State roundup: Bonnaroo promoter acquires Nashville firm

Monday, April 20, 2009 at 12:03am

Across the state

State of Tennessee revenue collections in February totalled $780 million — $87 million less than last year and $106 million less than the budgeted estimates that determine state spending levels. It represents the eighth consecutive month this fiscal year in which sales taxes and corporate income taxes have recorded negative growth over a year ago, according to state officials. Year-to-date collections are $698 million less than the budgeted estimate.

Memphis

The Church of God in Christ announced it would relocate its annual convocation to St. Louis. The Bluff City’s largest annual convention, the event draws about 50,000 attendees and creates a $35 million economic impact.

Elvis Presley Enterprises announced that “Elvis Presley in Concert,” a production that reunites Elvis’ former bandmates live on stage with a video-projected Elvis, will tour Europe in February and March of 2010. The show’s producers edited together a collection of Elvis' concert performances that exist on film and video and removed all sound from the footage except for Elvis' vocal track. On stage, singers and a 16-piece orchestra perform live in sync with Elvis on video.

Marion County

Memphis-based Biofuels America announced plans to develop an ethanol-producing bio-refinery in Marion County. The plant carries a price tag of $62.3 million and is expected to create 80 jobs by next year.

Cleveland

The Coca-Cola Co. has requested a payment-in-lieu of taxes arrangement from the city of Cleveland in order to expand its Bradley County facility to the tune of roughly $17 million.

Knoxville

AC Entertainment, co-creator of the Bonnaroo Music and Arts Festival, acquired Nashville-based concert promotion company Great Big Shows. The first major Nashville event to be announced under the new venture is a co-headliner concert featuring the Allman Brothers Band and Widespread Panic at Riverfront Park on Oct. 14.

Chattanooga

Massachusetts-based Dunkin' Donuts signed a multi-unit store development agreement with Bluemont Group LLC to develop 21 franchise units in the Chattanooga area. Dave Baumgartner, former senior vice president of Anderson Media, is leading the new venture.

Volkswagen Group of America awarded a $147 million contract to M-Tek Inc. of Manchester, Tenn., to provide interior door panels for a new Volkswagen midsize sedan scheduled to begin production in early 2011.

Chattanooga placed second in the 2009 Top 25 Mid-Size Cities for Art, according to the results of AmericanStyle magazine’s “Top 25 Arts Destinations” poll.

Lexington

Industrial generator manufacturer Leroy-Somer, a division of St. Louis-based Emerson, laid off 200 of its almost 900 employees at its Henderson County plant. Henderson County's unemployment rate stood at 15.3 percent in February.

— www.businesstn.com