Business Facilities - February 2008 - (Page 49)

BUSINESS REPORT Kentucky By Michelle Janowitz Legislation Spurring Innovation in Kentucky Kentucky has been working hard to entice cutting-edge companies to invest in the state through a variety of incentive programs targeted at fostering innovation. I n 2007, Kentucky attracted nearly $2 billion in business investment and over 13,400 jobs, thanks in part to several initiatives, some of which are aimed at assisting hightech companies in the state turn ideas into valuable commodities. One such program, Kentucky’s High-Tech Investment Pool, helped three companies in the state launch expansion projects in early 2008. The three beneficiaries of the HighTech Investment Pool funds are Advanced Genomic Technology, LLC; Conexxus, LLC; and Smoothstone IP Communications Corporation. The companies, all located at the Louisville Innovation and Commercialization Center, are receiving a combined total of up to $891,000. It is estimated that these projects will together create 43 full-time, hightech jobs for the state. The High-Tech Investment Pool was created along with the HighTech Construction Pool during the state’s 2000 legislative session as part of a New Economy initiative. Funds from these programs are administered by the Department of Commercialization and Innovation (DCI) within the Kentucky Cabinet for Economic Development and are used to help high-tech and knowledge-based businesses get started and thrive in the state. Through January 2008, over $111 million has been approved for use in 114 different projects as a result of these programs. Advanced Genomic Technology, LLC, a biotechnology company that developed a line of microRNA microarrays (MMChips) for the medical diagnostic markets, was granted up to $153,000 to purchase equipment and to help with regulatory and certification costs. The company anticipates creating nine full-time jobs by the end of 2010. Software development company Conexxus, LLC was awarded up to $238,000, which will be used to purchase hardware, software, and other technology, as well as for costs related to securing intellectual property. The company expects that in addition to its existing workforce of four, it will create a minimum of 14 full-time jobs by the close of 2010. The last of the companies to receive this round of awards is Smoothstone IP Communications Corporation, a managed Internet protocol services company. Up to $500,000 of funding KENTUCKY FAST FACTS Population (2006): 4,206,074 Largest Cities (2006): Louisville, 554,496; Lexington-Fayette, 270,789; Owensboro, 55,525; Bowling Green, 53,176; Covington, 42,797 EMPLOYMENT BY NAICS SUPERSECTOR (DECEMBER 2007) Trade, Transportation, & Utilities: 388,600 4,000 Natural Resources & Mining: 24,200 THOUSANDS OF WORKERS Professional & Business Services: 185,900 3,000 Leisure & Hospitality: 166,100 Manufacturing: 254,600 Other Services: 76,500 2,000 Information: 29,700 Government: 326,600 Construction: 84,500 Targeted Industries: Automotive, logistics, food processing, IT, biosciences, environmental and energy technologies, materials science, and advance manufacturing Key Incentives: Kentucky Rural Economic Development Act, Kentucky Jobs Development Act, Kentucky Industrial Development Act, Kentucky Environmental Stewardship Act, Kentucky Enterprise Initiative Act 1,000 SOURCE: BUREAU OF LABOR STATISTICS, DECEMBER 2007 (PRELIMINARY DATA, NOT SEASONALLY ADJUSTED) BUSINESS FACILITIES 49

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Business Facilites - February 2008 Contents First Word Snapshots Corporate Moves: Texas Capturing the Creative Class Green with Energy Automotive Opportunities in a Green Economy Corporate Moves: Wyoming Metro Spotlight: Overland Park, KS Metro Spotlight: Long Island, NY Get Ahead in Alabama Indiana: Sending Tech Messages How to Successfully Negotiate a Lease in Today's Real Estate Environment Legislation Spurring Innovation in Kentucky New Center will Propel Ontario's Automotive Future Virginia's Vital Signs Eating Well in the North of France Advertiser Index Ask the Expert

Business Facilities - February 2008

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