Today: Mostly sunny with a high in the low to mid 90s. Light South wind.
Tonight: A fair to partly cloudy sky with an overnight low in the upper 60s.
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New Future for The Enterprise Center in Motion
Tuesday morning, Chattanooga Mayor Andy Berke, in partnership with Hamilton County Mayor Jim Coppinger, announced The Enterprise Center (TEC) will shift their mission and structure to focus on growing Chattanooga’s innovation economy and addressing issues like access to technology for all citizens.
The announcement follows a report sent to Mayor Berke last week from the Chattanooga Forward task force recommending the “creation of an entity to explore creative strategies to utilize the community’s technological assets such as the high speed gigabit infrastructure.”
“As Chattanooga is becoming a leader in the innovation century, we must capitalize on the momentum of the Gig and our city’s entrepreneurial spirit,” said Mayor Andy Berke. “The Enterprise Center has carried out its vision since 2002, building lasting partnerships with research and technology leaders throughout the region. With this refocus in mission and direction, TEC can now meld its strong history of collaboration with the future of technology and innovation in our community.”
“The Enterprise Center has executed great projects in our community in the past. This is a great opportunity for us to revisit the mission of the organization and form new partnerships to help small businesses leverage technology to grow jobs in Hamilton County,” said Mayor Jim Coppinger.
In 2002, The Enterprise Center was created to lead technology-based economic development initiatives and to identify opportunities to coordinate transfer technology with the region’s research and technology partners including Oak Ridge National Laboratory and the Y-12 National Security Complex.
“It has been my great pleasure to be a part of TEC’s great work,” said Wayne Cropp, President of The Enterprise Center, who will move into a transitional role over the next few months. “Now, the Center is positioned to take on a new role as the hub for connecting the gigabyte as an economic development catalyst. While this approach is more narrowly focused on leveraging our digital assets and building our entrepreneurial community, it builds on the accomplishments of the past decade.”
TEC programs related to Renewal Community programs between 2002 and 2009 resulted in hundreds of jobs and over $50 million in total monetary impact in the region. TEC efforts helped spur development in the Main Street, Northshore and South Broad Street areas.
“I am pleased that Mayor Berke sees TEC as the place to pull together the creative and innovative talent in our community to make the Gig come alive. It is a recognition of the mission of TEC to be a catalyst for change,” said Jim Sattler, Chairman of the Board for The Enterprise Center.
As part of their revitalization program, TEC developed extensive experience in brownfield initiatives aimed at remediation and reuse. Eight clean-up projects have been completed with over 100 acres being made available for redevelopment.
TEC also worked to facilitate the planning of potential high speed rail connecting Atlanta-Chattanooga-Nashville. Cropp will ensure that these projects are successfully completed or transitioned to other entities before new leadership is appointed in the coming weeks.
“As a past board chair of The Enterprise Center, the decision by Mayor Berke continues a critical partnership between the city and TEC. We were created to be a coordinator for technology and Mayor Berke’s approach to innovation rejuvenates our mission,” said Jim Hall, former chairman of the National Transportation Safety Board.
A team has been named to guide the transition of TEC over the coming months, including selecting new board members and a president for the organization. The transition group will work with stakeholders to review TEC bylaws, structure, strategic plan, and projects to ensure a smooth transition.
“We envision this will be a short process, so that a newly focused Enterprise Center can hit the ground running and capitalize on all the opportunity for the gig and the potential for Chattanooga in the innovation economy” said Sydney Crisp, Unum's Vice President for Global IT Infrastructure and Risk Management, who also serves as a member of TEC's transition team.
The TEC transition team includes:
-- Kristina Montague, The Jump Fund
-- Ted Alling, Lamp Post Group
-- Ken Hays, Kinsey, Probasco & Hays
-- David Belitz, Chattanooga Renaissance Fund
-- Sydney Crisp, Unum
-- Sarah Morgan, Benwood Foundation
More Business News
Last Update on August 28, 2014 07:37 GMT
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Labor Department releases weekly jobless claims, 8:30 a.m.
WASHINGTON -- Commerce Department releases second-quarter gross domestic product, 8:30 a.m.
WASHINGTON -- Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m.
WASHINGTON -- The Federal Deposit Insurance Corp. releases U.S. bank earnings for the second quarter, 10 a.m.
WASHINGTON -- National Association of Realtors releases pending home sales index for July, 10 a.m.
AMERICANS' ECONOMIC SURVEY
WASHINGTON (AP) -- Despite many signs of a business recovery including improved hiring, Americans are more worried about the economy than they were right after the Great Recession.
