Author Archives: dave

BioCrossroads Establishes Second Seed Fund

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BioCrossroads has announced the formation of the Indiana Seed Fund II (the Fund), an early-stage capital fund focused on identifying, creating and developing the next generation of Indiana-based life sciences companies. The $8.25 million fund is a follow-on to the Indiana Seed Fund I, a $6 million fund that is now fully committed in a portfolio of 12 Indiana life sciences companies.

Managed by BioCrossroads, the Indiana Seed Fund II is a result of a unique public-private collaboration of corporate, university and philanthropic investors including BC Initiative (BioCrossroads’ for-profit / investment entity), Eli Lilly and Company, the Richard M. Fairbanks Foundation, Inc., Indiana University Research and Technology Corporation, Purdue University, the University of Notre Dame, and WellPoint.
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South Bend Company Makes Acquisition

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Royal Adhesives & Sealants a portfolio company of Arsenal Capital Partners and Extreme Adhesives today announced that Royal will acquire Extreme Adhesives.

Based in Raymond, NH, Extreme Adhesives is a premier supplier of methyl methacrylate, anaerobic and cyanoacrylate adhesives to the assembly, maintenance and repair, and architectural and building markets. The acquisition builds on Royal’s strong platform of leading adhesives, sealants and coatings and allows clients of both companies to benefit from an expanded range of customized and proprietary solutions.
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Notes: Colts Choose Luck No. 1 Overall

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And so begins the Andrew Luck era in Indianapolis.

The succession process seemingly was cemented March 7 when the Colts declined to pick up the $28 million option bonus of quarterback Peyton Manning. That made the NFL’s only four-time MVP, whose future was uncertain following four procedures on his neck in 19 months, an unrestricted free agent and cleared the deck for Luck.

Fourteen years after making Manning the first pick and the face of the franchise, history repeated itself.

On so many levels, the Colts are Luck’s team. He insisted he’s up to the challenge.

“I absolutely am,” Luck said. “The most exciting part is being a part of a new locker room, new guys. That’s really what I’m stoked about.”

Meanwhile, da Bears selected DE Shea McClellin with the No. 19 pick.

Work on the I-65 interchange in Lowell is expected to bring new opportunities for economic growth.

Starke County has received a $500,000 federal grant to improve access to the Knox Industrial Park. Local officials say that the improvements will allow an existing company at the park to add 100 jobs.

A $100 million endowment deal for Purdue has apparently fallen apart.

A student-conducted Ball State study of the business district near the school recommends a number of improvements, including possibly establishing a TIF district.

Richmond Power & Light has killed its trash-to-energy project.

Indianapolis’ Lucas Oil Stadium is interested in hosting collegiate semifinal and championship games if the future BCS structure permits.

Wabash Gets EDA Funds

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U.S. Commerce Secretary John Bryson today announced a $1.8 million Economic Development Administration (EDA) grant to the city of Wabash, Indiana, to make critical infrastructure improvements needed to support the development of a new business park. The new business park is expected to generate approximately 540 new jobs and leverage $60 million in private investment, according to the grantee estimates.

“This $1.8 million EDA investment in Wabash is an example of the Obama Administration’s commitment to supporting a 21st century infrastructure,” Bryson said. “The grant announced today will provide resources to Indiana that will help attract new businesses to Wabash and the surrounding region, thereby creating hundreds of jobs and modernizing a critical foundation of an economy built to last.”

The EDA investment funds the construction of roadway improvements and sewer, water, and drainage facilities to serve a city-owned 155-acre business park. The new business park will strengthen the region’s competitiveness by diversifying its economic base. Businesses locating in the park will be encouraged to implement green technology and energy-efficient systems.

Distributor Adding 25 Jobs in Indianapolis

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Haggard & Stocking Associates, Inc., a distributor of engineered products, announced plans today to expand its operations in Indianapolis, creating up to 25 new jobs by 2016.

The company, which supplies customers in the aerospace, automotive and medical industries, will invest $524,000 to expand its aerospace division at its 9,000-square-foot facility in Indianapolis. As part of the project, the company will make building renovations and information technology upgrades.
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New Distribution Facility Opens at Burns Harbor

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One of the fastest growing companies in the country is opening a state-of-the-art slag processing and distribution facility at the Port of Indiana. Phoenix Services recently signed a multi-year contract with ArcelorMittal to provide slag and processing services for the Burns Harbor steel giant. Slag is a product generated during the iron- and steel-making processes. Phoenix Services has opened a 13-acre distribution facility at the port and is installing processing equipment at various locations throughout the ArcelorMittal complex.

“We are in the process of installing the most technologically advanced slag processing plant in the world,” said Doug Lane, president of Phoenix Services. “We plan to produce the highest quality aggregates in the industry at production rates far exceeding other competitive operations. We are very pleased to be selected as the slag contractor for ArcelorMittal and are also pleased to be working with the Port of Indiana to facilitate our operations.”
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Indy Nonprofit Launches Jobs Microsite Series

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To help address the high unemployment rate, DirectEmployers Association, an Indianapolis-based nonprofit consortium of global employers, continues to focus on creating a local job network that better connects job seekers with employers. Through a network of metropolitan and city-focused .JOBS microsites, job seekers can easily find local jobs and employers can benefit from the efficiency of the niche listing opportunities.

Finding metro-focused sites will be the simplest task for job seekers. Instead of using traditional search field methods, job seekers will be able to input their metro location followed by the .JOBS extension. For example, instead of using Google or Bing to search for jobs in the New York metro area, job seekers can enter http://newyorkmetro.jobs/ into their browser. They will then be directed to the New York metro jobs microsite with employment opportunities available in that area.
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Kokomo Receives Grant for Soccer Complex

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The Indiana Office of Tourism Development awarded the Kokomo-Howard County Convention and Visitors Bureau (CVB) with a $50,000 grant for improvements to the Wildcat Creek Soccer Complex. The funds will be used to build a facility that will combine a concession stand, bathrooms and storage for maintenance equipment.

“Just two years ago this site was a community eyesore, said Kokomo Mayor Greg Goodnight. “Today it is an attraction where the community can come together. The reuse of this site is a symbol of the private and public sectors working together to improve our city.”
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