IEDC Issues Strong Mid-Year Report

At the close of the first two quarters of 2010, the Indiana Economic Development Corporation has provided a mid-year update on the state’s economic development efforts which shows that the public-private agency has secured 93 new decisions by companies to locate a projected 13,757 new jobs in the state, topping all previous years’ totals for the same time period.

The new positions, which companies expect to hire over the next five years, pay an average hourly wage of $21.81, above the state’s current hourly wage of $18.40. At the halfway point in the year, companies project to invest $2.07 billion in their Indiana operations which exceeds the $1.92 billion committed over the entire year last year. Meanwhile, the average amount of state performance-based tax incentives offered to companies on a per job basis is $8,545, below the 2009 year-end amount of $8,701.
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Notes: Pacers Deadline Arrives Today

The Indiana Pacers and Indianapolis continue to talk about ways to cover the operating costs of the Conseco Fieldhouse.

With the shot clock winding down to zero, contract negotiations between city leaders and the Indiana Pacers are grinding on.

A Pacers-imposed deadline of today is expected to pass without an agreement between the team and the Capital Improvement Board over how to cover operating costs for Conseco Fieldhouse.

The Pacers, members of the CIB and Mayor Greg Ballard’s administration have held behind-closed-doors negotiations on the lease, centering on the team’s push to have the CIB pick up the $15 million operating tab.

City leaders are open to striking a short-term deal as they wrangle with several variables, including the NBA’s collective bargaining agreement, revenue tied to the convention center expansion and the unstable national economy.

Team officials said they would consider all options — including leaving town — if an agreement is not reached by the end of this month.

Indianapolis-based Raytheon has landed a $250 million Navy contract.

GM’s deal to sell an Indianapolis stamping plant to JD Norman could collapse if union workers don’t agree to wage concessions.

The companies interested in buying Muncie-based Delaware Machinery have been identified.

According to a report released this week by the American Wind Energy Association, BlueGreen Alliance, and the United Steelworkers, the U.S. wind industry can create tens of thousands of additional jobs manufacturing wind turbines and components if the U.S. passes long-term policies that create a stable market for the domestic wind energy supply chain.

Tolls on the Indiana Toll Road will increase by 10% tomorrow.

Fort Wayne Bolsters Efforts to Keep Navistar

Bolstering efforts to keep Navistar a thriving part of the community, the Fort Wayne-Allen County Economic Development Alliance (Alliance) has engaged Strategic Development Group, Inc. (SDG) to assist in the comprehensive job retention effort currently underway. The nationally known site selection firm will work in concert with local economic development officials.

“Extraordinary times require extraordinary efforts, and this is one of those times,” said Mayor Tom Henry. “We’re playing for keeps. Navistar’s enormous impact on our area economy and its 1,000-plus exceptional jobs demand that we bring every possible resource to bear in our fight to keep the company here. Fort Wayne is where Navistar can build for the future. Strategic Development Group will help us make that case emphatically.”
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Notes: Subcontractors Invest in Indiana Homebuilder

The owner of Indianapolis homebuilder The Estridge Cos. has sold 35% of the company to its subcontractors in a $10 million move to help Estridge weather the housing downturn.

Owner Paul Estridge, 52, said the company is in no danger of becoming the latest casualty of the meltdown. Yet he acknowledged the difficulties of securing traditional bank financing at a time many have restricted lending.

“How are you going to raise capital?” he asked. “We’re not a public company; the banks are shut down. What do you do? You go to the people you’ve done business with.”

About 25 investors agreed to chip in from $25,000 to $500,000 in exchange for ownership stakes. Collectively, the subcontractors will own 35 percent of the company.

Estridge, the area’s largest custom builder based on homes constructed, expects to build 250 homes this year ranging in price from $300,000 to more than $1 million.

The launch of its most ambitious project, the proposed Symphony development in Westfield, hinged on the investment, Estridge said.

Northwest Indiana Teamsters are back on the job after a nearly three week strike that shut down road construction across the region.

The Richmond Common Council will consider creating a TIF district to help finance a proposed $21 million plan to develop the former Reid Hospital campus.

Cummins (Columbus) expects that sales of its diesel engines and generators to customers in India will grow about 40% this year to $1.9 billion.

The Red Power Round Up in La Porte did a lot to boost local businesses.

An Indiana state review of its prison system will look for ways to cut costs.

