EDC, OCTC create Workforce Re-training Partnership

The EDC and three other agencies have teamed to create Training HQ, a program to quickly retrain laid-off workers for other jobs that are still in high demand.  Most dislocated workers will qualify for free training using federal stimulus funds, the agencies said Tuesday during a news conference at the Greater Owensboro Commerce Center.

Nick Brake, president of the Greater Owens-boro Economic Development Corp., said the partnership allows the community to "offer training quickly to workers looking for new or better jobs."  How the community reacts to the current recession and its rising unemployment rate will determine how well it succeeds in the future, Brake said.  

Cindy Fiorella, vice president of workforce development for Owensboro Community & Technical College, said Training HQ will offer "short term training for quick jobs."  Programs offered include advanced manufacturing skills, electrical and mechanical maintenance, welding, emerging team leader, medical coding specialist, pharmacy technician, phlebotomy technician, certified nursing assistant and National Career Readiness Certificate.  The college is offerring a free seminar about the program is scheduled for 7:45 to 11:45 a.m. Friday at the Advanced Technology Center on OCTC's main campus.

Owensboro ties for 8th in Economic Development Activity for Small Metros

The Greater Owensboro region tied for 8th in the latest rankings by Site Selection magazine for economic activity among small metro areas.   Owensboro tied Bowling Green and five other regions with populations under 200,000 people with six qualified economic development projects in 2008.  Qualified projects include those that meet at least one of three criteria: (1) involve a capital investment of at least $1 million, (2) create 50 or more jobs, or (3) add at least 20,000 square feet of new floor space.  Kentucky ranked 9th in the edition's annual Governor's Cup competition among states. 

Site Selection publisher Conway Data has showcased the annual Governor’s Cup rankings since 1978.    Its yearly analyses are regarded by corporate real estate analysts as “the industry scoreboard”.  The magazine’s circulation base consists of 44,000 executives involved in corporate site selection decisions.

I-64/ I-65 Corridor Gets Stimulus Funding

The I-65/ I-64 Corridor (U.S. 60 bypass extension project) will receive a $35.65 million boost of federal stimulus dollars that will allow construction to begin in less than a year under the proposed state road plan presented to House members Thursday.

The money would be available this fiscal year and the next to begin construction on the project from U.S. 60 to Kentucky 54 and providing access to the new Owensboro Medical Health System hospital planned on Daniels Lane.

The project was part of a total plan to spend $1.2 billion statewide through the end of next fiscal year on road projects using state and federal road funds, roughly $400 million in federal stimulus dollars and issuing a total of $400 million in new road bonds. 

The project will create a new north-south corridor will have a significant economic impact for the future growth of the region.   The U.S. 60 By Pass extension is part of a much bigger transportation picture that connects Interstate 64 in Spencer County, Indiana via US 231 with Interstate 65 via the Natcher Parkway in Bowling Green.   

OMHS Economic Asset for Region

The Owensboro Medical Health System recieved Health Grades "Distinguished Hospial Award" for 2009, putting it among the top 5 percent of rated hospitals in the nation.  Only five Kentucky hospitals recieved the award, the other four are in Louisville. 

OMHS is a key economic driver.  They are the among the largest employers in western Kentucky, with over 3,000 employees.  The newly planned $300 million expansion planned for the east side of Owensboro is a signal of the long-term positon OMHS will play in providing quality health care in the region.  

The Health Grades recognition signals the role of OMHS  to the region's overall quality of place. As the population of the United States continues to age, quality health care is a key determinent of where people choose to live and spend their money.  The high level of medical care provided by OMHS will positively impact the future competitiveness of the Greater Owensboro region. 

