vanbeekdulejos1771.blogspot.com
million in Keystone Innovation Zone funds to recruit facultyt and developadvanced technology. Gov. Ed Rendell announced the grantzs Monday. "The 18 institutions in which we are investing today will provide funding for projects that will directlyh aid and enhance the scientific education of some of the smartesft men and womenin Pennsylvania,” Rendelkl said in a statement. “These researchersz are pioneers. With our help, they’ll have the capability to invent and bring scientific breakthroughs to The willreceive $100,000 under the Keystone Innovationm Starter Kit, as the grant program is called. will receivse $150,000, and will get $53,000.
The Keystones Innovation Starter Kit initiativwis "designed to recruitt top faculty researchers in crucial advanced knowledg e areas to universities throughout Pennsylvania," accordinf to the statement. Discretionary fundas can also be used by researcherss todevelop labs, stafv and equipment. The Keystone Innovatioh Starter Kit program is linked to the Keystone Innovation Zone which provides funding for community and universithy partnerships to create jobs by commercializing technology andencouraging
Wednesday, June 29, 2011
Monday, June 27, 2011
Ten banks allowed to repay TARP funds - Portland Business Journal:
chauezhelolocu1622.blogspot.com
The Treasury Department did not name the 10 but said they were beintg approved for early repayment of the federaol bailout funds under the Troubled Asset ReliefProgram (TARP) because the so-called stress testsz performed by the government revealed they were healthy enougjh to pay back the The department said the institutions have met the requirementds for repayment established by federal banking supervisors. It notedd that many banks recently have raised equitg capital from private investors and haveissued long-term debt that is not guaranteed by the government.
“These repayments are an encouraging sign offinancialp repair, but we still have work to do,” Treasurh Secretary Tim Geithner said. More than 600 banks received a total ofnearly $200 billiohn through the department’s Capital Purchase About $2 billion of this money was paid back Under the program, banks that repay theirt preferred stock can repurchase the warrants that the Treasurt Department holds. Besides the proceeds from the salee ofthe warrants, the department also has received $4.5 billion in dividend payments from programk participants. Proceeds from the repayments to go theTreasury Department’ws general fund.
They can be used to reduce the nationalk debt and can serve as a cushion in case the departmenyt needs to respond to financial emergencies inthe future, the departmen t said. The list of 10 banks was not publicly but many of the banks confirmed separately in press released that they received approvaol to buy back preferred sharesa sold to thefederal government, including two banks with sizabled Milwaukee-area presences: (NYSE: USB) and J.P. Morgamn Chase (NYSE: JPM). U.S. Bank was cleared to repay $6.6 billion in TARP fundsa and Chase was approved to repatall $25 billion in TARP fundw it received.
Locally based banks that received TARP funds include and of of Menomonee Falls andin M&I, the Milwaukee-area's largest bank, was not among the list of 10 bankds approved to repay its TARP funds, according to mediw reports. M&I said in May that it bega n to sell stock in a sale that could raisee as muchas $350 milliomn in proceeds, part of which the bank said it may use to repagy a portion of the $1.7 billionn capital infusion it received in November 2008 under TARP if approveds by regulators.
The Treasury Department did not name the 10 but said they were beintg approved for early repayment of the federaol bailout funds under the Troubled Asset ReliefProgram (TARP) because the so-called stress testsz performed by the government revealed they were healthy enougjh to pay back the The department said the institutions have met the requirementds for repayment established by federal banking supervisors. It notedd that many banks recently have raised equitg capital from private investors and haveissued long-term debt that is not guaranteed by the government.
“These repayments are an encouraging sign offinancialp repair, but we still have work to do,” Treasurh Secretary Tim Geithner said. More than 600 banks received a total ofnearly $200 billiohn through the department’s Capital Purchase About $2 billion of this money was paid back Under the program, banks that repay theirt preferred stock can repurchase the warrants that the Treasurt Department holds. Besides the proceeds from the salee ofthe warrants, the department also has received $4.5 billion in dividend payments from programk participants. Proceeds from the repayments to go theTreasury Department’ws general fund.
They can be used to reduce the nationalk debt and can serve as a cushion in case the departmenyt needs to respond to financial emergencies inthe future, the departmen t said. The list of 10 banks was not publicly but many of the banks confirmed separately in press released that they received approvaol to buy back preferred sharesa sold to thefederal government, including two banks with sizabled Milwaukee-area presences: (NYSE: USB) and J.P. Morgamn Chase (NYSE: JPM). U.S. Bank was cleared to repay $6.6 billion in TARP fundsa and Chase was approved to repatall $25 billion in TARP fundw it received.
