysis of the situation. By itself, income data can tell a misleading story. The United States enjoys significant income variability over an individual’s life cycle. So, a snapshot across one year tells us…
City’s life sciences corridor to get $4M in improvements
City planners have long envisioned a high-tech corridor of life sciences research buildings and businesses extending northwest
of downtown to 16th Street. And the city is now spending $4 million on infrastructure and streetscape improvements toward
that end, as well as signage identifying the area as a life sciences hub.
Local corporations maintain FFA convention funding: Main goal: getting attention of future leaders
Indianapolis-area companies are ponying up $1.15 million to help put on this month’s National FFA convention, an event expected to draw more than 55,000 members and their chaperones to the city. They’re backing the bigbudget affair largely because of the access it gives them to future leaders-from tomorrow’s policymakers to those who could someday work at these local firms. And the city is putting on quite a show to get the attention of the roughly 46,000 12-to 21-year-old members and…
White-collar crime has a new watchdog: Indiana securities commissioner aims to educate investors, enforce law
Madison native Chris Naylor on Oct. 5 became Indiana’s securities commissioner. He was appointed by Indiana Secretary of State Todd Rokita to succeed O. Wayne Davis, who now is a semi-retired legal consultant. Naylor, former county prosecutor in two southern Indiana counties, sat down with IBJ to talk about his goals as the state’s top securities cop. The following is an edited version of that interview. IBJ: What’s your office’s focus? NAYLOR: There are two large areas: investor protection and…
SPORTS: Discipline on court, disappointment in stands
As an Indiana University alumnus, I guess you could say I’m dissed off. Disappointed. Disillusioned. Disheartened. And I know I’m not alone. There is simply no excuse, no rationale and no justification for Kelvin Sampson’s basketball program to be operating outside the NCAA rules or the NCAA sanctions he brought to Bloomington from the University of Oklahoma. I don’t care that the NCAA’s rule book is thicker than the New York City white pages. I don’t buy that those rules…
Beware stock investors: Credit problems remain INVESTING:
Seemingly unbeknownst to the stock market, problems continue to lurk in the credit markets. Regulators are concerned about the market upheaval caused by structured investment vehicles. Large banks set up SIVs as off-balance-sheet investments to leverage their investment capital and earn higher returns. There are reportedly some 30 SIVs with $400 billion in assets. SIVs employ a simple strategy to make money: They borrow short term (at low rates) and invest in longer-term securities (at higher rates), thereby earning the…
A&E: Beckmann benefits while McLaughlin comes home
The Beckmann Theatre has an impressive board, a unique mission and, judging from the benefit performance staged Oct. 15 at the American Cabaret Theatre, the goodwill of a strong talent pool. What it could use are some actual theatrical productions. Launching in 2002 and carrying the name of Bob Beckmann, the late arts and civic leader who helped transform downtown, the Beckmann Theatre has offered about a show a year, plus a handful of readings, since its inception. The company’s…
WellPoint adjusts to executive exodus
Fifteen senior executives have left WellPoint Inc. since November 2004, when the giant health insurer formed through Indianapolis-based
Anthem Inc.’s $16.5 billion acquisition of California-based WellPoint Health Networks Inc. The merger made many of them rich,
work at WellPoint was grueling, and personal commitments called. So they moved on.
VOICES FROM THE INDUSTRY: Everybody’s busy playing the real estate blame game
There’s a game that takes place in most families with young children. You may be familiar with it. It’s easy. Mom’s cherished (insert any household item here) develops a large chip. Mom sees the chip. Mom begins the interrogation: Who did this? “Not me,” says Johnny. and Wall Street. After all, they’re the ones that loaned the money. It was too easy to get a loan, the critics say. People were buying homes and building developments with high-priced coffee shops…
VIEWPOINT: Reform won’t require constitutional rewrite
In July, when Gov. Mitch Daniels appointed the Commission on Local Government Reform to search for ways to streamline and modernize Indiana’s system of local government, he recommended considering every option for bringing government into the 21st century. And he raised one particularly dramatic option: convening a convention to rewrite Indiana’s constitution, a document that has been amended often, but never rewritten, in 156 years. Times were different in 1851, when Indiana enacted its constitution. The state had fewer than…