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FAST LANE - May
2003
OVALS is an alliance formed by four of the area’s major research universities - the University of Cincinnati, the University of Kentucky, the University of Louisville, and Wright State University. The alliance was formed in an effort to reshape traditional approaches to economic development by advancing their research in life sciences while working to attract life science enterprises to both states. The collaborative approach represents a sharp shift away from economic development efforts that place states in competing roles. Last month’s conference, entitled “Life Sciences without Boundaries: Bridges to Collaboration,” focused on the significance of taking a new direction. In addressing the audience of more than 200 scientists, university administrators and economic development officials, Donald Harrison, senior vice president emeritus at the University of Cincinnati, noted that the region as a whole already has much of what is needed to build a knowledge-based economy: biotechnology research, drug-design expertise, investment money and lawyers specializing in intellectual property rights. What is critical to realize, Harrison continued, is that not all of those components will necessarily be found in one city. Among the four OVALS institutions are four colleges of medicine, two colleges of pharmacy, two colleges of dentistry and one college of agriculture, along with a host of faculty in biology, chemistry and other scientific fields related to the life sciences. Annually, they collectively attract more than $500 million in extramural research funding. “We need to recognize that regional cooperation is necessary for us to become a national player in this area,” Harrison emphasized. In addition to the OVALS universities, conference sponsors included BIO/START, CincyTech USA, Dayton Development Coalition, Health Enterprises Network, Lexington United, Battelle Memorial Institute, BHDP Architecture, Emerging Concepts Inc., Frost Brown Todd, Shire US Inc., OMERIS, and Sentron Medical Inc. STATE Fort Washington Capital Partners has raised $40 million for a new fund created to drive investment in early-stage venture capital opportunities in the northern Kentucky, central and southwestern Ohio, and southeastern Indiana region. The Tri-State Growth Capital Fund I, L.P. will support entrepreneurs and new business growth in the areas of life sciences, information technology and advanced manufacturing, paving the way for the creation of more venture capital firms in the region. The goal is to invest in regional and national venture firms committed to evaluating investments in companies that will benefit the tri-state area. The fund’s target markets include Cincinnati, Columbus and Dayton, Ohio; Indianapolis; and Louisville and Lexington, Ky. Fort Washington is among a small number of firms to successfully complete fundraising for a regional fund in today’s difficult economic environment. According to Venture Economics, the national fundraising environment has seen a steady decline in the size of venture funds. Net venture capital fundraising totaled $14.7 billion in 2002, compared to $64.3 billion in 2001 and $157 billion in 2000. The Tri-State Fund was established with investments from The Procter & Gamble Company, Fifth Third Bancorp, Convergys Corporation, The Western and Southern Life Insurance Company, E.W. Scripps Company, Ashland Inc., Cincinnati Children’s Hospital Medical Center, University of Cincinnati, Castellini Management Company and GE Aircraft Engines. BOONE COUNTY The Toebben Companies, a Northern Kentucky building and development firm, has donated land and improvements valued at $650,000 to Gateway Community and Technical College, representing the largest gift ever received by the college. Gateway is part of the Kentucky Community and Technical College System (KCTCS). The land is located off Sam Neace Boulevard and will become the main entrance to the college’s new campus. Named Technology Way, the foundation for the roadway was developed by Toebben Construction Company and includes the necessary infrastructure for the water, sewer, gas and electricity that will supply the campus. Gateway will begin construction for the first phase of its new campus this year with a 30,000-s.f. facility designed to serve the manufacturing industries in the area. “This donation is a clear indication of the Toebben family’s focus on post-secondary education and their supportive role in expanding access opportunities for the college,” said G. Edward Hughes, Gateway’s president and CEO. “The Toebben family has great interest in ensuring that Northern Kentucky has a well-educated technical work force for the future growth of business and industry,” said Bill Toebben, president of Toebben Companies. “We hope our gift can help facilitate an improved quality of education for future generations,” said Toebben. LOUISVILLE
