We report the analysis of deep radio observations of the interacting galaxy system M51 from the Very Large Array , with the goal of understanding the nature of the population of compact radio sources in nearby spiral galaxies . We detect 107 compact radio sources , 64 \% of which have optical counterparts in a deep H \alpha Hubble Space Telescope image . Thirteen of the radio sources have X-ray counterparts from a Chandra observation of M51 . We find that six of the associated H \alpha sources are young supernova remnants with resolved shells . Most of the SNRs exhibit steep radio continuum spectral indices consistent with synchrotron emission . We detect emission from the Type Ic SN 1994I nearly a decade after explosion : the emission ( 160 \pm 22 ~ { } \mu Jy beam ^ { -1 } at 20 cm , 46 \pm 11 ~ { } \mu Jy beam ^ { -1 } at 6cm , \alpha = -1.02 \pm 0.28 ) is consistent with light curve models for Type Ib/Ic supernovae . We detect X-ray emission from the supernova , however no optical counterpart is present . We report on the analysis of the Seyfert 2 nucleus in this galaxy , including the evidence for bipolar outflows from the central black hole .