Economic development at a glance
Publication date: 04/28/2003 – Source: Post-Tribune
Article Title: 
Economic Development at a Glance

Associated Press – Highlights of the economic development portions of the two-year state budget bill approved by the General Assembly.  Gov. Frank O’Bannon plans to sign it into law.  Although lawmakers hope some of the initiatives and appropriations would continue for 10 years, only funding amounts of the next two years are included. 

  • Provides 2.2 million in state matching finds for improvements at the Gary/Chicago Airport.
  • Provides $75 million for the 21st Century Fund to help foster research-and-development ventures, including those between businesses and universities, and move resulting products to market. 
  • Provides $9 million for technology parks, which are essentially high-tech versions of industrial parks.
  • In July 2005, moves some economic-development functions and programs from the state Department of Commerce to a public-private partnership group to be headed by the next lieutenant governor.
  • Spends $10 million to extend fiber-optic lines for high-speed communications to more cities and universities.  They now link Indiana University at Bloomington, IUPUI and Purdue University at West Lafayette.
  • Authorizes construction of university research facilities.
  • Extends the 10-percent tax credit for research-and-development equipment for 10 years.
  • Provides $8.4 million for research on new uses of agricultural products and establishes a pilot program for economic development in rural areas.
  • Spends $1 million to promote the tax-restructuring package enacted last June.


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