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Nevada assembles $1.25 billion incentive package to woo Tesla Gigafactory

Jake Dean You can look at a new Tesla at the electric carmaker’s NorthPark Center gallery, but you can’t buy one there. Nevada put together a $1.25 billion tax incentive package to woo Tesla's Gigafactory battery plant, according to the Reno Gazette-Journal[1]. The 20-year package is more than double the $500 million sought by Tesla CEO Elon Musk[2] to draw the plant that's predicted to revolutionize the electric car industry, the newspaper reported. If the deal is approved by the Nevada Legislature, Tesla will essentially operate in the state tax free for 10 years. In exchange, the company must invest a minimum of $3.5 billion in manufacturing equipment and real property in the state over the next two decades. At a news conference Thursday, Nevada Gov. Brian Sandoval[3] predicted the plant will have an economic impact of $100 billion during that 20-year period. Sandoval[4] said the plant will create 3,000 immediate construction jobs for Nevada workers and will employ 6,500 new workers with an average wage in excess of $25 an hour with benefits. It will mean another 16,000 indirect jobs for a total 22,500 jobs created. “We have reached an agreement ..., subject to legislative approval and review, that will enable Tesla to build the world’s largest and most advanced battery plant right here in the Silver State,” the governor said. Sandoval[5] is expected to call a special session of the state's Legislature to vote on the incentive package as early as next week. Musk later told reporters that Nevada was it, and that the company would stop looking[6] for a second location for a factory. Texas, one of five states vying for the economic development prize, had reportedly assembled an $800 million incentive package. Paul O'Donnell is editor-in-chief of the Dallas Business Journal. Subscribe to our email newsletters.[7]…
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Pennsylvania falls from 7th to 38th in state entrepreneurial rankings

leaf Pennsylvania ranked 38th in a new 50-state entrepreneurial ranking. Jared Shelly[1] Digital Producer- Philadelphia Business Journal Email[2] | Twitter[3] | LinkedIn[4] Pennsylvania has fallen sharply in a new ranking of state entrepreneurship. Pennsylvania ranked 38th in 2013 State Entrepreneurship Index[5] from the University of Nebraska-Lincoln's[6] Bureau of Business Research. It ranked 7th during the previous year — making its decline the steepest of any state. New Jersey climbed from 40th in 2012 to 15th in 2013. Delaware also saw a big jump, going from 43rd in 2012 to 24th in 2013. The rankings are based on entrepreneurship, net migration and capital formation. University of Nebraska-Lincoln researchers measured the growth in business establishments, the rate of business formation, patents per one thousand residents, average proprietor income and the growth in establishments per capital. Jared Shelly is the digital producer of the Philadelphia Business Journal. References^ Jared Shelly (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ LinkedIn (www.linkedin.com)^ 2013 State Entrepreneurship Index (cba.unl.edu)^ University of Nebraska-Lincoln's (www.bizjournals.com)...
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Subway to move into Mix Cafe space in Downtown Honolulu

Courtesy: Subway The Milford, Conn.-based sandwich chain Subway is opening in the former Mix Cafe space in Downtown Honolulu. Duane Shimogawa[1] Reporter- Pacific Business News Email[2] | Google+[3] | Twitter[4] | LinkedIn[5] Subway is indeed taking over the former space of the popular sandwich shop, Mix Cafe, at Central Pacific Plaza in Downtown Honolulu, with an open date set for October, the leasing firm that handled the deal told PBN on Thursday. PBN first reported[6] that Subway was the likely taker of the ground floor space of the Central Pacific Bank Building along Alakea Street. The Subway across the street at the Arcade Building is leaving its current spot to move into the 896-square-foot, 220 S. King[7] St. location, which is next to Starbucks[8]. Sandra Burgess[9], a Subway franchise owner, who currently has five locations open and two more in the works, is the franchisee for this sandwich shop. Colliers International Hawaii’s Brandon Bera[10] and Karen Birkett[11] squared away the lease for both the tenant and landlord. Mix Cafe closed earlier this year after five years in business, as first reported by PBN[12]. Before Mix Cafe, the space was occupied by a Jamba Juice[13] on the street level of the bank’s downtown branch. Subway, the largest single-brand restaurant chain and biggest restaurant operator in the world, has more than 42,000 locations in 107 countries. Duane Shimogawa covers energy, real estate and economic development for Pacific Business News. References^ Duane Shimogawa (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Google+ (plus.google.com)^ Twitter (twitter.com)^ LinkedIn (www.linkedin.com)^ PBN first reported (www.bizjournals.com)^ 220 S. King (feeds.bizjournals.com)^ Starbucks (www.bizjournals.com)^ Sandra Burgess (feeds.bizjournals.com)^ Brandon Bera (feeds.bizjournals.com)^ Karen Birkett (feeds.bizjournals.com)^ as first reported by PBN (www.bizjournals.com)^ Jamba Juice (www.bizjournals.com)...
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Subway to move into Mix Cafe space in Downtown Honolulu

