Oct. 1, 2008

  A Publication of the Economic Development Corporation of Utah
CEO Jeff Edwards

President's Message

Flexibility Expands Business Potential


Last week the Salt Lake Chamber hosted the 2008 Alfred P. Sloan Awards for Business Excellence in Workplace Flexibility. The Sloan National Initiative defines workplace flexibility as the ability to have flexibility in the scheduling of hours and in the number of hours worked. It also includes the ability to have career flexibility with multiple points for entry, exit and reentry into the workforce; and to address unexpected and ongoing personal and family needs. This is more than a trend in the workplace, this is the future of doing business.

This event recognized 16 winners and honorable mentions. Lavanya Mahate, programs director for the Salt Lake Chamber says this is "the highest number of awards given since inception of the program in 2004 and indicates real growth and awareness in this area."

The Utah businesses receiving the Sloan Award are trend setters in establishing policies and standards that increase productivity, bottom line and employee satisfaction. I commend their leadership in this area, especially the following EDCUtah partners and investors that received awards:

  • The Governor's Office of Economic Development (GOED)
  • Cactus & Tropicals
  • Cooper Roberts Simonsen Associates, Inc.
  • SelectHealth

Honorable Mention: Enterprise Rent-a-Car Co. of Utah--EDCUtah Investor

Other Utah companies receiving awards included: AAA Fair Credit Foundation, Cafe Rio, Employer Solutions Group, Intermountain Financial Group/Mass Mutual, Intermountain Healthcare, McKinnon-Mulherin, Redmond Inc., Stayner Bates & Jensen,1-800-Contacts. Honorable Mentions: Backcountry.com and Verizon Wireless.

On another subject, our feature story this week highlights the recipients of this year's Match Grant Program awards, which were selected on Monday. We are pleased to recognize the recipients for their efforts to enhance economic development efforts and programs within their local communities.

Today's Economic Review also includes links to many of the ED-related news stories from the past week. As always, if you have comments, suggestions or topics you'd like to see in the Economic Review, please contact us by clicking the "Comments" button on the bottom of this page. Enjoy!

Jeff Edwards

Jeff Edwards
President and CEO


Feature

25 Match Grants Awarded
for Public Economic Development Projects


The generosity of EDCUtah's partners and investors has helped fund another cycle of matching grants for public economic development initiatives across the state. Thanks to $7,500 grants from both Mountain America Credit Union and Questar Gas and the $40,000 raised through EDCUtah's Golf for Grants Tournament this past summer, some 25 Utah organizations were selected Monday to receive matching grants totaling approximately $72,000.

Grant recipients were selected by EDCUtah's grant committee, under the direction of Committee Chair Steve Barrett, of Commerce CRG. Sherrie Martell, EDCUtah public development manager, says the committee received 30 grant applications in total. Of the grants awarded:

  • Four were professional development grants, totaling $3,200
  • Four were sponsorship grants, totaling $7,457
  • 17 were marketing grants, totaling $61,008

To highlight some of the major grant awards made by the committee, Martell says the City of Logan received an $5,000 marketing grant to be used on an economic feasibility analysis involving planning land uses in the area surrounding the Logan airport (approx. 5,000 acres), which is compatible with the long term vitality of the airport and enhancing economic development in the greater Cache Valley.

The Southeast Utah Community Development Corporation received a $5,000 marketing grant that will be used to help fund its Business Expansion and Retention (BEAR) project, which includes initiating contacts with local businesses to review needs, activities; input the information into a database, and make appropriate referrals to BEAR partners to meet the needs of local businesses and provide outreach services.

The South Salt Lake Chamber of Commerce received a $5,000 marketing grant that will be used to create two promotional marketing pieces for the Utah Design District at South Salt Lake. The first marketing piece is a new brochure that will direct customers and citizens to the Utah Design District and help drive customers to a central Web site. Brochure distribution will occur in October and May. The second brochure is a mailer to be sent to design/build/furnish businesses in South Salt Lake City encouraging them to join the Utah Design District and become a self-sufficient group.

Spanish Fork City received a $5,000 marketing grant to create promotional materials for the city's branding campaign. Materials generated through the grant funds will be used in direct mailings, trade publication advertisements and play a role in everything the city will do relative to its economic development efforts.