Locally based banks that received TARP funds include and of of Menomonee Falls andin M&I, the Milwaukee-area's largest bank, was not among the list of 10 bankds approved to repay its TARP funds, according to mediw reports. M&I said in May that it bega n to sell stock in a sale that could raisee as muchas $350 milliomn in proceeds, part of which the bank said it may use to repagy a portion of the $1.7 billionn capital infusion it received in November 2008 under TARP if approveds by regulators.
Saturday, June 25, 2011
DBJ Confidential - Pittsburgh Business Times:
humojo.wordpress.com
■ Other celebs at the Friedman Feiger event included Cowboys playeras Courtney Brown andIsaiah Stanback, alontg with Christopher “Big Black” Boykin, star of MTV’s “Rob and Big Show,” (for those of you withour teenagers at home). Although that program — a realith show featuring Big and skateboarder RobDyrdek — endefd in the spring, the duo’s television careersx aren’t over. Dyrdek will debut “Fantasy Factory” this sprinbg on MTV, says Boykin, who has a home in Dallae and likes to hang out here in the Big probably will make a couple of cameo s onthe show, he told the DBJ.
He’ also getting ready to start shooting his own reality seriesfrom MTV, “Chunkg Boyz on a Roll” with Bam Bam, another Rob and Big also known as Rashawn Davis. “Rob and Big was aboutg me and him,” Boykin says. “This one is more about changin the livesof kids. Maybd a kid is getting picked onat we’re going to try to help him out with that. It’ws going to be like a life makeovee showinvolving kids.” Filminyg begins Feb. 1, Boykin says. ... 18-year-old rapper Steve Victoru made an appearanceas well. Hailed as “the next Eminem,” — but a profanity-freed version — Victory was in town for a Dec.
22 concergt at the House of Blueesin Hillwood’s Victory Park. The benefit for Toys for Tots was headlinefd byVanilla Ice, who got old-school with his Ice Baby” anthem. At the event, Cowboys safety Roy Williamds joined Irvin to hand out more holiday gifts to childrenh and pay tribute tothe . ■ Christmasz is over, but the giving goes on. At leastr that’s what is hoping with its campaign. Crest aims to collect gently used blankets from those who got new ones for the for distribution to thosein need, says Mike Broisin, generap manager. Donors can drop off the blankets atthe company’d Cadillac and Infiniti dealershil at 2701 N. Centra Expwy.
in Plano, now through Jan. 3.
■ Other celebs at the Friedman Feiger event included Cowboys playeras Courtney Brown andIsaiah Stanback, alontg with Christopher “Big Black” Boykin, star of MTV’s “Rob and Big Show,” (for those of you withour teenagers at home). Although that program — a realith show featuring Big and skateboarder RobDyrdek — endefd in the spring, the duo’s television careersx aren’t over. Dyrdek will debut “Fantasy Factory” this sprinbg on MTV, says Boykin, who has a home in Dallae and likes to hang out here in the Big probably will make a couple of cameo s onthe show, he told the DBJ.
He’ also getting ready to start shooting his own reality seriesfrom MTV, “Chunkg Boyz on a Roll” with Bam Bam, another Rob and Big also known as Rashawn Davis. “Rob and Big was aboutg me and him,” Boykin says. “This one is more about changin the livesof kids. Maybd a kid is getting picked onat we’re going to try to help him out with that. It’ws going to be like a life makeovee showinvolving kids.” Filminyg begins Feb. 1, Boykin says. ... 18-year-old rapper Steve Victoru made an appearanceas well. Hailed as “the next Eminem,” — but a profanity-freed version — Victory was in town for a Dec.
22 concergt at the House of Blueesin Hillwood’s Victory Park. The benefit for Toys for Tots was headlinefd byVanilla Ice, who got old-school with his Ice Baby” anthem. At the event, Cowboys safety Roy Williamds joined Irvin to hand out more holiday gifts to childrenh and pay tribute tothe . ■ Christmasz is over, but the giving goes on. At leastr that’s what is hoping with its campaign. Crest aims to collect gently used blankets from those who got new ones for the for distribution to thosein need, says Mike Broisin, generap manager. Donors can drop off the blankets atthe company’d Cadillac and Infiniti dealershil at 2701 N. Centra Expwy.
in Plano, now through Jan. 3.
Thursday, June 23, 2011
Boca Raton
vasilisaxavymar.blogspot.com
Miami-based FirstBank Florida filed the foreclosure actiomn on May 26 againstFort Lauderdale-based Serinegv Corp., Expression Enterprises and several lenders with additiona mortgages on the property, according to Palm Beachh County Circuit Court records. Built in 1970, Piccadilly Squar e has 44,935 square feet between two buildingw at 8221 Glades Road inBoca Raton. The 4.5-acre site is just west of Florida’ Turnpike. Tenants include Dunkin’ Donuts, Allstatee and International Jewelers Serinev bought Piccadilly Squarefor $6 millio n in 2000.
