Northern Kentucky Buzz

Tax incentive would seek more new businesses

By Newsroom

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December 16, 2011

Kentucky business leaders and politicians will push the state for more incentives to invest in start-up companies. Kentucky offers a angel investment tax credit to investment funds—not individuals—of up to 40 percent of the investment. Ohio and Indiana, along with more than 20 other states, offer similar incentives to individual investors. In the past 11 years, investment funds have only taken $6.7 million in credits under the Kentucky Investment Fund Act, which has a credit limit of $40 million, according to a paper prepared by the Legislative Research Commission on the issues that confront the 2012 Kentucky General Assembly. Business organizations like Northern Kentucky Chamber of Commerce and Northern Kentucky Tri-County Economic Development Corporation (Tri-Ed) hope to convince the legislature to include individuals in the tax credit. It could create more than 5,500 jobs in Kentucky over the next decade, according to Tri-ED. Read the full story here.

Latest in Northern Kentucky Buzz

MAG expects near record sales

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Business + Innovation

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December 16, 2011

Machine tool builder MAG, whose North American operations are based in Erlanger, said it expects near record sales this year with year-end orders of nearly $1.6 billion for its combined American and European businesses. MAG IAS employs several hundred workers in Northern Kentucky. It reported increases in bookings and sales year to date of 60 percent and 20 percent respectively, and is forecasting full year bookings over $620 million. The company said it will enter 2012 with a backlog of $450 million in orders. Read the full story here.

Northern Kentucky ezone announces funding opportunity

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Business + Innovation

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December 16, 2011

The Northern Kentucky ezone, a division of Northern Kentucky Tri-County Economic Development Corporation (Northern Kentucky Tri-ED), announced today that a new grant application round for funding through the Kentucky Enterprise Fund opened on December 5 and will remain open through January 12, 2012. Companies and entrepreneurs ranging from the start-up phase to established companies that are commercializing a new product, technology or process are encouraged to submit applications for Kentucky Enterprise Fund through the Kentucky Science and Technology Corporation (KSTC). Since the ezone was founded in 2001, it has assisted companies in raising more than $121 million in grants, equity and forgivable loans. The deadline for this round of funding applications is January 12, 2012. To determine if your company is eligible to make an application, please contact the ezone at 859-292-7780.

OMEGA Processing Solutions expands in Northern Kentucky, creates 25 new jobs

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General

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December 16, 2011

Northern Kentucky Tri-County Economic Development Corporation (Northern Kentucky Tri-ED) and OMEGA Processing Solutions, LLC announced today that OMEGA will expand its headquarters and operations in Ft. Thomas, Kentucky and will create 25 new jobs. The company, which currently employs 16 full-time Kentucky residents, will invest $475,000 to almost double its space at the Fort Thomas Executive Center. "The growth that we have created at OMEGA Processing Solutions represents a hotbed of opportunity for our merchants and customers, every bit as strategic as the business advice and consulting we provide every day," said Scott Anderson, CEO of OMEGA. Founded in 2003, OMEGA Processing Solutions, LLC (www.omegap.com) is a credit and debit card processing company owned by CEO Scott Anderson and President Todd McHugh. The expansion will allow the company to take advantage of new growth opportunities, as well as expand upon an existing call center to serve various inbound customer calls. The project is expected to be complete by the spring of 2012. "As OMEGA continues to grow, we are able to pass on even greater savings to our customers, while continuing our commitment to first-class service," said Todd McHugh, president of OMEGA. "These jobs are not outsourced. We are hiring OMEGA people to work critical jobs in customer service, product development and sales. The OMEGA call center will continue to be staffed, and run, by OMEGA Processing professionals." "We're extremely pleased to have a growing high tech company like OMEGA Processing Solutions in Ft. Thomas," said Ft. Thomas Mayor Mary Brown. "We congratulate the company on its success and expansion. We are grateful for the opportunity to support the creation of new jobs in our community." "Northern Kentucky Tri-ED is dedicated to assisting our existing companies grow their operations," said Steve Pendery, Campbell County Judge Executive and immediate past-chair of Northern Kentucky Tri-ED. "High tech, entrepreneurial companies like OMEGA Processing Solutions are key drivers of our economy. We expect to see more growth from our existing companies, especially with the Northern Kentucky University College of Informatics in the region." The economic development project was aided by the Kentucky Business Investment (KBI) program. The Kentucky Economic Development Finance Authority preliminarily approved OMEGA for up to $325,000 through KBI. The performance-based incentive allows the company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets. Read the full story here.

Schwan Food Co. hires 65 as market for frozen pizza heats up

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Business + Innovation

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December 16, 2011

Schwan Food Co. just added a crew of 65 workers at its 380,000-square-foot frozen pizza factory along Interstate 71/75. It's also in the midst of $22 million of capital investment in equipment upgrades, including a new bakery, packaging line and oven. That brings Schwan's total investment in the local plant to $180 million over the past 13 years. Schwan makes frozen pizzas under brands that include Freschetta, Red Baron and Tony's. The company says it is expanding in response to increased customer demand. Read the full story here.