The Wasatch Area Economic Development Agency also received a $5,000 marketing grant, which will be used to create a master plan for a new business park in Midway. The agency is planning the business park as a future SURE Site.

Since 1990 EDCUtah has awarded approximately $773,000 in match grant money to support local economic development efforts by communities, counties, and non-profit organizations around the state. The match grant program is a statewide initiative that allocates funding in support of specific economic development efforts for the public sector and other non-profit organizations.

The program offers match grants in three areas:

  • Marketing Match Grants help Utah's communities market themselves as attractive sites for business and economic development. Projects include direct marketing materials, as well as planning process/research projects that are directly applicable to recruitment strategies and web site development and redesign. Funds may also be used for preparation of potential SURE Sites properties, i.e. completion of environmental and geo-technical studies, infrastructure assessments and other preparatory analysis. Maximum reimbursement is $5,000.
  • Sponsorship Match Grants assist communities and regions of the state with economic development events. Projects include economic development events and selection is based on the quality of the event, how well the event addresses an economic need in the community and audience. Special consideration is given to projects that provide exposure for economic development and incorporation interface among economic development partners. Maximum reimbursement is $2,000.
  • Professional Development Match Grants enhance the professionalism and expertise of economic developers in Utah. Eligible courses are sponsored by the International Economic Development Council. Other courses may be considered, which demonstrate a resource for the tools necessary to the economic development profession. Maximum reimbursement is $800.

Match grants are awarded annually in September and recipients have until Sept. 30 of the following year to complete their economic development projects. The match grant committee approves all eligible projects within the limits of the grant budget.


Utah's 2008 Dew Tour Stop One of Most Successful Stops Ever


Utah enthusiastically welcomed the return of the AST Dew Tour to Salt Lake City is September, netting millions of dollars in economic impact and many hours of national and international television exposure for Utah, according to data compiled by the Utah Sports Commission and the AST Dew Tour.

The tour's 2008 Toyota Challenge, held September 11-14, was the largest televised multi-sport and multi-venue event since the 2002 Olympics and was also the highest attended event in the history of the Dew Tour.

"We could not have been more pleased with the success of the Toyota Challenge and the way our citizens came out to support the event, which provided tremendous economic impact to our great state," said Governor Jon Huntsman.

Jeff Robbins, president and CEO of the Utah Sports Commission, said the growth and success of this year's event is another example that Utah continues to be a prominent location that is well positioned to host major action and adventure sports events.

Highlights from this year's event include:

  • Approximately $13 million in economic impact to the State of Utah
  • Approximately $6 million in TV media/broadcast and related image building exposure to Utah
  • The largest crowd to ever attend the four day event in Dew Tour history--almost 64,000
  • Largest crowd in the world to ever attend a skateboard park event (Ryan Sheckler's event)--approximately 14,000
  • Highest single day attendance in Dew Tour history-- approximately 26,000 (Saturday)
  • Largest Dew Tour crowd to attend an FMX event-- approximately 26,000 (Saturday)
  • 350 of the top action sports athletes in the world participated in the four day event, which also included the Free Flow action sports competition
  • First BMX Supercross competition held since the 2008 Beijing Summer Olympics
  • Cable channel Mun2's (Moon-Dos), part of the NBC Universal owned Telemundo Network, program "Mun2 On the Road," which is a show that travels the country and highlights America's Greatest Cities, came to Salt Lake City and produced a special episode on Utah and the Toyota Challenge. Mun2 is available in 11 million homes across United States
  • 6 1/2 hours of national programming of the Toyota Challenge from Salt Lake City on NBC and USA Network
  • Two hours of national programming coming on MTV2 (September 24 and October 4) featuring BMX dirt and skate park competitions from Salt Lake City
  • Footage from the event will be featured on "AST: Contenders," a four hour lifestyle program on MTV2
  • NBC's Saturday and Sunday live broadcasts were simulcast in Europe via Eurosport2 and in Australia on Fox Sports Australia to 33 million homes
  • Fuel TV and Mountain Dew produced a 30 minute program called "Dew Underground" that will air 23 times (11.5 hours total) on Fuel TV to a audience of 24 million homes. The "Dew Underground" Salt Lake City program will highlight the culture of the city including the music, art, and action sports scene
  • Two feature articles in the USA Today on the Toyota Challenge Salt Lake City stop. First article ran September 3 about the BMX supercross race. The second article ran on September 10 about BMX park athlete Mike Spinner
  • 60 second live interview by NBC with Governor Huntsman broadcast live on NBC nationally as well as live in primetime to Europe and live in Australia
  • 15 percent more viewership nationally on Saturday than any other Dew Tour event in history
  • Eight 30-second ad spots ran nationally on NBC to promote Utah

"Utah certainly understands how to take on big events and make them bigger," said AST president Wade Martin. "This year's Salt Lake City event was a tremendous success."