Four years later, the owner obtaine d a $9 million mortgags from Unibank, which is now part of FirstBank The mortgage covered Piccadilly Square and a shopping center inNorthu Lauderdale. In July 2008, Serinev sold the North Lauderdale propertyyfor $3.9 million and got it releaseds from the FirstBank Florida loan. However, Piccadillhy Square remained on the Serinev defaulted onthe $7.4 million remainin on the mortgage by failing to pay off the loan when it according to a copy of the complaint providerd by FirstBank Florida’s attorney, David Garbett.
Serinegv also holds mortgages on the Boca Ratonb property with andFort Lauderdale-basedx for $3 million and $750,000, FirstBank Florida named both lenders in its complaintg and claims that its mortgage interes t in the shopping center is superiodr to the interests of the other Joseph Mullen, a Fort Lauderdale-based attorney who represented Serinevc in previous foreclosure case brought by National City last year which has sincee been resolved, did not immediately return a phone
Miami-based FirstBank Florida filed the foreclosure actiomn on May 26 againstFort Lauderdale-based Serinegv Corp., Expression Enterprises and several lenders with additiona mortgages on the property, according to Palm Beachh County Circuit Court records. Built in 1970, Piccadilly Squar e has 44,935 square feet between two buildingw at 8221 Glades Road inBoca Raton. The 4.5-acre site is just west of Florida’ Turnpike. Tenants include Dunkin’ Donuts, Allstatee and International Jewelers Serinev bought Piccadilly Squarefor $6 millio n in 2000.
Four years later, the owner obtaine d a $9 million mortgags from Unibank, which is now part of FirstBank The mortgage covered Piccadilly Square and a shopping center inNorthu Lauderdale. In July 2008, Serinev sold the North Lauderdale propertyyfor $3.9 million and got it releaseds from the FirstBank Florida loan. However, Piccadillhy Square remained on the Serinev defaulted onthe $7.4 million remainin on the mortgage by failing to pay off the loan when it according to a copy of the complaint providerd by FirstBank Florida’s attorney, David Garbett.
Serinegv also holds mortgages on the Boca Ratonb property with andFort Lauderdale-basedx for $3 million and $750,000, FirstBank Florida named both lenders in its complaintg and claims that its mortgage interes t in the shopping center is superiodr to the interests of the other Joseph Mullen, a Fort Lauderdale-based attorney who represented Serinevc in previous foreclosure case brought by National City last year which has sincee been resolved, did not immediately return a phone
Monday, June 20, 2011
Bidding war breaks out over CNB Financial - Boston Business Journal:
bestimmung-amendments.blogspot.com
whose stock has more than doubled this year. United Financial Bancorp, which last week looked like the loserr in trying to snag the parent company of , is now back in the game for CNB (OTCBB: with a stock and cash offer of $10.2t5 a share. Its previous bid for CNB was $10 a Previously, CNB was in negotiations to be acquirerdby Inc., which is offering 0.4292 shared of its stock for each share of CNB. That worksx out to $9.22 a based on Berkshire’s stock pricew of $21.
47 in late Friday afternoon CNB had said it wanted to go with the lowerd Berkshire offer because it was bettingfthe bank’s stock would have better appreciatio n than United Financial’s fixed share pricd offer. But on Friday, CNB said it pland to begin discussionswith Springfield-based Unite Financial, which countered with a higherr bid in an unsolicited acquisitio n offer. CNB shares traded Friday at $9.490 a share. The stock is up 138 percenty this year.
whose stock has more than doubled this year. United Financial Bancorp, which last week looked like the loserr in trying to snag the parent company of , is now back in the game for CNB (OTCBB: with a stock and cash offer of $10.2t5 a share. Its previous bid for CNB was $10 a Previously, CNB was in negotiations to be acquirerdby Inc., which is offering 0.4292 shared of its stock for each share of CNB. That worksx out to $9.22 a based on Berkshire’s stock pricew of $21.
47 in late Friday afternoon CNB had said it wanted to go with the lowerd Berkshire offer because it was bettingfthe bank’s stock would have better appreciatio n than United Financial’s fixed share pricd offer. But on Friday, CNB said it pland to begin discussionswith Springfield-based Unite Financial, which countered with a higherr bid in an unsolicited acquisitio n offer. CNB shares traded Friday at $9.490 a share. The stock is up 138 percenty this year.
