annual report 2009 2010

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2009-2010 2009-2010 Annual Report Annual Report Creating a diversified, sustainable economy generating wealth, quality jobs and improving the quality of place in Kentucky’s third largest city

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The Annual Report of the Greater Owensboro Economic Development Corp.

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Page 1: Annual Report 2009 2010

2009-20102009-2010

Annual ReportAnnual Report

Creating a diversified, sustainable economy generating wealth, quality jobs and improving the quality of place in Kentucky’s third largest city

Page 2: Annual Report 2009 2010

The EDC fulfills its mission through the The EDC fulfills its mission through the following activities:following activities:

Create an environment Create an environment to attract to attract economic investment, business economic investment, business formation, company location and talent.formation, company location and talent.

Strategic positioning Strategic positioning for the long-for the long-term development of the region by term development of the region by creating the infrastructure, nurturing a creating the infrastructure, nurturing a competitive workforce, and creating competitive workforce, and creating quality of place to enable the region to quality of place to enable the region to compete in the global economy.compete in the global economy.

Serve as the primary point of Serve as the primary point of contact contact for existing companies, new for existing companies, new business prospects, and startup business prospects, and startup companies interested in investing in the companies interested in investing in the region. region.

Page 3: Annual Report 2009 2010

Investment Attraction Investment Attraction StrategyStrategy

TTargeted Business argeted Business AttractionAttraction

TTechnology Based echnology Based CompaniesCompanies

TTalentalent

Page 4: Annual Report 2009 2010

Targeted Business Targeted Business AttractionAttraction

Targeted marketing Targeted marketing to site to site selectors and companies in the selectors and companies in the following sectors:following sectors:

– Transportation & Logistics- Transportation & Logistics- working with Riverport and working with Riverport and AirportAirport

– Advanced Manufacturing & Advanced Manufacturing & Food ProductionFood Production

– Professional Services & Back Professional Services & Back OfficesOffices

Page 5: Annual Report 2009 2010

Technology Based Technology Based CompaniesCompanies

Centre for Business Centre for Business and Researchand Research, a , a 40,000 square foot 40,000 square foot business accelerator business accelerator with lab and R & D with lab and R & D space for high tech space for high tech and plant biotech and plant biotech companiescompanies

The eMerging Ventures Center for Innovation is part of the Kentucky network of innovation and commercialization centers established to aid the growth of high tech companies.

Technology-Based Company Growth

18 new companies with an average salary of $65,000, $20 million venture capital investment

Page 6: Annual Report 2009 2010

World Center for Plant World Center for Plant PharmaPharma

Life Science Life Science Partnership Partnership to to make Owensboro make Owensboro and Kentucky and Kentucky BioProcessing the BioProcessing the world center for world center for plant plant pharmaceutical pharmaceutical productionproduction

Page 7: Annual Report 2009 2010

TalentTalent Young Young

professionals & professionals & entrepreneursentrepreneurs- - with portable jobswith portable jobs

““Second lifers”- Second lifers”- retirees in a second retirees in a second careercareer

College students- College students- two-thirds remain two-thirds remain where they attend where they attend collegecollege

Page 8: Annual Report 2009 2010

Existing Business Existing Business ProgramProgram

Top Priority- Top Priority- two-two-thirds of jobs created thirds of jobs created by existing companiesby existing companies

500 new jobs, 500 new jobs, 16 16 projects, $90 million projects, $90 million investment, 2008-investment, 2008-20092009

Kentucky Aluminum Kentucky Aluminum NetworkNetwork- support - support competitiveness of the competitiveness of the largest regional largest regional industryindustry

Page 9: Annual Report 2009 2010

Diverse Economic BaseDiverse Economic Base

Added 500 JobsAdded 500 Jobs$90 million in new investment$90 million in new investment

Page 10: Annual Report 2009 2010

Tools for Existing Tools for Existing CompaniesCompanies

Owensboro Owensboro Works.com- Works.com- ready-ready-made workforce made workforce available in online available in online databasedatabase

GO InternGO Intern Award winning Award winning

workforce development workforce development programsprograms

Kentucky Business Kentucky Business Incentives- Incentives- support support expansion and retention expansion and retention of jobs.of jobs.