With Utah playing host to major sporting events that provide both significant economic impact and global exposure, it once again highlights the value and important role hosting these key sporting events play in building Utah's economy and promoting Utah world-wide, Robbins added.

 

In The News

Economic Development Headlines from the Past Week

Utah #4 in Nation for Economic Freedom

-  The Pacific Research Institute ranks Utah #4 in economic freedom. South Dakota ranked #1, followed by Idaho, Colorado, and then Utah. New York ranked last. Read the report here. View the rankings map here.

Building a warehouse? Salt Lake-Provo is among best bets

-  The Salt Lake City-Provo area is one of the nation's best for building a western U.S. distribution center, according to a study by a New Jersey-based corporate site selection firm. The Boyd Company says Utah's pro-business environment makes it a prime site for companies looking to warehouse goods. Based on a hypothetical 500,000-square-foot facility employing 225 workers, the company estimates it would cost about $15.7 million a year to operate a distribution center here. (Daily Herald) (The Spectrum)

Utah supports regional cap and trade plan

-  The State of Utah joins other western states and Canadian provinces in unveiling a plan today for a market-based cap-and-trade program as a major tool to meet a regional goal of reducing greenhouse gas emissions.
(Utah Business Magazine--regisgtration required)

Utah banks solid amid cash crisis

- Despite the crisis facing the nation's financial industry, Utah's banks generally are sound, experts say, though the balance sheets of a few are fraying. Granted, in today's turbulent environment there are no guarantees, but three ratings services say only a handful of the 70 institutions in Utah are struggling, with the rest carrying on with business as usual. (SL Tribune)

Barnes Aerospace now at Business Depot Ogden

- For Barnes Aerospace, relocating to a new, state-of-the-art manufacturing facility at Business Depot Ogden is a process measured in months rather than days.
Fourteen months after the first shovel turned dirt at 1025 Depot Drive, Barnes is up and running in 120,000 square feet of a 165,000-square-foot building. (Standard Examiner)
(Morning News)

New projects seem incompatible with stressed economy

- The Snyderville Basin Planning Commission has been getting an extreme workout this month. In quick succession commissioners were presented with two separate applications for projects that, taken individually, would have enormous impacts on Summit County.
(Park Record)

Pleasant View gets rail service

- The Utah Transit Authority is beginning FrontRunner service to Pleasant View in Weber County, with full service expected in January.
Train service to the Pleasant View station, at 2700 North and U.S. 89, begins Monday. On Saturday, the public can hop on a train for a free inaugural ride between Ogden and Pleasant View. (Morning News)

Convention bureau setting lofty goals to boost tourism

- The Salt Lake Convention & Visitors Bureau has set some lofty goals for 2009, and one involves impressing an influential crowd coming to town next summer. About 4,000 people will visit July 11-14 for the Meeting Professionals International 2009 World Education Congress, a gathering of people responsible for booking more than $14 billion in annual meetings. (Morning News)

Ski resorts fare well in rankings

- Utah's ski industry is basking in the results of the latest annual ski magazine reader surveys. For the second year in a row - and fourth time in eight years--Deer Valley Resort was deemed the best in North America by the older, more well-heeled readers of Ski magazine. Its readers also listed Park City Mountain Resort at No. 5 and had seven Utah resorts in the Top 30. (SL Tribune)

Economic summit

- In the coming year, Utah State University will "buoy" Cache County's job growth, keeping the area "somewhat insulated" from the national employment downturn. That's the prediction of Utah Department of Workforce Services economist John Mathews, who spoke Thursday at the annual "What's Goin' Down Up North" business summit. (Herald Journal)

Modern design unveiled for Lehi's The Point

- It's been at least 30 years since world-renowned architect Frank Gehry visited southeast Utah's Arches National Park. Still, memories of that trip--and of the otherworldly shapes of the landforms there--inspired the design for the much-anticipated Point of the Mountain development in this Utah County community. (SL Tribune)

