INSIDE INDIANA BUSINESS: Kite CEO says merger will lead to growth

2014-02-10T12:25:00Z 2014-02-10T17:56:09Z INSIDE INDIANA BUSINESS: Kite CEO says merger will lead to growthGerry Dick Inside Indiana Business nwitimes.com
February 10, 2014 12:25 pm  • 

The chief executive officer of Indianapolis-based Kite Realty Group Trust says a $2.1 billion merger agreement with Illinois-based Inland Diversified Real Estate Trust Inc. will lead to growth in "attractive" new markets. John Kite also says the deal "substantially" boosts the company's portfolio. The deal is expected to close later this year and the combined operation will be headquartered in Indianapolis.

Hoosier Tech Company Lands Financing

Indianapolis-based CloudOne Inc. has secured a $2.8 million round of financing. The investment was led by California-based Bootstrap Venture Fund. Chief Executive Officer John McDonald says the funding will help CloudOne focus on rapid growth. The cloud-based software company is also establishing a board of directors, which includes former Indianapolis Colts offensive tackle Ryan Diem.

Study: Consolidation Can Help School Districts

Ball State University's Center for Business and Education Research says many of Indiana's rural public school corporations could save money by merging with similar districts. A new report suggests consolidation could provide relief to corporations battling shrinking enrollment and increasing expenses.

Indiana to Announce New Slogan

The state of Indiana is establishing a new tourism brand. An announcement is set for Wednesday morning involving a replacement for the current "Restart Your Engines" slogan. That phrase was launched in 2006.

Fort Wayne Company Sponsoring Pro Golfer

Fort Wayne-based Brigadoon Fitness is partnering with an Indiana golfer on the LPGA's developmental tour. Kristi O'Brien is an IUPUI graduate and is part of the Golf Channel's reality competition "Big Break Florida," which premieres this month.

IU Planning For Future of Wishard Site

Indiana University is moving forward with plans to redevelop the former Wishard Hospital site in Indianapolis. The university's board of trustees could approve several items this week, including a $25 million project to renovate the Wishard/Dunlap Building to create more lab space for the IU School of Medicine.

Tax Bill Headed For House Committee

The House Ways and Means Committee will consider a high-profile tax bill this afternoon. The Indiana Senate last month passed the proposal to eliminate the business personal property tax for companies with the lowest assessed valuations.

Senior Housing Project Moving Forward

Indianapolis-based Justus Rental Properties Inc. is planning a $25 million senior living development in Carmel. Construction on the nearly 200-unit project is expected to get underway in May.

State Gaming Revenue Dips Again

The Indiana Gaming Commission says monthly casino revenue fell in January. The agency says adjusted gross revenue last month decreased to $152.3 million, compared to nearly $192 million during the same period a year earlier.

For more Inside Indiana Business, visit www.insideindianabusiness.com.

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