The Economic Development Digest - September 20, 2013

Womble Carlyle’s Economic Development Digest aggregates news, opportunities and legislation impacting business in the Southeast and Mid-Atlantic U.S.

In this week's Economic Development Digest:

California

California begins issuing first batch of carbon offset credits for trading program, BNA.com (September 18, 2013)** California air quality officials are set to begin issuing a first round of carbon offset credits for use under the state's greenhouse gas emissions cap-and-trade program. California's Governor pledges to sign two bills supporting electric vehicle use, BNA.com (September 18, 2013)** Gov. Jerry Brown (D) has pledged to sign a pair of bills supporting the use of electric vehicles in California. Boeing to shut C-17 plant in Long Beach, Los Angeles Times (September 18, 2013) The closure of the Long Beach facility will effect 3,000 workers companywide by 2015.  Many will lose their jobs.

Georgia

Georgia wants permission to spend own funds on Savannah dredging, The Atlanta Journal-Constitution (September 15, 2013) Georgia's leaders are prepared to use state dollars next year to begin the dredging of Savannah's port.

National

SEC charges former officer with Regulation FD violation, wcsr.com (September 13, 2013) Last week, the Securities and Exchange Commission charged the former vice president of investor relations for First Solar, Inc. (“First Solar”) with violating Regulation FD and Section 13(a) of the Securities Exchange Act of 1934, as amended, by selectively disclosing material nonpublic information. Significantly, the SEC, citing the “extraordinary cooperation” of First Solar, decided not to bring an enforcement action against the company. This action, the first Regulation FD enforcement action brought since November 2011, serves as a reminder to public companies and their executives of the SEC’s willingness to pursue what it views as Regulation FD violations and also highlights certain corrective actions that the SEC is likely to view favorably in the event of a Regulation FD violation. Stock markets celebrate, but Fed finds reasons to worry about fiscal policy, The Washington Times (September 18, 2013) The Federal Reserve surprised financial markets by not deciding to start withdrawing the stimulus it has maintained since 2007 due to the recession.

North Carolina

Paperwork filed for new economic development nonprofit, The News & Observer (September 16, 2013) Governor Pat McCrory's administration has created a nonprofit corporation to privatize many of the state government's economic development duties. Editorial: Wobbling governor in the dark, The Daily Dispatch (September 17, 2013) Governor Pat McCrory scrutinized for providing funds to the Renew North Carolina Foundation. State's economy, environment go hand-in-hand, The Pilot (September 13, 2013) Secretary of the North Carolina Department of the Environment and Natural Resources. John E. Skvarla, ties unemployment rate with environmental initiatives. Triangle think tank shuts down on McCrory's recommendation, The News & Observer (September 16, 2013) The Southern Growth Policies Board based in the Triangle for more than 40 years is being dissolved on the recommendation of NC Gov. Pat McCrory. Former Ashe County manager picked to run new NC rural division, The News & Observer (September 13, 2013) Patricia Mitchell will be the state's first assistant secretary for rural economic development at the Department of Commerce. NC gov. opposed to Catawba casino proposal, The News & Observer (September 13, 2013) NC Gov. Pat McCrory has strong concerns about the Native American tribe building a casino near King Mountain, NC.

South Carolina

SC business notebook, September 13, The State (September 12, 2013) Daimler Vans is expanding its assembling plant in the Charleston region and adding 60 jobs as a result. Duke rate hike to add 10 percent to Upstate customers' bills over 2 years, The Greenville News (September 12, 2013) Duke's energy prices raise 10%. School of Business Adds William Finn, Howard Rudd and Anita Zucker to the Wall of Honor, LowCountryBizSC (September 18, 2013) The College of Charleston School of Business will add three global business leaders from the Charleston area to their Wall of Honor on Saturday, September 21, 2013.    CARTA votes to buy Amtrak station for new passenger bus and train hub, The Post and Courier (September 18, 2013) CARTA will buy the Amtrak station in North Charleston and build a new bus and train hub as part of a $14.6 million project.

Texas

Good jobs first: Texas Governor's job piracy trips funded by local tax dollars, TaxAnalysts.com (September 18, 2013)** Good Jobs First conducted an examination of TexasOne, the nonprofit 501(c)(3) corporation that funds trips of Texas Gov. Rick Perry (R) to other states to encourage businesses to relocate to Texas, and found local economic development corporations, funded by local tax dollars, account for about one-fourth of TexasOne's 2012 revenues.

Washington D.C.

AdvantageWest Economic Development Group gets grant, BlueRidgeNow.com (September 19, 2013) AdvantageWest Economic Development Group will receive a $100,000 grant to promote small business growth in rural communities.

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Womble Carlyle's Economic Development Team helps clients explore opportunities for locating or expanding operations in the Southeast and Mid-Atlantic U.S. Our Economic Development Team combines a thorough working knowledge of economic development incentives; land use and siting procedures; and regulatory matters at the state, county and local levels, drawing on strong relationships built over many years with key governmental and civic leaders. For more information visit www.wcsr.com/economicdevelopment.

If you have any questions about this Economic Development Digest, please e-mail EconDigest@wcsr.com or contact any member of Womble Carlyle's Economic Development Team.