Tepper Sports, city of Charlotte propose $800M renovation to Bank of America Stadium

Posted on by Michael Randle

The city of Charlotte would contribute $650 million toward an $800 million renovation of Bank of America Stadium under an agreement negotiated with Tepper Sports & Entertainment.

Terms of the proposal emerged today during a presentation to City Council’s economic development committee. Public funding would total $650 million, or 81%, with Tepper Sports putting in $150 million, or 19%. The city’s share would come from a tax that is dedicated to tourism-related projects. Neither Mecklenburg County nor the state are participating in the funding plan.

Tepper Sports provided the city with a video simulation of what the renovations and upgrades will look like.

Charlotte Business Journal

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Midtown water-main repairs continue without firm end in sight

Posted on by Michael Randle

The city is still repairing a ruptured water main at 11th and West Peachtree streets.

Midtown residents and businesses are temporarily without water, as crews excavate the site to perform what is expected to be a “routine repair,” said Atlanta Department of Watershed Management Commissioner Al Wiggins Jr. at a Monday press conference. He did not provide an estimated timeframe for completing the work and restoring service to customers.

“We cannot give you a definitive answer, because we just began the inspection process,” Wiggins said. “We are working feverishly.”

Atlanta Business Chronicle

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Executive Profile: A sit-down with Matthew Dent, CEO of Buffalo Rock

Posted on by Michael Randle

Matthew Dent admits it was almost surreal stepping into the role of president and CEO of Buffalo Rock Co. a little more than three years ago.

Not that he wasn’t ready to tackle the job — he’d been with the company his entire professional career. But as the nation’s largest single-family, privately owned Pepsi and Dr Pepper bottling company, Buffalo Rock had been run by generations of the same family since its founding in 1901. And Dent isn’t a part of it — not in the biological sense, anyway.

While the Lee family still owns the company, they entrusted Dent with the day-to-day operations. Dent started as an intern nearly 30 years ago in the Tuscaloosa division of Buffalo Rock and has been involved in all aspects of the business since then, serving as president for 10 years and as chief operating officer before being appointed CEO in March 2021.

Under his leadership, Buffalo Rock has undergone a $93 million expansion, including a new location for its Birmingham franchise and corporate warehousing, expanded its footprint into the Florida Panhandle and most recently was named Beverage Industry’s 2024 Bottler of the Year.

Birmingham Business Journal

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Lockheed Martin adds capacity for 500 employees

Posted on by Michael Randle

An aerospace company opened a 122,000-square-foot facility in Huntsville this month.

Lockheed Martin (NYSE: LMT) unveiled its new $18 million engineering facility May 30, which has space for 500 employees.

Teams in the new facility will work on readiness and sustainment for the U.S. Army Black Hawk helicopter, a layered missile defense system and modeling and simulation framework for the Ballistic Missile Defense System.

Birmingham Business Journal

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Industry group sues to block Bham amphitheater construction

Posted on by Michael Randle

The ceremonial groundbreaking for Birmingham’s downtown amphitheater is on the calendar for Monday morning despite a recently filed lawsuit.

The Black Contractors Association of Alabama filed suit Wednesday in an effort to stop construction for the project, according to AL.com. The group claims the Birmingham Jefferson Civic Complex Authority did not comply with an agreement to increase minority participation for the amphitheater project.

A hearing is scheduled in the matter for Wednesday with Jefferson County Judge Don Blankenship. At that hearing, the court will consider a request for a temporary restraining order on construction. The group states in the suit it wants the BJCC to comply with its diversity provisions for historically underutilized businesses.

In May, the BJCC’s board of directors awarded a $46.1 million construction contract for the 9,280-capacity amphitheater near Protective Stadium. Stone Building LLC submitted the lowest bid and will build the amphitheater, projected to open in June 2025.

BJCC CEO Tad Snider said the groups overseeing the project, including the BJCC, city of Birmingham and Jefferson County, worked closely to ensure all businesses had the opportunity to participate in the process.

