Cost of IEDC consulting contract for data center study tops $1.2M
Boston Consulting Group was hired in April to prepare a report that seeks to answer “whether data centers provide sufficient return on investment for Indiana.”
Indiana Economic Development Corporation
Articles
IEDC leader to depart as part of ‘evolution’ of agency
Jeff Blade has served as the Indiana Economic Development Corp.’s executive director for less than a year.
IEDC deems Elevate Ventures, affiliates in breach of all active loans
Troubled venture capital company Elevate Ventures has been deemed “in breach of” lending language in all of its active loan agreements with the Indiana Economic Development Corp. after defaulting on an angel investment program this month.
After scrutiny over no-bid contract deals, Indiana secretary of state issues new RFPs
The move also comes on the heels of a new law adopted by the General Assembly earlier this year to increase transparency requirements involving state contracting.
Amid ongoing Elevate Ventures funding freeze, some companies approved for investments
Also, at Wednesday’s meeting, the IEDC board’s entrepreneurship committee updated the investment policy for the Indiana Angel Network Fund III LLC—the investment fund managed by Elevate Ventures through which the SSBCI money flows.
Braun replaces IEDC board members with new appointees
The sweeping move fulfills a pledge Braun made Thursday when he confirmed he planned to dismantle and reconstruct the existing board of the state’s economic development agency.
Braun planning to dismantle IEDC board, appoint new members
Indiana Gov. Mike Braun confirmed Thursday that he plans to reconstruct the board of the Indiana Economic Development Corp. with new members beginning Monday.
50+ state employees—including IEDC workers—laid off as Indiana cuts take effect
The Governor’s Office confirmed that agencies under both the education and commerce verticals announced staff reductions on Tuesday. The Indiana State Museum also let go of several employees last week.
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.
For sale: IEDC land purchased for LEAP, never used
The Indiana Economic Development Corp. quietly listed two purchases for sale one month ago. Prices for both are less than what state taxpayers paid two years ago for the properties.
Indiana Economic Development Foundation releases annual audits at 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 confirmed Tuesday he is arranging for an independent audit of Indiana Economic Development Corp.’s spending and accounts, just weeks after he ordered more transparency for the agency’s nonprofit foundation.
Greg Weaver: Braun’s progress on public transparency brings hope for more
There’s much more work to be done to assure transparency throughout the rest of state and local government.
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.
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.
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.
Lawmakers propose transparency measures for Indiana Economic Development Corp.
After a year of public scrutiny of the Indiana Economic Development Corp.’s operations, state lawmakers have filed bills seeking to increase transparency and oversight at the agency.