Indiana Continues to Push 'Opportunity Zones'

Posted: Updated:
The panel included (L-R) Kostas Poulakidas of Taft Stettinius & Hollister LLP, Bedel, Tom Peck of Hageman Group and Laurie Schultz of Avenue Development. (Picture: Adam Campagna) The panel included (L-R) Kostas Poulakidas of Taft Stettinius & Hollister LLP, Bedel, Tom Peck of Hageman Group and Laurie Schultz of Avenue Development. (Picture: Adam Campagna)
INDIANAPOLIS -

The president of the Indiana Economic Development Corp. says the organization continues to educate investors, developers and regional leaders about the Opportunity Zone program that she says is "moving very quickly." Indiana has been approved for 156 designations throughout the state for the program, which provides tax incentives to attract private investment to low-income communities. Elaine Bedel says many of Indiana's Opportunity Zones are "primed" for development, and the additional incentives could push them over the edge for private investment.

The federal program was created with the passage of the Tax Cuts and Jobs Act. At the time, Governor Eric Holcomb called the program "one more tool to attract investment and help more of our Hoosier communities succeed." Indiana's tracts cover all or portions of 83 cities in 58 counties throughout Indiana. You can connect to the full list by clicking here.

Bedel says the Opportunity Zone incentives come on top of state incentives already offered by the IEDC. However, she says investors still need to do their homework.

"It has to be a good project," says Bedel. "It has to be a good business that you want to put your money into, because you now are an equity owner."

Bedel took part in an event organized by the Indiana Construction Roundtable Thursday in Indianapolis. The panel, titled Jumpstarting Communities With Investment - A Detailed Discussion About Opportunity Zones" also included Laurie Schultz of Avenue Development, Tom Peck of Hageman Group and Kostas Poulakidas of Taft Stettinius & Hollister LLP.
 

Speaking to Inside INdiana Business after an Indiana Construction Roundtable event, Bedel says investors need to do their homework about the program.
  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to IU, Second Largest in School History

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • Purdue Global Now Offers Analytics Degree

      The U.S. Bureau of Labor Statistics reports that jobs in the field of data analysis are projected to grow 26 percent over the next ten years. Acting upon that data, Indianapolis-based Purdue University Global has launched a new Bachelor of Science degree program in analytics. 

    • The multi-year road project stretched from Bloomington to Indianapolis.

      I-69 Road Project Update

      The Indiana Department of Transportation has scheduled three public meetings for next week to update the community on the I-69 Section 6 road project.    Section 6 is an approximately $1.5 billion new interstate project stretching from Martinsville to I-465 in Indianapolis.

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      Shelbyville Unveils Major Downtown Redevelopment

      The city of Shelbyville is announcing what it calls a major downtown redevelopment project to boost overall quality of life. The project plans feature green spaces, increased parking, market-rate housing, and infrastructure for public entertainment and community events.