EDCUtah Oct. 6, 2009
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Economic Review  

Jeff Edwards, president & CEO of EDCUtah President's Message
Mark Your Calendars for the Fall EDCUtah Quarterly Investor Update

EDCUtah's Quarterly Investor Updates (QIU) provide excellent opportunities for investors to keep abreast of the latest in economic development and projects in the pipeline. Our Fall QIU event will be held Wednesday, October 28, from 4-6 p.m. at the Jewish Community Center in Salt Lake City. Please plan now to attend.

It is a great pleasure for me to congratulate our 2009 Match Grant recipients. The Match Grant program is an integral part of the mission of EDCUtah. The grants enable communities to enhance their economic development programs through marketing, events and professional development. I encourage you to read our feature story below about the 2009 Match Grant cycle; my special thanks to Sherrie Martell and the grant committee members for all of their hard work on this valuable program.

Today's Economic Review also includes links to many of the economic development-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" link on the bottom of this page. Enjoy!

Jeff Edwards

Jeff Edwards
President and CEO

In the News

Provo-Orem #2 on Forbes List
Forbes Magazine ranks the Provo-Orem metro area #2 on its list of the top ten "U.S. cities on the rise."
(Forbes)

Federal stimulus goes to University of Utah carbon sequestration project
University of Utah researcher Brian McPherson is competing for part of $1.4 billion in federal stimulus money to create one of the nation’s first commercial-scale carbon capture and sequestration projects.
(KCPW News)

ATK inks $105M deal with Army
The munitions branch of Alliant Techsystems (ATK) has been awarded another contract by the U.S. Army to supply various types of ammunition to security personnel working in Afghanistan.
(Deseret News) (Salt Lake Tribune) (Salt Lake Tribune)

Council awards $18M airport bid
The St. George City Council awarded an $18 million bid to a local company Thursday for the construction of paving and lighting for the replacement airport.
(Spectrum)

Airport continues progress in down economy: New master plan could affect nearby development
Terrible economic conditions have squashed hopes of commercial service coming to Logan-Cache Airport anytime soon, but the airport is working to be sure it’s set to serve a carrier when things turn around.
(Herald-Journal)

S.L. Airport travel increased over summer
The number of passengers at Salt Lake City International Airport rose in June, July and August after 14 months of declining numbers, airport officials said Monday.
(Deseret News) (Salt Lake Tribune) ABC4)

Kennecott discovers massive molybdenum deposit
Kennecott Utah Copper has discovered beneath its Bingham Canyon Mine what may be the world's biggest deposit of molybdenum, a shiny, silvery metal that is used to strengthen steel.
(Salt Lake Tribune)

$26M Midvale project aims to provide affordable housing
Rising from the ashes of a historic smelter is a federally subsidized housing project that city leaders hope will be an example for property management citywide.
(Deseret News)

Vacant office space in Salt Lake Co. hits a 5-year high
Vacant office space in Salt Lake County hit a five-year high in the third quarter, according to the CB Richard Ellis market report.
(Deseret News)

Women Entrepreneurs Conference planned
A Women Entrepreneurs Conference will be held Oct. 21 from 7:30 a.m.-3:30 p.m. at the Davis Applied Technology College, 550 E. 300 South, Kaysville.
(Davis County Clipper)

New Riverton hospital adds 700 jobs to area
In addition to the physical healing Intermountain Riverton Hospital will offer the people who live in Salt Lake County's southwest valley when the hospital opens to patients on Nov. 2, the hospital is bringing economic health to the community in the form of jobs, retail business, real estate sales, and other benefits.
(Utah Business Magazine)(registration required)

Calendar

October 4-7
IEDC (Reno, NV)

October 12-14
CoreNet (Las Vegas, NV)

October 22
PTAC Symposium (Layton, UT)

October 27-29
Solar Power International (Anaheim, CA)

October 28
Quarterly Investor Update, from 4-6 p.m. (Jewish Community Center, Salt Lake City) (Directions)

November 18
Board Meeting (Salt Lake Country Club)

December 16
Holiday Open House (EDCUtah)

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The EDCUtah Economic Review is a weekly publication of the Economic Development Corporation of Utah. It is distributed to EDCUtah partners and selected other government and civic organizations interested in Utah's economic development.

