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UK to open office at Commerce Lexington
Commerce Lexington is becoming a nexus for the leading economic development teams of Lexington.
Space has been leased adjacent to the offices of Gina Greathouse, senior vice president business development, to accommodate a close working relationship with the University of Kentucky. Although at press time it was not yet certain who would take up residence at the chamber, candidates include Dean Harvey, Director of the Von Allmen Center for Entrepreneurship at the University of Kentucky and the university's new Economic Development Chief, Len Heller.
The chamber's relationship with City Hall was recently enhanced with Mayor Newberry's selection of former Commerce Lexington Board Chair, Joe Kelly, as the Lexington Fayette Urban County Government Economic Development Director.
St. Joseph in talks with Mt. Sterling's Mary Chiles
The Board of Directors of Mary Chiles Hospital in Mt. Sterling and Saint Joseph HealthCare have signed a memorandum of understanding to proceed with finalizing an affiliation agreement. The arrangement would include a commitment by Saint Joseph to construct a new, replacement hospital in Mt. Sterling.
Stuckert says gift is "just a little give back"
The University of Kentucky recently received nearly $10 million in gifts including one — the largest — intended to produce business-oriented engineers.
The gift of $5 million came from UK Capital Campaign Chairman James Stuckert and his wife, Diane, of Louisville. The funds will be used to create and endow the James and Diane Stuckert B.S./M.B.A. Program in the College of Engineering and the Gatton College of Business and Economics. The program allows students who earn a bachelor of science degree in engineering to immediately pursue a master's of business administration degree. "If Kentucky doesn't have something to offer to these outstanding students they go someplace else to earn their M.B.A. and probably get a full ride because a lot of other institutions are better endowed," said Stuckert. "If you want to attract the best you have to be able to stand up and pay for it."
The gift will also create the James and Diane Stuckert B.S./M.B.A. Chair, and will provide at least 15 fellowships covering tuition and travel expense for international study.
"I was a mechanical engineer and got an MBA at UK. I'm just very appreciative for what UK did for me. It's just a little give-back," said Stuckert.
Coldstream chief departs for South Carolina
John Parks, executive director of research and associate vice president of economic development at the University of Kentucky's Coldstream Research Campus, has accepted a similar position in South Carolina.
Until a successor is hired, Coldstream will fall under the oversight of UK Vice President for Economic Development Len Heller, and Administrative Staff Officer Tina Carpenter.
LCC's Coffee Beanery under new ownership
Barb & Rick Langenek are the new owners of The Coffee Beanery at the Lexington Center. The Langenek's purchased the franchise from Tamme and Carl Tannehill of Louisville and took possession on January 25. Plans call for a promotional campaign beginning at the end of February. All suppliers are remaining the same and hours are unchanged as well.
Kroger and Starbucks coming to Meadowthorpe
The Coleman Group has entered into a long term lease with Kroger to anchor the Meadowthorpe Manor Shoppes on Leestown Road. The supermarket will occupy the 44,000 square foot space that is being vacated by E.W. James.
Coleman has also entered into a long-term lease with Starbucks to locate on an out parcel at the shopping center. Kroger and Starbucks plan Grand Openings in June.
BCTC film class packed
One woman quit her job to make time. Another student drives all the way from Louisville. Others are willing to wait in the cold for a LexTran bus to and from campus. The new Filmmaking Certificate Program at Bluegrass Community and Technical College in Lexington is filled to capacity in its first semester. The curriculum was developed by Kentucky Film Lab co-founders Arthur Rouse, Brad Riddell and Mark Shepherd. Riddell, a UK graduate who earned a screenwriting degree at the University of Southern California and recently wrote the screenplay for "American Pie Presents: Band Camp," is among industry professionals who have signed-on as guest lecturers. While in town recently to work with students writing a screenplay, Riddell said the enthusiasm is "very, very, very high. Most are working full-time. Most have other life issues that they're struggling with, but they have this dream and they don't want to let it go. Finally, this class comes along that addresses their needs and they make great sacrifices to be here. It's inspiring and it makes me want to work all that much harder to help them while I'm here."
KySat accepting applications for new mission
KentuckySat (KySat) is accepting applications for KySat 2. The mission has a projected launch window of late 2008 to early 2009. It is expected that 10-12 students will be selected for the KySat 2 Team. Other individuals, including select high school students, will have the opportunity to provide critical support (pre-flight testing, embedded systems, payload design, space physics, public communications, etc.) to this and other missions through The Mission Support Team.
Details including application materials are available at www.kysat.com. The deadline for applications is Friday, February 23, 2007.
Major changes urged in public employment structure
Citing rising costs of pensions and the effect it could have on the ability of cities and counties to continue providing public services, the Kentucky League of Cities, the Kentucky Chamber of Commerce and the Prichard Committee of Academic Excellence have formed a coalition to urge reform before the strain on public budgets becomes dire.
Gov. Ernie Fletcher recently announced the formation of a task force charged with finding ways to ensure the financial stability of the Kentucky Employees Retirement System. The group, the Coalition for Sustainable Benefits, is requesting that a majority of task force members be actuaries or others with "fiduciary responsibility for sustaining benefit programs."
The coalition is focusing on raising awareness of the problem and hopes to see changes in the way public employees, including teachers, curb the ever rising costs of retirement and health care.
Currently, public employees and teachers are enticed to these jobs with lower salaries than private sector jobs by the promise of retirement and health benefits no longer seen in corporate America.
Plans unveiled for new stadium at Horse Park
Before a crowd attending the annual Commerce Lexington dinner, Gov. Ernie Fletcher, flanked by Lexington's House delegation and other state and local dignitaries, announced plans for a $24 million stadium to be built at the Kentucky Horse Park in time for the 2010 Alltech FEI World Equestrian Games.
The stadium would have slightly more than 10,000 permanent seats and the capability to increase capacity to over 30,000 for large events. In order for the stadium to be ready in time for the games which start in the fall of 2010, Fletcher said the 2007 meeting of the general assembly will have to approve the spending of the $24 million plus an additional $4 million for the Horse Park arena included in the budget during last year's session.
If the general assembly does not approve the extra spending during this session, an off year short session in which budgetary issues are not meant to be considered, Fletcher said he would consider calling the House and Senate back for a special session to approve the funds if it is determined allocation of the funds during the 2008 meeting of the assembly would be too late to complete design and construction in time for the games.
Lexmark quarterly report echoes company's business model restructuring
In its Q4 report Lexmark showed gains in its business segment revenue while consumer segment revenues fell 11 percent over the same time period last year, which is in line with the company's restructuring plan announced nearly a year ago according to Lexmark CFO John Gamble.
"In terms of '06 we made a conscious choice to make sure in the consumer segment to focus on higher profit sales so that's why you saw reductions in unit placements and therefore revenue last year," Gamble told Business Lexington.
Overall for 2006 Lexmark saw a 2 percent decline in revenue, but per the company's restructuring the '06 business revenue grew 3 percent while consumer revenue took an 8 percent plunge.
Q4 saw a 14 cents per share restructuring fee that Gamble said should be down to 3 cents a share for the first quarter of '07 as almost all of the company's restructuring -including layoffs and plant closures- has been completed.