The Memory Care Center of Excellence is the first long-term care community in a three-state region to incorporate what’s known as “The Eden Alternative” on a large scale. As such, the facility features small groups of apartments – as opposed to long hallways – that are clustered around community living rooms and family-style kitchens. A “village mall” brings many aspects of the outside world – including a pet shop, florist, soda fountain, beauty salon, town hall and business center – to residents who have difficulty navigating the real world as a result of memory impairments. The entrance to each home bears a different architectural style to help residents recognize their surroundings. The new center, which will house 52 residents, will also serve as a research and testing site for both the University of Louisville and the University of Kentucky. “The Memory Care Center will be a living laboratory for students delving into the quality-of-life issues relating to the care of people with Alzheimer’s,” said Graham Rowles, Ph.D., director of UK‚s doctoral program in gerontology and associate director of UK‚s Sanders-Brown Center on Aging. The Center will also serve as one of four in-depth sites for a major study for which UK recently received a $1.2 million grant from the Agency for Healthcare Quality and Research. PADUCAH Design work is expected to begin this summer for a new plant that will recycle waste from the Paducah Gaseous Diffusion facility. The project will call for as many as 400 workers during the construction phase. Once it is operational, approximately 160 people will be needed to staff the facility, with jobs ranging from maintenance and operations to engineering and environmental safety. When complete, the plant will convert 1,500 to 1,700 cylinders of depleted uranium hexafluoride (UF6), a radioactive material left over from enriching uranium for nuclear fuel, into uranium oxide and hydrogen fluoride (HF). The conversion process keeps the UF6 from reacting with moisture and emitting volatile HF. If the work goes according to schedule, the conversion plant is expected to be operational by March 2006. LOUISVILLE Statistics from a recent study show that the jobs with the fastest growth rate in Louisville over the next several years will be in technology and healthcare – areas that require high levels of skill and education. The Kentuckiana Occupational Outlook Study was conducted by KentuckianaWorks, the workforce development agency of the Louisville Metro Government. The information is included on a new Web site, www.kentuckianaworks.org, that offers information on more than 700 occupations in the 24-county region as well as job trends and the education and skills required to compete for those positions. Also featured is information on average wage rates and benefits and links to related occupations. LOUISVILLE Norton Healthcare has committed to a $859,943 donation to Jefferson Community College that will allow the college to significantly expand its radiography and nuclear medicine program. Norton will provide $429,832 for faculty and supplies, and pay $233,101 in space rental at Norton Healthcare Pavilion to house the JCC program. Renovation of the Pavilion will create two classrooms, a hot lab and two radiographic rooms for students to use for clinical and didactic learning experiences. According to a recent study, the need for radiologic technologists in the Louisville region, who currently earn a median salary of $35,360, is expected to rise by 23 percent by 2010. The need for nuclear medicine technologists (median salary: $36,920) in the area is expected to grow by 22 percent. LEXINGTON Demolition of a former tobacco warehouse in downtown Lexington has cleared the way for developers to begin construction on a group of upscale townhouses and apartments that city officials are hoping will revitalize the area. The development is the first step in a plan to bolster housing and retail in the area known as College Town, which is sandwiched between Lexington’s downtown business district and the University of Kentucky campus. Developers Bill Lear and Jim Phelps have been working with surrounding neighborhoods and UK’s College of Architecture to design plans that will fit in with the historic area’s existing homes and buildings. The new homes are expected to range in size from 2,000- to 3,000-s.f. and will be priced between $250,000 and $500,000. Nearby, another developer, Rob McGoodwin, is nearing the final stages of a warehouse renovation that will feature 86 loft-style apartments. Demand has been strong enough that McGoodwin is now in the process of seeking a zone change to launch another such project. Also in the works is UK’s commitment to build a $8 million professional development center for business executives on downtown property that once housed the L.R. Cooke car dealership. The Lexington Downtown Development Authority, headed by Harold Tate, is currently in the process of raising funds to support a proposed downtown master plan that calls for identifying potential uses for other vacant downtown properties. STATE
Cost-share funds through the Kentucky Department of Agriculture are part of a $2.4 million grant awarded to the Kentucky Horticulture Council by the state’s Agricultural Development Board. A portion of the funds is appropriated from the state’s share of master tobacco settlement money. Cost-share matches of up to $2,000 per funding round will be awarded on a competitive basis with priority being given to producer associations, cooperatives and projects that impact multiple farms. Applicants must provide at least a 50 percent cash match for all proposed advertising. For more information, visit the KDA Web site at www.kyagr.com or contact Kim Mullins of the Division of Value-Added Horticulture and Aquaculture at (502) 564-7274 or kim.mullins@kyagr.com. LOUISVILLE Bellarmine University and bCatalyst have joined to establish a full-time campus in downtown Louisville as part of a new alliance between the school's Center for eWorld Education and the business accelerator. In announcing the plans, Bellarmine officials explained that the “eWorld Campus” will serve to foster innovation and risk-taking within Bellarmine similar to the way that bCatalyst has done for early-stage entrepreneurial ventures in Louisville.”
