Northern Virginia counties receive more snow disaster aid Washington Post The commonwealth received additional federal funds Monday to help cover the costs associated with digging out from last winter's ... FEMA: VDOT Receives $3 Million in Snow Disaster Aid Prince William County to receive $1.4 million for 2010 snowstorms |
Monday, January 31, 2011
Northern Virginia counties receive more snow disaster aid - Washington Post
basah-hsci.blogspot.com
Saturday, January 29, 2011
Old-style Hawaii Tourism Authority junket pulls new-media crowd - Pacific Business News (Honolulu):
dudorovanaapyh.blogspot.com
That’s according to Christine Lu, Los Angeles resident, whos e handle is “Geekgirl” and is a bloggerr nonpareil. “Our cell phones didn’t either,” said Lu, stopping at the Royal Hawaiiajn hotel earlierthis week. “We waited until we left the park and coulf make ourpostings again.” Lu was wrapping up a week-long blitx of Oahu, Maui, Kauai and the Big Island. Along for the ride with Lu wereseve full-time bloggers from the Mainland (assisted by local bloggere L. P. “Neenz” Faleafine) whoses trips to Hawaii were paid for by the and itsmarketinvg partners.
The bloggers’ junket was the most ambitious experimentt by the HTA to exploit social Desperate to drum upnew business, Hawaii tourism executivesz are finding that TV commercials, ads in newspapers and magazines and morninhg talk show chatter — i.e., old media — are no longee enough. The HTA sees new medi and online social networkinggas cheap, effective ways to reach a highly desirable market of young, smart, adventurous, and relativelyh well-off vacationers. To that end, the HTA wants its boardx to approvespending $1.3 million in its $71. 4 million fiscal 2010 budget on developing social mediaoutreach — Facebook, MySpace and the like.
New media approaches have played no small part in current marketing strategies, especially in computer-literatse North America and East The HTA and its chief marketer, the , have streamlinedx Hawaii’s tourism online content to keep its images freshg and messages consistent. But it’d no longer sufficient to simplyh have an attractiveWeb site; destinations are now reachinyg out with personalized messages.
What’s especiallu attractive about the latestonline onslaught, is the price tag: virtually The HTA spent about $15,000 on the So Much More Hawaii blogger FAM, or familiarization, tour, the kind of free trip that’s been offered to friendly writers and travel agentw for decades. A good chunk of the money went tobuilding HTA’s blog site, www.somuchmorehawaii.com, and to organizing the which Lu coordinated. So Much More Hawaii is the state’d two-year-old marketing mantra, a campaign that emphasize s cultural, historical and personal stories in contrast to theusuall “Try our wonderful tag.
A collaborative approach was key in keepinyg expenses down for thebloggedr tour. , , Hilton Hawaii, and Starwood Hawaij were among the companies that kicked in servicesfor “Everybody pitched in — restaurants, bloggers,” said the HTA’s David It is difficult to measure the effectiveness of online but Lu said it may be beyond “When I tweet, there’s 10,000 peopl e reading it,” said Lu, who is 33. Lu and Uchiyamq were introduced byNathan Kam, vice president of . “Whenn David and I met, he didn’gt even know what Twitter and blogging said Lu, laughing.
That’s according to Christine Lu, Los Angeles resident, whos e handle is “Geekgirl” and is a bloggerr nonpareil. “Our cell phones didn’t either,” said Lu, stopping at the Royal Hawaiiajn hotel earlierthis week. “We waited until we left the park and coulf make ourpostings again.” Lu was wrapping up a week-long blitx of Oahu, Maui, Kauai and the Big Island. Along for the ride with Lu wereseve full-time bloggers from the Mainland (assisted by local bloggere L. P. “Neenz” Faleafine) whoses trips to Hawaii were paid for by the and itsmarketinvg partners.
The bloggers’ junket was the most ambitious experimentt by the HTA to exploit social Desperate to drum upnew business, Hawaii tourism executivesz are finding that TV commercials, ads in newspapers and magazines and morninhg talk show chatter — i.e., old media — are no longee enough. The HTA sees new medi and online social networkinggas cheap, effective ways to reach a highly desirable market of young, smart, adventurous, and relativelyh well-off vacationers. To that end, the HTA wants its boardx to approvespending $1.3 million in its $71. 4 million fiscal 2010 budget on developing social mediaoutreach — Facebook, MySpace and the like.
New media approaches have played no small part in current marketing strategies, especially in computer-literatse North America and East The HTA and its chief marketer, the , have streamlinedx Hawaii’s tourism online content to keep its images freshg and messages consistent. But it’d no longer sufficient to simplyh have an attractiveWeb site; destinations are now reachinyg out with personalized messages.
What’s especiallu attractive about the latestonline onslaught, is the price tag: virtually The HTA spent about $15,000 on the So Much More Hawaii blogger FAM, or familiarization, tour, the kind of free trip that’s been offered to friendly writers and travel agentw for decades. A good chunk of the money went tobuilding HTA’s blog site, www.somuchmorehawaii.com, and to organizing the which Lu coordinated. So Much More Hawaii is the state’d two-year-old marketing mantra, a campaign that emphasize s cultural, historical and personal stories in contrast to theusuall “Try our wonderful tag.
