AUGUST 2008
Vol. 3, Number 8
MCEDC logo
Madera County E-BIZ

Welcome to Madera County Economic Development’s E-BIZ! On a monthly basis, our online Newsletter covers important local, regional and national news that impacts our local economy.  E-BIZ reports on new projects and events in our cities and towns and keeps readers up to date on the state of the region’s economy.  News about your business is always welcome. Please send items, questions, comments, or suggestions to the Madera County EDC at info@maderacountyedc.com or visit our Web site at maderacountyedc.com

SAVE THE DATE

Ribbon Cutting Ceremony for “Save Mart” in Chowchilla
Wednesday, August 6, 2008 at 9:00 AM
Located at 1225 East Robertson Blvd.

Save Mart Supermakets announces the Grand Opening and Ribbon Cutting of their new store located in Chowchilla. The new facility will employ approximately 75 to 80 people. The current Save Mart located in the Countrywood Shopping Center will close its doors on Tuesday, August 5.

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Ground Breaking Ceremony for new Manufacturer
“Innovative Rotational Moldings Inc.”

Thursday, August 7, 2008 at 10:00 AM
Located at 2300 W. Pecan, Madera CA (Cross Street is South Granada)
Innovative Rotational Moldings, Inc. Logo

The Madera County Economic Development Commission is proud to announce the ground breaking of Innovative Rotational Moldings, Inc. at Mission Bell Business Park. Basila Construction Inc. is the developer/contractor on this new project. Innovative Rotational Moldings, Inc. is a start-up company owned by Dan Humphries. The manufacturing facility will be 31,500 square feet with an attached office of 2,080 square feet. The company will be manufacturing plastic rotational moldings and will primarily produce tanks that are used for agriculture water and chemical storage. They will also manufacture custom designed products. The company will create 15-20 new jobs at start up and anticipates increasing to 75 employees once they are operating at full capacity.

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Attention Manufacturer’s- GMCIA Meeting

GMCIA LogoMadera Manufacturers, this month's Greater Madera County Industrial Association (GMCIA) meeting was canceled and will reconvene next month.

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Madera County Unemployment Rate

The unemployment rate in Madera County was 8.9 percent in June 2008, down from a revised 9.0 percent in May 2008, but above the year-ago estimate of 7.0 percent. This compares with an unadjusted unemployment rate of 7.0 percent for California and 5.7 percent for the nation during the same period. For more detailed information Click here

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LOCAL NEWS Lowe's Opening in Madera, CA

Lowe’s store opens in Madera
Central Valley Business Times

Lowes home improvement store has 117,000 square feet of retail sales space, with an adjacent garden center, stocking about 40,000 different items. A store of this size represents an average investment in the community of approximately $18.5 million and creates up to 175 new jobs. Read more

Hampton Inn celebrates openingHampton Inn Opening
Madera Tribune

The four-story hotel at the corner of Airport Drive and Avenue 17 has 78 guest rooms, including deluxe king suites with whirlpool tubs, a heated outdoor pool, fitness center, guest laundry, business center, king studio suites, double queen and standard king rooms, and a meeting room that seats 50. Read more

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Fuel thefts are on a riseFuel Theft
Officer Durbin LLoren

Fuel thefts are on a rise, throughout our entire valley. It has been reported that gas stations, personal vehicles and local farmers are now suffering from fuel thefts. For more detailed information on the local impact please click here

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Highway 99 casino wins key decision
Feds reverse course, withdraw alternate site for $250 million gaming facility in Madera County

The Fresno Bee

Highway 99 CasinoA proposed Madera County Casino is back on track after avoiding a detour that some feared might have killed the ambitious North Fork Rancheria project. In a dramatic reversal, Bureau of Indian Affairs have dropped the idea of moving the proposed casino to the so-called Old Mill site near the mountain town of North Fork. Read more

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STATE NEWS

Forecast predicts record Central Valley almond harvestNuts
Central Valley Business Times

• Total Harvest estimated at 1.5 Billion pounds
• “Nearly perfect” bloom this year


Central Valley almond farmers expect to set new production records when they harvest their crops later this summer. A forecast from the National Agricultural Statistics Service estimates the crop at a record-high 1.5 billion pounds. California farms produce more than three-quarters of the world’s almond crop. Read more

* Almonds, Nuts & Hulls are Madera County’s second leading crop (behind Milk) valued at $250 million dollars.

