Lawmakers offer bills to improve the IEDC. Here’s a rundown.
A number of bills this session are focused on the Indiana Economic Development Corp., but most of them have yet to receive a committee hearing.
Indiana Economic Development Corporation
Articles
Braun taps workforce commissioner to lead IEDC
Josh Richardson will oversee efforts to “strengthen workforce alignment and support both the attraction of new businesses and the growth of existing employers through region-led planning,” the Governor’s Office said.
Some Indiana Democrats call for further investigation into IEDC, affiliated entities
Findings of conflicts of interest, inadequate internal policies and lavish travel spending at the Indiana Economic Development Corp. have led to calls from Statehouse Democrats for further investigation into the operations of the IEDC for potential criminal wrongdoing.
State releases results of monthslong forensic audit of IEDC, affiliated agencies
State officials on Thursday released results of a monthslong forensic audit of the Indiana Economic Development Corp. and some of its related entities.
Redefined Indiana economic development roles coming, months after legislative mandate
Secretary of Commerce David Adams remains both CEO and president of the Indiana Economic Development Corp., but that’s expected to change next month.
State plans to ‘wind down’ the Indiana Economic Development Foundation
The nonprofit, which raises money to support Indiana Economic Development Corp. activities, was singled out by Gov. Mike Braun amid calls for greater transparency regarding taxpayer dollars.
IEDC board OKs public release of forensic audit of agency, affiliated entities
Gov. Mike Braun ordered the audit in April, citing unspecified concerns about transparency at the Indiana Economic Development Corp. and its related entities.
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.”
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.