June 2009

Welcome to eFYI, your exclusive monthly e-newsletter from Greater Louisville Inc. - The Metro Chamber of Commerce. As one of our valued partners, you can count on eFYI to cover the topics and issues of most interest and benefit to you. Share your comments and ideas with us any time at VFisher@greaterlouisville.com.



General Electric approved for $12.5M in tax rebates
University of Louisville researchers make stem-cell discovery
JCTC to start sonography program
Haymarket transformation progresses
Kentucky, Indiana get Site Selection recognition


General Electric approved for $12.5M in tax rebates
After months of working to preserve jobs at General Electric Co.'s Appliance Park, state and local leaders have put up incentives to entice the company to produce dishwasher and refrigerator components, hybrid electric water heaters and to establish a data center at the Louisville manufacturing operation.

The Kentucky Economic Development Finance Authority granted preliminary approval of a tax rebate of as much as $10 million over 10 years to create as many as 420 jobs. Louisville Metro also approved a proposal to create a tax-increment financing district that would provide GE with $2.5 million in occupational tax refunds over 10 years.

GE announced plans to invest $69.2 million in manufacturing lines for an energy-efficient water heater, for the dishwasher and refrigerator components and for the establishment of the data center. It intends to invest $46.4 million in equipment and startup costs and $22.8 million for fixtures and other improvements, according to the filing.

The average wage and benefits package for the jobs is $27.61 per hour, and the average salary is $57,440, according to the filing. Annual payroll for the new jobs is $24 million. Read more.


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University of Louisville researchers make stem-cell discovery

Researchers at the University of Louisville have discovered that stem cells extracted from bone marrow can restore damaged retinal tissue by generating new cells.

The findings are an important step toward helping people who experience vision loss and blindness as a result of age-related macular degeneration and hereditary retinal degeneration.

Success in curing optical defects might also lead to bone marrow stem cells being used to treat congestive heart failure, diabetes, osteoporosis, Alzheimer and Parkinson diseases and spinal cord injuries. Read more.

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JCTC to start sonography program

Norton Healthcare and Jefferson Community & Technical College have teamed up to create an associate degree program in sonography, the only such program in Jefferson and surrounding counties, according to college officials.

Sonography uses high frequency sound waves to produce dynamic visual images of organs, tissues and blood flow inside the body.

The three-year financial commitment from Norton Healthcare will enable JCTC to add concentrations in general sonography and vascular sonography. Norton already offers a cardiac sonography concentration through the Norton Healthcare Foundation School of Cardiovascular Technology. Read more.


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Haymarket transformation progresses

Demolition has been completed on the last remaining buildings in the former Haymarket block in downtown Louisville, clearing the way for a planned life-sciences complex.
Nucleus, the organization overseeing the project, held initial interviews with several teams of firms bidding to develop the site.

While construction won't start anytime soon, the demolition and interviews with developers are signs the long-planned project is gaining momentum. Read more.


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Kentucky, Indiana get Site Selection recognition



Site Selection magazine ranked Kentucky fifth and Indiana ninth in its list of top 10 most competitive states for economic development.
States were judged by a formula incorporating various factors involving new and expanded facilities, including total new and expanded facilities per 1 million in population, total capital investment in new and expanded facilities, total new jobs created at new and expanded facilities, the total actual number of new and expanded facilities, the year-over-year percentage growth of new facilities and a three-year growth change in new and expanded facilities. Read more.