Indiana’s congressional delegation unites behind FAA drone test site bid
A letter to the Federal Aviation Administration highlights Indiana’s manufacturing, research and military assets as strengths in the national competition.
Indiana Economic Development Corp.
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IBJ Podcast: What a state audit reveals about the IEDC, Elevate Ventures and more
The Governor’s Office said the review uncovered nothing criminal. Still, the auditors noted dozens of findings in the report, including situations involving conflicts of interest, poor documentation and a lack of transparency.
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State releases results of monthslong forensic audit of IEDC, affiliated agencies
The 127-page report comes just over a week after the IEDC board unanimously agreed to publicly share it—pending legal review—and roughly five months after it was announced.
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Lingering conflict means angst for startup community
Indianapolis-based Elevate, a nonprofit venture investment firm, has been operating under a cloud since late April when state officials froze its funding.
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IBJ Podcast: Inside the Legislature’s wild session on tax breaks, hospitals, IEDC and more
Three journalists who covered the budget-writing session recap the twists and turns of the four-month assembly as lawmakers locked bumpers over ways to save Hoosiers money and hit a revenue sinkhole.
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Articles
Abrupt crane bay demolition at former GM stamping plant site caught many off guard
It took only a five-line clause in the state’s August land sale to Elanco Animal Health to bring down what was left of a nearly 100-year-old crane bay along the western bank of the White River.
Braun taps DWD commissioner to lead IEDC
Gov. Mike Braun on Tuesday announced the appointment of Josh Richardson as president of the Indiana Economic Development Corp.
Google reveals itself as developer behind 500-acre Morgan County data center campus
Google’s announcement comes about a month after it pulled its plans for a data center on the southeast side of Indianapolis amid heavy community opposition.
Braun satisfied with results of IEDC audit, says state will continue to implement fixes
Gov. Mike Braun on Tuesday said his administration is already making changes based on the findings of a monthslong audit of the Indiana Economic Development Corp.
Loan-related Elevate Ventures questions remain following audit report release
An audit report released Thursday does not address some lingering issues between Elevate and the Indiana Economic Development Corp., including a loan default issue.
Takeaways from the forensic audit of the IEDC, Elevate Ventures and other related entities
The report details findings related to the Indiana Economic Development Corp., the Indiana Economic Development Foundation, the LEAP District, Elevate Ventures and the Applied Research Institute.
IEDC approves $10M in federal funding to launch Indianapolis venture studio
The Indiana Economic Development Corp. approved $10 million in federal funding for the planned OneHealth Venture Studio, which will operate on Elanco Animal Health’s new Indianapolis campus.
Redefined Indiana economic development roles coming, months after legislative mandate
Secretary of Commerce David Adams remains both CEO and president of the Indiana Economic Development Corp., but that’s expected to change next month.
State plans to ‘wind down’ the Indiana Economic Development Foundation
The nonprofit, which raises money to support Indiana Economic Development Corp. activities, was singled out by Gov. Mike Braun amid calls for greater transparency regarding taxpayer dollars.
IEDC board OKs public release of forensic audit of agency, affiliated entities
Gov. Mike Braun ordered the audit in April, citing unspecified concerns about transparency at the Indiana Economic Development Corp. and its related entities.
UPDATE: IEDC board allows Elevate Ventures to continue investment activity
The move came hours after Gov. Mike Braun—whose administration last spring froze funding for the nonprofit—made an unscheduled appearance at Elevate’s Rally innovation conference.
Cost of IEDC consulting contract for data center study tops $1.2M
Boston Consulting Group was hired in April to prepare a report that seeks to answer “whether data centers provide sufficient return on investment for Indiana.”
State’s exit from GM site ownership signals new economic development approach
“The governor has been very clear: We’re just not in the land development business, and it’s not a core competency,” Commerce Secretary David Adams told IBJ.
IEDC extends consulting contract for study of data center opportunities, pitfalls
Boston Consulting Group is researching the economics of data centers and is expected to produce a white paper report detailing the best way for the state to approach such proposals.
IEDC leader to depart as part of ‘evolution’ of agency
Jeff Blade has served as the Indiana Economic Development Corp.’s executive director for less than a year.
IEDC deems Elevate Ventures, affiliates in breach of all active loans
The warning comes after the venture development firm defaulted on an angel investment program.
Indianapolis biz leader picked to lead new state Office of Entrepreneurship and Innovation
Indiana’s new Office of Entrepreneurship and Innovation is expected to focus on Main Street businesses—small businesses that are not venture-backed, not easily scaled and found in many towns and cities across the state.
Amid ongoing Elevate Ventures funding freeze, some companies approved for investments
Also, at Wednesday’s meeting, the IEDC board’s entrepreneurship committee updated the investment policy for the Indiana Angel Network Fund III LLC—the investment fund managed by Elevate Ventures through which the SSBCI money flows.
IEDC board approves incentives for four planned data center projects
The Indiana Economic Development Corp. estimates that the data center incentives are worth an estimated $168 million in total tax savings for the combined projects over the next 35 years.