Indianapolis Business Journal

The clock is ticking for Boone County officials to decide whether they’ll raise local income taxes to pay for a $45 million to $50 million jail expansion and justice center to alleviate overcrowding. In the meantime, Kurt Christian reports, some inmates are sleeping on temporary cots and some county employees are working out of storage closets. Also in this week’s issue, Leslie Bonilla Muniz details the nine greenway, trail and road projects that Indianapolis is planning to help connect the existing system and make it easier for bikers and pedestrians to get where they need to go. And Emily Ketterer reports that at least 490 Afghan refugees are expected to permanently resettle in Indiana in the coming weeks or months, and not-for-profit resettlement agencies are preparing to assist them.

Jim Irsay wants to share his massive collection of rare pop-culture memorabilia with the world. Mickey Shuey reports that the Colts owner has been having early conversations with Indianapolis and other cities about creating a museum to do just that. Susan Orr reveals that an Indianapolis-based investment brokerage has been ordered to pay more than $530,000 in fines and restitution as part of a settlement agreement over alleged rule violations. And Kurt Christian details a plan from Bedrock Builders for a $142 million, 274-acre, master-planned, multi-use development smack in the middle of the Noblesville’s Corporate Campus.

Eli Lilly and Co.’s antibody treatment for COVID-19 is back on the market, ending a two-month suspension by the FDA. John Russell reports that the drug cocktail is back in regulators’ good graces after proving effective against the delta variant. Also in this week’s issue, Kurt Christian reports that RE/MAX is suing one of its local franchisees for allegedly instructing his employees to join a national competitor so that he could later follow them and collect a recruitment bonus. And Mickey Shuey explains how city officials are trying to address the futures of the huge municipal buildings that largely will be vacated as agencies move to the new Community Justice Campus.

The latest player in the local SPAC space is Brad Bostic of hc1.com, who’s trying to raise $200 million through a new “blank check company”—aka a special purpose acquisition company. John Russell reports Bostic’s Future Health ESG is targeting disruptors in the health-tech field in hopes of taking one public. Also in this week’s IBJ, Emily Ketterer has more on John Mutz’s latest passion project—funding research to help reinvent and bolster business models for local news outlets. And Leslie Bonilla Muñiz details the launch of two new supplier-diversity programs as local companies try to make good on their equity promises from last year.

Surging demand for COVID-19 testing is pushing wait times into the stratosphere. John Russell reports that people who need a test for travel, work or school are spending hours, sometimes days, looking for a place that can squeeze them in and get results quickly. Also in this week’s paper, Susan Orr explains how technology and politics are leading banks to rethink their overdraft fees. And Mickey Shuey has the scoop on a large entertainment facility planned for the west bank of the White River just outside downtown. It could be a shot in the arm for long-discussed efforts to make the riverfront more user-friendly, and it could be just close enough to downtown to serve conventioneers.

Local arts organizations and event promoters are desperate to keep COVID-19 from ruining another season. IBJ’s Susan Orr reports that they’re using strategies such as vaccination requirements, mask mandates and capacity restrictions to preserve their ability to hold in-person events. Also in this week’s paper, John Russell charts the rise and fall of Windstream Technologies Inc., a green-energy darling that failed to repay millions of dollars ion federally guaranteed loans. And Emily Ketterer explores how the lack of child care providers is putting stress on parents hoping to return to return to work in person.

Indianapolis leaders want to encourage denser development near the city’s bus rapid transit lines and deprioritize cars, so they’ve changed zoning laws to help make it happen. Mickey Shuey and Leslie Bonilla Muñiz explain how planners are flipping the script on 1960s-era development. Also in this week’s issue, Kurt Christian details how Carmel’s Center for the Performing Arts has ended its past two seasons in the black, despite the pandemic’s stranglehold on its primary revenue stream. And Markus Miller reports that the state is launching a $275 million effort to improve its image by overhauling 16 interstate rest stops.

If you need to take an ambulance to an emergency room, prepare yourself for a long trip. Hospitals are suffering severe nursing shortages as demand for services increases, which is leading them to divert ambulances to other hospitals in central Indiana at an unprecedented rate, IBJ’s John Russell reports. Also in this week’s issue, Leslie Bonilla Muñiz explains how IndyGo has found an intermediate step between its current fleet and an all-electric transit system, ordering $26 million in hybrid buses. And Mickey Shuey takes stock of Roger Penske’s progress so far in upgrading the Indianapolis Motor Speedway and reinvigorating the IndyCar series.