Page 11: Annual Report 2009 2010

Workforce DevelopmentWorkforce Development

TransitionTransition from from production-oriented production-oriented jobs to techniciansjobs to technicians– $250,000 in stimulus $250,000 in stimulus

funds to retrain for funds to retrain for health care jobshealth care jobs

Retraining Retraining program- program- GRADD-GRADD-WIB-OCTCWIB-OCTC– $2.5 million, 480 $2.5 million, 480

workers retrainedworkers retrained

Page 12: Annual Report 2009 2010

New InfrastructureNew Infrastructure

I-64/ I-65 I-64/ I-65 ConnectorConnector

100 uni-train rail 100 uni-train rail loop at Riverportloop at Riverport

8,000 foot runway 8,000 foot runway at airportat airport

New commercial New commercial flights to BNA, ATLflights to BNA, ATL

I-69 spur, progressI-69 spur, progress

Page 13: Annual Report 2009 2010

Public ProjectsPublic Projects Over $600 million in Over $600 million in

new projectsnew projects, 10,000 , 10,000 construction jobs, $1 construction jobs, $1 billion impactbillion impact

A A market-based market-based downtown plandowntown plan resulting resulting in $120 million in publicly in $120 million in publicly funded infrastructurefunded infrastructure

New $20 million New $20 million downtown hotel downtown hotel

New $400 million New $400 million hospitalhospital

Page 14: Annual Report 2009 2010

By the NumbersBy the Numbers

Industry

Private Employmen

t Owensboro MSA 2008

% MSA Employmen

t

Owensboro MSA

2001-2008 % Growth

U.S. % Growth 2001-08

Total private industries 39,821 100% 1% 16%Manufacturing 9,205 23% -7% -18%Leisure and Hospitality 4,660 12% 26% 13%Financial 2,446 6% 18% 6%Professional and Business Services

3,132 8% 3% 8%

Natural Resources and Mining

477 1% 16% 10%

Agriculture 274 1% 101% 4%Utilities 181 1% -11% -7%Information 524 1% -9% -17%Construction 2,358 6% -28% -22%Education and Health Services

5,275 13% 24% 7%

Source: Bureau of Labor Statistics, Employment by Occupation

Page 15: Annual Report 2009 2010

Manufacturing Job Retention: Owensboro Manufacturing Job Retention: Owensboro and Peer Regions, 2001-2007and Peer Regions, 2001-2007

Source: Bureau of Economic Analysis, Regional Economic Accounts as compiled by GO-EDC for Peer Region Study. Study is available at http://edc.owensboro.com/_documents/owensborometropolitanareaamongpeers-finalversion.pdf

Page 16: Annual Report 2009 2010

Private Business Establishments: Owensboro and Private Business Establishments: Owensboro and Peer Regions, 2000 -2007Peer Regions, 2000 -2007

Source: Your Economy.org, as compiled by GO-EDC for Peer Region Study. Study is available at http://edc.owensboro.com/_documents/owensborometropolitanareaamongpeers-finalversion.pdf

Page 17: Annual Report 2009 2010

EDC Operating BudgetEDC Operating Budget

2009-2010 Budget

Income

City of Owensboro $181,043

Daviess County Fiscal Court $155,000

Commonwealth of Kentucky- Innovation Center $66,000

Investment 2020- Private Companies $187,000

Total $589,043

Expenses

Salary and Staff Expenses $391,823

Marketing and Recruitment $52,428

Existing Industry Support $19,000

Operational Expenses (Rent, Office, Insurance) $124,792

Total $589,043

Page 18: Annual Report 2009 2010

EDC InvestorsEDC Investors

Building & Construction Council

Industrial Foundation

Page 19: Annual Report 2009 2010

2009-2010 GO-EDC Board of Directors Staff

Sim DavenportAT&T

Rod Kuegel, Chair-ElectKuegel Farms

Nicholas Brake, Ph.D.President/ CEO

Wayne FosterAmerican Patriot GatewaysChamber Representative

Fred MayUS Bank

Madison Silvert, J.D.Executive Vice PresidentEmerging Ventures Center

John HackbarthOMHS

Scott McCainBB&T

Sharla Austin-DarnellExisting Industry Manager

Reid HaireDaviess County Judge/Executive

Bob MorrisMessenger Inquirer

Becky McCubbinsNew Business Development Manager

Hugh HaydonKentucky Bioprocessing

Ron PayneMayor, City of Owensboro

Melissa SheltonExecutive Assistant

Darrell Higginbotham, ChairIndependence Bank

Ed RineyOwensboro Riverport Authority

Mike Baker, Executive DirectorHancock County Industrial Foundation

Don KelleySazerac North America

*Dean StanleyIndustrial Foundation

Mike Sullivan, CounselSullivan, Mountjoy, Stainback & Miller

Dr. Cheryl KingKentucky Wesleyan College

David HamiltonKenergy CorporationHancock County Representative

Office200 West Third St.

Owensboro, KY 42302270-926-4339

Page 20: Annual Report 2009 2010

jobs.owensboro.comjobs.owensboro.com