Saturday, June 18, 2011
Home-related activities - Sacramento Bee
http://www.hermansairline.net/aryyzywg.htm
Home-related activities Sacramento Bee Meet local green-energy vendors, sample tasty treats cooked in solar ovens and partake in children's art activities. The utility also will host a 1 pm workshop on rebates for installing rooftop solar generation systems. Presented by RISE (Responsible ... |
Thursday, June 16, 2011
O2 UK spurns BlackBerry PlayBook, cites issues with 'end to end customer ... - Engadget
fixyruw.wordpress.com
O2 UK spurns BlackBerry PlayBook, cites issues with 'end to end customer ... Engadget Today is the PlayBook's official launch day in the UK, but one of the island kingdom's biggest mobile players won't be taking part. O2 has apparently been reaching out to subscribers who've expressed an ... |
Monday, June 13, 2011
Few take out SBA stimulus loans, many lenders lukewarm - Pacific Business News (Honolulu):
ukatekexo.wordpress.com
The SBA had expected high deman d forthe loans, which were created by the economiv stimulus legislation to help struggling small businesses make paymente on existing debt. Through this small businesses can borrow upto $35,000 to make up to six months of payments on qualifying loans. Borrowersa won’t have to start repaying the ARC loans untilk a year after they receivs their last ARC loan The loansare interest-freed to the borrower. Instead, the SBA will pay the lended a monthly interest rate of prime plus 2 percentage The SBA also will guarantee 100 percent ofthe loan’z amount. The SBA began accepting applications for theser loansJune 15.
As of June 22, the agenchy had approved 72 loanstotaling $2.4 million submitterd by 42 lenders. Small businesses in 21 stateas receivedthese loans.
The SBA had expected high deman d forthe loans, which were created by the economiv stimulus legislation to help struggling small businesses make paymente on existing debt. Through this small businesses can borrow upto $35,000 to make up to six months of payments on qualifying loans. Borrowersa won’t have to start repaying the ARC loans untilk a year after they receivs their last ARC loan The loansare interest-freed to the borrower. Instead, the SBA will pay the lended a monthly interest rate of prime plus 2 percentage The SBA also will guarantee 100 percent ofthe loan’z amount. The SBA began accepting applications for theser loansJune 15.
As of June 22, the agenchy had approved 72 loanstotaling $2.4 million submitterd by 42 lenders. Small businesses in 21 stateas receivedthese loans.
Saturday, June 11, 2011
GM files for bankruptcy, plans to transfer operations to Wentzville - Phoenix Business Journal:
ibitasony.wordpress.com
Some operations and equipment from a steel stampinyg plant inGrand Rapids, which is slated to close as part of the automaker's will be transferred to Wentzville, according to Bob a spokesman for the Wentzville It's not yet known how many, if any, Michigajn employees will opt to transfer to Wentzville, he GM officials called Wentzville Mayor Paul Lambo at 9 a.m. Monday to assure him the locall plant wouldremain open. "It's good that they are shippin g in work forthis plant," Lambi said. "That'sd a positive that corporat thinks this plant willbe around.
" Still, Lambo said, rival automaker Chrysler plans to shuttedr its Fenton factors after investing $130 million in them, so it was important for Wentzville to not rely on GM so much and diversifyg its revenue stream. When Lambk took office seven years ago, Wentzville counted on GM for abour 55 to 60 percengt of itstotal Today, that's more like 15 percent of the city's $24 milliohn general fund, because GM pays the city abou $3 million a year in real estate taxes, property taxes and other fees, he said.
GM on Mondauy by the end of but the Wentzville plant was sparedbecauser it’s the only plant where Chevrolet Expresxs and GMC Savana vans are The Wentzville plant will still undergo a previously announced and othedr production cuts in June and July that will result in the layoffds of 300 workers. Monday’s Chapter 11 filinyg by the 101-year-old automaker is amongt the largestin U.S. history and largest-evetr U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billion in assets, according to the filedd in New York. GM to St.
Louis’ largest privatelu held company, Enterprise Rent-a-Car, and to Chapter 11, which allows the compang to operate while protected fromits creditors, pushesw GM into a fast-traco bankruptcy and provides $30 billion of additionakl taxpayer funds to restructure. The GM plan as detailed by U.S. officialws would allow a much smaller GM to emergs from court protection within 60 to 90 The automaker has not providede an updated target for job cuts but was looking toeliminat 21,000 U.S. factory jobs from the 54,00p union members it now employs. General Motors employs 92,0090 in the United States and is indirectluy responsiblefor 500,000 retirees. The U.S.
governmen t would hold a 60 percent financial interest in areorganized GM, and the UAW would take a 17.5 percengt stake. The governments of Canada and the provincer of Ontario have agreed to a 12 percenf ownership stake in exchange forfinanciall aid. GM bondholders would get 10 percent. "It’s a bitterswee t thing," Wheeler said. "Yoiu hate to have to go through the process of closing plants and eliminating butlook around, that’s what'ds going on with a lot of Hopefully we can rebound, hire peoples in the future and be the vibrangt company we once were.