EDC Launches eMerging Ventures Challenge, offers $15,000 to Winner

The Greater Owensboro Economic Development Corp. is launching a $15,000 competition today to hopefully create jobs by summer. The Emerging Ventures Center for Innovation and the Emerging Ventures Seed Fund are sponsoring the first eMerging Ventures Business Challenge to entice entrepreneurs to start and expand businesses in Owensboro. The winning business plan also gets a six-month lease on office space at the Centre for Business and Research, which is being developed in an old tobacco warehouse at 1016 Allen St.

The local business plan competition is for start-up companies or expansions of existing businesses with high growth potential. High-growth potential is defined as a business that will create five or more jobs and more than $1 million in revenue within two to three years, with the potential to attract debt or equity financing.

The businesses must be located -- or willing to locate a significant business presence -- within Daviess County. Applications that don't meet the residency requirements will be rejected.

The competition takes place in two rounds. The first round requires a Business Concept Launch application of no more than five pages to be submitted by March 13. Four finalists will be selected on March 20 by a team of judges.
They will submit comprehensive business plans of up to 30 pages and orally present their plans to the judges on April 17. The winner will be announced on April 20.

The winner will receive $15,000 in seed money, a six-month lease and free mentoring and confidential counseling services to ensure success.

The $50 application fee will be waived if applicants attend business plan development, IP protection and financing workshops scheduled for Feb. 24 and 26.

To register for the workshops call 926-4339 or 663-1050. Information is available at www.emergingventureschallenge.com

Applications can be mailed to Madison Silvert, Director, Emerging Ventures Center for Innovation, 200 East Third Street, Suite 301, Owensboro, KY 42303 or to msilvert@owensboro.com.

Kentucky lawmakers looking at new economic development incentives

 New legislation co-sponsored by Owensboro representative Tommy Thompson will modify existing economic development incentive programs and introduce new programs, such as the long awaited incentives for film production.  House Bill 229 also sponsored by Rep. Ruth Ann Palumbo (D-Lexington), was filed in the House of Representatives this week.  

The bill intends to greatly simplify Kentucky's array of incentive programs by combining several into one program.  The measure seeks to promote greater retention of existing manufacturing jobs while also focusing on luring high tech and office headquarters to the state with new incentives to companies making investments in technology and communications.  The bill emphasizes the importance of employers supporting employees seeking educational opportunities by providing tax credits for tuition.  

The film incentive allows for the recovery of up to 20 percent of qualifying expenses and payroll of feature-length films, television shows, documentaries, and commercials made in the state.  

Additionally, the bill increases the tax credit cap on downtown historic preservation investments. For more information about the proposed legislation, please go to the following link:  HB 229

City, County Approve Funds to Revitalize Downtown Owensboro

Last night, the Owensboro City Commission and the Daviess County Fiscal Court approved the $80 million funding for an aggressive downtown revitalization program 

In May the most identifiable landmark in Owensboro, the Executive Inn Rivermont hotel, closed its doors to bankruptcy.  For decades the hotel was the centerpiece of the downtown.  Now, less than 9 months after its closing, downtown Owensboro is springing to life again with a Master Plan focusing on “walkable urbanism.” 

The plan calls for a 200 room hotel to replace the Executive Inn, an Events Center suitable for hosting conventions and sporting events, a fine arts academy, and 300 residential units in downtown. 

The proposed location of the new downtown hotel, is closer to the action with the $40 million, federally funded Waterfront Park, the RiverPark Center, and the historic core of downtown.   The location will activate the riverfront district and create a new public plaza connecting the Courthouse to the waterfront. This new center of community life, adjacent to the proposed new hotel site, would also house a farmers market. This plaza will become the city's "Grand Gesture" to the river, truly connecting Owensboro to its river roots.

Work has already begun on Mitch McConnell Plaza and Riverfront Development creating a Waterfront Park overlooking the Ohio River. 

The improvements to the Waterfront Park as envisioned in the Riverfront Master Plan will be completed and this park will be a destination park for residents and visitors alike. Together with the metamorphosis of Veterans Blvd., this park will be the cornerstone of a revitalized downtown Owensboro.