Birmingham Business Journal

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Pharma giant Eli Lilly doubles investment pledge for Concord campus as it eyes production start

Posted on by Michael Randle

Eli Lilly and Co. (NYSE: LLY) is moving closer to a production start at its massive manufacturing campus in Concord. The pharmaceutical giant has also shattered its investment pledge there and already filled hundreds of jobs.

Lilly is planning to begin medicine production in Concord by the end of this year, a company spokesperson confirmed to the Charlotte Business Journal. The company’s total investment in the site surpassed $2 billion, which is more than double its initial investment pledge of $1 billion.

Lilly also has hired over 400 workers for its Concord operations. It will employ more than 600 people once operations have fully ramped up.

Charlotte Business Journal

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Gov. Beshear: Hydro Aluminum To Expand Manufacturing Operation in Henderson With $85 Million Investment, Creating 31 Quality Jobs

Posted on by Michael Randle

FRANKFORT, Ky. (May 30, 2024) – Today, Gov. Andy Beshear announced exciting growth in the state’s efforts to better support the surging automotive market as Hydro Aluminum Metals USA LLC, a producer of recycled aluminum products, will expand its manufacturing operation in Henderson with an $85 million investment creating 31 high-wage Kentucky jobs.

“Kentucky businesses are constantly finding ways to grow, innovate and further establish the commonwealth as a destination that can support any industry,” said Gov. Beshear. “Hydro Aluminum’s investment will further support the ever-growing and -changing automotive market, and I am thrilled to see this innovative technology make its way to Kentucky. I want to thank the company’s leadership for continuing to invest in the Henderson community and look forward to their ongoing success.”

The investment will see Hydro Aluminum expand its current Henderson facility by 80,000 square feet, bringing the total operational square footage to nearly 200,000. The additional room will allow the company to introduce HyForge technology to the Henderson plant, following in the footsteps of the successful implementation of the HyForge casting technology at the company’s primary plant in Norway and recycling plant in Germany.

The new HyForge casthouse at the Henderson facility is expected to become operational in 2026. When in operation, the new addition will serve the automotive market’s need for smaller diameter, high-quality billets that can be forged directly into high-quality automotive components. This process will help reduce the number of processing steps needed for the operation, leading to a more cost-efficient, higher-quality product compared with the traditional process. The more efficient process will come without compromising safety, and by using a high share of end-of-life scrap, Hydro Henderson will deliver HyForge billets with a low carbon footprint.

“This investment is another step along Hydro’s journey to change the game in aluminum production. Recycling more end-of-life scrap reduces emissions, strengthens security of supply and enables us to deliver new, cutting-edge products to our U.S. customers, made right here in Kentucky,” said Hydro President and CEO Eivind Kallevik. “Hydro Henderson has been at the forefront of producing recycling-based automotive products for nearly 20 years. We work closely with the automotive industry, and introducing Hydro’s HyForge technology will provide Hydro and our partners with a greener advantage. Made in America.”

Hydro’s investment supports production of recycled, low-carbon aluminum, including Hydro CIRCAL, the company’s proprietary advanced material. Hydro CIRCAL is made with a minimum of 75% recycled, post-consumer aluminum scrap. Once in full production, Hydro’s Henderson facility will produce 2,000 to 4,000 tons of Hydro CIRCAL products annually.

Since 1905, Hydro has converted natural resources into valuable products for customers across a range of industries. Currently, Hydro employs 31,000 people at more than 140 locations in 40 countries. The company has produced aluminum in North America since 1993 and employs more than 6,000 people within two business units, Hydro Aluminum Metals and Hydro Extrusions.

Henderson County Judge/Executive Brad Schneider is excited to see Hydro expand in the community and continue to believe in the local workforce: “I am thrilled the leadership at Hydro has chosen its Henderson County facility for such significant capital and workforce investments. It makes me proud that an internationally known and respected company such as Hydro has that level of confidence in our community and its team here. We are grateful for that trust and optimism and vow to do everything we can at county government to make Hydro glad it took this chance on us.”

