A new law changing the way commercial residential property is assessed will decrease revenue to local units of government.
The common areas of apartment complexes, such as a pool, tennis court or garage, will be defined as residential property. That means the 2% property tax cap applies, instead of 3% for non-residential commercial property.
West Lafayette Clerk-Treasurer Judy Rhodes says that will result in a significant loss of money.
An IU economist says the Leading Index for Indiana – an economic predictor for the state – is sending mixed messages about the health of the Hoosier economy.
The Leading Index is at its highest point in four months, backed by positive reports from home builders and strong automotive sales. But Indiana Business Research Center Economic Analysis Director Timothy Slaper says small business optimism is down and rising mortgage rates are dampening enthusiasm.
Saying Purdue President Mitch Daniels has exceeded their expectations; the board of trustees have approved paying him nearly half of his incentive pay.
Daniels earns a base salary of $420,000 and is eligible for another $126,000 for performance.
Newly elected Board Chairman Tom Spurgeon says the additional $58,153 he earned is for his first six months as president. He says the justification was for the relationships Daniels made with faculty and opportunities for change he identified.
Tipmont REMC will have Ron Holcomb as its next chief executive officer. He begins working at the electric cooperative July 15.
Holcomb has nearly 30 years’ experience in the public power and communications industries in several states. He’s previously directed business development for an automated metering system vendor and led two publicly owned systems.
A graduate of Austin Peay State University in Tennessee, Holcomb also earned a master’s in business administration from Murray State University in Kentucky.
Indiana is getting more federal grant money to boost its efforts retraining out-of-work Hoosiers for new economy jobs.
A new $2.4 million federal grant adds to a $58 million state effort for retraining laid-off workers. Out of the 30 states receiving the U.S. Department of Labor grant, Indiana is receiving the second-highest per capita percentage of those dollars. Governor Mike Pence says that’s in part because there are more than a million Hoosiers who lack the skills necessary to find one of the thousands of unfilled jobs in the state.
A developer is eyeing a vacant lot in West Lafayette for a new hotel.
The company is MHG Hotels, LLC and it wants to rezone property along Tapawingo Drive, south of State Street. According to the Area Plan Commission’s website, the request is to go from a General Business designation to a Nonresidential Planned Development.
A four-story hotel would be built at the site with 106 rooms and just as many parking spaces.
MHG President & CEO Sanjay Patel says they are interested in West Lafayette because of what he calls its tremendous growth.
Indiana Lieutenant Governor Sue Ellspermann says the state is putting a new spotlight on ways it can help small and emerging businesses.
She says 99% of Indiana businesses have 500 or fewer employees and create most of the state's jobs. Ellspermann expects the new state Office of Small Business and Entrepreneurship to marshal Indiana’s existing outreach efforts for them.
“Understanding that job creation is more than attracting new companies to Indiana, it is about helping existing businesses – small businesses – grow as well as encouraging more startups.”