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Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development. If you enjoy NewsFlash, thank an EDPA Partner.
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Council approves incentives for new manufacturer
Posted: Tuesday, December 4, 2012 Ed Enoch | Opelika-Auburn News
The Auburn City Council approved incentives for a manufacturer that plans to locate in west Auburn and amended tax abatement deals for a medical products company and its supplier during its regular meeting Tuesday.
Council members approved an incentive package for an unnamed manufacturer codenamed Project China, which plans to locate in the west technology park. The incentives will be provided through the Industrial Development Board and the revolving loan program. City staff estimates the company will invest approximately $13.1 million and employ about 105.
The incentives include providing a 23.5-acre site through a sale/lease agreement; securing financing for as much as $5 million to design and build a 71,227-square-foot facility to be leased to the company; building site preparation; a short-term loan for as much as $200,000 at 2.5-percent interest; a 10-year tax abatement deal; $15,000 for relocation of key staff; and $63,000 for training assistance.
The council also agreed to modify tax abatement deals for SiO2 Medical Products Inc., which plans to build a second facility in Auburn and its in-house parts supplier Capitol Medical Devices Inc. SiO2 plans to build a facility in the city's west technology park in March. It also plans a facility in the city's south technology park on Enterprise Drive.
more...
[OpelikaAuburnNews]
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Textron, Bell Helicopters open state-of-the-art integration labs in Huntsville
Published: Tuesday, December 04, 2012
By Leada Gore | lgore@al.com
HUNTSVILLE, Alabama -- Textron Systems and Bell Helicopters have teamed up to open state-of-the-art laboratories to provide integration and testing of manned and unmanned aircraft systems.
The new Textron Systems Integration and Collaboration Lab and Bell Helicopter/AAI Unmanned Aircraft Systems Manned/Unmanned Operations Capability Development Lab have opened at Textron System's Huntsville location. The labs combine live data feeds, high-fidelity simulated environments and field equipment to allow for rapid testing and system integration.
"Our U.S. Department of Defense customers are facing a period of profound change," said Textron Systems president and chief executive officer Ellen Lord. "Now more than ever, they need affordable technologies that can be deployed rapidly against their most pressing requirements. These new law capabilities enable our customers to achieve this while reducing program risk."
Lord said the labs are designed to reduce testing costs, decrease program risk, accelerate time for products to get into the field and allow for training for mission rehearsal.
more...
[al.com]
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Hutchison tabbed as BCCED director
Published Tuesday, December 4, 2012
By Andy Brown
The Butler County Commission for Economic Development has a new executive director. The BCCED announced Tuesday that David Hutchison, director of business development for the Alabama Department of Commerce, will assume the role beginning in January. "I'm a big Auburn fan, but the best college football coach out there is Nick Saban," said Greenville Mayor Dexter McLendon. "I honestly believe we hired the Nick Saban of economic development." Hutchison will replace former executive director Ricky McLaney. McLaney's contract was not renewed following his annual review in January. McLendon, who serves as the chairman of the BCCED, has served as the interim director during the search for McLaney's replacement. Hutchison said he is excited to "join Butler County's team," and looks forward to helping attract new industry as well as supporting existing industries. more... [GreenvilleAdvocate ] |
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Airbus & Birmingham: BBA's Davis discusses Germany trip
Birmingham Business Journal
By Ryan Poe, Reporter
Date: Tuesday, December 4, 2012
Birmingham has begun its courtship of potential suppliers of a planned $600 million Airbus Americas plant in Mobile.
Rick Davis, Birmingham Business Alliance senior vice president of economic development, joined the Alabama delegation in a trip to an aviation conference in Hamburg, Germany, last month.
BBJ: What was the point of the trip, and what did the Birmingham delegation hope to get from it?
Davis: This was an aviation forum. Some people said it was an Airbus suppliers conference - that's not exactly correct, but to be sure, there were a lot of Airbus suppliers who attended because there were several people with Airbus who had speaking roles on the panel discussions and that sort of thing.
more...
[Birmingham Business Journal]
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Follow your passion to find success in business, entrepreneurship expert says
Published: Tuesday, December 04, 2012
By Stan Diel | sdiel@al.com
HOOVER, Alabama - Conventional wisdom holds that 85 to 90 percent of new businesses fail. Don't believe it, said Dale Callahan, director of theInformation Engineering and Management program at UAB.
The overwhelming majority of businesses that are counted as failures were incorporated, then their "founders" lost interest or moved on to other things without actually launching them, he told a luncheon crowd of students and entrepreneurs at the Hoover Public Library.
"Those aren't business failures," he said. "They failed to start. You're a business when you make money."
Callahan, author of the book "Resumes are Worthless," said that less than 10 percent of businesses that are actually launched end in failure, and success in business is a lot easier and more liberating than most people believe.
An evangelist for entrepreneurship, Callahan said too many people sentence themselves to careers they don't enjoy, ignoring their passions and the success that can come from pursuing something you love.
more...
[al.com]
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Enjoy the day,
Val Walton
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