eWorld has already launched a new master’s degree program in applied information technology (MAIT), which began last August with 17 students from companies such as Humana and Aegon. Those students are currently creating the technology infrastructure for a local physician and a former Bellarmine MBA student. Plans call for a second class of approximately 16 students in the MAIT program this coming August. For students, bCatalyst provides a “real life” lab environment in which to learn the intricacies of entrepreneurship. On the flip side, early stage companies at bCatalyst will be able to draw upon the expertise of Bellarmine faculty and participate with them in conducting research projects. RICHMOND Eastern Kentucky University is set to begin construction on a new $14 million business and technology center that is expected to open in the fall of 2005. The 78,000-s.f. facility will house part of the university’s College of Business & Technology as well as offices for EKU’s Small Business Development Center and Center for Economic Development, Entrepreneurship and Technology, which includes an Innovation and Commercialization Center. The Innovation and Commercialization Center, part of the Commonwealth's New Economy initiative, includes a business incubator that will specialize in the development of new products and services related to safety and security. The College of Business & Technology will partner with EKU1s College of Justice & Safety in the development of those products and services. LOUISVILLE
STATE Women Leading Kentucky, a non-profit organization established in 1999 to advance business and leadership opportunities for Kentucky women and provide college scholarships for young women leaders, has announced its search for nominations for the 2003 Martha Layne Collins Leadership Award. The award is presented each year to a Kentucky woman who embodies the following ideals:
The deadline for nominations is June 1, 2003. To nominate someone, send their name, address (including ZIP), and a phone number or e-mail address to jhollow@womenleadingky.com or to Women Leading Kentucky, P.O. Box 961, Lexington, KY 40588. All nominees will be contacted and asked to submit information that relates to the above criteria. Finalists will be recognized at the 4th Annual Women’s Business and Leadership Conference on September 16th, at the Radisson Hotel in Lexington. This year’s conference theme is “Courage, Ethics, Action: The New Face of Leadership” and features Tori Murden McClure, the first American to row the Atlantic Ocean solo; author Mary Foley; Julie Anixter, director of strategy for Tom Peters WOW!; and former University of Kentucky basketball star Valerie Still. The conference will also offer opportunities for networking, interactive workshops and up-to-date business information. For more information, visit www.womenleadingky.com. STATE Cromwell Insurance Agency in Lexington and Old Colony Insurance Service Inc. in Louisville have announced plans to merge with BB&T Insurance Services, a Raleigh-based company that is the largest retail broker in the Carolinas and Virginia and the 10th largest in the country. The merger gives BB&T entry into Kentucky and a significant share of the Commonwealth’s valuable equine insurance business. Old Colony, one of Louisville’s largest independent insurance agencies, expanded into the equine insurance business in 2000 by merging its Lexington office with the Lexington location of Cromwell Insurance, one of the oldest and best-known blood stock insurance agencies in Kentucky. Old Colony and Cromwell have 75 employees combined and more than $150 million in annual premium volume. Old Colony founder and CEO Daniel McMahan will manage BB&T’s Kentucky insurance operation. Cromwell President Tom Ludt will manage BB&T’s Lexington insurance operation. The Old Colony and Cromwell agencies will continue to operate with their combined group of employees in their current locations under the names BB&T-Old Colony Insurance and BB&T-Cromwell Insurance. LOUISVILLE Greater Louisville Inc., the metro chamber of commerce and economic development agency for the Louisville, Kentucky – Southern Indiana Metropolitan area, has announced a new health insurance association plan through Humana, created exclusively for member businesses with two to 50 employees.
