Regions Submit READI 2.0 Proposals; Total READI Program Expected to Leverage Billions More in Population Growth and Quality of Place Investments
IEDC Press Release | Feb. 27, 2024
“Governor Eric J. Holcomb today announced 15 regions representing all 92 counties submitted proposals for quality of life and quality of place funding through the expansion of the Indiana Regional Economic Acceleration and Development Initiative (READI 2.0). READI 2.0 is allocating a second round of $500 million to accelerate community development investments statewide, and it will be invested alongside $250 million in grant funding awarded by the Lilly Endowment Inc. This funding is expected to attract a minimum 4:1 match of local public and private funding, yielding at least $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.
Elevate Ventures Launches Pre-Seed Fund To Advance Startup Development
Building Indiana | Feb. 20, 2024
“Elevate Ventures, a leading venture capital firm, announced the official launch of the Elevate Ventures Pre-Seed Fund. In partnership with the Indiana Economic Development Corporation (IEDC), this new $3 million fund will provide direct investments ranging from $20,000 – $100,000 to pre-seed companies in Indiana for the purpose of de-risking startups to the point that they are attractive to other investors and for follow on seed-stage Elevate Ventures investment.”
Golf Cart Manufacturer Investing $4M, Adding 67 Jobs
Building Indiana | Feb. 19, 2024
“Bintelli, an industry-leading low-speed vehicle (LSV) company, will open an assembly and distribution facility in the River Ridge Commerce Center to produce electric golf carts and other low-speed recreational vehicles. Bintelli will invest over $4 million into the region by leasing and improving a building in River Ridge and adding new furniture and fixtures. The location will also have up to 67 new jobs with an average wage of over $26.00 per hour, with the company providing training for each employee.
Bintelli started as the dream of Justin Jackrel in 2000, and the company has quickly grown to be an industry standard. The company currently has the largest LSV assembly facility in the United States in South Carolina and is also a five-time Inc. 5000 company. Their products include golf carts, electric bicycles, scooters and mopeds, parts, and accessories created from quality craftsmanship.”
Indiana Toll Road Reduces Carbon Footprint With Completion of Solar Energy Project
Yahoo! Finance | Feb. 16, 2024
“The project, known as Project Soleil, is designed to generate enough solar energy to service over one-third of the Toll Road's electricity needs and is expected to reduce annual carbon emissions by approximately 900 metric tons.
In October 2021, ITRCC first committed to an aggressive 50% reduction in scope 1 and 2 carbon emissions by 2030 and carbon neutrality by 2050. These efforts have been supported via the development of "Science Based Targets" and align with the goals outlined in the Paris Agreement, an international treaty on climate change. Project Soleil is ITRCC's biggest single step so far toward achieving these critical climate goals.”
How an extra three years made Indy an even better NBA All-Star Game host city
Axios | Feb. 15, 2024
“Seven years, a global pandemic and nearly $400 million in renovations after securing the NBA All-Star Game, Gainbridge Fieldhouse and Indianapolis are ready.
Why it matters: The city is expecting 125,000 visitors to downtown over the course of NBA All-Star Weekend, driving more than $300 million in economic impact and putting Indianapolis front-and-center of national and international news for a few days.”
Amazon to add 2,100 jobs in Indiana
IndyStar | Feb. 15, 2024
“Amazon announced plans Tuesday to add more than 2,000 new full-time jobs in Indiana as part of a hiring spree at its warehouses across the country.
Most of those new jobs will be in Central Indiana, the company said.
The online retail giant plans to hire 1,400 new employees at its fulfillment centers in Indianapolis, Plainfield and Whitestown. An additional 700 jobs are planned for Southern Indiana at the company’s Jeffersonville location.”
Meta to Build $800M Data Center in Indiana
Construction Equipment Guide | Feb. 14, 2024
“Gov. Eric J. Holcomb joined executives of Meta Platforms Inc. Jan. 25, as the company announced plans to establish a new $800 million data center campus in Indiana. The new facility in Jeffersonville will support approximately 100 operational jobs and hundreds of construction jobs in the coming years.”
