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EYE ON THE PIE: Making money by neutering history

I drove north last week from the Caesar’s gambling facility in Harrison County. Instead of taking the usual roads, I twisted up the cliffside overlooking the Ohio River via Doolittle Road. Then I went through New Middleton to Corydon before I joined the state highway system. It was a delightful drive that I never would have known about from anything on the state’s tourism Web site. Yes, I can hear the usual lament: “Wait, we’re working on improving our materials….

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Church’s business savvy extends financial ministry: New Life helps members become self-sufficient

Ondalere Helm has struggled to stay on solid financial footing since being laid off about four years ago. The 32-year-old mom got behind on her bills and was living in a governmentassisted apartment building with her 7-year-old daughter. “I had been praying for a home for my daughter,” Helm said. “I tried to buy a house, but my credit wasn’t good enough.” Then about two months ago, the pastor at New Life Worship Center-where Helm and her daughter attend religious…

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ECONOMIC ANALYSIS: We want to spur economy, but what’s the best way?

If you want to get an idea just how hot the topic of economic development is in Indiana these days, take a stroll over to the Department of Insurance’s Web page. Instead of finding notices of regulatory proceedings or a lineby-line listing of the insurance code, you’ll get a spirited, enthusiastic rundown of all of the reasons Indiana is a great state in which to locate your insurance company. If you happen to own one, that is. That’s a little…

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Growing numbers facing ‘rich’ tax: Alternative minimum tax reaching middle class

The number of Americans subject to the alternative minimum tax is expected to skyrocket this year unless Congress passes a retroactive safeguard. The tax, designed to prevent the rich from skirting taxation, threatens more middle-class families every year because of inflation. But because federal lawmakers failed to extend a “patch” that normally protects the less-than-wealthy from the AMT, it is estimated that 16 million more taxpayers could fall into its grasp this year. The AMT is catching many local taxpayers…

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Legislators fight over green rules: Biz lobby: Indiana standards should not exceed EPA’s

Business interests and environmentalists are squaring off in the Indiana General Assembly. It’s unlikely they’ll see eye-to-eye anytime soon on this year’s ripest green issue: whether to hold Indiana to a higher environmental standard than the rest of the nation. In one corner, the Indiana Chamber of Commerce is leading a push for legislation to bind the state to environmental rules “no more stringent than” those of the U.S. Environmental Protection Agency. Framing the debate around economic development, the Chamber…

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INVESTING: Natural gas provides a powerful potential for profit

I have gas. Not the kind you get from eating too much of the wrong thing. I have natural gas, and I am going to need more of it. So, apparently, will the rest of the world. Natural gas is a gas that sits on top of oil when it is in the ground. If you drill a hole and find oil, you also have found natural gas. In our ultimate wisdom, we have found a way to siphon this…

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‘Crammers’ facing big fines: Two firms accused of billing phone customers for directory assistance services not ordered

As in $1,071,000. That’s how much the Office of Utility Consumer Counselor wants the Indiana Utility Regulatory Commission to ring up in fines against Casper, Wyo.-based Micronet Inc. It also requests that the commission turn over the case to Indiana Attorney General Steve Carter for prosecution under the state’s deceptive practices act. Micronet is accused of billing hundreds of Indiana business, residential and state government lines in late 2004 and early 2005 for directory assistance service callers never requested or…

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Big bank heading for sale?: Union Fed, parent firm mum as talk of mergers intensifies

Officials with the companies in Fort Wayne and here aren’t saying one way or the other. “We have nothing to announce,” said Alvin “Kit” Stolen, CEO of Union Federal since 2002. “We officially wouldn’t comment or address those kinds of rumors or speculation.” The privately held companies are among the largest financial firms headquartered in Indiana. Union Federal has more than $3.4 billion in assets and ranks as the city’s third-largest bank. Waterfield ranked 51st nationwide in mortgage originations in…

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BRIAN WILLIAMS Commentary: High school dropouts are hard on city

Indiana has made significant progress in establishing some of the most demanding standards for primary and secondary students. However, Indiana’s and the nation’s educational system can also be characterized by low high school graduation rates; no standard for calculating graduation rates; persistent achievement gaps along racial and economic lines; a decline in “second chance” opportunities for high school dropouts; a general inability to attract and retain highquality teachers, especially in underperforming schools; and a bureaucratization of school structure that undermines…

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Slow start predicted for Roth 401(k) plans: Many companies, employees likely to take wait-and-see attitude regarding new retirement-savings vehicle

So when the Roth 401(k) debuted Jan. 1, he gave his 24 employees at Thurston Springer Miller Herd & Titak Inc. the opportunity to sink a percentage of their earnings in the new option. The idea draws upon the standard 401(k) plan that is the vehicle of choice for millions of working Americans saving for retirement. But a distinct difference between the two might scare some employees away. Unlike a traditional 401(k), the money diverted into a workplace Roth is…