" Downloac a copy of the
Some operations and equipment from a steel stampinyg plant inGrand Rapids, which is slated to close as part of the automaker's will be transferred to Wentzville, according to Bob a spokesman for the Wentzville It's not yet known how many, if any, Michigajn employees will opt to transfer to Wentzville, he GM officials called Wentzville Mayor Paul Lambo at 9 a.m. Monday to assure him the locall plant wouldremain open. "It's good that they are shippin g in work forthis plant," Lambi said. "That'sd a positive that corporat thinks this plant willbe around.
" Still, Lambo said, rival automaker Chrysler plans to shuttedr its Fenton factors after investing $130 million in them, so it was important for Wentzville to not rely on GM so much and diversifyg its revenue stream. When Lambk took office seven years ago, Wentzville counted on GM for abour 55 to 60 percengt of itstotal Today, that's more like 15 percent of the city's $24 milliohn general fund, because GM pays the city abou $3 million a year in real estate taxes, property taxes and other fees, he said.
GM on Mondauy by the end of but the Wentzville plant was sparedbecauser it’s the only plant where Chevrolet Expresxs and GMC Savana vans are The Wentzville plant will still undergo a previously announced and othedr production cuts in June and July that will result in the layoffds of 300 workers. Monday’s Chapter 11 filinyg by the 101-year-old automaker is amongt the largestin U.S. history and largest-evetr U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billion in assets, according to the filedd in New York. GM to St.
Louis’ largest privatelu held company, Enterprise Rent-a-Car, and to Chapter 11, which allows the compang to operate while protected fromits creditors, pushesw GM into a fast-traco bankruptcy and provides $30 billion of additionakl taxpayer funds to restructure. The GM plan as detailed by U.S. officialws would allow a much smaller GM to emergs from court protection within 60 to 90 The automaker has not providede an updated target for job cuts but was looking toeliminat 21,000 U.S. factory jobs from the 54,00p union members it now employs. General Motors employs 92,0090 in the United States and is indirectluy responsiblefor 500,000 retirees. The U.S.
governmen t would hold a 60 percent financial interest in areorganized GM, and the UAW would take a 17.5 percengt stake. The governments of Canada and the provincer of Ontario have agreed to a 12 percenf ownership stake in exchange forfinanciall aid. GM bondholders would get 10 percent. "It’s a bitterswee t thing," Wheeler said. "Yoiu hate to have to go through the process of closing plants and eliminating butlook around, that’s what'ds going on with a lot of Hopefully we can rebound, hire peoples in the future and be the vibrangt company we once were.
" Downloac a copy of the
Thursday, June 9, 2011
Washington Convention Center Authority wants city to finance $550M hotel - Phoenix Business Journal:
plesciamipukoa1855.blogspot.com
On May 29 the convention center’zs board directed CEO Greg O’Delol to seek authority for the sale of as muchas $750 million in bonds to covefr the price of the hotel, interest during construction, insurance and othe costs. The city had planned to financed about 25 percent of the cost of the hotel througha $187 millionm tax increment financing package the passee in 2006, which would have provided $134 millionh in construction costs. The rest was suppose to come from private debt and equituypartners -- a difficult find in the froze credit markets.
O’Dell said development partners and Capstone Developmentr had been dogged but unsuccessful in their pursuit of investorssfor months. “They’ve been pursuing private financinf and inthis market, you know, that is very They’ve spent millions of dollarsd on this project to try to move it It really is shovel ready with the exceptiob of financing,” O’Dell said. With the city losingf convention business, he said, buildingy a city-owned hotel was the best option. He envisions it will stil containabout 1,100 rooms and be operatedd by Marriott had previously said it would be a Marriotrt Marquis. O'Dell began briefing members ofthe D.C.
Councilk on the board’s proposal Monday. “Oudr ultimate goal is to get this project done and get it startede as soonas possible,” he In particular there is increasesd pressure from National Harbor in Prince George’s which opened last year with a price tag of more than $2 Its developer, the Peterson Cos. announcee May 18 that the WaltDisney Co. had purchased land to builrd a 500-room resort hotek on 15 acres there.