Courtesy: Subway The Milford, Conn.-based sandwich chain Subway is opening in the former Mix Cafe space in Downtown Honolulu. Duane Shimogawa[1] Reporter- Pacific Business News Email[2] | Google+[3] | Twitter[4] | LinkedIn[5] Subway is indeed taking over the former space of the popular sandwich shop, Mix Cafe, at Central Pacific Plaza in Downtown Honolulu, with an open date set for October, the leasing firm that handled the deal told PBN on Thursday. PBN first reported[6] that Subway was the likely taker of the ground floor space of the Central Pacific Bank Building along Alakea Street. The Subway across the street at the Arcade Building is leaving its current spot to move into the 896-square-foot, 220 S. King[7] St. location, which is next to Starbucks[8]. Sandra Burgess[9], a Subway franchise owner, who currently has five locations open and two more in the works, is the franchisee for this sandwich shop. Colliers International Hawaii’s Brandon Bera[10] and Karen Birkett[11] squared away the lease for both the tenant and landlord. Mix Cafe closed earlier this year after five years in business, as first reported by PBN[12]. Before Mix Cafe, the space was occupied by a Jamba Juice[13] on the street level of the bank’s downtown branch. Subway, the largest single-brand restaurant chain and biggest restaurant operator in the world, has more than 42,000 locations in 107 countries. Duane Shimogawa covers energy, real estate and economic development for Pacific Business News. References^ Duane Shimogawa (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Google+ (plus.google.com)^ Twitter (twitter.com)^ LinkedIn (www.linkedin.com)^ PBN first reported (www.bizjournals.com)^ 220 S. King (feeds.bizjournals.com)^ Starbucks (www.bizjournals.com)^ Sandra Burgess (feeds.bizjournals.com)^ Brandon Bera (feeds.bizjournals.com)^ Karen Birkett (feeds.bizjournals.com)^ as first reported by PBN (www.bizjournals.com)^ Jamba Juice (www.bizjournals.com)...
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The 2014 Fast 50: Austin companies with extreme revenue growth

The 50 winners for 2014 are listed in alphabetical order, and their rankings will be unveiled during the Austin Business Journal's upcoming annual ​Fast 50 gala. Colin Pope[1] Editor- Austin Business Journal Email[2] | Twitter[3] The results of our annual Fast 50 contest — which aims to identify the fastest-growing companies in America's strongest economy — are calculated. The 50 winners for 2014 are listed in alphabetical order below, and their rankings will be unveiled during the Austin Business Journal's annual Fast 50 gala on the evening of Oct. 16[4]. To qualify, companies must have experienced dramatic revenue growth during the past three years. Financial data is submitted by the companies, verified by a third party and then we rank the top 50 according to compounded revenue growth. If you're interested in seeing the results of last year's contest you can visit the 2013 Fast 50 slideshow of winners[5]. The digitally archived Oct. 18, 2013, weekly edition[6] has more details including financial data on the winners, their keys to growth and plans for the future. Here are the 2014 Fast 50 winners in alphabetical order. Mine the list closely for companies offering job opportunities, strategic-partnership chances or to find your next up-and-coming competitor. There are 25 winners in the small category — companies under $10 million in annual revenue — and 25 winners in the large category, which is reserved for companies with more than $10 million in annual revenue. 2014 Winners (small-company category) 9Gauge Partners LLC[7] Accountability Resources[8] AffiniPay LLC[9] Arise Healthcare[10] Austin Granite Direct Big Red Dog Engineering and Consulting[11] BP3 Global Inc.[12] Camp Gladiator Central Texas Construction Consero Global Finley’s Barber Shop Five Stone Tax Advisers Fueld Films GCS Technologies Inc. Grandex Inc Hagbros Precision Headspring References^ Colin Pope (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ Fast 50 gala…
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Former ArthroCare execs get decades in prison for $750M 'epic tale of greed'

Creatas Former Arthrocare Corp. executives were sentenced to decades of prison time for their role in a fraud case. Christopher Calnan[1] Staff Writer- Austin Business Journal Email[2] | Twitter[3] Four former ArthroCare[4] Corp. executives including the former CEO were sentenced Friday to prison terms for their role in a $750 million federal securities fraud case. U.S. District Judge Sam Sparks[5] handed down a 20-year sentence for former CEO Michael Baker[6] and 10 years for former Chief Financial Officer Michael Gluk[7] two months after they were convicted by a federal jury of inflating the Austin medical products company’s earnings in a scheme that involved hiding so-called sold products in a Florida warehouse. Also Friday, two former senior vice presidents — John Raffle[8] and David Applegate[9] — were sentenced to 80 months and 60 months respectively for their roles in the fraud, according to the U.S. Department of Justice. Baker and Gluk, who were accused of altering records to inflate ArthroCare's stock price from 2005 to 2009, were also ordered to forfeit the more than $25 million they netted from the scheme that Principal Deputy Assistant Attorney General Marshall Miller said represented an "epic tale of greed.”[10][11][12] Miller also said the case should serve as a cautionary tale for executives looking to profit from "cooking the books" of their companies. "This was a massive accounting fraud scheme, of a size and scope seldom seen," he said in a written statement. "These corporate executives told lie after lie in an attempt to inflate their own bank accounts. In the end, they only inflated their own prison sentences." Austin-based ArthroCare (Nasdaq: ARTC), founded in 1993, develops surgical devices designed to enable minimally invasive procedures. The company is Austin’s largest medical device business and reported $377.9 million in revenue for 2013. It employs 270 workers…
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