The Central Indiana Community Foundation, one of the area’s biggest grantmakers, announced in April 2019 that it was adopting a strategy focused squarely on equity and anti-racism—more than a year before the cultural sea change inspired by the murder of George Floyd. Leslie Bonilla Muñiz explores the strategy's impact so far. Also in this week’s issue, John Russell explains how businesses are taking the lead with mask and vaccination requirements in a political environment in which many elected leaders are loath to impose any mandates. Emily Ketterer sheds light on the massive backlog of appeals to the state’s unemployment assistance program. And don't miss the members in the inaugural class of IBJ's latest honors program, Twenty In Their 20s. We've assembled a group of up-and-coming leaders whose accomplishments are so impressive we couldn't wait until Forty Under 40.

Indianapolis-based Kite Realty Group Trust is on track to become one of the country’s largest retail real estate investment trusts with the acquisition of a Chicago-based competitor. Mickey Shuey explains how the deal could give Kite new leverage for loans, lease negotiations and redevelopment opportunities. John Russell takes us inside the city’s newest publicly traded company, Point Biopharma, which is developing radioactive compounds to treat cancer patients. And Emily Ketterer explains how lawmakers and citizens groups are preparing for the state’s highly contentious redistricting process, which typically leads to accusations of gerrymandering.

Homeowner associations in central Indiana are taking strong steps to prevent an incursion of rental homes in their neighborhoods, as national investment firms gobble up single-family properties. Mickey Shuey details how HOAs are trying to limit rentals. Also in this week’s issue, Emily Ketterer has the latest on moves toward a potential combination of the state’s separate schools for blind and deaf students. And Susan Orr explains how a local firm is bring new tech and big data to the unassuming parking-garage sector.

Indianapolis’ game plan for retaining possession of the NFL’s annual Scouting Combine is no “Hail Mary.” IBJ’s Mickey Shuey has more on Indy’s strategy to hold the line after the current contract to host the combine expires. Also in those week’s issue, Walker Simmons reports that Wheeler Mission is set to open an expanded center for homeless women and children that will nearly double the space available for services, add 160 short- and long-term beds and enhance addiction treatment and education programming. And Leslie Bonilla explains how a city proposal to require tracking of municipal and commercial energy use has the potential to help save millions of dollars, reduce emission by thousands of tons and cut water use by billions of gallons in less than a decade.

Mickey Shuey and Susan Orr ask when downtown’s major employers plan to bring back their workers—to the extent they think is necessary in the post-pandemic world. Two years ago, more than 150,000 people worked downtown, but office towers now are only 50% occupied. We know that they’re not all coming back. And some of those who are coming back won’t be coming back full time. Also in this week’s issue, John Russell explores the surge in demand for alternative energy infrastructure and the corresponding hiring spree at Indianapolis-based Infrastructure and Energy Alternatives Inc. And Emily Ketterer dives into the state’s plans to invest $57 million in its parks, forests and trails, including the first new state park inn in more than 80 years.

Three-time NHRA Top Fuel champion Antron Brown is breaking barriers , with plans to become a team owner in 2022. Anthony Schoettle has tells Brown's story and explains why it's important in the larger effort to diversify racing. Plus, reporter John Russell details how health industry leaders are working to block cyber criminals from hacking medical devices, including those used in hospitals and personal devices used in your home—or in your body. And in the Focus section, check out a post-modern home that is back on the market after a major kitchen remodel and other upgrades.

Busey Bank says it has lost more than $100 million in loans to a competitor due to “brazen and systematic poaching" of its employees. Susan Orr has more on Busey’s lawsuits against Flagstar Bank and the 21 employees who allegedly jumped ship. Also in this week’s issue, Mickey Shuey profiles Darrianne Christian, who recently became the first Black woman to chair the Newfields board of trustees and is leading efforts to make the institution more diverse and inclusive. And Lesley Bonilla Muniz delves into the controversy at the Indianapolis Public Library over allegations that the work environment is laced with racism and discrimination.

You can add Indianapolis-based Herff Jones to the long list of local companies that have been hacked for their customers’ personal information. Susan Orr reports the company now faces three lawsuits from college students and their parents who say they were hit with fraudulent credit- and debit-card charges after using those cards to order caps, gowns and other graduation gear from the Herff Jones website. Also in this issue, John Russell reports that use of the two COVID-19 antibodies developed by Eli Lilly and Co. has been waning in the U.S. And Kurt Christian reveals that Carmel, Fishers and Noblesville are among roughly 50 cities nationwide that are now projected to get less than half of the COVID relief money they originally expected.

The big draw this week is IBJ’s Forty Under Forty Class of 2021, featuring a wide variety of young leaders who reflect changing business trends, priorities and definitions of success. The traditional constituencies of C-suiters still get their due, but this class demonstrates the increased importance of data, diversity, communications and social responsibility. Also in this week’s issue, John Russell reports that a powerful activist investor has trained his sights on the parent company of Duke Energy Indiana, proposing that the parent utility be broken into three separate firms. And Mickey Shuey explains how the Capital Improvement Board, which owns several of the city’s largest sports venues, is working to rebalance its budget and rebuild its reserves after a year in which it fell $40 million into the red.