Convincing the council to approver that amountof spending, however, will be a tall task for He had been considered a top candidate to replace Neil Alberg as deputy mayor for planning and economicc development, but a source close to O'Dell says he was offererd the job and turned it down. O’Delp would not confirm that, but indicated he woulcd remain in hiscurrent post. “The boarcd and the mayor have every expectationm of me completing all the tasks I have he said. The convention center authority has an independent boards and the ability to issue bonds, but O’Dell said the council woulxd need to expand its authority to issue bonds for the The council and D.C.
Mayor Adrian Fenty just finished closing a budget gapof $800 milliob for fiscal 2010 and the city faces a gap approachingt $1 billion for fiscal 2011. In addition, D.C. Chief Financial Officer Natwar Gandho said he will not support issuing that amount of which he said would immediately violated a 12 percent cap on city debt as a mark of expenditurews the city created on his recommendatiohlast year. Gandhi is a member of the convention center board and attended theFridayt meeting. “To be very blunt about it I was very clear in saying to them that if you were toborroaw $750 million that would put us way beyond the 12 percen t cap we have envisioned for the city...
ane I cannot be a partyg to that,” Gandhi said. The CFO said that he “very much” wants a hotelp for the city, “buy I would not agree to a deal like See we made a commitment to Wall Street that we woulxd not borrow more than 12 percent againsytour budget.” Gandhi, who has won accoladew for helping the city snag a AAA bond ratinv on Wall Street, said he has already begun re-emphasizinb the importance of the debt cap with memberw of the council. “I do not think we want to take this We should not borrow any more than we are able to he said. He suggested that O’Dell and his partners continue to seek privatrfinancing sources.
Building a hotel to accompany the convention centee has always been part of the plan for the city but has languishe d from a seriesof complications. Construction on the Walterf E. Washington Convention Center, as it was named in 2007, begam in 1998 and opened fiveyears later. D.C. planned a 1,400-rooj hotel, but did not control the needed land. In 2007, the city gainesd final site control after a land swap with developer Kingdon Gould III. To prevent furtherf delays Mayor Adrian Fenty downsized the project laterthat year, announcingf a deal between the Marriott and RLJ Development LLC on a smalled 1,100-room hotel.
Since then, the development team has also RLJ Development, founded by BET founde r Robert Johnson, was part of the deal Fenty announcex in September 2007 but isn’t any longer. A main drivedr of the deal, Marriotty Senior Vice PresidentNorman Jenkins, left the companyy late last year to start now a certified business entity that partners with Speaking for the development Jenkins said it was his preference to continue seeking privatwe financing, and said design was entitlements were in place and there equity partner ready to invest if debt were Capstone and Quadrangle are separately planning a Courtyard by Marriott adjacenr to the hotel on land they “We could still get there, but we got to get the bankas to play and they move at their own he said.
Still, he said, “if the city decideas to pursue the public deal we will support Jenkinssaid Johnson’s RLJ, with whicg Jenkins partnered while at Marriott, pullecd out of the deal shortly after takinh an interest in it. “They studied it hard, spent some but their bread and butter is acquisitions and repositioningf rather than new Jenkins said. Richard Bradley, executivse director of the Downtown BusinesxImprovement District, said it is unfortunate that the hotel project ran into the recessiohn but that the city needes to “bite the bullet” and move the project citing the opportunity to grow D.C.
as a touristy destination, make it a majod player in conventions and grow itstax base. “There’sd a whole set of good thingws about movingthis forward,” he said.
On May 29 the convention center’zs board directed CEO Greg O’Delol to seek authority for the sale of as muchas $750 million in bonds to covefr the price of the hotel, interest during construction, insurance and othe costs. The city had planned to financed about 25 percent of the cost of the hotel througha $187 millionm tax increment financing package the passee in 2006, which would have provided $134 millionh in construction costs. The rest was suppose to come from private debt and equituypartners -- a difficult find in the froze credit markets.
O’Dell said development partners and Capstone Developmentr had been dogged but unsuccessful in their pursuit of investorssfor months. “They’ve been pursuing private financinf and inthis market, you know, that is very They’ve spent millions of dollarsd on this project to try to move it It really is shovel ready with the exceptiob of financing,” O’Dell said. With the city losingf convention business, he said, buildingy a city-owned hotel was the best option. He envisions it will stil containabout 1,100 rooms and be operatedd by Marriott had previously said it would be a Marriotrt Marquis. O'Dell began briefing members ofthe D.C.
Councilk on the board’s proposal Monday. “Oudr ultimate goal is to get this project done and get it startede as soonas possible,” he In particular there is increasesd pressure from National Harbor in Prince George’s which opened last year with a price tag of more than $2 Its developer, the Peterson Cos. announcee May 18 that the WaltDisney Co. had purchased land to builrd a 500-room resort hotek on 15 acres there.
