Tonight: Mostly clear with lows in the lower 60s and winds near calm.
Tuesday: Mostly sunny and highs again in the mid ... More...
TVA Economic Development Efforts Spur $5.9 Billion in Investments in FY 2012
Tennessee Valley Authority economic development programs ― including technical services, research and financial assistance ― helped stimulate $5.9 billion in business investments in the TVA service area in fiscal year 2012.
John Bradley, TVA senior vice president of Economic Development, said TVA’s efforts also helped attract or retain 48,000 jobs, bringing TVA’s economic development contributions to more than 300,000 new or retained jobs and $32 billion in business investment since 2005.
“Creating jobs, helping local communities, and improving quality of life in the Tennessee Valley is what TVA Economic Development is all about. We thank our many partners ― local power companies, industry, state and local officials, and others ― for helping make these programs so successful,” Bradley said.
In 2012, TVA’s economic development activities helped recruit or expand more than 150 companies and contributed to the following job totals and business investments for the TVA service area:
• Alabama : 7,800 jobs and $1.2 billion
• Kentucky: 4,800 jobs and $957 million
• Middle Tennessee: 11,700 jobs and $1.2 billion
• Mississippi: 5,100 jobs and $504 million
• Northeast Tennessee and Virginia: 6,300 jobs and $506 million
• Southeast Tennessee, Georgia and North Carolina: 4,450 jobs and $412 million
• West Tennessee: 8,400 jobs and $1.0 billion
TVA in 2012 won a Gold Award for its Megasites Program from the International Economic Development Council for excellence in economic development. Bill Adams, TVA Target Market specialist, conceived the idea of creating a “catalog of certified sites.” The program, which teams TVA with local partners to market large industrial tracts to manufacturers, remains one of TVA’s most successful economic development efforts. Megasite tenants include Volkswagen, which opened a $1 billion Passat factory on a Megasite in Chattanooga in May 2011; and Toyota, which in 2007 selected a Megasite near Tupelo, Miss., for a plant to build Corollas. TVA’s two remaining megasites are near Hopkinsville, Ky., and Stanton, Tenn. For more information, on TVA’s Megasites program, visit http://www.TVAed.com/megasites.htm.
In September, TVA was named for the seventh straight year to Site Selection magazine’s list of the top 10 utilities in North America for economic development. The Site Selection rankings are based on a number of factors, including project activity, input from corporate end users and site consultants, website tools and data, and innovative programs and incentives for business.
Four new locations in the Valley region were identified in fiscal year 2012 for potential development under TVA’s program to attract data centers. The new locations are in Warren County, Tenn. (2 sites), Hopkinsville, Ky., and Cookeville, Tenn., raising the total number of potential data center sites identified in the program to 22. For more information see www.TVAed.com/datacenters/.
TVA Economic Development staff and leadership also were honored in 2012. Bradley was named by Southern Business and Development magazine as one of the Top 10 economic developers in the South; TVA Business recruitment specialist Tim Tidwell was a co-recipient of the first Excellence in Economic Development Award from the Site Selectors Guild. TVA staff conducted dozens of Community Development workshops in 2012 to help communities identify economic opportunities and be more competitive. TVA staff also provided help with financial assistance through programs such as the Valley Investment Initiative, technical services, economic research, proposal writing, training and other services.
In addition, the Rural Development Strategy focuses on supporting economic development efforts in rural and economically distressed areas. The Retail Development assistance program also helps foster business growth for commercial businesses.
Business investments and expansions from companies participating in TVA Economic Development programs in 2012 include $53.7 million and 800 jobs by Magneti Marelli’s new automotive lighting production operation in Pulaski, Tenn.; $500 million and 200 jobs from Carpenter Technology Corporation to build a premium metals plant near Athens, Ala., in Limestone County; $8 million and 500 jobs from Agero, a global driver assistance services firm, in Clarksville, Tenn.; $9.5 million and 207 jobs by Propulsys, a global manufacturer of hydraulic drive products, in Hopkinsville, Ky.; $130 million and 150 jobs from Roxul, Inc., a leader manufacturer of stone wool insulation products in Byhalia, Miss.; and $15 million and 150 jobs at Mann Hummel an original equipment supplier to the international automotive and mechanical engineering industries, in Dunlap, Tenn.
For additional information about TVA’s economic development programs, please see the recently redesigned website, www.TVAed.com.
The Tennessee Valley Authority, a corporation owned by the U.S. government, provides electricity for business customers and distribution utilities that serve 9 million people in parts of seven southeastern states at prices below the national average. TVA, which receives no taxpayer money and makes no profits, also provides flood control, navigation and land management for the Tennessee River system and assists utilities and state and local governments with economic development.
More Business News
Last Update on October 01, 2014 07:31 GMT
NEW YORK (AP) -- Shares of companies that are studying potential vaccines for Ebola have been climbing in aftermarket trading after federal officials announced that the first case of the disease has been diagnosed in the U.S.
The Centers for Disease Control and Prevention says a patient being treated at a hospital in Dallas tested positive for the disease.
Ebola is believed to have sickened more than 6,500 people in West Africa, and more than 3,000 people have died. Symptoms can start as much as 21 days after exposure, and the disease isn't contagious until symptoms begin. It takes close contact with bodily fluids to spread the disease.
