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Fifth Third scores tax credits for low-income investments
The U.S. Treasury awarded Fifth Third Bancorp $100 million in New Market Tax Credits (NMTC) to invest in low-income areas and Lexington could be among the beneficiaries. The $100 million in tax credits, awarded last week, are part of a $3.9 billion allotment of tax credits given to 61 organizations under the 2007 round of the New Markets Tax Credit program.
The NMTC program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs).
The Fifth Third New Markets Development Company, LLC, administered by the Fifth Third Bank Community Development Corporation (CDC), will utilize its NMTC allocation to invest in community development projects that will generate new jobs, retain jobs, bring needed services to and create economic growth in low income communities. Projects will be spread across Fifth Third Bancorp's footprint in Ohio, Indiana, Kentucky, Michigan, Illinois, Tennessee, Florida, West Virginia, Pennsylvania and Missouri.
A Fifth Third spokesman said Lexington will see some of those dollars for local projects. It was yet not known at press time, however, what the allocation will be and what projects would be funded.
Beaumont insurance claims center to close
The Ohio Casualty Group's Beaumont Center claims office will close in four to six months according to a spokesman with parent company Liberty Mutual.
"The restructuring of the claims organization is necessary to achieve greater efficiency (in the company)," said Christopher Goetcheus spokesman Liberty Mutual Agency Markets. "The process will be a four to six month process and there have been no decisions made at this time about timelines or numbers of employees (to be eliminated)."
The office's 88 employees will have the chance to apply for similar jobs within the company as the acquisition of Ohio Casualty has allowed Liberty Mutual to establish eight regional insurance companies.
Goetcheus said the company's remaining 15 claim centers will see a boost in staff as the Beaumont office is shuttered. "We're hoping that some employees will post within the company," Goetcheus said. "That would likely mean for this particular location, relocation (for the employees.)"
UK responds to doctor shortages
University of Kentucky President Lee Todd unveiled a plan to open regional medical school sites at two regional universities — one in Morehead by 2010 and one in Murray, potentially as early as 2012. The idea is part of a plan by the College of Medicine to increase the size of its class over the next several years by nearly 30 percent, from a little more than 100 students each year to about 130. Dr. Todd said students from Kentucky's rural areas, with an interest in medicine, will be targeted and recruited for the special program.
Kentucky is nearly 2,300 doctors short of the national average, according to a study by UK's Kentucky Institute of Medicine. Kentucky has a ratio of 213.5 doctors per 100,000 residents. The national average is 267.9 doctors per 100,000 people, which means the state would need 2,298 doctors just to reach the national average.
Firm wins grant to fight STDs among teens
Academic Edge, Inc., located in Lexington and Bloomington, Indiana, received a three-year grant from the National Institutes of Health to reduce sexually transmitted diseases (STDs) among teenagers through a web-enhanced HIV/STD prevention curriculum for schools.
AEI's new project extends and enhances its program, WSTDtv. Set in the studios of a fictional television station, WSTDtv introduces middle school and high school age learners to sexually transmitted diseases, social pressures, and risk awareness and reduction.
WUKY drops NPR News in midday
NPR rocked off the air during weekday middays on University of Kentucky public radio station WUKY. The station that uses the promotional tagline "NPR Rocks @ 91.3" dropped the NPR top-of-the-hour newscast during its weekday "Adult Rock" hours of 9am-4pm. The schedule change began on the Monday immediately following the station's recent on-air fundraiser.
Eastern Kentucky University public radio station WEKU will continue to carry the newscasts, according to General Manager Roger Duvall. WUKY officials have not returned e-mails or calls inquiring about the change.
Change in leadership at ExStream
Davis Marksbury is transitioning his role as president and CEO of Exstream Software, LLC to former IBM executive Richard Troksa. Troksa has held various executive management positions at Exstream for the past four years. The transition was effective October 1, 2007. Marksbury remains on the Board of Directors as chairman and maintains an active role in Exstream's strategic planning and key initiatives.
Merger creates mega architectural firm in region
One of the largest first-generation architectural firms in the region and the former head of architecture for the City of Louisville have announced the merger of their companies.
Brandstetter Carroll Architects Inc. and Jill Lewis Smith Architect, Inc. merged to form a company with over 60 employees and combined construction volume of over $500 million.
The firm will be known as Brandstetter Carroll Inc. and will have offices in Lexington, Louisville, Cincinnati and Cleveland.
UBS renews festival sponsorship
The Swiss-based global investment and securities firm UBS has committed to an additional three years as title sponsor of the Lexington Chamber Music Festival.
The announcement was made by Lexington branch manager Clyde Pelton during a dinner party for festival board members and sponsors at the home of Franklin and Marilyn Moosnick.
The inaugural festival, held at Fasig-Tipton in mid-August, was such a success according to organizer Charlie Stone it actually realized a profit.
The UBS sponsorship elevates Lexington into an echelon of cities hosting many of the world's leading arts events. Those currently sponsored by the firm include Art Basel Miami, an international art fair and American sister event of Art Basel in Switzerland; The Colorado Music Festival in Boulder; The Boston Symphony Orchestra (season); the Philadelphia Orchestra (season); The Charlotte Symphony Orchestra (presenting); and The San Francisco Museum of Modern Art's "Anselm Keifer: Heaven and Earth" Exhibition.
Alltech ponders future WEG sponsorship
The Nicholasville-based global animal feed research firm that became the first title sponsor of the World Equestrian Games is leveraging its relationship with organizers of the international event to increase its stature in world markets.
"I think it is very important for them to develop their credibility in Europe," said FEI Commercial Director Christophe Troendle during a recent visit to Lexington. "We are about to develop a hospitality and visibility program for them in Europe next year."
Troendle said he met in France recently with Alltech president Pearse Lyons to begin discussing how the firm can continue its support of the Games beyond the Alltech FEI World Equestrian Games 2010 in Lexington.
New time, location for Legacy project workshop
The Knight Foundation and Lexington-Fayette Urban County Government announced a change in time and location for the second workshop on the Alltech/FEI World Equestrian Games Legacy Initiative Project.
The workshop remains on Tuesday, October 23, but will now be held at the Hyatt Regency Ballroom to better accommodate the public. A new start time of 5 p.m. has also been established to make the meeting more convenient for citizens.
During the workshop, the public is invited to review citizen-generated ideas for legacy projects, permanent projects grown out of the 2010 Alltech FEI World Equestrian Games. The John S. and James L. Knight Foundation is sponsoring the community conversations and has been collecting legacy ideas submitted by citizens. It has received 83 submissions, including proposals clustered around enhancing art & culture, improving or creating public spaces and stimulating economic development.
Thompson to chair Kentucky Chamber in '08
Louisville Businessman Jude Thompson will chair the Kentucky Chamber of Commerce in 2008.
The UK graduate is president of individual business at Anthem Blue Cross and Blue Shield. He will succeed Craig Guess, president of Vanguard Contractors in Paducah. Lexington attorney Darby Turner of Greenebaum Doll & McDonald PLLC is chairman-elect for 2009.
Local burgers and music at Al's
The downtown entertainment scene is gaining a venue as the folks who bring us Stella's make improvements to the recently acquired Al's Bar at 6th and Limestone. First, a name-change. It's now Bluegrass Burgers at Al's Bar, a nod to the locally produced angus beef in their version of the all-American sandwich. In addition, manager Lester Miller is lining up live music on Thursday nights (no cover charge) with the bluegrass band Blind Corn Liquor Pickers scheduled for Oct. 18; Brando and the Phantasmos, a southern rock, alternative, electronica unit, on Oct. 25; and Indie folkie Tina Cofer set for Nov.1.