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Articles
Arts groups prepare fundraising campaigns
This year, five organizations announced or began preparing for the launch of major campaigns. The targets ranged from $12.5 million for Heartland Truly Moving Pictures to $100 million for the Indianapolis Symphony Orchestra.
Weak real estate market slams developers, banks
One local developer emerged from bankruptcy and another fought off growing financial woes as the commercial real estate market remained challenging.
Smulyan fails to take Emmis private
Jeff Smulyan in 2010 tried for the second time in four years to take Emmis Communications Corp. private, only to see a group of dissident investors band together to block the deal at the 11th hour.
Brizzi controversy colors prosecutor’s race
Two-term Marion County Prosecutor Carl Brizzi drew attention for a series of questionable business deals with a local defense attorney and for his friendship and business ties to financier Tim Durham, who is under federal criminal investigation.
Simon loses battle for General Growth
Just as shoppers began spending more cash at Simon Property Group Inc. malls, the Indianapolis real estate giant tried to open its own wallet for three huge deals—to mixed results.
Eli Lilly puts faith in drug pipeline
Eli Lilly and Co. started to tip over its massive “patent cliff” this year, yet announced little publicly that will significantly soften its inevitable sales plunge.
Ballard to raise millions through utility, meter deals
In the spring, Mayor Greg Ballard introduced a plan to sell the city’s water and sewer utilities to Citizens Energy Group, the public charitable trust that owns Citizens Gas. About six months later, he rolled out a deal to lease the city’s parking meters to a private operator.
Pacers, city negotiate $33M deal
The Indiana Pacers will stay put in Conseco Fieldhouse at least through 2012, thanks to a three-year deal approved July 16 by the city’s Capital Improvement Board.
2010 NEWSMAKER: Lucas lands Hilbert mansion
Lucas Oil Products Inc. owners Forrest and Charlotte Lucas in October purchased the 25,000-square-foot Carmel mansion built by Conseco Inc. co-founder Stephen Hilbert.
Clarian moves forward with downtown expansion
Clarian Health, after the 2008 financial meltdown forced it to halt its aggressive building campaign, put the hard hats back to work in 2010.
WellPoint helps usher in health care reform
President Obama revived the health care reform bill by seizing on news of sharp premium hikes on individual customers by Indianapolis-based WellPoint Inc.
Construction, manufacturing may lead economic recovery
The recession came to an official end 18 months ago, but Indiana’s unemployment rate hovered around 10 percent.
Company news
Indianapolis-based Lilly Endowment Inc. has given $35 million to Manchester College to help launch a new school of pharmacy in Fort Wayne. Manchester, a 1,300-student liberal arts college west of Fort Wayne, plans to open the school in 2012 with a class of 70 students. The school, which would be Indiana’s third doctoral pharmacy program, would ramp up to 265 total students. Average pharmacist salaries nationwide top $115,000, according to the industry trade journal Drug Topics. There are 115 schools of pharmacy nationally, with 20 more preparing to launch, according to the American Pharmacists Association. There are nearly 175,000 pharmacists nationwide. Most dispense prescription medicines in community drug stores, though a growing number work at hospitals or as consultants and health care managers.
WellPoint Inc.’s request to raise rates on small-business health plans in New York by as much as 28 percent will face increased scrutiny because of new U.S. regulations, the state’s top health insurance official told Bloomberg News. Federal rules released Tuesday tell state regulators to view rate-increase proposals of more than 10 percent as “initially unreasonable,” said Louis Felice, head of New York’s Insurance Department’s health bureau. Indianapolis-based WellPoint asked for a premium hike of 20 percent to 28 percent for 216,000 people in health plans at businesses with 50 or fewer employees. State officials can choose to bar insurers with a pattern of rate increases that the new health law labels as “unreasonable” from new insurance exchanges that will be set up in 2014 as part of funding coverage for 24 million individuals. The 10-percent threshold will change after 2011 to a state-by-state measurement based on the history of health costs in each state.
Indiana Medicaid services likely will be cut in order to head off a projected 25-percent spike in spending over the next two years, according to the Associates Press. The actuary hired by Medicaid to make budget projections, Milliman Inc.’s Robert Damler, said the program’s spending is set to grow by $3.3 billion over the next two years, and more after that, unless some services are cut. Those figures rendered the State Budget Committee “speechless,” said committee Chairman Luke Kenley, a Republican state senator from Noblesville. Damler suggested cutting spending for chiropractors, podiatrists and adult dental services to reduce the Medicaid bill. But Medicaid is likely here to stay, after Kenley backed away from an earlier suggestion that Indiana follow Texas' lead in exploring alternatives to Medicaid. Kenley said there was no enthusiasm for such an option from Gov. Mitch Daniels' administration. Damler said Indiana's Medicaid population of about 1.11 million—mostly single moms and kids—will grow to 1.25 million in 2013, and then add another 400,000 the following year when key provisions of the health care overhaul kick in.
Anderson-based Saint John’s Health System plans to spend $24 million to build a surgical services center, with construction beginning this fall. The subsidiary of Indianapolis-based St. Vincent Health currently performs 11,000 surgeries a year in three facilities, one of which is 42 years old.
WellPoint’s New York rate hike to face scrutiny
WellPoint Inc. and other U.S. health insurers will have to provide justification for any increases to customers’ premiums of more than 10 percent next year, according to federal regulations published Tuesday.
Analysts: Simon unlikely to buy Capital Shopping
Simon Property Group Inc. is unlikely to buy Capital Shopping Centres Group Plc because it will take too long for rents to rise enough to justify a price its U.K. counterpart would accept, according to Barclays Capital real estate analysts.
HOWEY: Tea partiers imprudently target Lugar
A question that must be posed to the tea partiers intent on taking Sen. Richard Lugar out: Who replaces him?
RIVERA: Lackluster schools rob kids of future
I applaud the signs of progress that have been reported recently, but we are a long way from success.
MAHERN: Indy hotels should give workers a raise
The city should not approve another hotel development until it is clear the hotel operator will not pursue the same low-wage path of those who came before it.
Group opposes city plan to pay water manager Veolia $29M
The city should refuse to pay the contract-termination fee given alleged defaults by Veolia, the consumer group says. Veolia is out after city sells the water company to Citizens Energy Group.