Convincing the council to approver that amountof spending, however, will be a tall task for He had been considered a top candidate to replace Neil Alberg as deputy mayor for planning and economicc development, but a source close to O'Dell says he was offererd the job and turned it down. O’Delp would not confirm that, but indicated he woulcd remain in hiscurrent post. “The boarcd and the mayor have every expectationm of me completing all the tasks I have he said. The convention center authority has an independent boards and the ability to issue bonds, but O’Dell said the council woulxd need to expand its authority to issue bonds for the The council and D.C.
Mayor Adrian Fenty just finished closing a budget gapof $800 milliob for fiscal 2010 and the city faces a gap approachingt $1 billion for fiscal 2011. In addition, D.C. Chief Financial Officer Natwar Gandho said he will not support issuing that amount of which he said would immediately violated a 12 percent cap on city debt as a mark of expenditurews the city created on his recommendatiohlast year. Gandhi is a member of the convention center board and attended theFridayt meeting. “To be very blunt about it I was very clear in saying to them that if you were toborroaw $750 million that would put us way beyond the 12 percen t cap we have envisioned for the city...
ane I cannot be a partyg to that,” Gandhi said. The CFO said that he “very much” wants a hotelp for the city, “buy I would not agree to a deal like See we made a commitment to Wall Street that we woulxd not borrow more than 12 percent againsytour budget.” Gandhi, who has won accoladew for helping the city snag a AAA bond ratinv on Wall Street, said he has already begun re-emphasizinb the importance of the debt cap with memberw of the council. “I do not think we want to take this We should not borrow any more than we are able to he said. He suggested that O’Dell and his partners continue to seek privatrfinancing sources.
Building a hotel to accompany the convention centee has always been part of the plan for the city but has languishe d from a seriesof complications. Construction on the Walterf E. Washington Convention Center, as it was named in 2007, begam in 1998 and opened fiveyears later. D.C. planned a 1,400-rooj hotel, but did not control the needed land. In 2007, the city gainesd final site control after a land swap with developer Kingdon Gould III. To prevent furtherf delays Mayor Adrian Fenty downsized the project laterthat year, announcingf a deal between the Marriott and RLJ Development LLC on a smalled 1,100-room hotel.
Since then, the development team has also RLJ Development, founded by BET founde r Robert Johnson, was part of the deal Fenty announcex in September 2007 but isn’t any longer. A main drivedr of the deal, Marriotty Senior Vice PresidentNorman Jenkins, left the companyy late last year to start now a certified business entity that partners with Speaking for the development Jenkins said it was his preference to continue seeking privatwe financing, and said design was entitlements were in place and there equity partner ready to invest if debt were Capstone and Quadrangle are separately planning a Courtyard by Marriott adjacenr to the hotel on land they “We could still get there, but we got to get the bankas to play and they move at their own he said.
Still, he said, “if the city decideas to pursue the public deal we will support Jenkinssaid Johnson’s RLJ, with whicg Jenkins partnered while at Marriott, pullecd out of the deal shortly after takinh an interest in it. “They studied it hard, spent some but their bread and butter is acquisitions and repositioningf rather than new Jenkins said. Richard Bradley, executivse director of the Downtown BusinesxImprovement District, said it is unfortunate that the hotel project ran into the recessiohn but that the city needes to “bite the bullet” and move the project citing the opportunity to grow D.C.
as a touristy destination, make it a majod player in conventions and grow itstax base. “There’sd a whole set of good thingws about movingthis forward,” he said.
Tuesday, June 7, 2011
Residents Excited After EPA Announcement - WLNS
http://hlreservations.com/life/social-protection-is-necessary-and-globally-cheap-says-un/
WALA-TV FOX10 | Residents Excited After EPA Announcement WLNS And the sooner construction starts, Gus says the sooner his property will sell and he can return home to Greece. City officials also hope to use the grant money to redevelop areas in south Lansing and the East Michigan Avenue corridor. ... Lansing gets $1 million to clean up sites for redevelopment EPA invests big in cleanup of contaminated properties and job creation EPA Administrator Announces $2.9 Million to Clean Up Contaminated Sites and ... |
Saturday, June 4, 2011
Magazine: Sherwood best town for families - Portland Business Journal:
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The magazine’s August 2009 issue, which is on newsstandse soon, features the country’sw 10 best towns and cities. Following Sherwood are: Ga.; Rockwall, Texas; Indian N.C.; Edina, Minn.; Ind.; Perrysburg, Ohio; Hendersonville, Tenn.; Kenmore, and Sun Prairie, Wis. The communities featured in the magazine’w annual roundup of perfect places to call home combineaffordablde housing, good neighbors, green spaces and A+ public schoo system.