$250M Lilly Endowment Grant to Accelerate Quality of Place
Building Indiana | Feb. 12, 2024
“Governor Eric J. Holcomb announced during the State of the State address that Lilly Endowment Inc. has awarded a $250 million grant to help bolster quality of place efforts throughout the state. The grant to the Indiana Economic Development Corporation (IEDC), which is the single largest award given in Lilly Endowment’s 86-year history, will be administered in conjunction with the nationally recognized Regional Economic Acceleration and Development Initiative (READI).
The funds will help accelerate the state’s support for rehabilitating deteriorated or abandoned properties and strengthening varied arts and culture initiatives. The goal is to foster more vibrant and livable communities across Indiana for generations to come.
‘As a state, Indiana is investing in its neighborhoods, its people and its future like never before,’ said Gov. Holcomb. ‘This unprecedented investment from Lilly Endowment is a testament to the incredible enthusiasm and momentum we are witnessing across the state as we collaborate to advance quality of life and increase opportunities for all Hoosiers to succeed and prosper now and in the future.’”
2023 STATE OF THE YEAR: Top 10 Contenders
Business Facilities | Feb. 8, 2024
“Governor Eric J. Holcomb and Secretary of Commerce David Rosenberg shared 2023 highlights related to the work of Indiana Economic Development Corporation (IEDC). The Hoosier State saw its seventh consecutive record-breaking year with 208 companies committed to locate or expand, investing more than $28.7 billion (+29% from 2022) in operations and creating more than 21,000 jobs. This marks the highest capital investment and annual record for average wages since the IEDC was established in 2005. It was a robust year for foreign direct investment, with 37 foreign-owned businesses based across 17 countries committing to locating or growing in Indiana. These firms plan to invest more than $20.6 billion and create more than 8,500 jobs. Of these commitments, 18 are international businesses locating in Indiana for the first time, accounting for $5.3 billion in planned capital investment.”
Why Eli Lilly Deserves to Unseat Tesla Among the Magnificent Seven
MSN | Feb. 6, 2024
“Last month, Eli Lilly’s market capitalization surpassed Tesla’s. As a top performer in the S&P 500, the pharma giant is making a strong case for replacing Tesla as one of the so-called Magnificent Seven stocks.
Eli Lilly’s gains have been fueled largely by a bet that its obesity and diabetes drug portfolio will continue to grow rapidly, with analysts expecting Zepbound and Mounjaro, which share the same active ingredient, to generate more than $40 billion of annual revenue later in the decade. Indeed, there are parallels between obesity drugs and the early days of electric-vehicle production.”
Turn 14 Distribution Opens Indianapolis Distribution Center
The Shop Mag | Feb. 2, 2024
“The new facility will be its largest at 589,852 square feet and serve as a Midwest distribution hub. In preparation for opening, extensive and substantial improvements were made to raise the facility to the company’s standards, officials noted.
As part of its ongoing commitment to recruit and hire local talent, Turn 14 Distribution will create 250 new positions at the distribution center by the end of 2027.
‘Strategically located in the center of the U.S., Indiana is the ideal destination for growing companies like Turn 14 Distribution that need to serve customers quickly and efficiently,’ said Ann Lathrop, chief strategy officer at Indiana Economic Development Corporation (IEDC). ‘Here in Indiana, Turn 14 Distribution will be right at home with a robust and innovative automotive manufacturing sector and an unmatched racing culture. We look forward to the impact this commitment will have on the economy, community and people in Johnson County and beyond.’”
Moving reasons to relocate
Northwest Indiana Business | Feb. 1, 2024
“The Indiana Economic Development Corp. said that in recent years, 55 companies have announced plans to move all or a portion of their operations to Indiana, accounting for up to 5,588 new jobs and more than $610 million in capital investment.
They include Hoist Liftruck, now owned by Toyota Industries, which moved from Bedford Park, Illinois, to the long-vacant Blaw-Knox tank factory in East Chicago. The move resulted in 500 jobs. Incentives played a big part in inducing the company to make the $40 million investment, including $14.79 million in state, regional and local dollars, compared with a relatively paltry $200,000 in tax breaks offered by the state of Illinois.”
