Monthly Archives: February 2010

ISA Announces Annual Award Winners

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The Indiana Subcontractors Association (ISA) named Pepper Construction of Indiana, LLC, and Kettelhut Construction Inc., as its its two “GC of the Year” Award winners at the annual ISA banquet last evening.

Pepper Construction won in the category for general contractors with over $100 million in annual revenue and was recognized for their focus on building relationships with subcontractors and their commitment to increased diversity in the construction market.

Kettelhut Construction won in the category for general contractors with under $100 million in annual revenue. Kettelhut was recognized at the event as being dedicated to positive subcontractor relations and as a key player among Indiana’s General Contractors
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Study: Property Tax Caps Will Boost State Economy

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Property tax caps should boost Indiana’s economy over the next few years by increasing homeowner’s disposable income and lowering costs for businesses, says a new study from Ball State University.

An analysis by Ball State’s Center for Business and Economic Development (CBER) of the economic impact of the property tax caps found that the value of products created in the state (gross regional products or GRP) should grow by $6.2 billion or 2.6 percent and about 97,000 jobs will be created within three to five years.

Property tax limits have been phased in since 2008. This year, the caps will limit homeowners’ bills to 1 percent of the property’s assessed value. Bills for farmland will be capped at 2 percent of assessed value and commercial land at 3 percent. The state’s sales tax was increased from 6 to 7 percent.
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Indiana Home Sales Dip But Prices Rise

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Indiana home sales in January decreased 1.5% from the same month last year, but median prices saw an increase of 12.4%, according to the Indiana Association of REALTORS’ “Indiana Real Estate Markets Report” for the month of January.

This is the fourth consecutive month that there has been an increase in median prices.

“January’s numbers were mixed,” said Karl Berron, Chief Executive Officer. “Median prices are higher than a year ago, but sales, compared with January of 2009, were slightly lower. Longer term trends are positive, with the last three months’ sales higher than a year ago, thanks in part to the first time home buyer’s tax credit.”
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Notes: New Lafayette Hospital Opens

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It was move-in day at St. Elizabeth East in Lafayette.

A Jasper County judge will rule on Porter County’s attempt to pull out of the Northwest Indiana Regional Development Authority on March 11.

The Indiana House approved legislation which would allow the proposed Illiana Expressway to be built by a public-private partnership as a toll road. The bill now goes back to the Senate for approval of changes made by the House. The Senate approved the original legislation in January.

Rensselaer school officials are exploring building a new elementary school, which would cost between $9 million and $11 million.

Legislation to ban smoking in virtually all public places is back on again after being pulled from consideration earlier this year.

IU Forms Economic Development Council

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As part of its “Innovate Indiana” initiative, Indiana University has established a university-wide engagement council composed of economic development representatives from IU’s eight campuses and three engagement offices located throughout the state.

The newly created IU Council on Regional Engagement and Economic Development will be chaired by Bill Stephan, IU vice president for engagement. The purpose of the council is to create a university-wide forum to more effectively connect with all IU campuses and the communities they serve in addressing regional economic issues. Council members from IU campuses have been directly appointed by their respective chancellors.
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Notes: WellPoint CEO Defends Premium Hikes

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In testimony before Congress, Angela Braley, CEO of Indianapolis-based WellPoint, blamed recent premium increases on the soaring costs of hospital care and pharmaceuticals.

A Chinese company has pulled out of a deal to buy the Hummer brand, throwing the future of a Mishawaka plant in doubt.

Lending by Indiana banks declined by 10 percent in 2009.

Alcoa will lay off 17 in Lafayette.

Declining ridership on the South Shore commuter railroad has led it to cut 10 jobs and consider other cost-saving measures.

The Great Recession as experienced by one Elkhart County company.

Company to Expand in Elkhart

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Heat treating service provider Specialty Heat Treating, Inc., said it will expand its facility in Elkhart, a move that is estimated to create up to 26 jobs by 2012.

The Michigan-based company plans to invest $1.5 million to add a new vacuum furnace to its existing 33,000 square-foot facility. The new furnace will provide additional capacity to its vacuum heat treating services, a process which enhances the properties of steel in a protective atmosphere. Installation for the new furnace will begin in May with production beginning in August.

“This company and more than a dozen others that chose to invest in this region last year remind us that you can’t keep a great workforce and a great business environment down for long,” said Governor Mitch Daniels. “Specialty Heat Treating’s expansion gives us yet another reason to be optimistic about Elkhart County’s economic resurgence.”
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Wind Turbine Plant Could Bring 1,800 Jobs to New Castle

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The D’Arcinoff Group (DG) has signed a letter of intent to use the former Metaldyne plant in New Castle to house the headquarters of a wind turbine parts and components manufacturing company, Rep. Tom Saunders (R-Lewisville) said.

The business will replace the vacant plant to bring nearly 1,800 new jobs to the New Castle area.

DG is a U.S. owned investment and alternative technology development company based in the Washington, D.C. area. It is comprised of transportation, defense, and energy industry veterans that rely upon strong relationships with industrial participants to develop strategic synergies wherever possible.

Michael Darcy, CEO of DG, said that he has already applied for a loan from the Export-Import Bank of the United States and is awaiting reply on whether funding for the plant will be granted. Darcy expects to hear from the loan bank within the next 60 days.

The plant would be a training facility of a wind turbine-manufacturing program called Advantage Wind Turbines. DG said they have plans to bring back some of the people laid off from the Metaldyne plant within the last year to staff the new company.

“Although this is only a step in what could be a potentially long process, and nothing is guaranteed, the news of DG wanting to bring jobs and invest back into the Metaldyne plant in New Castle is great news,” said Rep. Saunders. “Just the talk of the possibility of 1,800 new jobs within the next two years brings hope to the people in the community.”

Notes: House Votes Against Land-Based Casinos, Unemployment Tax Hike

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The Indiana House deep-sixed proposals which would have allowed the state’s maritime casinos to relocate to dry land.

The House also voted last night to kill the proposed increase in the unemployment tax.

A $30 million development including medical offices, a hotel and restaurants is being planned in La Porte.

Japan’s strong economic ties with Indiana will be highlighted at this year’s State Fair.

The Northwest Indiana Regional Development Authority has tentatively pledged $19.4 million toward Whiting’s Lakefront Park renovation project.

Chamber Launches iPhone App

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The Chamber of Commerce of Southwest Indiana has launched a free iPhone application, making it the first chamber of commerce in the state of Indiana to launch this type of application.

Designed by Agent511, an Owensboro and Chicago-based mobile technology company, The Chamber’s “Discover Southwest Indiana” app has seven featured links, including the following: Southwest Indiana Events; CCSWIN Marketplace; Business Directory; Public Policy on Twitter; Chamber CEO on Twitter; Employment; Become a Member; and Contact Us.
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