logo
Tuttle Orchards not happy about prospect of getting new data center as next door neighbor

Tuttle Orchards not happy about prospect of getting new data center as next door neighbor

Popular pick-your-own apple trees, pumpkins and a year-round farm store draw people from around Central Indiana to Tuttle Orchards, a Hancock County family business nearing its centennial birthday.
On a recent Wednesday afternoon, several families stopped by the modest arrangement of half a dozen white buildings, buying produce, baked goods and plants to take home. In the fall, when the apples ripen, cars line the parking lot as people flock to the site for fall activities.
The scene is bucolic, except for the occasional semi-truck that speeds by on the narrow but busy road adjacent to the orchard, a reminder of the commercial industry that is creeping into the rural area. Now, Hancock residents are concerned a proposed industrial development next door could change the serene nature of the orchard, which dates back to 1928.
Surge Development LLC, a Shelbyville-based company, has submitted a rezoning petition to build a MegaSite Planned Unit Development around the intersection of N 400 W. and W 500 N. on hundreds of acres of farmland. The 775-acre site would back up against the orchard.
Approval for the industrial complex just east of the Indianapolis Regional Airport would open the door to building a data center campus next to the apple trees.
Tuttle's owners earlier this month expressed their concerns about how the Surge development would change their area in a letter sent to customers and posted on social media.
"The atmosphere and surrounding landscape to the farm are important to our success," the Roney family wrote in the letter. "The presence of large industrial buildings very close to the farm could detract from this environment and erode the unique appeal that draws families, schools, and community groups to our farm year after year. As a business that has served our community for over 95 years, we want to continue to serve our community."
The Roney family, descendants of the orchard's founder Roy Tuttle, are also circulating a petition and asking customers to send comments to the Hancock County Planning Commission. Tuttle Orchards owners declined a request for an interview for this story.
Though many in the area have expressed public opposition to the site, the more than 700 acres were designated for future manufacturing use in the county's 2023 comprehensive land use plan.
Massive data centers for digital data and computing technology have drawn the ire of neighbors across the country, as more and more land goes to fuel the rise in artificial intelligence. Often times, the companies behind data centers remain a mystery to those in the community.
In this instance, Surge Development has been public about its intent. The company said that it is amending the initial plans and will present an updated proposal at a public informational meeting on May 8 at Greenfield-Central High School following meetings with Tuttle's and other local landowners.
The plan will likely go through more tweaks before the Hancock County Area Planning Commission hears it on May 27.
Surge Development principal Chris King said he wants to be a good neighbor and hear the public feedback.
"Part of what is important to me is that we are respectful and we listen to those comments, and we are making those decisions for everyone to coexist," King said.
In a letter of intent to the county, Surge Development said the megasite will "allow for the development of a Data Center/Industrial campus with a variety of uses with flexibility to grow as the market may dictate which would include electrical infrastructure and accessory uses to support a technologically advanced and significant investments in Hancock County."
While Surge Development is behind the rezoning petition, a different company would sign on to the project to operate the data center.
"At this point, our focus is planning the overall site, then we will work with local economic development to draw in businesses," King said. "It's really about trying to get everything in order to make sure the site can support that development and get the proper zoning. We've done a lot of work on this land."
Residents worry the development will drain the area's resources because data centers require large amounts of water and energy to keep the technology running and cooled. As a resident in neighboring Shelby County, King said he understands such concerns but added that the company is committed to building an industrial site with transparent operations.
Duke Energy and 9Star Connect provide energy to the property while Citizens and 9Star provide water. Surge has also worked with Aqua Indiana to ensure proper wastewater treatment.
"As the site develops, we would create a utility plan that we would share with the county and how it can be met with the available utilities as we see those needs," King said. "We're going to make it clear and present it so that it's available to the public."
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Do Kwon pleads guilty to U.S. fraud charges in $40 billion crypto collapse
Do Kwon pleads guilty to U.S. fraud charges in $40 billion crypto collapse