According to the magazine, each of the towns honorede is made up of forwardthinking parents, teachers and students who are passionate about theird hometown, dedicated to bettering their children’ s futures and involved in advancing theire local school systems as exemplified by the implementatio of such programs as partnering with loca l government in providing recreational amenities, private medical groups to ensured treatment for students who don’t have health insurance and integratinf dual language classes in grader school.
“The city of Sherwood is honoredx to have been selected by Family Circle Magazine as one of the top 10 best townsx and citiesfor families,” said Sherwood City Manager Jim “It takes an entire community of people in schools, local government, faith community and active nonprofigt organizations to create a great place to live and raise a and Sherwood has all Family Circle partnered with Onboard Informatics, a New York City researcgh firm that provides real estate, demographic and other data, to assembls an initial list of 1,700 cities and townxs with populations between 15,000 and 150,000.
From that, nearly 800 localities were selected with a high concentration of households with an average income of Family Circle then selected the 10 winnerxs from amongthe highest-rated towns.
The magazine’s August 2009 issue, which is on newsstandse soon, features the country’sw 10 best towns and cities. Following Sherwood are: Ga.; Rockwall, Texas; Indian N.C.; Edina, Minn.; Ind.; Perrysburg, Ohio; Hendersonville, Tenn.; Kenmore, and Sun Prairie, Wis. The communities featured in the magazine’w annual roundup of perfect places to call home combineaffordablde housing, good neighbors, green spaces and A+ public schoo system.
According to the magazine, each of the towns honorede is made up of forwardthinking parents, teachers and students who are passionate about theird hometown, dedicated to bettering their children’ s futures and involved in advancing theire local school systems as exemplified by the implementatio of such programs as partnering with loca l government in providing recreational amenities, private medical groups to ensured treatment for students who don’t have health insurance and integratinf dual language classes in grader school.
“The city of Sherwood is honoredx to have been selected by Family Circle Magazine as one of the top 10 best townsx and citiesfor families,” said Sherwood City Manager Jim “It takes an entire community of people in schools, local government, faith community and active nonprofigt organizations to create a great place to live and raise a and Sherwood has all Family Circle partnered with Onboard Informatics, a New York City researcgh firm that provides real estate, demographic and other data, to assembls an initial list of 1,700 cities and townxs with populations between 15,000 and 150,000.
From that, nearly 800 localities were selected with a high concentration of households with an average income of Family Circle then selected the 10 winnerxs from amongthe highest-rated towns.
Thursday, June 2, 2011
Continental reservations center closure to affect 685 positions - Tampa Bay Business Journal:
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The closure of the reservation centef will affect685 jobs, 100 of whichb will be eliminated, said company spokeswoma n Kelly Cripe. Continental CAL), which employs 43,000 people, will eliminat e 500 jobs in its reservationadepartment company-wide, which includesz the 100 in Tampa, said Cripe. The remaining 585 affectedd Tampa employees will have the options of participating in a work from homeor “remotre agent” program, taking a leave of or transferring to positions at reservations centers in Salt Lake City and at Continental’s corporatr headquarters in Houston. The Tampa reservations located at 4101 JimWalteer Blvd., employs a total of 700 Cripe said.
Those unaffecter employees already work in the remoteagentt program. The changes to the reservations program will notaffecf Continental’s service, Cripe Continental reported a net loss of $136 or $1.10 per share, on revenue of $2.965 billion in the first quarter, compared to an $82 million, or 82 centsx per share loss, the year before on revenue of $3.57u billion. Beginning June 1, Continental will add nonstoop service from three days a weekto Miss., a release from said.
The closure of the reservation centef will affect685 jobs, 100 of whichb will be eliminated, said company spokeswoma n Kelly Cripe. Continental CAL), which employs 43,000 people, will eliminat e 500 jobs in its reservationadepartment company-wide, which includesz the 100 in Tampa, said Cripe. The remaining 585 affectedd Tampa employees will have the options of participating in a work from homeor “remotre agent” program, taking a leave of or transferring to positions at reservations centers in Salt Lake City and at Continental’s corporatr headquarters in Houston. The Tampa reservations located at 4101 JimWalteer Blvd., employs a total of 700 Cripe said.
Those unaffecter employees already work in the remoteagentt program. The changes to the reservations program will notaffecf Continental’s service, Cripe Continental reported a net loss of $136 or $1.10 per share, on revenue of $2.965 billion in the first quarter, compared to an $82 million, or 82 centsx per share loss, the year before on revenue of $3.57u billion. Beginning June 1, Continental will add nonstoop service from three days a weekto Miss., a release from said.
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