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Tech 2020 awarded $250,000 EDA grant

Posted at 4:12 pm October 19, 2015
By Oak Ridge Today Staff Leave a Comment

Tech 2020 Logo

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…]

Filed Under: Business, Front Page News, Oak Ridge Tagged With: Center for Entrepreneurial Growth, Economic Development Administration, EDA, entrepreneurs, Kevin Kragenbrink, Partnership for Opportunity and Workforce and Economic Revitalization, power, POWER Planning grant, Tech 20/20, U.S. Department of Commerce

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

Posted at 12:11 pm April 1, 2015
By Oak Ridge Today Staff Leave a Comment

Tech 2020 Logo

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…]

Filed Under: Business, Federal, Front Page News, Government, Oak Ridge, Top Stories Tagged With: capital fund, challenge grants, cluster grant, cluster grants, Commerce Department, Economic Development Administration, EDA, federal grant, Grady Vanderhoofven, grant, Innova Memphis, investment capital, Ken Woody, Launch TN, Memphis Bioworks Foundation, Meritus Ventures, Oak Ridge National Laboratory, Office of Innovation and Entrepreneurship, OIE, Penny Pritzker, Regional Innovation Strategies, RIS, science and research park development grants, seed capital fund, seed capital funds, Tech 20/20, Technology 2020, TennesSeed Fund, Teri Brahams, U.S. Department of Energy, U.S. Secretary of Commerce, University of Tennessee Research Foundation, VDO, venture development organization

Mall project clears critical hurdle Monday

Posted at 3:03 pm September 30, 2014
By John Huotari 13 Comments

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…]

Filed Under: Business, Government, Government, Oak Ridge, Oak Ridge, Slider, Top Stories Tagged With: Anderson County Commission, Anne Garcia Garland, Belk, Buzz Patrick, Charlie Hensley, Chris Johnson, Crosland Southeast, Dave Mason, David Bradshaw, David Wilson, Economic Development Administration, EDA, grant, Harold Trapp, infrastructure improvements, JCPenney, leases, leasing, Lou Dunlap, Main Street—Oak Ridge, Mark Mamantov, Mark Watson, Oak Ridge City Council, Oak Ridge Industrial Development Board, Oak Ridge Mall, ORNL Federal Credit Union, property tax, public infrastructure, retail, retail space, Richard Chinn, roadway work, tax increment financing, TIF, TIF extension, Tim Sittema, Tom Beehan, Trina Baughn

Roane State ACE courses available at no cost to qualified students

Posted at 11:45 am May 30, 2014
By Roane State Community College Leave a Comment

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…]

Filed Under: Business, College, Education, Front Page News Tagged With: ACE, Advanced Composites Employment, Andy Pokelwaldt, associate degree, composite manufacturing, composite materials, Dana Hudson, Economic Development Administration, Employment and Training Administration, Leslie Agron, Oak Ridge National Laboratory, Roane State Community College, U.S. Department of Commerce, U.S. Department of Labor

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Classifieds

Public Notice: NNSA announces no significant impact of Y-12 Development Organization operations at Horizon Center

AVAILABILITY OF THE FINAL ENVIRONMENTAL ASSESSMENT FOR THE OFFSITE HOUSING OF THE Y-12 DEVELOPMENT … [Read More...]

ADFAC seeks contractors for five homes

Aid to Distressed Families of Appalachian Counties (ADFAC) is a non-profit community based agency, … [Read More...]

Public notice: Draft environmental assessment for Y-12 Development Organization at Horizon Center

AVAILABILITY OF THE DRAFT ENVIRONMENTAL ASSESSMENT FOR THE OFFSITE HOUSING OF THE Y-12 DEVELOPMENT … [Read More...]

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