That response prompted GLI to get Louisville-based Humana involved to come up with a solution. The new program, called GLI HealthSolutions, offers GLI member companies the choice of six Humana health plans, two of which are only available to GLI members, at reduced prices. The plans are being sold through insurance agents and are now available in Jefferson, Bullitt, Oldham, Shelby, Henry, Hardin and Meade counties in Kentucky, as well as Floyd, Harrison, Scott and Washington counties in southern Indiana. OHIO Procter & Gamble has announced plans to invest $30 million in a minority-owned company that will provide bottling services for P&G’s beauty care division. As a result of the three-year agreement, Valu-Pac, a subsidiary of CDO Technologies Inc. of Dayton, will build a 70,000-s.f. plant in the city’s Bond Hill area. Bond Hill is one of nine economically distressed neighborhoods that lie within Cincinnati’s empowerment zone, a federal designation that allows businesses locating within such zones to qualify for a variety of grants, loans and tax incentives. Procter & Gamble is the first major corporation in the city to commit to an empowerment zone project, giving the program a huge boost. City leaders have expressed optimism that other companies would follow suit. Valu-Pac anticipates opening its new plant by the middle of next year with between 150 to 200 employees. Its initial contract will involve filling bottles of Olay Body Wash for P&G, but the company hopes to expand to service others clients as well. TENNESSEE Toyota Motor Manufacturing North America and Bridgestone Corp. of Japan have both selected sites in Tennessee on which to build new automotive parts plants. Toyota has selected a 200-acre site in Jackson on which to build a die-casting plant that will produce aluminum engine blocks. The site was originally considered as a potential location for Toyota’s newest truck plant before the auto giant settled on San Antonio for that facility. The Jackson plant will be the third facility of Bodine Aluminum, Inc., Toyota's Missouri-based aluminum block die-casting unit. Bodine presently operates plants in Troy and St. Louis, Missouri, which produce cylinder heads, cylinder blocks and other castings for most of Toyota's North America-produced vehicles. The company currently employs over 900 people. Operations in Jackson are expected to begin in 2005 with plans to expand over the next several years, eventually producing one million units annually and employing 200 team members. The project represents an investment of approximately $124 million. Bridgestone AMP, a subsidiary of Bridgestone Corp. of Japan, will build a new $11 million automotive parts manufacturing facility in Dickson, approximately 40 miles southwest of Nashville. The new facility will initially employ approximately 70 people in the production of shock-absorbent pads and interior cushions for automakers including Honda, Nissan and Toyota. By 2006, Bridgestone APM is expected to increase its employment to 170 people as the facility expands. Bridgestone APM currently operates three manufacturing facilities in North America, all in Ohio, with total employment of approximately 650. The company‚s annual sales exceed $100 million.
Business Briefs ASHLAND
BOWLING GREEN
CAMPBELLSVILLE
CAROLLTON
COVINGTON
ELIZABETHTOWN
FLORENCE
GLASGOW
HOPKINSVILLE
HORSE CAVE
LAUREL COUNTY
LEXINGTON
LONDON
LOUISVILLE
MORGANFIELD
NICHOLASVILLE
NORTHERN KENTUCKY
OWENSBORO
PADUCAH
PIKEVILLE
RADCLIFF
SOMERSET
VERSAILLES
WESTERN KENTUCKY
STATE
INDIANA
NEW ALBANY
OHIO
TENNESSEE
MEMPHIS
NASHVILLE
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Copyright 1996-2003, by Kentucky Business Online. All rights reserved. Editorial content
is copyright 2003, Lane Communications Group The Lane Report is a trademark of Lane Communications Group. All other trademarks are the property of their respective owners. |
The
key to building the Ohio Valley into a major player in the knowledge
economy hinges on regional cooperation, according to the experts at
a recent conference sponsored by the Ohio Valley Affiliates for Life
Sciences (OVALS).
The
Episcopal Church Home in Louisville has opened a new long-term care
center for individuals with Alzheimer’s and other memory disorders
that incorporate the latest research in terms of both the facility’s
design and operation. 
A
new state grant program is now available to Kentucky fruit, vegetable,
greenhouse and nursery producers to help advertise and promote their
products.
Though
Bellarmine launched eWorld Campus several years ago, the plans to move
into the bCatalyst building in downtown Louisville reflects a shift
in focus from that of an education entity focusing on technology to
an “educational incubator,” where student and faculty entrepreneurial
ventures will be given an opportunity to grow. 
The
program came about after a GLI survey conducted in 2000 that indicated
that nearly 70 percent of small business owners in the area considered
healthcare costs to be a primary threat to their company.