Whitney Risley, Henderson economic development director of existing industries, looks forward to the innovative company continuing to grow and provide job opportunities for local residents: “We are proud of Hydro Aluminum to announce their expansion of their Henderson facility. They have continued to retool and advance new products in the automotive sector. We appreciate their continued growth and involvement in the Henderson community.”

Hydro’s investment and job creation build on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $31.7 billion in announced investments, creating approximately 53,300 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1 million in tax incentives based on the company’s investment of $85 million and annual targets of:

  • Creation and maintenance of three Kentucky-resident, full-time jobs across 10 years; and
  • Paying an average hourly wage of $40.50 including benefits across those jobs.

Additionally, KEDFA approved Hydro for up to $150,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, Hydro Aluminum can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

For more information on Hydro Aluminum, visit Hydro.com.

Learn more about Hydro’s HyForge technology here.

A detailed community profile for Henderson County can be viewed here.

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Recap of the Roundtable

Posted on by Michael Randle

The 11th annual Southern Economic Development Roundtable (SEDR) took place at the Pearl Hotel in Rosemary Beach, Fla., January 15-17, 2024. Many of the finest minds in economic development in the South were invited. SEDR members participated in two days of discussion, laughter and camaraderie that this year included three economists, as well as educators, workforce training directors, commercial real estate contractors and site consultants.

This section on what occurred and what was discussed
at SEDR in late January is designed to brief you on the
subject matter as it relates to the South’s economy and economic development trends in the region. In no particular order, the following is a long-form report, including some commentary, on SEDR@ThePearl2024’s speaker presentations.

SEDR speakers are like a “super group” ofdoctorate-level economic minds, an all-star team chosen from a “traveling baseball squad,” if you will. You get the picture.

Dr. Walter Kemmsies is the managing partner of The Kemmsies Group, where he executes initiatives for clients with interests in or properties proximate to sea, river and inland rail ports throughout North America. His expertise extends to the infrastructure, where he assists both public agencies and investors in underwriting, financing and evaluating new investment vehicles and opportunities.

Dr. Kemmsies is widely viewed as one of the foremost experts on ports, rail and infrastructure in the U.S.

Achievements 

Walter currently advises several major U.S. Port Authorities and is routinely asked to work on complex issues with various investment banks, private equity firms and public regulatory agencies. He provides substantial support to the freight movement industry via presentations at major international industry conferences and advising the U.S. Department of Commerce on supply chain competitiveness. Walter recently testified to the U.S. Senate Transportation and Commerce Subcommittee on issues affecting the freight industry. He has also published research in scholarly journals and provided expert testimony to the U.S. Senate Transportation and Commerce Subcommittee. Walter previously led JLL’s Ports Airports and Global Infrastructure practice. Before that he was the Chief Economist for Moffatt & Nichol, a leading global maritime infrastructure advisement firm. Preceding his experience working with Moffatt & Nichol, Walter was the Head of European Strategy at JP Morgan in London and, earlier, Head of Global Industry Strategy at UBS in Zurich and London.


Education and Affiliations

Walter is an advisor to the U.S. Department of Commerce Advisory Committee on Supply Chain Competitiveness. He was a member of the Department of Transportation’s National Task Force on Transportation Infrastructure Valuation from 2012 to 2018. He holds a Doctorate degree in Economics from Texas A&M University, a Master of Arts in Economics from Florida Atlantic University, and a Bachelor of Arts in Economics from Florida Atlantic University

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First Quality to Expand Georgia Facility with $418M Investment

Posted on by Michael Randle

First Quality Baby Products, LLC announced it would invest $418 million to expand its footprint in Macon-Bibb County, creating 600 new jobs and increasing capacity for diapers and training pants by 50%.

First Quality Baby Products, LLC and its affiliates manufacture baby diapers, youth and training pants, a full line of adult incontinence, feminine hygiene and wipes products; paper towels and bath tissue, while also packaging products for healthcare, retail and commercial channels.