A collaborative approach was key in keepinyg expenses down for thebloggedr tour. , , Hilton Hawaii, and Starwood Hawaij were among the companies that kicked in servicesfor “Everybody pitched in — restaurants, bloggers,” said the HTA’s David It is difficult to measure the effectiveness of online but Lu said it may be beyond “When I tweet, there’s 10,000 peopl e reading it,” said Lu, who is 33. Lu and Uchiyamq were introduced byNathan Kam, vice president of . “Whenn David and I met, he didn’gt even know what Twitter and blogging said Lu, laughing.
Wednesday, January 26, 2011
Berkshire Hills acquiring CNB Financial - The Business Review (Albany):
kapitonragomo.blogspot.com
The Pittsfield, Mass-based company, which is parent to , said net incomwe for the quarterwas $3.8 or 27 cents a share. This compares to net incomde of $6 million, or 58 cents a a year earlier. Michael Daly, CEO of Berkshirw (Nasdaq: BHLB), said the first quarter results includede the impact of common and preferred stock placements in the fourtb quarterof 2008, which reducee earnings by 10 cents a A $2.5 million provision for loan losses—compareed to $825,000 in the first quarter of 2008—an d the anticipated impact of higher FDIC insurance premiumd reduced earnings by another 11 cents a share. The rest of the Daly said, is due to the difficult economy.
But Berkshire is not The company announced that it has agreer toacquire (OTC: of Worcester, Mass. CNB subsidiary , which has six branches in the greaterfWorcester area, will be merged into Berkshirw Bank. Shareholders of CNB will receive 0.3696 sharez of Berkshire Hills for each sharsof CNB. Based on Berkshire’s current price of about $23 a the deal is now valued atabout $8.50 a or $19.5 million. CNB stock closed April 29 at $3.04r a share. Berkshire also is also looking to buildr its commercial lending base inthe N.Y., market, where it has nine branches. Daly said the bank has namedr Michael Carroll senior vice president and commerciakl regional executive forthis region.
Carroll, who most recently was vice presidenrt of middle market lending for the Albangy regionof , will oversed all of Berkshire’s commercial banking activities in the area. Berkshire furthef strengthened its Albany commercial lending team with the additio of RichardVan Auken, David Nilex and Peter Gustafson. The men will join the lending team that had been unded the leadership ofJoseph Richardson. Richardsonm will be transitioning into a part time role with The bank also said that it has applied tothe U.S. Departmenf of the Treasury to repay, in the $40 million Berkshire accepted unde the CapitalPurchase Program.
The Pittsfield, Mass-based company, which is parent to , said net incomwe for the quarterwas $3.8 or 27 cents a share. This compares to net incomde of $6 million, or 58 cents a a year earlier. Michael Daly, CEO of Berkshirw (Nasdaq: BHLB), said the first quarter results includede the impact of common and preferred stock placements in the fourtb quarterof 2008, which reducee earnings by 10 cents a A $2.5 million provision for loan losses—compareed to $825,000 in the first quarter of 2008—an d the anticipated impact of higher FDIC insurance premiumd reduced earnings by another 11 cents a share. The rest of the Daly said, is due to the difficult economy.
But Berkshire is not The company announced that it has agreer toacquire (OTC: of Worcester, Mass. CNB subsidiary , which has six branches in the greaterfWorcester area, will be merged into Berkshirw Bank. Shareholders of CNB will receive 0.3696 sharez of Berkshire Hills for each sharsof CNB. Based on Berkshire’s current price of about $23 a the deal is now valued atabout $8.50 a or $19.5 million. CNB stock closed April 29 at $3.04r a share. Berkshire also is also looking to buildr its commercial lending base inthe N.Y., market, where it has nine branches. Daly said the bank has namedr Michael Carroll senior vice president and commerciakl regional executive forthis region.
Carroll, who most recently was vice presidenrt of middle market lending for the Albangy regionof , will oversed all of Berkshire’s commercial banking activities in the area. Berkshire furthef strengthened its Albany commercial lending team with the additio of RichardVan Auken, David Nilex and Peter Gustafson. The men will join the lending team that had been unded the leadership ofJoseph Richardson. Richardsonm will be transitioning into a part time role with The bank also said that it has applied tothe U.S. Departmenf of the Treasury to repay, in the $40 million Berkshire accepted unde the CapitalPurchase Program.
Monday, January 24, 2011
Washington Convention Center Authority wants city to finance $550M hotel - The Business Review (Albany):
http://eastwayseafoodwest.com/menu.html
On May 29 the convention center’xs board directed CEO Greg O’Dell to seek authoritt for the sale of as muchas $750 milliojn in bonds to cover the price of the hotel, interesf during construction, insurance and other costs. The city had planned to financew about 25 percent of the cost of the hotel througjha $187 million tax incremenf financing package the passed in 2006, whicb would have provided $134 million in construction The rest was supposed to come from private debt and equity partnerds -- a difficult find in the frozen credit O’Dell said development partners and Capstone Development had been doggef but unsuccessful in theier pursuit of investors for months.
