The 500 Festival will dedicate its 50th anniversary Legacy Art Project this evening at White River State Park in downtown Indianapolis. 500 Festival President and Chief Executive Officer Kirk Hendrix says the organization wanted to do something permanent and beyond what it does on an annual basis. The 43-foot tall wind activated sculpture is made up of 50 tons of steel with 500 individual colored panels. Hendrix says the idea behind the piece is that it depicts the festival as a colorful, dynamic and moving event.

Princeton Toyota suppliers restructure joint venture

Toyota Boshoku and Lear Corp. (NYSE: LEA) have agreed to dissolve a joint venture that supplies seating components and other parts to Toyota Motor Manufacturing in Princeton. The parts from Total Interior Systems-America (TISHA) are used in the Sienna minivan. Lear will receive $35 million in cash in exchange for its minority interest in the joint venture, but will still supply Toyota Boshoku with components for the minivan program at the Princeton facility.

Chicago firm invests in Angie's List

Another major investor is pumping money into Indianapolis-based Angie's List. Prism Mezzanine Fund in Chicago has invested $6 million in subordinated debt funding and $1 million in equity investment in the online ratings company. It is the third firm to put money into Angie's List this year. Boston-based Battery Ventures has invested $35 million and Lighthouse Capital Partners from California has put $18 million into the company.

Indianapolis law firm downplays merger report

Indianapolis-based law firm Ice Miller LLP is neither confirming, nor denying, a report that it is on the verge of merging with a Louisville firm. A statement from Chief Managing Partner Byron Myers says they are constantly evaluating market conditions "to determine potential growth opportunities." Myers adds it would be "premature" to comment on "specific opportunities." A published report suggests Ice Miller and Greenebaum Doll & McDonald PLLC plans to merge on Jan. 1.

Ivy Tech to use grant to host national convention

The Lumina Foundation for Education has awarded Ivy Tech Community College of Indiana a $130,000 grant to fund a national convention of public community colleges. The convention, to be held in or near Indianapolis between March and May of next year, will focus on increasing access and success for working adults in post-secondary, associate degree level education.