An Economic Development Success Story
Posted by Bowling Green Area Chamber of Commerce - 12/14/2009 04:15:00 PM
A Message from Chamber President & CEO James N. Hizer, CEcD:
In the State of Kentucky, there have only been 3 new industry announcements of 100+ jobs this year and the Kentucky Copper announcement that we made last Thursday in Morgantown is one of those projects. We are so pleased to have recently finalized all details with India-based Chandra Proteco, Kentucky Copper’s parent company, in recent weeks. It was February 2008 when we first had contact with Chandra. As is the case with most major projects, there was nothing easy about the Kentucky Copper project. For example, the global financial situation made it even more challenging to get this investment financed but, we found a way.
Watch WBKO's coverage of the December 10th announcement in Morgantown.
This project serves as a great example of why travel is such an important part of our economic development marketing strategy. We visited Chandra Proteco on 2 occasions. In Asia, the most important consideration in making business decisions is the long-term relationship. The more time we spent with the Chandra leadership team, the greater our chances of finalizing the deal. Also, in addition to relationship-building, our most recent trip to India, in September, allowed us to finalize the financing details. Chandra’s Indian bank wanted to meet with a representative of the local community and we obliged.
We celebrate any new investment project, but the Kentucky Copper announcement is even more special because it serves as another example of how our regional partnership works. The Bowling Green Area Chamber markets the entire region for investment attraction as a result of marketing agreements we have in place with 9 of our neighboring counties. When a project comes to our attention, we show them every site and/or building in the region that meets their criteria. In the case of Kentucky Copper, the former Kellwood manufacturing facility, in Butler County, came as close as any building to meeting their minimum requirements. Of course, the Bowling Green Area Chamber and Butler County/Morgantown have also entered into one of our standard “Menu of Services” agreements in which we serve as the primary economic development agency for that community. For a community such as Morgantown/Butler County, it is not nearly enough for us to simply “sell” a prospective industry on investing there. They really need the help of an experienced economic developer in finalizing details. The Menu of Services Agreement provides that support.
Speaking from a personal standpoint, as I looked out at the 100+ community members at the announcement in Morgantown, I was struck by all the smiling faces. I was instantly reminded of one of the many reasons why I love what I do. It was 22 months of hard work, and we have now brought joy to so many people.
In the State of Kentucky, there have only been 3 new industry announcements of 100+ jobs this year and the Kentucky Copper announcement that we made last Thursday in Morgantown is one of those projects. We are so pleased to have recently finalized all details with India-based Chandra Proteco, Kentucky Copper’s parent company, in recent weeks. It was February 2008 when we first had contact with Chandra. As is the case with most major projects, there was nothing easy about the Kentucky Copper project. For example, the global financial situation made it even more challenging to get this investment financed but, we found a way.
Watch WBKO's coverage of the December 10th announcement in Morgantown.
This project serves as a great example of why travel is such an important part of our economic development marketing strategy. We visited Chandra Proteco on 2 occasions. In Asia, the most important consideration in making business decisions is the long-term relationship. The more time we spent with the Chandra leadership team, the greater our chances of finalizing the deal. Also, in addition to relationship-building, our most recent trip to India, in September, allowed us to finalize the financing details. Chandra’s Indian bank wanted to meet with a representative of the local community and we obliged.
We celebrate any new investment project, but the Kentucky Copper announcement is even more special because it serves as another example of how our regional partnership works. The Bowling Green Area Chamber markets the entire region for investment attraction as a result of marketing agreements we have in place with 9 of our neighboring counties. When a project comes to our attention, we show them every site and/or building in the region that meets their criteria. In the case of Kentucky Copper, the former Kellwood manufacturing facility, in Butler County, came as close as any building to meeting their minimum requirements. Of course, the Bowling Green Area Chamber and Butler County/Morgantown have also entered into one of our standard “Menu of Services” agreements in which we serve as the primary economic development agency for that community. For a community such as Morgantown/Butler County, it is not nearly enough for us to simply “sell” a prospective industry on investing there. They really need the help of an experienced economic developer in finalizing details. The Menu of Services Agreement provides that support.
Speaking from a personal standpoint, as I looked out at the 100+ community members at the announcement in Morgantown, I was struck by all the smiling faces. I was instantly reminded of one of the many reasons why I love what I do. It was 22 months of hard work, and we have now brought joy to so many people.
Labels: Economic Development, Kentucky Copper, Morgantown/Butler County
