Chamber Attends MEDICA Show
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Supporting Akron's significant medical cluster, the City of Akron and Greater Akron Chamber recently led a delegation to the MEDICA Show in Dusseldorf, Germany, one of the largest health care innovation events in the world. The international trade show had more than 135,000 attendees from 120 countries and 4,500 exhibitors from 64 nations, including 416 American companies.
The Akron team participated in 72 meetings with companies looking to establish or expand into North America. The Chamber and Team NEO also met with European medical device manufacturers. Trade show activities were reported back daily by the Chamber via both Facebook and Twitter, and the team is currently following up on all contacts and inquiries.
"MEDICA is an important resource for international investment opportunities," said Robert Y. Bowman, Deputy Mayor of Economic Development with the City of Akron. "Mayor Plusquellic is committed to the continued development of our BioMedical Corridor, and MEDICA provides the city with a wonderful audience."
The "Akron, USA" display booth resulted from a public-private partnership that included ABIA, NEOMED, NEOTEC and Niche Vision, a privately held bioscience, forensic and software company based in the Akron Global Business Accelerator. |
Technicote Cuts Ribbon in Cuyahoga Falls
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Technicote, a paper and plastics adhesives company founded in Cuyahoga Falls in 1981, experienced a devastating fire in December 2011. After more than a year of evaluating options and working with the City of Cuyahoga Falls and the Greater Akron Chamber, Technicote invested more than $10 million in building a new, 53,800-square-foot, state-of-the art manufacturing plant.
The company celebrated with a ribbon cutting at the rededicated facility on Marc Drive. The new building is 5,000 square feet larger than old structure.
"After evaluating many options in various states and sites, we concluded that rebuilding at our current location was best," said Doug O'Connell, President of Technicote. "We were anxious to retain our experienced work force."
All 40 employees affected by the fire have been retained, and the company is planning on creating 12 full-time positions as a result of the reinvestment.
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Stark State College Comes to Barberton
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Congratulations to Stark State College, which in partnership with Barberton Community Foundation has opened a satellite center in Barberton, at the newly renovated Ohio National Guard Armory.
Economic Development staff from the Greater Akron Chamber attended the open house inaugurating the center, which included many local leaders. Rick Rebadow, Executive Vice President of the Greater Akron Chamber, noted, "We have developed a very good relationship with our partners at Stark State. We see more collaborative opportunities ahead, given the Chamber's focus on workforce and talent initiatives."
Stark State and the Barberton Foundation made a 10-year lease for the former armory. The 13,500-square-foot facility now houses five distance-learning and general education classrooms and an Advanced Materials Joining Center with 10 welding technology booths and space to expand as enrollment grows, meeting increasing demand for welders in local businesses and the oil and gas industry.
The welding center may draw students from nearby cities, while other students will be drawn to the array of classes offered in arts and sciences, business, health sciences, engineering and information technologies.
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Chamber Joins Forces with Development Finance Authority of Summit County in Washington
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The Greater Akron Chamber and the Development Finance Authority of Summit County (DFA) traveled to Washington before the final session of the 112thCongress, on an important mission to discuss the New Market Tax Credit Program (NMTC). The tax credit program was set to expire at the end of 2012, and Chamber and DFA representatives met with the Ohio legislative delegation and the New Market Tax Credit Coalition to support its extension.
 | | Meeting in Washington to provide support for the extension of the new market tax credit program. L-R: Chris Burnham, President, Development Finance Authority of Summit County; U.S. Senator Rob Portman (R-OH); Rick Rebadow, Executive Vice President, Greater Akron Chamber. |
Established by Congress to spur new investment in distressed communities, NMTC attracts investment capital by permitting investors to receive a tax credit in exchange for investing in specialized Community Development Entities. The program has helped leverage over $24 million of new investment and 64 jobs in projects such as the new Kent State University Foundation Hotel and Conference Center, and redevelopment of a vacant warehouse in downtown Lorain into a health, dental and vision services facility.
NMTC was extended by Congress in late session as part of the American Taxpayer Relief Act of 2012. The President signed the two-year extension into law earlier this year, authorizing a $3.5 billion tax credit allocation for each year. Many letters of support for the extension and authorization were provided from community leaders from Akron and Northeast Ohio.
Summit County's DFA will seek a new allocation of approximately $83 million of federal tax credits through its community development entity, the Development Fund of the Western Reserve. Chris Burnham, DFA President, said, "Having almost exhausted our entire allocation within the first year and with many projects on the horizon, we all had to act fast."
"The program definitely adds to our competitive efforts of attracting investment in areas that may not have seen this type of activity for quite some time," noted Rick Rebadow, Executive Vice President of the Greater Akron Chamber. "We look forward to working together in securing this allocation to leverage new investment opportunities." |
Greater Akron Partnership Reaches Milestone
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The Greater Akron Partnership, a program of the Greater Akron Chamber, is a business retention and expansion outreach program covering Medina, Portage and Summit Counties. The Partnership, which promotes economic development in the Greater Akron Region, reached a milestone in 2012 by conducting a record of 500 business visitations in the tri-county region. This is the largest number ever recorded in one year and represents a significant year-over-year increase in business visitations.
"This milestone represents a truly collaborative effort that has been well received by the local business community," stated Rick Rebadow, Executive Vice President of the Greater Akron Chamber. "Every time we meet with a company, it allows us the opportunity to uncover potential investment within our region and the ability to identify issues that could stand in the way of job creation."
The Greater Akron Partnership has effectively brought the public and private sectors together by working with those companies already located in the Greater Akron Region. The Partnership is a business-friendly program that has successfully acted as a "one-stop shop" to assist local companies with their economic development needs at the local, state and federal levels.
The program commenced in 2003 in Summit County, and it was expanded to include both Medina and Portage Counties in 2011. The program, funded in part by JobsOhio, is a collaborative effort between the Greater Akron Chamber, Medina County Economic Development Corporation, Portage Development Board and the Summit County Department of Community & Economic Development.
Since the program's inaugural year, 3,021 business visitations have been conducted within the metro region. |
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Early Bird Ad Rates for Relocation Guide Close Soon
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Reserve your space soon for 2012 rates! Early-bird rates for ad space in the Experience Greater Akron Relocation Guide are available until Friday, April 19. Deadline for materials is May 1.
This is the ultimate guide to living, working, and playing in Summit, Portage and Medina Counties. It showcases the best of the region, the vitality of its people and great quality of life: business climate, education, medical community, arts and parks and neighborhoods.
Full of Greater Akron pride, the magazine is designed to make a newcomer's move as informed and stress-free as possible, with authoritative sources, useful articles, and must-have contact information.
People who move spend 60% more dollars than local residents, establish over 70 business relationships within the first 120 days, and, as local consumers, depend on advertisements for education.
Call Gail Kerzner at (216) 272-1111 to reserve your space today.
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Economic Development Correspondents
Robert Y. Bowman, Deputy Mayor, City of Akron
Samuel D. DeShazior, Deputy Director, City of Akron
Stephen Kidder, President, German Link, Inc.
Richard F. Rebadow, Executive Vice President, Greater Akron Chamber
Gregg P. Cramer, Vice President, Economic Development, Greater Akron Chamber
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