First Quality’s expanded facilities will be located at 2108 Avondale Mill Road, adjacent to its current location in Macon. The company has been in Macon since 2008, following its acquisition of Covidien Retail Products.

This expansion comes on the heels of two recent manufacturing expansions in Georgia during May 2024. GF Casting Solutions AG, which produces lightweight components for the mobility and energy industries, announced a more than $184 million investment in a new manufacturing facility in Augusta. The project will create 350 new jobs for Richmond County. 

Additionally, StandardAero, a provider of business aircraft MRO services, began work on a $33 million expansion of their operations in Augusta. The expansion will create 90 new jobs in Richmond County.

Manufacturing.net

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Gov. Beshear: Rip Technologies Investing $4.3 Million in Mt. Sterling Facility, Creating 46 New Full-Time Jobs

Posted on by Michael Randle

FRANKFORT, Ky. (May 23, 2024) – Today, Gov. Andy Beshear highlighted Rip Technologies, a manufacturer specializing in the printing and production of art pieces and picture frames, on its new $4.3 million Mt. Sterling facility creating 46 full-time positions.

“I’d like to welcome Rip Technologies to Montgomery County and the commonwealth, as well as the 46 quality jobs the company will create with this investment,” said Gov. Beshear. “This is the latest company to recognize the value of locating in Kentucky and the many strengths our state offers to ensure their business thrives. Rip Technologies will be a great addition to our manufacturing sector, which continues to diversify and grow.”

Rip Technologies, which currently operates in Miami, Florida, will relocate operations from Florida to Kentucky to further expand its manufacturing and e-commerce endeavors by acquiring additional space that is strategically located closer to the company’s customer base.

“We are incredibly enthusiastic about the opportunities Central Kentucky offers our business,” said Rip Technologies Co-CEO Ophir Rahimi. “We firmly believe that Kentucky’s growing industrial landscape will evolve into a thriving manufacturing epicenter, further fueled by the ongoing trend of onshoring. With exceptional governance and a talented workforce, Kentucky stands out as an exceptional choice for business.”

Rip Technologies is a company that owns several Amazon-focused e-commerce brands, including Haus and Hues, The Carefree Bee and Daylight, which were established by brothers Ophir and Uri Rahimi. In 2018, the company introduced its flagship brand, Haus and Hues, specializing in printing, manufacturing and selling a multitude of art pieces and picture frames. Today, Rip Technologies is a 40-person e-commerce company, headquartered in Miami, Florida. The company has experienced strong growth in recent years and is launching a print-on-demand service called Artelo. They’ve hired a new CTO, Jake Leventhal, to lead this project. Artelo will service American-based artists with a suite of wall art drop shipping services slated to launch in 2024.

Mt. Sterling Mayor Al Botts highlighted the jobs that the project is creating: “Rip Technologies is a thriving company with a good track record of providing quality jobs and opportunities for their workforce. We are proud to hear that they have chosen our community to make this significant investment. Rip Technologies offers good-paying jobs with benefits, and the addition of 46 full-time jobs will provide a lot of great opportunities for our labor force. We are incredibly pleased to see a company that wishes to grow with us, and we are excited to see them do so.”

Mt. Sterling/Montgomery County Industrial Authority Executive Director Jason Rainey shared his excitement for the new company moving to Mt. Sterling: “We are grateful that Mr. Ophir Rahimi and his team with Rip Technologies chose Mt. Sterling as the community to locate this new operation. This is a great addition to our thriving manufacturing space and diverse industry clusters. We highly appreciate the opportunity.”

Rip Technologies’ investment and job creation build on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30.6 billion in announced investments, creating more than 52,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.  

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $650,000 in tax incentives based on the company’s investment of $4.3 million and annual targets of:

  • Creation and maintenance of 46 Kentucky-resident, full-time jobs across 15 years; and
  • Paying an average hourly wage of $26, including benefits, across those jobs.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, Rip Technologies can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

For more information on Rip Technologies, visit RipTechnologies.com.

A detailed community profile for Montgomery County can be viewed here.

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