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 DJIA 12,455.2 -45.9 / S&P 500 1,371.2 -9.8 / NASDAQ 2,377.9 -1.6
 |  |  Tonight: Light snow late, around 1 inch. Low 28. Thursday: a.m. snow, colder. High 35.
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|  Wednesday, January 16, 2008 |
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Bud Wolf Chevrolet going out of business
Consumer qualms about property taxes and a lingering bad rap about the quality of American cars has prompted the owners of Bud Wolf Chevrolet to close the doors. President Andy Wolf told the 50 employees of the decision Monday. The service operation closed immediately, and about 200 new and used vehicles remain to be sold. "With the business and the overhead, I felt this was the time to do it," Wolf said. 
First Indiana Plaza owner takes control
New York-based Crown Properties Inc. has bought out its joint-venture partner on downtown's First Indiana Plaza. The partner, an affiliate of Connecticut-based Greenfield Partners LLC, said today that it has sold its ownership interest in the 425,000-square-foot skyscraper at Ohio and Pennsylvania streets. Greenfield did not disclose a price.
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Thompson backs I-69 extension
Governor hopeful Jill Long Thompson told a group in Bloomington yesterday that she supports the Interstate 69 extension from Indianapolis to Evansville. The former congresswoman is running to become the Democratic nominee to face Indiana Gov. Mitch Daniels in the general election this fall. She said the extension is needed to link Evansville to Indianapolis, according to The Herald-Times of Bloomington. She also told the Democratic group that she understood the environmental concerns over the project.
Marshall & Ilsley stock hit over bad-loan report
The Milwaukee bank that is buying First Indiana Corp. was pounded by investors yesterday after it reported that bad loans doubled in the fourth quarter, to $925.2 million. Shares of Marshall & Ilsley Corp. fell as much as 8 percent before staging a partial recovery to $23.64. Still, the shares fell 5 percent. A troubled construction and development portfolio resulted in the bank taking $192 million in chargeoffs for the quarter. The bank's $529 million acquisition of the parent of First Indiana Bank closed this month.
Kite Realty outlook may fall below expectations
Kite Realty Group Trust expects 2008 funds from operations in the range of $1.28 to $1.33 per share, the real estate investment trust recently announced. Analysts, on average, are expecting $1.33 per share, according to a Thomson Financial poll. Funds from operations are a widely used gauge of real estate investment trust operating performance.
Shares of Lilly partner Amylin continue slide
Stock in San Diego-based Amylin Pharmaceuticals Inc. fell to just over a two-year low yesterday, leading the biotechnology sector lower amid an overall decline in the broader market. Amylin shares fell 75 cents, or 2.1 percent, to $35.16, having dropped to a November 2005 low of $34.54 earlier in the trading session. The company is developing a diabetes drug with Indianapolis-based Eli Lilly and Co.
Consolidation saving steel industry in downturn
Steel companies will be able to weather a slowdown in domestic car production because they've become more motivated by profit and less driven by bragging rights to greatest production, according to a report in The Times of Munster. The profit motive is a result of consolidation that has swept the industry in recent years. As a result, steelmakers are holding less inventory at a time when demand from car manufacturers is shriveling. Indiana is the nation's largest steel producer.
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Blog: Who wants a piece?
A Michigan-based bakery and cafe concept plans to open as many as six restaurants in Indianapolis, beginning with a location at U.S. 31 and Stop 11 Road on the south side. Grand Traverse Pie Co. has 12 locations in Michigan and one in Indiana, in Terre Haute. The company also is scouting sites in Carmel, Fishers and Avon and plans to open soon in Evansville. Read IBJ's real estate blog, Property Lines.
From IBJ staff and Associated Press-Compiled by Norm Heikens
Outrage, vigil follow deadly shooting
Indianapolis Metropolitan Police say tips are pouring in following a shooting northeast of downtown at 3283 Hovey St. that killed two women and their two young children. No suspects have been named, but investigators say they're making progress. Police, neighbors and city officials gathered last night at a local church for a prayer vigil to express grief and outrage over the killings. Mayor Greg Ballard is urging residents to channel that anger into community policing. Fox 59 will have the latest at 10 p.m. |  | | | |
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Prosecutor's office opens at Phoenix Apartments
The Marion County Prosecutor's Office opened its satellite post at the Phoenix Apartments today. The satellite office will operate in a trailer in the parking lot of the complex. Last week, IMPD opened its own satellite office there. The neew offices come after the beating death of 3-year-old Tajanay Bailey at the complex in November.
Suspected drunk driver leads police on car chase
A police pursuit east of downtown ended when a suspected drunk driver crashed into another car head-on. Police have arrested Douglas Livelsberger, 35, and charged him with fleeing law enforcement. He could face more charges after an investigation. The driver of the car Livelsberger hit was taken to Wishard Hospital in critical condition.
Daniels takes pitch to legislative committee
On the day after trying to sell Hoosiers and lawmakers on his property tax relief plan during his State of the State address, Gov. Mitch Daniels will give it the hard sell. He'll appear in front of the Ways and Means Committee today to answer questions about his proposal. Daniels wants to cap property taxes and raise the state sales tax 1 percent. He's challenging lawmakers to pass a relief plan within six weeks.
Residential permits down, but improving
The number of residential building permits issued in central Indiana fell 23 percent in 2007 from the prior year, but the dip was smaller than the 28-percent decline in 2006 over 2005. "We feel as if we have hit the end of the correction period," said Steve Lains, CEO of the Builders Association of Greater Indianapolis , which tracks permits issued in the nine central Indiana counties. There were 7,331 permits issued in 2007, compared with 9,514 issued in 2006. Only Boone County, with a 3 percent increase, bucked the trend. The next best performance was a 13-percent decline in Hamilton County. The largest drop came in Morgan County, which reported 45 percent fewer permits in 2007. "We're not predicting a quick return to normal levels," Lains said. 
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