Slowdown continues to impact county

- With job growth stifled and unemployment reaching a four-year high, experts said Washington County is one of many affected by a nationwide economic recession. (The Spectrum)

Department of Commerce warns Utahns to protect selves

- The Utah Department of Commerce warns Utahns to be on the lookout for scams during these times of economic upheaval. Executive Director Francine Giani announced Tuesday that residents can go to the Division of Securities or the Division of Real Estate within the Department of Commerce to see if an investment or real estate deal is legitimate.
(Morning News)

Budget Shortfall is $272 Million

- (KCPW News) Utah's budget outlook is worse than projected, according to figures crunched in a special meeting convened by Governor Jon Huntsman yesterday. Huntsman's spokeswoman Lisa Roskelley says this means state agencies might be asked to trim their budgets more significantly than the governor's recommended 2 percent cut.
(KCPW) (SL Tribune)

University of Utah seeks to raise $1 billion in eight years

-  Administrators are already halfway toward the goal after three years of the campaign's "quiet" portion, which netted several blockbuster gifts, such as the Sorenson Legacy Foundation's $12 million donation to build an arts-education program and Rio Tinto's $15 million toward the new home for the Utah Museum of Natural History. (SL Tribune)

Feds grant $20 million to buy, refurbish foreclosed homes

-  The federal government offered Utah a $19.6 million injection of cash on Friday to buy and restore foreclosed properties across the state. It's part of the Department of Housing and Urban Development's $4 billion Neighborhood Stabilization Program, intended to address a rising number of properties that "might otherwise become sources of abandonment and blight within their communities." (Daily Herald)

Utah military installments get lift from Congress

-  The Senate passed and sent to President Bush on Saturday a stop-gap funding bill that included more than $130 million for Utah defense bases and contractors. That massive bill funds most government agencies through March at this year's spending levels because Congress did not pass most of the 13 separate appropriations bills it considers each year. (Morning News here and here)

Utah's largest wind farm to produce power for S. California, cash for Milford

- A $400 million renewable energy project could begin construction next month and would power roughly a quarter-million Southern California homes. The plan has received no criticism during a public-input phase that ends Oct. 6. (SL Tribune)

House ends ban on oil shale, offshore drilling

-  The House, responding to growing public demand for more domestic energy, voted Wednesday to end a quarter-century ban on oil and natural gas drilling off the Pacific and Atlantic coasts--and a more recent ban on developing oil shale in Utah, Wyoming and Colorado. (Morning News)

Utah's high-tech exports growing

-  Utah's technology-related exports grew at the second-fastest rate among states from 2006 to 2007, according to a report released Tuesday.
The nonprofit trade association AeA, formerly the American Electronics Association, said Utah tech exports grew $339 million last year, boosted by a more-than-triple jump in exports of semiconductors. (Morning News)

Activist: Mexican economic development part of immigration solution

-  Latinos leave their homelands - and heritage - and come to the United States for many reasons. It's more than just a quest for jobs, says Raul Lopez-Vargas, a native of Mexico City, who now lives in Salt Lake City. (Salt Lake Tribune)


CALENDAR

Sept. 25: What's Goin' Down Up North - Northern Utah Economic Summit,  9 a.m. - 3 p.m. (Utah State University Innovation Campus, North Logan) Registration form.
Sept. 30: Utah Chapter NAIOP Survivor 2008 Bus Tour
Oct. 9-12: CoreNet (Orlando)
Oct. 21: 3rd Annual Procurement Symposium
Learn sell to the government and the military
Nationally recognized speakers, training sessions and exhibits. Runs from 7:30 a.m. to 3:30 p.m. at the SouthTowne Expo Center,
9575 S. State Street Sandy.
Pre-Registration Cost:
$50/person and $35/guest until Oct. 13
$65/person and $50/guest after Oct. 13
Registation: www.goed.utah.gov/PTAC
For more information contact Myrna Hill (801) 538-8775 or email ptac@utah.gov
Oct. 22: Quarterly Investor Update
Dec. 17: Holiday Open House (EDCUtah)


EDCUTAH INVESTORS

Current Investors
Why Be an Investor?
Board of Trustees