Schellinger talks creation of new Indy economic development group
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana’s former secretary of commerce says the move to create a standalone economic development organization in Indianapolis will help put a greater focus on bringing investment and jobs to the city.
The Indy Chamber announced in late October that Develop Indy, which has been a division of the chamber since 2012, will become a separate nonprofit starting Jan. 1.
“I think it’s just basically putting a microscope on the existing organization,” Jim Schellinger said in an interview with Inside INdiana Business host Gerry Dick. “They’ve got so much going with the chamber … I think just isolating the focus on economic development for the city of Indianapolis is the mayor’s intent, and I look forward to doing that for him.”
Schellinger is being recommended by Indianapolis Mayor Joe Hogsett to be the organization’s president and CEO.
During his tenure as secretary of commerce, Indiana landed tens of billions of dollars in deals, including Elanco’s new corporate campus at the former General Motors stamping plant site along the White River. That project is one of several happening in Indianapolis
“I’ve been around Indianapolis since I got out of college in 1984. I cannot remember, as I’m sure you can’t, a more exciting time [with] more things going on,” he said. “When you start looking at the things that are going on in all of Indiana, but certainly in Central Indiana and Indianapolis, it’s pretty dynamic and it’s pretty exciting … we just need to continue to capitalize on it and letting people know who we are, where we are, and what we’re doing.”
Earlier this year, the Indiana Economic Development Corp. announced it had beat the previous record for committed capital investment that was set in 2023. In the first three quarters of the year, the IEDC secured $38.3 billion in committed capital investment from 124 companies. In all of 2023, that number was $28.7 billion.
The new effort is aimed at streamlining efforts to land investment and jobs in Indianapolis by operating as Mitch Daniels used to say “at the speed of business.”
The new development organization hasn’t been formally named but carries the placeholder moniker of Indianapolis Economic Development Corp. It will be incorporated as a 501(c)6, with a separate foundation that will be permitted to fundraise. Those organizations are expected to be formed by the end of November, with the development-focused organization housing programs for the city’s incentive toolbox as well as permitting functions.
“The goal is to obviously be more competitive and put some more wins in the win column,” Schellinger said. “One of our targets is to increase the number of corporate headquarters we have … because of the opportunity it brings for the growth in Indianapolis.”
IBJ reporter Mickey Shuey contributed to this story.