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Public Power…. Advantages in Community Economic Development

Public Power…. Advantages in Community Economic Development. Greg Fay General Manager Clinton Utilities Board. A Little Information about CUB……. Clinton Tennessee. Clinton, TN. We have……… 29,000 Electric Customers 6,000 Water Customers 4,500 Sewer Customers. We have…….

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Public Power…. Advantages in Community Economic Development

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  1. Public Power…. Advantages in Community Economic Development

  2. Greg Fay • General Manager • Clinton Utilities Board

  3. A Little Information about CUB……..

  4. Clinton Tennessee Clinton, TN

  5. We have……… • 29,000 Electric Customers • 6,000 Water Customers • 4,500 Sewer Customers

  6. We have……. Combined annual revenue in excess of $55,000,000

  7. Question: • What responsibly, if any, does a public power utility have to economic development?

  8. Local/Regional Approach • Local Industrial Development Association (covers most of our service area) • Regional… 16 contiguous counties

  9. Local participation is necessary and popular Regional participation is VITAL

  10. We partnered with our sister utilities and the private sector to combine our resources and market our region …..

  11. About 5 years ago we formed East Tennessee Economic Development Agency ……..

  12. We are spending “huge” amounts of money branding our region

  13. East Tennessee Economic Development Agency • Regional marketing and business recruitment • Representing 16 counties in the Knoxville-Oak Ridge Innovation Valley • Co-located with the State Department of Economic and Community Development and TVA

  14. Positioned for Success Regional Efforts Local Economic Developers Partners ECD TVA Prospects ETEDA Public Support: Utilities Local Governments Private Support: Corporate Local Economic Development Organizations

  15. ETEDA Client Services • Prospect facilitation • Buildings and sites database • Community and demographic data • Economic development contacts • Customized information requests

  16. Target Markets • Automotive • Distribution • Corporate office / shared services • Electronics & instruments • Medical products & devices • Metalworking, machinery & plastics

  17. Competitive Costs • Proximity - 75% US market • Cost of living - 8% below US average • Building costs - 17% below US average • Electric rates - 6% below US average • Labor costs - 10% below US average “East Tennessee provides very competitive business costs, and an excellent workforce with outstanding work ethic” Carl Parsons – Manager of Manufacturing Support TRW Fuji Valve

  18. Accessibility • At the tri-section of I-40, 75, and 81 • Over 160 daily flights, 16 cities direct • CSX and Norfolk Southern mainlines • Barge access via the Tennessee River “We provide timely service to 75% of the US market from our East Tennessee distribution facility” Patrick Flanagan - Managing Director of Distribution Wyeth-Ayerst Pharmaceuticals

  19. Knoxville – Oak Ridge Innovation Valley

  20. Reliable Energy • TVA power service 99.999% reliable • 30,000 MW of generating capacity • Excess capacity in water, gas, and sewer “TVA’s reliable generating plants, sound power supply processes, and superior transmission system enable it to provide affordable electricity with the highest reliability rating in the nation.” Bill Baxter, Chairman of the Board Tennessee Valley Authority

  21. Talented Workforce • 3,500 PhD's • 45,000 technical workers • 75,000 college students • 500,000 person labor force • Fastest growing metro region in Tennessee – high in migration “We are particularly pleased with the availability of high quality, intelligent and motivated employees” Bill Rowe – Plant Manager Kimberly Clark

  22. Technology Access • ORNL and UT • Advanced materials research • HTML • Metals Processing Lab • Nanotechnology • Center for Nanophase Materials • Energy research “Very few areas in the US offer the technology infrastructure of this region. Even fewer have a comparable quality of life.” Dr. Terry Douglass - Former President CTI, Inc. (makers of PET scan technology)

  23. Quality Lifestyle • Spectacular natural beauty • Twice named America’s most livable city • National award winning schools • Low tax burden - low cost of living • Family oriented environment “We located our financial services center here for the pro-business environment and the unmatched quality of life.” Pamela Murray –Executive Vice President Marriott International - Enterprise Accounting Services

  24. Jobs Now! Jobs Now:a five-year regional fundraising effort designed to provide additional resources to increase economic growth in the Knoxville Oak Ridge Innovation Valley

  25. Jobs Now! Five-Year Goals • Create 35,000 net new jobs • Increase capital investment by $2.5B • Increase per capita income by $5000 • (second year-140% above projections)

  26. We have a recipe for success and we are in the kitchen cooking… • Greg Fay…

  27. Questions?????

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