03-01-2007Barkley Garrett talked about the state’s leading economic development agency – the Indiana Economic Development Corp. – during the Kosciusko Development Inc. board meeting Wednesday.
Garrett, head of the north central Indiana office in South Bend, said several government entities combined in 2005 to form the IEDC, which is now a not-for-profit organization.
“You can’t move as fast as business if you have to schedule an out-of-state meeting 45 days in advance,” Garrett said of the old way of “doing business.”
In 2005, the IDEC completed 142 competitive projects with a commitment to create more than 18,500 jobs. In 2006, 186 projects were completed with 22,000 new jobs promised. Private capital investments totaled more than $12 billion.
In 2004 and 2003 there were a total of 134 projects and 21,500 jobs created by the various, scattered state agencies.
Garrett said the IEDC is going in the right direction.
The organization worked with eight businesses in Kosciusko County in 2006: Biomet, Dalton Foundry, DVO Extremity Solutions, Flexaust, Medtronic Sofamor Danek, Warsaw Engineering and Fabricating, Whimet and Zimmer. Locally, commitments include 473 new jobs and retention or retraining of 3,552 people. Capital investments totaled $82 million.
The IDEC has a variety of programs for new and expanding businesses. There are funds for infrastructure, employee training, establishment of technology parks, research and development as well as tax credits for investors.
New initiatives include a statewide economic development plan, industry specialization, small business and entrepreneurship, an international focus and marketing state products and services.
Indiana’s vision for accelerating growth is to exceed the national average in per capita income and average annual wages by 2020, Garrett said. Currently, Hoosier workers make 92-cents on the dollar.
The regional IEDC office telephone number is 574-288-6836. On the Net: www.iedc.in.gov
The board also:
• Was reminded KDI, the Warsaw-Kosciusko County Chamber of Commerce and the Small Business Development Center is sponsoring a business feasibility workshop at the chamber office March 20 from 2 to 4 p.m. Costs are $25 pre-paid, and $30 the day of the event.
• Welcomed new member Greg Maxwell of Farmers State Bank.
• Tabled a recommendation by Board President Joy McCarthy-Sessing to contribute to a regional economic development study.
Monday, in South Bend, Kate McEnroe of Kate McEnroe Consulting gave a presentation during the Northern Indiana – Southwest Michigan Regional Economic Development meeting. McCarthy-Sessing said McEnroe’s fee is $25,000 to $50,000 depending upon the scope of the study.
President Jim Tinkey said he had just seen the proposal and wasn’t prepared to hear a motion until the executive board had an opportunity to study the presentation. KDI’s contribution could be $2,000.
• Heard from Brad Bishop that Zimmer has options on the Big Lots property.
• Set the next meeting for March 28 at the chamber and tentatively scheduled the May 23 meeting in the Orthopaedic Capital Center.