Oak Ridge Today

Tech 2020 awarded $250,000 EDA grant

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Center for Entrepreneurial Growth to administer funds to support entrepreneurs

Tech 2020, a nonprofit corporation that serves to foster entrepreneurship, has received a $250,000 grant from the U.S. Department of Commerce’s Economic Development Administration, or EDA.

The grant is part of nearly $1.8 million EDA is distributing through its Partnership for Opportunity and Workforce and Economic Revitalization, or POWER, Planning program.

The POWER Planning grants were awarded to development and entrepreneur groups throughout the country for “developing targeted economic strategies, feasibility studies, impact assessments, asset mapping, and other relevant strategic planning efforts,” a press release said. [Read more…]

Tech 2020-led team receives $250K grant for investment capital effort

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A proposal team led by Technology 2020, or Tech 2020, in Oak Ridge has received a $250,000 federal grant to create a seed capital fund. The goal is to establish a permanent source of professionally managed, seed-stage investment capital focused on technology-generating institutions, entrepreneurs, and young companies in Tennessee, a press release said.

The grant was announced this week by U.S. Secretary of Commerce Penny Pritzker.

Tech 2020 led a proposal team that included Memphis Bioworks Foundation, Meritus Ventures, and Innova Memphis. The team proposed to create the “TennesSeed Fund.”

The TennesSeed Fund team will receive the $250,000 grant, and it will be supported by Meritus and Innova to conduct an assessment of best practices, and then organize and launch a new seed fund focused on “proof of concept” financings in Tennessee. The initial focus of investments will be intelligent and sustainable transportation and logistics, which is an industry cluster where Tennessee has a competitive advantage bolstered by strong research, development, and commercial activity, a press release said. [Read more…]

Mall project clears critical hurdle Monday

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Oak Ridge Village Area Rendering

 

Tim Sittema

Tim Sittema

Council, IDB approve TIF extension, grant, roadway work

The proposed redevelopment of the Oak Ridge mall cleared a critical hurdle on Monday when city officials agreed to extend a property tax agreement for the 59-acre project, authorize $2 million in roadway and other infrastructure work, and offer a $500,000 grant if some federal funding is not approved.

Officials described the proposed redevelopment, named Main Street Oak Ridge, as an $80 million project that could fill a “hole in the heart” of Oak Ridge, bring new retail life to the city’s downtown, and build a lasting legacy.

Monday’s moves were meant to reduce the risk for four local lenders that could combine to offer $13 million in loans to part of the redevelopment under a tax increment financing, or TIF, agreement. That incentive would use new property tax revenues generated at the mall site and 120 surrounding acres included in the TIF area to repay those loans. Officials said the loans could be repaid in 18 years, according to financial models.

David Bradshaw

David Bradshaw

But in two separate special meetings on Monday, the Oak Ridge Industrial Development Board and Oak Ridge City Council agreed to extend the TIF term from 20 years to 30. That extra 10 years is meant to act as a “shock absorber” and help make sure that the banks are repaid if there is a “glitch” in the project that would push the repayment past the previously approved 20-year term, officials said.

“This is not a ‘home run’ project for us as financial institutions,” said David R. Bradshaw, Oak Ridge president of CapitalMark Bank and Trust, one of the financial institutions that could participate. But, he added, “It is the right thing to do for the community.” [Read more…]

Roane State ACE courses available at no cost to qualified students

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Composites Program

Leslie Agron (left) and Dana Hudson work on a class project as part of Roane State’s Advanced Composites Employment (ACE) program. (Photo courtesy Roane State Community College)

Roane State Community College’s composite materials courses were just the challenge Dana Hudson wanted.

Hudson, of Knoxville, completed three introductory courses in composite materials through the college’s Advanced Composites Employment, or ACE, program. Hudson had taken college courses on and off for years. Her previous college work paid off because the number of college credits Hudson had completed qualified her to take the composite materials courses at no cost.

“It was a great experience, and it challenged me in some ways that I needed to be challenged,” Hudson said. “I learned a lot, and the courses added to my resume. The first night I was ready to quit, but I stuck with it and learned a lot, and I feel very proud of the achievement. Like I told my kids, you are never too old to learn.”

Roane State offers specialized composite materials courses as part of its Associate of Applied Science (A.A.S.) degree in General Technology. Composite materials, such as carbon fiber, are used to make automotive body parts, pontoon boats, wind turbine blades, and much more. [Read more…]