The World Health Organization has worked to speed up the use of some experimental vaccines and companies are ramping up testing.
WASHINGTON (AP) -- President Barack Obama will deliver an economic address this week seeking to promote the recovery as the campaign season heads into its final weeks before midterm congressional elections.
Obama plans to deliver a speech tomorrow at Northwestern University's Kellogg School of Management in Evanston, Illinois, drawing attention to economic advances since he took office. The White House says he will also press for additional steps that the government can undertake to create jobs and improve wages.
The speech comes amid polls that still show the economy is the top issue with voters and that a majority of voters disapprove of Obama's handling of the economy. The speech marks a shift from Obama's recent attention to international crises, particularly the start of a new bombing campaign against Islamic extremists.
WILMINGTON, Del. (AP) -- A Delaware bankruptcy judge will hold a hearing tomorrow on a request by Trump Entertainment Resorts to be relieved of its pension obligations under a collective bargaining agreement with workers at the Taj Mahal casino.
The judge had previously scheduled a mid-October hearing on Trump's request for permission to terminate the labor agreement as part of an effort to reorganize and avoid closing the casino in Atlantic City, New Jersey.
But company attorneys have been unable to persuade the union to agree to replace the pension plan with a 401(k) plan. They said yesterday that they need a quick decision on the pension liability because it could torpedo efforts to reorganize.
Union attorneys argue that the pension question can't be separated from the larger issue of the collective bargaining agreement.
PLASTIC BAG BAN-THINGS TO KNOW
SACRAMENTO (AP) -- The American Progressive Bag Alliance, a coalition of plastic bag manufacturers, says it will seek a voter referendum to overturn California's law banning single-use shopping bags, signaling the fight between environmentalists and manufacturers is not over. California Gov. Jerry Brown signed the nation's first statewide ban on the bags yesterday, following the lead of more than 100 California cities and counties.
The group has three months to gather more than 500,000 valid signatures, the number needed to place a referendum on the November 2016 ballot. The group says it will push to make sure the law does not take effect until voters have a say.
LEGALIZING POT-COLORADO COMPETITION
DENVER (AP) -- Colorado's new marijuana industry is in for a brand new element today -- competition.
The state gave medical marijuana dispensaries and growers a nine-month exclusive on the new recreational pot business, fearing an unmanageable explosion of new businesses.
The grandfathering period expires today, meaning pot shops and growers who weren't in business before voters approved recreational pot in 2012 are just now able to enter the market.
"There's going to a price war coming. It's inevitable," predicted Toni Fox, a marijuana grower and owner of a Denver pot shop. Fox has received a license for a second shop opening today in Salida (suh-LY'-duh).
Colorado is issuing licenses for 46 more pot shops, in addition to about 200 already in place. Colorado is also licensing 37 more growing facilities and 13 new product manufacturers who make marijuana-infused products.
The expansion means pot prices for consumers could soon drop. Recreational marijuana in Colorado currently wholesales for about $1,800 to $2,500 a pound, depending on quality. The addition of new growers starting today could push the price below $1,000 a pound once those plants mature.
NEW YORK (AP) -- Hollywood's carefully controlled system of movie rollouts is officially under siege.
Windowing -- the practice of opening a movie first in theaters and then in other stages of home video, streaming and television release -- has been under increasing pressure as smaller screens fight against the prominence of the theatrical big screen. Now, Netflix has fired the most notable missive across the bow of windowing, announcing plans to release a sequel to "Crouching Tiger, Hidden Dragon" on the day it hits Imax theaters next August.
The film, produced by the Weinstein Co., isn't a studio production, so it's in many ways only marginally more significant than the plethora of independent films regularly released on video-on-demand. But the announcement constitutes the biggest move yet by a major digital outlet to blow up Hollywood's traditional release pattern.
"This is a very unique opportunity for somebody from the outside coming in to shake up what appears to be an increasingly antiquated release strategy," says Rich Greenfield, a media analyst for BTIG Research. "They had to get into the movie business to reduce windowing, and I think this is an important Step 1 for Netflix."
Exhibitors, in tandem with the major studios, have long sought to guard the theatrical window. Yesterday two of the country's largest theater chains, Regal Cinemas and Cinemark, which both have some Imax theaters, promptly refused to carry the film.
WASHINGTON (AP) -- The head of the Federal Communications Commission says the agency will consider a petition to ban the Washington Redskins nickname from the public airwaves.
FCC Chairman Tom Wheeler said yesterday that the commission "will be dealing with that issue on the merits, and we'll be responding accordingly."
A law professor has challenged the use of the name on broadcast television, saying it violates FCC rules against indecent content. Native American and other groups have demanded the name be changed, calling it a racial slur.
Wheeler did not offer a timetable for a ruling on the matter. He has previously said he finds the name "offensive and derogatory," but that he hoped Redskins owner Dan Snyder would change it without any formal action.
Snyder has vowed never to change the name.
The Good LifeCelebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
SideroadsTake a ride with Brian Smith to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
Road TrippinCome Road Trippin' with us and see all the great sites in your area!
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
This N ThatLearn about the latest in community affairs and great events with Brian Smith on This 'N That.
Educator of the WeekNominate now for Educator Of The Week!
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!