State hires firm specializing in ‘crisis and transformation’ to audit IEDC
Gov. Mike Braun announced the audit last month, citing potential “impropriety” at the IEDC. He also announced a freeze of all state funds associated with Elevate Ventures.
Indiana Economic Development Corp.
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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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IBJ Podcast: Could a tax credit upgrade help make Indiana a film and media hub?
Neighboring states offer much greater incentives to movie and TV producers than Indiana. And filmmakers aren’t entirely sold on modest and narrowly focused improvements under consideration by lawmakers.
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Mark Cuban to headline Global Entrepreneurship Congress in Indianapolis
A program of the Global Entrepreneurship Network, the event is an annual convening of business and investment leaders from around the world.
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Commerce secretary wants to turn the IEDC inside out
In some ways, social media platforms are unlike traditional media platforms, such as radio and television. In other ways, they are very similar.
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Articles
For sale: IEDC land purchased for LEAP project, but never used
After buying thousands of acres in Boone County to develop a technology park, the Indiana Economic Development Corp. quietly listed two properties for sale a month ago.
Rally innovation conference to continue as planned, likely without state support
Rally innovation conference creator Elevate Ventures says Rally will take place as planned this year, but organizers are not counting on financial support from the Indiana Economic Development Corp.
Braun signs bill to create IEDC land-purchase guardrails, new state business office
The bipartisan bill requires the IEDC to be more transparent when it makes large land purchases for major projects like the massive LEAP business park in Boone County.
Indiana Economic Development Foundation releases annual audits at Gov. Braun’s demand
The state-affiliated nonprofit averaged more than $2 million in spending annually on travel and more.
Elevate says state funding freeze endangers startups, entrepreneurial community
Commerce Secretary David Adams announced last week that the state had frozen funds earmarked for Elevate Ventures, but he did not outline specific concerns about the nonprofit or its operations.
Braun: State investigating possible ‘impropriety’ at IEDC, freezing venture capital funds
The actions stem from growing concerns over how the state conducts economic development activities, how much it spends on those activities and how transparent it is about its business.
Lawmakers slash state economic development funding by 25% in budget compromise
The new budget proposal provides more funding for operations and business-promotion support for the Indiana Economic Development Corp., but cuts five funds and programs totaling $35 million.
Braun arranging for independent IEDC audit amid transparency concerns
Gov. Mike Braun told IBJ on Tuesday that his office was finalizing the details of an independent audit of the state’s economic development agency: “Hoosier taxpayers deserve clear accountability for how their dollars are spent.”
Towns eager for READI grants to jump-start projects
Cities and towns around central Indiana are preparing to move forward on projects that will receive funding through the second round of state-funded regional grants from the Indiana Economic Development Corp.
Braun orders state-affiliated nonprofits to produce missed transparency reports
The Governor’s Office singled out the Indiana Economic Development Foundation, which supports IEDC travel and business-attraction efforts, for failing to produce years of transparency reports.
Purdue University launches business accelerator program
The program for Purdue-connected companies offers the university a way to rekindle or establish the startup founders’ Indiana ties.
LEAP District electricity demand doubles, documents show
Indiana Economic Development Corp. spokeswoman Erin Sweitzer said the additional load is what’s needed to build out projects for Eli Lilly and Co. and Meta.
Bill creating transparency measures for Indiana economic development agency heads to House floor
Critics of the Indiana Economic Development Corp., which receives hundreds of millions in tax dollars each year, have wondered whether the agency has been transparent and fiscally responsible enough.
California defense tech company breaks ground on Indiana facility
The Indiana Economic Development Corp. noted the company plans to invest a total of more than $456 million and create up to 628 jobs by the end of 2029.
European packaging company to build $110M plant in Anderson
The new, 350,000-square-foot facility is expected to employ more than 100 people after becoming fully operational.
Indianapolis-based startup Pillar acquired by fellow HR tech company
Pillar, which launched out of High Alpha in 2021, offers a platform employers can use to help evaluate job candidates during the interview process.
LEAP spending nears $1B with projected budget shielded, investigation finds
The LEAP Research and Innovation District, led by the Indiana Economic Development Corp., is among the costliest economic development projects Indiana has attempted. But the agency’s structure obscures its spending and who benefits.
Lebanon planning board OKs design for Lilly Medicine Foundry at LEAP District
The foundry will give the pharmaceutical maker the ability to research new ways of producing medicines.
Despite building concerns, IEDC transparency bills died without hearings. Why?
Lawmakers’ unease with the Indiana Economic Development Corp. culminated in at least four transparency-focused bills this session—all filed by Republicans—seeking to add more guardrails.