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Central Valley Community Bank honored with a 5-Star Superior Rating
Press Release

StarDaniel J. Doyle, President and CEO of Central Valley Community Bank, the sole subsidiary of Central Valley Community Bancorp is pleased to announce that the Bank has achieved a 5-Star Superior rating, based upon its 2007 fourth quarter financials, by Bauer Financial Inc.’s Superior Bank & thrift Report. Central Valley Community Bank has received a recommended rating for eight consecutive quarters. Read more

*Central Valley Community Bank operates two of its twelve offices in Madera County, one branch in Oakhurst and one branch in Madera.

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NATIONAL NEWS

Mervyns Files Chapter 11
Company receives commitment for $465 Million in Financing Operations to Continue

The Business Journal

Mervyns, the leading mid-tier department store chain in California and the Southwest, announced that it and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to restructure the Company’s debt and re-align its business operations. Mervyns stores will remain open and business will continue as the Company moves through the bankruptcy process. Read more

*Mervyns operates one department store in Madera County located in Madera.

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Get Free Credit-Monitoring Services
Most adults will be able to take advantage of this offer from TransUnion as part of the credit bureau’s settlement for violating the Fair Credit Reporting Act
Kiplinger

Trans Union agreed to offer free credit monitoring to more than 160 million people as part of a preliminary lawsuit settlement. The suit claims that TransUnion violated the Fair Credit Reporting Act by selling lists with consumers’ personal and financial information for marketing purposes. The settlement applies to everyone who had an open credit account or open line of credit from any lender from January 1, 1987 to May 28, 2008. Anyone with a credit card, car loan, mortgage, student loan or any other loan qualifies. Click here for more information or visit ListClassAction.com

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INDUSTRY NEWS

Two new Madera plants will bring 150 jobsNemat Management Group Ground Breaking
The Fresno Bee

Two new manufacturing plants being built in Madera are expected to bring up to 150 new jobs once they open next year. Fremont-based Nemat Management Group broke ground on what will be a $2 million, 40,000 square-foot plant that will use computer-controlled machining tools to make parts for equipment.

Start-up Innovative Rotational Moldings Inc. plans to break ground on a $4.25 million, 33,500 square foot plant that will produce plastic containers and other custom products. Read more

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FMC Technologies Announces Filing of Form 10 Registration Statement for the Spin-Off of Its FoodTech and Airport Systems Businesses
Press Release

FMC Technologies, Inc announced that its newly formed FoodTech and Airport Systems company, John Bean Technologies Corporation (JBT Corporation), has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC). In late October 2007, FMC Technologies announced its intent to combine its FoodTech and Airport Systems businesses into a separate, publicly traded company and distribute the shares to its stockholders in a tax-free spin-off. FMC estimates that the distribution will occur in mid-2008. JBT Corportion will seek a listing on the NYSE under the ticker symbol “JBT.” Read full press release

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ASSISTANCE PROGRAMS

Two Madera County Businesses receive a total of $320,000 of Employment Training Panel (ETP) funding
Employment Training Panel Awards Over $15 Million to train Over 11,000 California Workers
Press Release

• Certain Teed Corporation, Chowchilla- $267,300
• Sal’s Mexican Restaurant- $52,800

ETP is a business and labor supported state agency that assists employers in strengthening their competitive edge by providing funds to partially off-set the costs of job skills training that is necessary to maintain high-performance workplaces. California’s ETP is a performance-based program, providing funds for trainees who successfully complete approved training programs and are retained in will-paying jobs for a specific period of time. To read full press release click here, for more information about ETP please visit their website at www.etp.ca.gov

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Enterprise Zone pays off for business owners
Employers get tax breaks for hiring people who live in certain areas

The Fresno Bee

The co-owners of Custom Wood Products in Parlier took advantage of the state program to accelerate depreciation on their new building, putting the money they saved on taxes back into their business. And by hiring employees who live within the Enterprise Zone, which was recently expanded to include almost all the cities in Fresno County, they’ve been able to capture further tax breaks. Read more

*Madera County and the City of Madera have Enterprise Zone designated sites. For more information about Enterprise Zones in Madera County or a map of Enterprise Zone areas please visit www.maderacountyedc.com or call 559-675-7768.

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In This Issue
Save The Date
Contact

Madera County EDC
2425 W. Cleveland Ave., Suite 101
Madera, CA  93637
559-675-7768
www.maderacountyedc.com

Past Newsletters
Please click the below links to see a .pdf of our past newsletters:

Spring 2007
Click Here

Winter 2007
Click Here


Newsletter Ideas
If you have a story that you think might be of interest, please contact:

jherd@maderacountyedc.com
 
Bobby Kahn, Executive Director
Madera County EDC