CNBC

time18 minutes ago

  • CNBC

Do Kwon pleads guilty to U.S. fraud charges in $40 billion crypto collapse

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded guilty on Tuesday to two U.S. charges of conspiracy to defraud and wire fraud. Kwon, 33, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, entered the plea at a court hearing in New York before U.S. District Judge Paul Engelmayer. He had pleaded not guilty in January to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy. Accused of misleading investors in 2021 about TerraUSD — a so-called stablecoin designed to maintain a value of $1 — Kwon pleaded guilty to the two counts under an agreement with the Manhattan U.S. Attorney's office, which brought the charges. He faces up to 25 years in prison when Engelmayer sentences him on December 11, though prosecutor Kimberly Ravener said the government had agreed to advocate for a prison term of no more than 12 years provided he accepts responsibility for his crimes. Kwon is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies. Prosecutors alleged that when TerraUSD slipped below its $1 peg in May 2021, he told investors a computer algorithm known as "Terra Protocol" had restored the coin's value. Instead, they said, he arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price. Prosecutors said that false claim and others drove retail and institutional investors to buy Terraform products and boost the value of Luna — a more traditional token that fluctuated in value but was closely linked to TerraUSD — to $50 billion by the spring of 2022. In court, Kwon apologized for his conduct. "I made false and misleading statements about why it regained its peg by failing to disclose a trading firm's role in restoring that peg," Kwon said. "What I did was wrong." Kwon agreed in 2024 to pay $80 million as a civil fine and be banned from crypto transactions as part of a $4.55 billion settlement he and Terraform reached with the U.S. Securities and Exchange Commission. Kwon has been detained since his extradition from Montenegro late last year. He also faces charges in South Korea. As part of the deal, prosecutors will not oppose Kwon's potential application to be transferred abroad after serving half his U.S. sentence, Ravener said.

Day traders scorched Wall Street pros with a hot summer. But September could chill their vibe.
Day traders scorched Wall Street pros with a hot summer. But September could chill their vibe.

Business Insider

time18 minutes ago

  • Business Insider

Day traders scorched Wall Street pros with a hot summer. But September could chill their vibe.

Day traders have had a blockbuster summer, outpacing professional money managers and leaving some hedge funds bruised. But that dominance may be short-lived. If historical trends hold, a seasonal pullback in retail activity could collide with a surge in volatility this September, threatening to derail the rally they helped drive. While nothing has topped the meme-stock craze of 2021, retail traders have been enjoying a busy — and lucrative — summer. Citadel Securities, which handles more than a third of the US retail equity trades, said in a client note last week that Main Street has remained consistently bullish over the last three months. Retail has bought up stocks in 14 of the last 16 weeks since April and options buying has been bullish for 14 consecutive weeks, according to Scott Rubner, head of equity and equity derivatives strategy at the Miami-based trading giant. Their optimism has been rewarded. The S&P 500 has gained 8% since June and nearly 30% since its low in early April. The Nasdaq has fared even better. It's not just AI-adjacent companies driving the gains, either — day traders have led a rally in so-called "garbage" stocks with questionable business prospects, such as brick-and-mortar retailers Kohl's, American Eagle, and Krispy Kreme. Many professional money managers, by contrast, have missed the boat on the stock rally, taking a cautious approach amid signs of economic threats. Citadel Securities' institutional clients have been bearish 8 of the past 12 weeks, Rubner said. Citadel Securities Some hedge funds have been punished. The surge in junk stocks has confounded models at equity quant funds, contributing to a weekslong bloodletting, Business Insider previously reported. Many long-short equity hedge funds have navigated the market well, but those with more pessimistic outlooks have faltered. One hedge fund exec told BI that brick-and-mortar retailers with significant tariff exposure nonetheless trading higher than before tariffs were announced — especially with recession indicators blinking — "doesn't make sense to us fundamentally." David Einhorn's Greenlight Capital — which in the first quarter believed a recession and bear market were in the offing — lost 3.8% in the second quarter, trimming its year-to-date gain to just 4.1%, according to an August 7 investor letter seen by Business Insider. "While we anticipated the possibility of 'rip your face off' rallies, we certainly didn't expect the market to reach new all-time highs so quickly," the letter reads. "We still believe that the economy is slowing and could very well be headed into a recession. The market obviously disagrees." The diverging views among professional and amateur investors hit a new level in August after an unexpectedly poor jobs report and signs that inflation is ticking back up. Stocks fell that Friday, August 1 — but quickly rallied the following week. "The US stock market does not always reflect the broader economy," Rubner wrote, noting that competition is increasing for "dip alpha" — that is, investors are quick to buy stocks after a market dip, betting that stocks just went on sale and will rise in short order. A critical pivot point As we head toward fall, the stage is set for a reversal of fortune. If August is a lazy day at the beach for the stock market, September is like an icy cold plunge. While stocks generally rise in August — "consistent with the number of vacations, pool parties, and the general unwillingness to put on a new short during August," Rubner says — September is the worst month for performance, according to data going back to 1928. It's also historically more volatile. This persistent seasonal quirk is in part a byproduct of the summer holiday — traders return from vacation and rebalance their books as they gear up for an end-of-year push, cutting positions to make room for new ones. Many mutual funds similarly rebalance in September, dumping losing positions and adding to the downward pressure. September is also the nadir for retail traders. Retail participation traditionally thins as fall arrives, decelerating in August before hitting September, the lowest activity month of the year. Whether they're reacting to September's historic weakness or a factor in driving it, if Main Street money pulls back, that may take some wind out of the market's sails. And both macroeconomic and fundamental weaknesses that the market previously shrugged off could loom large. Einhorn's Greenlight says outside of companies benefiting from AI and the data center boom, "it is hard to find other areas that are doing well." The fund expects "the increased bite from tariffs to show up on shelves and in the data by September or October." Additionally, Rubner expects systematic, factor-driven strategies to reach full exposure by the end of August, "increasing vulnerability to downside shocks." In dissecting the rally in junk stocks and corresponding quant hedge fund losses, former AQR financial market research head Aaron Brown said in a column for Bloomberg that the likeliest resolution "is that the garbage rally runs out of steam and the junk stock prices sag back." He continued: "The nimble traders who took daily profits keep their winnings, the quant funds make back their losses, and the losers are less nimble day traders and medium or long-term investors who overpaid for junk." Overall retail participation in the US stock market has steadily increased, but a showdown is looming next month. Seasonal headwinds could test the resilience of the day traders and end their summer winning streak over the professional money managers.