A survey released by researchers at Rutgers University says that this pessimism exists despite record Wall Street gains and a host of upbeat economic indicators.
Seventy-one percent of Americans surveyed say the recession put a permanent drag on the economy. In contrast, Rutgers researchers found in a similar survey in November 2009 that only 49 percent thought the downturn would have lasting damage. That earlier 2009 survey was conducted five months after the recession officially ended.
And when the 2009 survey was undertaken, national joblessness was at 9.9 percent of the labor force, compared to the current 6.2 percent.
The survey says people's confidence in the economy has been eroded by the slow pace of improvement during the
TEWKSBURY, Mass. (AP) -- A New England supermarket chain that has been in turmoil for weeks over a workers' revolt and customer boycott has announced that the former CEO will buy a majority stake in the business.
In a statement issued late Wednesday, Market Basket said popular CEO Arthur T. Demoulas (deh-MOO'-lahs) would be returning and taking over day-to-day operations. He was ousted in June by a board of directors controlled by his cousin, Arthur S. Demoulas. Hundreds of warehouse workers and drivers refused to deliver food to the chain's stores, leading to empty shelves and millions in lost revenue.
Market Basket, known for its low prices, has 71 stores in Massachusetts, New Hampshire and Maine.
NEW YORK (AP) -- The FBI is investigating a hacking attack on JPMorgan Chase and at least one other bank. That's according to reports citing unnamed sources familiar with the matter.
A report on Bloomberg.com says the FBI is investigating an incident in which Russian hackers attacked the U.S financial system earlier this month in possible retaliation against U.S. government-sponsored sanctions aimed at Russia.
The attack, Bloomberg says, led to the loss of sensitive data. Bloomberg cites security experts saying that the attack appeared "far beyond the capability of ordinary criminal hackers."
The New York Times, also citing people familiar with the matter, says JP Morgan and at least four other firms were hit this month by what it describes as coordinated attacks that siphoned off huge amounts of data, including checking and savings account information.
The Wall Street Journal also cites unnamed sources in a less detailed report that calls the attacks a "significant breach of corporate computer security."
LOS ANGELES (AP) -- Negotiators hoping to reach a new contract that would keep hundreds of billions of dollars of cargo moving smoothly through West Coast seaports are making significant progress with a tentative deal on health care benefits.
The knotty issue had tied up the talks for months. Specific details weren't released.
The union representing dockworkers insisted benefits be maintained, while the Pacific Maritime Association said the current plan was so generous it had become the target for tens of millions of dollars in fraudulent charges.
The association had focused on limiting fraud while dockworkers complained that emphasis had blocked the payment of legitimate claims.
An overall contract deal still hinges on unresolved issues including job security and workplace safety.
The contract covers workers at 29 ports which are key trade links to Asia.
TYSON FOODS-HILLSHIRE-JUSTICE DEPARTMENT
NEW YORK (AP) -- Tyson Foods will sell its sow purchasing business, Heinold Hog Markets, in order to get regulatory clearance for its $7.75 billion purchase of Hillshire Brands.
The U.S. Department of Justice said Wednesday that Tyson Foods must sell the business in order to preserve competition for farmers who sell sows, or female pigs. The agency said Tyson and Hillshire combine to make more than a third of the sow purchases in the U.S.
Tyson Foods Inc. and Hillshire Brands Co. said they agreed with the department's proposal.
The department says Heinold buys sows from farmers and sells them to sausage makers. It had $270 million in revenue in 2013. That's less than 1 percent of Tyson's total revenue. Hillshire makes the pigs into Jimmy Dean and Hillshire Farm brand foods
Tyson agreed to buy Hillshire in June for $63 per share.
SEC CRISIS RULES
WASHINGTON (AP) -- Federal regulators have voted to require financial firms that sell securities backed by loans, like the kind that fueled the 2008 financial crisis, to give investors details on borrowers' credit records and income.
The Securities and Exchange Commission adopted the rules on a 5-0 vote Wednesday and the regulations cover securities linked to mortgages and auto loans.
The commissioners also imposed new conflict-of-interest rules on the agencies that rate the debt of companies, governments and issues of securities. That vote split 3-2 along party lines, with the two Republican commissioners opposing adoption of the rules.
Home mortgages bundled into securities and sold on Wall Street soured after the housing bubble burst in 2007, losing billions in value. The vast sales of risky securities ignited the crisis that plunged the economy into the deepest recession since the Great Depression and brought a taxpayer bailout of banks.
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