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Cash-strapped county mulls part-time cops: Merger lets combined department add more reserves

Marion County Sheriff Frank Anderson has long clamored for help fighting crime in the suburbs. Thanks to the police merger, he’ll soon get it-from volunteers. The City-County Council ordinance authorizing a merger between Anderson’s Marion County Sheriff’s Department and the Indianapolis Police Department allows for a massive, 239-percent increase in the use of unpaid reserve police. Anderson, a Democrat, will have leeway to use up to 657 reserves in addition to the combined department’s 1,642 full-time cops. That’s 463 more…

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City ups fees for planning petitions: Old charges weren’t enough to cover department’s costs

Developers and companies in the construction industry might be unpleasantly surprised the next time they seek a zoning change or construction permit in Indianapolis. On Jan. 1, a new fee schedule kicked in for many of the functions of the city’s Department of Metropolitan Development, raising the cost of seeking zoning changes, variances and construction permits. In some cases the jump in fees is dramatic, while other fees will change little or not at all. However, the overall effect on…

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Indianapolis and neighbors need one vision, one voice:

Cincinnati USA. Charlotte USA. Indianapolis – Marion County – Indiana. Who is throwing the right welcome mat out to the world? In the first two examples, those regions have said to the entire planet: “We are open for business. Come talented people-bring your companies and organizations to our area; bring your families to our schools; live, work and play in our thriving community.” Our region,” they say, “located at this juncture of latitude and longitude in the USA, wants you…

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EYE ON THE PIE: Cost-of-living is with us, not in the stars

“I saw your column last week about the cost of living and I think you are a fool.” That was among the kinder messages on my mental answering machine, the one that records the thoughts I imagine readers have after reading my columns. All I had done was explain that the major differences in living costs in different places are related to housing. Housing prices reflect income levels, the benefits of living in different places, and the limitations on building…

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ECONOMIC ANALYSIS: King for a day on fixing the property-tax system

Well, I’ve finally been caught. Despite my best efforts to appear decisive and get straight to the point, one of my readers accused me of being just another equivocating, twoarmed economist in a recent column I wrote on taxes. You know the type. On the one hand this, and on the other hand that, never sticking their necks out and reaching a conclusion. That person will be back in this space this week, doing his best to pretend not to…

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AGENDA INDIANAPOLIS 2006: City made progress in some areas, but top priorities require more work

The wheels are beginning to turn on a multi-county transit plan, now that the Central Indiana Regional Transportation Authority is mostly in place. The authority, charged with coordinating and, ultimately, administering a regional transit system, was formed at the end of 2004, about the time IBJ asked readers to rank the most pressing issues facing the city. The results of the survey, published last January, revealed public transportation and congestion issues as the largest concern, followed by the need for…

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STATEHOUSE DISPATCH: Short legislative session may be eventful, for a change

We’ve all become lulled into assuming that the so-called “short” session of the Indiana General Assembly in the even-numbered years is the political equivalent of the practice of medicine: First, do no harm. In election years, lawmakers are reluctant to do much beyond that which they must do to protect public health, safety and treasury. The short session originated as a vehicle for handling emergencies arising between the odd-numbered-year budget sessions, and many legislators-particularly those seeking re-election-didn’t see much cause…

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In the new year, building on the successes of 2005:

This past year was one of the most active and successful in our city’s history. We pushed through legislation to fund an expansion of the Indiana Convention Center and build a new multi-purpose stadium, both of which will be tremendous boons to our region’s economy, pumping in more than $2.25 billion in investment and creating more than 4,200 permanent jobs over the next 10 years. In addition, through the leadership of the governor and legislature, a one-of-a-kind regional funding solution…

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TOM HARTON Commentary: On defense, Republicans get divisive

After Republicans Scott Keller and Lance Langsford broke party ranks at the Dec.19 City-County Council meeting and voted for cop consolidation and an expanded human-rights ordinance, fellow Republican Jim Bradford e-mailed them and questioned whether they were true Republicans. Lately, it’s Bradford and other Republican hard-liners who don’t seem like the Indianapolis Republicans of old. Republicans mayors Richard Lugar, William Hudnut and Steve Goldsmith provided pragmatic, progressive leadership here in the 1970s and ’80s and ’90s. Lugar and longtime Council…

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Mayor slashes city spending, combines local police forces:

It was the roughest year yet for Mayor Bart Peterson-at least until 2005’s final weeks. In the spring, the I n d i a n a G e n e r a l Assembly defeated the majority of his proposed Unigov overhaul “Indianapolis Works.” So Peterson, a Democrat, spent the summer slashing local spending. State legislators left the door open on one major Indy Works provision: Peterson’s controversial plan to merge the Indianapolis Police Department with the Marion County Sheriff’s…

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