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Feature Story
EDCUtah Awards 26 Match Grants
for Localized Economic Development Projects

The generosity of EDCUtah's partners and investors has helped fund another cycle of match grants for public economic development initiatives across the state. Thanks to a $7,500 grant from Mountain America Credit Union, funds raised from this summer's Golf for Grants Tournament and a contribution from EDCUtah, match grants totaling $42,500 were awarded to 26 Utah organizations.

Grant recipients were selected by EDCUtah's grant committee under the direction of Committee Chairman Stephen L. Barrett, of Commerce CRG. Sherrie Martell, EDCUtah's certified sites manager, says the committee received 29 grant applications in total. Of the grants awarded:

  • Nine were professional development grants, totaling $7,200
  • Seven were sponsorship grants, totaling $10,800
  • Ten were marketing grants, totaling $24,500

Successful applicants included municipalities, counties, organized regional associations and other non-profit agencies involved with economic development in Utah. For example, Millard County received a sponsorship grant to aid in conducting a series of lunch forums for existing businesses. The forums will highlight the many resources available to help businesses grow such as procurement opportunities, grants and financial options, and state or university programs.

Director of Economic Development Linda Clark Gillmor says each luncheon attendee will be invited to fill out a Business Expansion and Retention (BEAR) questionnaire, which the Millard County Economic Development Association (MEDA) will use to be more productive in interpreting the needs of local businesses. Questionnaire data will be added to a large base of business data into the BEAR software system, she adds. During the luncheons, service providers will also provide brief descriptions of their programs and/or services and will be available afterwards to answer individual questions.

"MEDA's goals include both attraction and retention of jobs; however, with the economic slowdown, retention of existing businesses has become an even higher priority for Millard County," says Gillmor. "Our local businesses are rooted through family, history and capital investment. Bringing available resources to these existing businesses can develop our economy one business and one job at a time. We appreciate EDCUtah's support in both attraction and retention. In rural Utah, every new dollar and every new job is a big success!"

Another applicant, Daggett County, received two marketing grants, one of which will support a familiarization tour of the Dutch John area with EDCUtah, the Governor's Office of Economic Development (GOED), real estate brokers and other interested parties. The second grant will be used to upgrade Daggett County's website. Martell says several other applicants received similar marketing grants to support the redevelopment or upgrading of their websites, including: Juab County, the South Jordan Chamber of Commerce and Lehi Chamber of Commerce.

Kane County received a marketing grant to support the development of a formal relocation guide that will include a community profile and business resource directory.

Murray City received a marketing grant to support the development of specific market information for its marketing strategy in the areas of: (1) medical development, (2) retail/professional opportunities, (3) transit-oriented development, and (4) creating an economic development resource brochure. The city also received a sponsorship grant to aid in the development of an Economic Development Forum.

The Wasatch Area Economic Development Agency received a sponsorship grant to support the 2010 Economic Summit "What's In Out Back" and golf tournament. Director of Economic Development Paul Kennard says the grant is "a huge help for us." His agency has participated in the grant program for several years and has also used grant funds to develop a promotional video, a master plan for a business park, and for educational training.

"We have done some great things through the match grant program," Kennard says. "We appreciate EDCUtah's support and partnership."

Match Grants are awarded annually in September and recipients have until Sept. 30 of the following year to complete their economic development projects. Since 1990, EDCUtah has awarded grants totaling nearly $815,000 to communities and organizations in all 30 of Utah's counties. Martell says the match grant program began as the vision of Nick Rose, a former member of EDCUtah's Executive Committee and employee of Questar Gas, who saw a need to support local economic development projects. Grant applications are accepted for projects that fit within one of the following three categories:

  • 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 website 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 -- help enhance the professionalism and expertise of economic developers in Utah through education and training opportunities sponsored by the International Economic Development Council, or through other courses deemed to be beneficial to the economic development profession. Maximum reimbursement is $800.

EDCUtah will accept applications for the next match grant cycle through September 1, 2010. Click here for more information about the program.

EDCUtah