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Baltimore Company Receives $16 Million

Caves Valley Partners has been selected to receive up to $16 million in tax-exempt federal aid to rehab the Investment Building in downtown Towson, which it plans to gut and redevelop into the new headquarters for Mile One Automotive. Baltimore County’s economic development office announced its award Monday of $16 million in Recovery Zone Facility Bonds to Caves Valley. The development team, which includes ...

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IA Grant Will Save Over 200 Jobs

The U.S. Department of Commerce’s Economic Development Administration has awarded a $1.5 million grant to the Ottumwa Regional Airport in Iowa. The funds will be used to update water infrastructure, provide infrastructure support to the new job training facility, encourage future private investment and create jobs. “It’s a significant grant. It provides support for the infrastructure that services water to ...

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TN Renewable Energy Program Re-Opens

The Tennessee Valley Authority is re-opening the Generations Partners program. Distributors, such as Nashville Electric Service, had been among those shocked when told last week that the program would take no new participants. “TVA launched Generation Partners as a pilot project, with periodic adjustments expected along the way, to encourage customer interest in small to medium-sized renewable energy projec ...

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Electric Boat Buys Pfizer Site in CT

The site of the former Pfizer World Research Headquarters in New London, CT is being purchased by General Dynamics’ Electric Boat (EB) unit. The nuclear submarine builder will invest $99 million in a new research, development, engineering and design facility that will create 700 jobs. “Pfizer’s announcement in 2009 that it was vacating its global research headquarters in New London and consolidating operati ...

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Memphis Launches Ultra High-Speed Research Link

The Memphis Coalition for Advanced Networkingrn(MCAN) inaugurated its ultra high speed fiber-optic communications network thisrnweek with an event at the University of Memphis FedEx Institute of Technology.MCAN is an independent, nonprofit corporationrnchartered to promote and operate leading-edge communications technologies thatrnsupport education, research, public service, and economic developmentrninitia ...

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You Are What You Eat

It's a problem familiar to Hollywood screenwriters and film directors: an idea that seemed like a sure thing during an artistic late-night brainstorming session ends up on the cutting room floor when it sends test audiences howling for the exits. Now, some red-faced state economic development agencies know the feeling. During the past half-decade, 44 states have adopted incentives to encourage film producti ...

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Whirlpool Closing Evansville, IN Plant

Whirlpool is shutting its Evansville, IN refrigerator plant at the end of this week, eliminating 1,100 jobs at a factory that has been a mainstay in Indiana since 1956. According to a report in Sunday's New York Times, the appliance maker plans to move its refrigerator manufacturing to Mexico. At the Evansville plant's peak in 1973, the facility employed nearly 10,000, with hourly wages approaching $20. One ...

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Foundations Grant $5 Million to NE Ohio

A group of regional foundations and philanthropists voted this week to award more than $5 million in grants to promote economic development in Northeast Ohio. The Fund for Our Economic Future, a collaboration of donors and philanthropists that provides grants to increase the economic competitiveness of Northeast Ohio, met at the Davis Center in Fellows Riverside Gardens to award one-year grants to six Cleve ...

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Toyota to Open $1.3B Mississippi Plant

In a sign of confidence that the economic recovery has staying power, Toyota is announcing that it will complete construction of its long-delayed auto plant in Blue Springs, MS, and begin operations at the $1.3-billion facility by the fall of 2011. According to a report in The New York Times, the Japanese automaker expects to hire 2,000 workers to build Corollas at the plant. Toyota halted construction on t ...

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S. Dakota Leads U.S. in Conversion to Ethanol Pumps

A $1 million grant program will put South Dakota in a leadership position pack nationwide in the availability of ethanol blender pumps for motorists, Lt. Gov. Dennis Daugaard said today. The grants, which were processed through the state Energy Policy Office in the Governor's Office of Economic Development, will help business owners install blender pumps at fuel stations across the state, he said. "As of Ju ...

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