Delta adds flights to CVG in 2012

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Business + Innovation

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December 16, 2011

In a coup for the Cincinnati/Northern Kentucky International Airport, Delta Air Lines will add flights and air service at CVG early next year in response to demand from the Greater Cincinnati business community. The new flights will increase access to domestic and international markets, as well as aid the business operations of major local employers such as The Kroger Co. Read the full story here.

Gov. Beshear Celebrates TMK IPSCO Investment, Breaks Ground for Ferrous Metal Processing in NKY

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Business + Innovation

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December 16, 2011

Governor Steve Beshear today joined community leaders and officials from TMK IPSCO and Ferrous Metal Processing to celebrate a partnership that will retain nearly 300 Kentucky jobs, bring 20 new jobs and entail a $27.6 million capital investment in Northern Kentucky. With the assistance of state tax incentives approved earlier this year, pipe producer TMK IPSCO is making a number of new investments at its Wilder facility that will support the retention of 298 Kentucky jobs. The latest success of the company's $15.6 million reinvestment project is the recruitment of Ferrous Metal Processing, which will locate on an adjacent property. "Together, the investments made by TMK IPSCO and the commitment that Ferrous Metal Processing has made to the Wilder location are a strong testimony to the diverse advantages that Kentucky’s business climate and quality of life has to offer,"Gov. Beshear said. "Companies like Ferrous Metal Processing will continue to choose Kentucky as a place to invest and expand, and companies like TMK IPSCO will continue to make investments in their Kentucky communities. We are pleased to be part of their success stories." TMK IPSCO and Ferrous have entered into an agreement for the installation of a new slitting line, bringing 20 new jobs and an additional $12 million investment to the region. Ferrous will own and operate the new facility and slit steel coils for TMK IPSCO on a toll basis. The companies have entered into a 12-year contract in which Ferrous will provide 100 percent of TMK IPSCO's slitting needs for the production of pipe at the Wilder plant. Officials broke ground today on the soon-to-be constructed 43,000-square-foot building, which is expected to start commercial production in the fall of 2012. "We are very excited to be continuing to expand our operations in Northern Kentucky," said Vicki L. Avril, president and CEO of TMK IPSCO. "Between the government support and the talented workforce here, we should be able to turn what has been a struggling operation into one that is financially viable, superior in quality and competitive in our industry. It's a win for the state, for this community, for our company and for these employees." Read the full story here.

U.S. Bank donates $1M to NKY development effort

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General

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November 18, 2011

U.S. Bank will invest $1 million in the Catalytic Development Funding Corporation of Northern Kentucky, an initiative aimed at helping to revitalize Northern Kentucky’s urban core. The commitment brings the fund to $8.5 million. The fund needs $10 million before beginning its investment activities. "We are proud to partner with The Catalytic Development Funding Corp. of Northern Kentucky in supporting improvement efforts and redevelopment projects for our urban communities," Dan Groneck, president of U.S. Bank's Northern Kentucky market, said in a news release. "These revitalization initiatives will strengthen our neighborhoods and business districts, which will lead to the attraction of new residents and create new jobs." Read the full story here.

Covington Latin opens after $10 million upgrade

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Community Development

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November 18, 2011

Meet the new Covington Latin SchoolL the 70-year-old building has been entirely renovated, and another 40,000 square feet have been added, more than doubling its size to 76,000 square feet. The $10 million project, paid with private donations, began last fall. Students and staff moved in two weeks ago. "It's an exciting place," said Headmaster Andy Barczak. "The students like it and they are already taking ownership of it." Read the full story here.

Startup Weekend in Northern Kentucky to be held January 13-15, 2012

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Business + Innovation

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November 18, 2011

Startup Weekend Northern Kentucky When: January 13-15, 2012 Where: NKU Griffin Hall, Nunn Drive, Highland Heights, KY Information: www.northernkentucky.startupweekend.org So, you've heard about Startup Weekend, but not sure what it's all about? Startup Weekend is no ordinary event. It’s where like-minded entrepreneurs gather for a weekend of company creation. In 54 hours, you take an initial idea from the Friday night pitches to a mind-spinning startup company on Sunday night. So who does this? It’s not just developers! It's marketing maestros, design gurus, business development wizards, legal geniuses, and startup veterans – all coming together as one, creating a harmony that can only be envied by the corporate world. OK – so maybe that was sales mode, but Startup Weekend truly is all about bringing together the knowledge of the local entrepreneur scene, and helping give aspiring entrepreneurs a crash course in the world of startups. Friday night is all about networking and the pitches. Those with an idea get the opportunity to give their 1 minute elevator pitch to the crowd. The ideas that people like, and want to work on, get selected. For the next 48 hours teams work to deliver a product or demo and a more complete pitch that can stand up to the harsh light of day. Mentors will be on hand throughout the weekend to help fine tune the idea that was conceived only 12 hours ago, and turn it into a legitimate business idea with huge potential! Sounds intense? It is! Sunday night is where the jury panel comes in. Seasoned professionals that have been through the startup mill many times over will judge the final pitches based on the chances of real world success. From there? Well, it’s all up to you. Startup Weekend can only help you start your dream. It’s up to you and your new team to live it out. Go on, what are you waiting for? Head over to the ticket section at the website to secure your spot at Startup Weekend before it sells out!