The Evansville CVB has approved $1.5 million to help fund construction of a sports complex and the expansion of a local museum.

La Porte Hospital and Holladay Properties Plan 40‐acre Business Park

LaPorte Regional Health System (LRHS), a Clarian Health partner, and Holladay Properties plan to develop 40‐acres of land at the northeast intersection of I‐94 and Highway 421 in Michigan City.

The development, to be known as LifePlex Executive Park, is currently in the planning and design phase and has received Board approval from the land owners, LRHS. Construction is expected to begin this summer. A 24,000 square foot medical office building will be the first building in the business park with an anticipated opening date of July 2011.

“The accessibility and location of the site with frontage on I‐94 and Highway 421 drew us to the project and, of course, we are very excited to partner with a world‐class health care provider like LaPorte Hospital,” said Larry Mudd, Vice President of Development for Holladay Properties.
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Elkhart Attracts Glass Manufacturer

Santelli Tempered Glass Inc., a residential glass manufacturer, announced today that it will establish its newest production facility in Elkhart, creating up to 35 new jobs by 2013.

The company, which manufactures tempered glass for new and replacement residential windows, will invest more than $3.7 million to lease and equip a 32,500 square-foot facility on the city’s Northeast side.
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Notes: Indiana Population Records Modest Growth

Early Census estimates suggest that Indiana outperformed its neighbors in terms of population growth, with a 5.6% increase since 2000.

“Indiana outperformed its industrial neighbors,” said Matt Kinghorn, an economist with the Indiana Business Research Center at Indiana University’s Kelley School of Business. “Indiana is in a better position in terms of economics and population growth than Ohio, Michigan and Illinois.”

Kinghorn said analysis of the population estimates over the last year reflect the slowdown of out-migration. He cites a slump in the housing market and employment insecurity as resulting in fewer people moving from central cities to suburban areas.

A national survey of CEOs found that the number of companies poised to hire in the second half of the year is at its highest level since 2007.

Yet another attempt to change Indiana’s blue laws is underway.

Scottsburg Manufacturer Expands

American Plastic Molding Corporation, a manufacturer of plastic injection molded assemblies, announced today that it will expand its Scottsburg operations, creating up to 50 new jobs by 2013.

The company, which manufactures assemblies for the home and office, automotive and agriculture industries, among others, will invest more than $1.5 million to lease and equip additional space near its current facility to introduce new product lines. American Plastic Molding Corporation plans to add new manufacturing capabilities for automotive speakers and a sinus cleansing device as part of the project.
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Indiana Economic Development Association to Meet in Michigan City

Economic development professionals from across Indiana are convening today and tomorrow in Michigan City for the Indiana Economic Development Association (IEDA) Summer Conference hosted by the LaPorte County Economic Development, La Porte County Convention and Visitors Bureau and the Blue Chip Casino Hotel & Spa.

“From a pre-conference reception with Chicago area real estate brokers to a beach party complete with South Shore microbrews and Anderson wines, we are pleased to welcome economic development professionals and their families from around the state to LaPorte County,” said John Regetz, Co-Director of the LaPorte County Economic Development Alliance.

Tim Gropp, Co-Director of the LaPorte County Economic Development Alliance agrees, “While our main focus is an informative, knowledge rich conference, we want our colleagues to enjoy all our county has to offer whether it’s a golf outing at Pottawattomie Country Club, or Lake Michigan charter boat fishing or tours to various destinations around the county.
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Fort Wayne/Allen County EDC Launches New Web Site

The Fort Wayne-Allen County Economic Development Alliance announced today the launching of its new website at www.TheAllianceOnline.com. The website will contain a first-of-its-kind Sites and Buildings database and will serve to significantly enhance the organization’s social media presence.

Located in Fort Wayne, the Alliance is a non-profit organization that works to enhance the base employment of Allen County. Companies interested in expanding or locating in the area contact the Alliance, which then connects them with a project manager who can assist in finding incentives, locating a site or building, working with local, regional and state agencies, or answering any questions related to the community. The Alliance works with growing companies from project start to finish without charging for services.

The new website will serve as a major point of contact for those interested in the Alliance’s services. With additional links and embedded feeds, social media communications with the organization will be greatly improved. Access to the Alliance Facebook, Twitter, LinkedIn, YouTube and FlickR accounts will be easily available through the new site.
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