Explosion at US Steel plant in Pennsylvania leaves 2 dead, 10 injured
Explosion at US Steel plant in Pennsylvania leaves 2 dead, 10 injured

CNN

time30 minutes ago

  • CNN

Explosion at US Steel plant in Pennsylvania leaves 2 dead, 10 injured

An explosion rocked a US Steel plant outside Pittsburgh on Monday, leaving two dead and 10 others injured, including a person who was rescued from the smoldering rubble after hours of being trapped. The explosion sent black smoke spiraling into the midday sky in the Mon Valley, a region of the state synonymous with steel for more than a century. Allegheny County Emergency Services said a fire at the plant in Clairton started late Monday morning. Officials said they had not isolated the cause of the blast. The rumbling from the explosion, and several smaller blasts that followed, jolted the community about 15 miles (24 kilometers) southeast of Pittsburgh. 'It felt like thunder,' Zachary Buday, a construction worker near the scene, told WTAE-TV. 'Shook the scaffold, shook my chest, and shook the building.' At a news conference, Scott Buckiso, US Steel's chief manufacturing officer, did not give details about the damage or casualties, and said they were still trying to determine what happened. He said the company, now a subsidiary of Japan-based Nippon Steel Corp., is working with authorities. Allegheny Health Network said it treated seven patients from the plant and discharged five within a few hours. University of Pittsburgh Medical Center said it is treating three patients at UPMC Mercy, the region's only level one trauma and burn center. According to the company, the plant has approximately 1,400 workers. In a statement, the United Steelworkers, which represents many of the Clairton plant's workers, said it had representatives on the ground at the plant and would work to ensure there is a thorough investigation. David Masur, executive director of PennEnvironment, an environmental group that has sued US Steel over pollution, said there needed to be 'a full, independent investigation into the causes of this latest catastrophe and a re-evaluation as to whether the Clairton plant is fit to keep operating.' US Steel CEO David B. Burritt said the company would investigate. It's not the first explosion at the plant. A maintenance worker was killed in a blast in September 2009. In July 2010, another explosion injured 14 employees and six contractors. According to online OSHA records of workplace fatalities, the last death at the plant was in 2014, when a worker was burned and died after falling into a trench. After the 2010 explosion, the Occupational Safety and Health Administration fined U.S. Steel and a subcontractor $175,000 for safety violations. US Steel appealed its citations and fines, which were later reduced under a settlement agreement. In February, a problem with a battery at the plant led to a 'buildup of combustible material' that ignited, causing an audible 'boom,' officials said. Two workers received first aid treatment but were not seriously injured. The plant, a massive industrial facility along the Monongahela River south of Pittsburgh, is considered the largest coking operation in North America and is one of four major US Steel plants in Pennsylvania. The plant converts coal to coke, a key component in the steel-making process. To make coke, coal is baked in special ovens for hours at high temperatures to remove impurities that could otherwise weaken steel. The process creates what's known as coke gas — made up of a lethal mix of methane, carbon dioxide and carbon monoxide. The county health department initially told residents within 1 mile (1.6 kilometers) of the plant to remain indoors and close all windows and doors, but lifted the advisory later Monday. It said its monitors didn't detect levels of soot or sulfur dioxide above federal standards. In June, US Steel and Nippon Steel announced they had finalized a 'historic partnership,' a deal that gives the U.S. government a say in some matters and comes a year and a half after the Japanese company first proposed its nearly $15 billion buyout of the iconic American steelmaker. The pursuit by Nippon Steel for the Pittsburgh-based company was buffeted by national security concerns and presidential politics in a premier battleground state, dragging out the transaction for more than a year after US Steel shareholders approved it. This story has been updated with additional information.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store