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Senator presses IEDC president over timing of $15 million investment announcement
Summary
Senator Fady Qaddoura pressed Indiana Economic Development Corporation President Josh Richardson about a March 18 board action approving a $15 million Innovation Capital Program investment and whether it corresponded with a governor-announced investment, prompting Richardson to promise a follow-up timeline.
During the State Budget Committee meeting on April 16, Senator Fady Qaddoura questioned Josh Richardson, president of the Indiana Economic Development Corporation (IEDC), about a March 18 board approval of a $15 million Innovation Capital Program award and whether that approval matched a governor-announced $15 million investment in a company referred to by the senator as 'Iron Nation.'
Qaddoura said he was troubled by the sequence—board approval followed by a public announcement three weeks later—and asked whether the deal had been in the works for months. Richardson said he was not sure without reviewing records and would provide a timeline and additional background. "I would have to look at that and referred to subject matter experts alongside me," Richardson said in the meeting.
Qaddoura told Richardson he was having trouble taking IEDC at its word on timing and urged the agency toward greater transparency. Richardson acknowledged the complexity of working with private businesses and said IEDC officials and partners have taxpayers’ interests in mind and that he could provide a timeline of the March 18 confirmation.
What comes next: IEDC committed to follow up with the committee with further information about the March 18 action and any links to the governor’s announcement.