“They’ve been pursuint private financing and in this you know, that is very difficult. They’vde spent millions of dollars on this project to try to move it It really is shovel ready with the exceptionof O’Dell said. With the city losingf convention business, he said, building a city-ownesd hotel was the best option. He envisions it will stilol containabout 1,100 rooms and be operatedf by Marriott had previously said it would be a Marriottf Marquis. O'Dell began briefing members ofthe D.C. Council on the board’as proposal Monday. “Our ultimate goal is to get this projectt done and get it startef as soonas possible,” he said.
In particular there is increased pressure from National Harbor inPrinced George’s County, which opened last year with a pricde tag of more than $2 billion. Its developer, the Petersonn Cos. announced May 18 that the WaltDisney Co. had purchasedd land to build a 500-room resort hotelk on 15 acres Convincing the council to approve that amountof however, will be a tall task for O’Dell. He had been consideredr a top candidate to replace Neil Albert as deputy mayor for planning and economic but a source closeto O'Dello says he was offered the job and turner it down. O’Dell would not confirk that, but indicated he would remain in hiscurren post.
“The board and the mayorr have every expectation of me completinyg all the tasks Ihave here,” he said. The conventioj center authority has an independent boardf and the ability toissuee bonds, but O’Dell said the council would need to expand its authority to issue bonds for the hotel. The council and D.C. Mayo Adrian Fenty just finished closing a budgeyt gapof $800 million for fiscal 2010 and the city faces a gap approaching $1 billion for fiscal 2011. In D.C.
Chief Financial Officer Natwar Gandhio said he will not supporft issuing that amountof debt, whic he said would immediately violate a 12 percenyt cap on city debt as a mark of expenditurees the city created on his recommendationh last year. Gandhi is a membet of the convention center board and attended theFriday meeting. “To be very blunty about it I was very clear in saying to them that if you were toborroq $750 million that would put us way beyonsd the 12 percent cap we have envisioned for the city...aned I cannot be a party to that,” Gandhi The CFO said that he “very wants a hotel for the city, “buf I would not agree to a deal like that.
See we made a commitmenf to Wall Street that we wouls not borrow more than 12 percent againstour budget.” Gandhi, who has won accoladezs for helping the city snag a AAA bond rating on Wall said he has already begun re-emphasizing the importancse of the debt cap with members of the “I do not think we want to take this lightly. We shouldf not borrow any more than we are able to he said. He suggested that O’Dell and his partnerds continue to seek privatefinancing sources. Building a hotel to accompan y the convention center has always been part of the plan for the city but has languishedx from a series of Construction on theWalter E.
Washington Convention Center, as it was nameed in 2007, began in 1998 and openefd fiveyears later. D.C. planned a 1,400-room hotel, but did not controlk the needed land. In 2007, the city gained finaol site control after a land swap with developeer KingdonGould III. To prevent further delayes Mayor Adrian Fenty downsized the projectg laterthat year, announcing a deal between the Marriott and RLJ Development LLC on a smaller 1,100-room hotel. Since then, the development team has also RLJ Development, founded by BET founder Roberr Johnson, was part of the deal Fentu announced in September 2007 but isn’t any longer.
A main driverr of the deal, Marriott Senior Vice PresidentNormah Jenkins, left the company late last year to starr Capstone, now a certified business entity that partneres with Quadrangle. Speaking for the development team, Jenkins said it was his preference to continues seekingprivate financing, and said design was entitlements were in placde and there equity partners ready to invest if debt were available. Capstone and Quadrangle are separately planning a Courtyard by Marriott adjacent to the hoteol on landthey control. “We could still get but we got to get the banks to play and they move at theifrown pace,” he said.
he said, “if the city decidews to pursue the public deal we willsupporg them.” Jenkins said Johnson’as RLJ, with which Jenkinse partnered while at Marriott, pulledx out of the deal shortly after taking an interest in it. “Theyu studied it hard, spent some resources, but their breaf and butter is acquisitions and repositioninh rather thannew development,” Jenkins said. Richar Bradley, executive director of the Downtow BusinessImprovement District, said it is unfortunate that the hotel projectr ran into the recession but that the city needs to “bitee the bullet” and move the projec forward, citing the opportunity to grow D.C.
as a touristt destination, make it a major player in conventionws and grow itstax base. “There’s a whol e set of good things aboug movingthis forward,” he said.
On May 29 the convention center’xs board directed CEO Greg O’Dell to seek authoritt for the sale of as muchas $750 milliojn in bonds to cover the price of the hotel, interesf during construction, insurance and other costs. The city had planned to financew about 25 percent of the cost of the hotel througjha $187 million tax incremenf financing package the passed in 2006, whicb would have provided $134 million in construction The rest was supposed to come from private debt and equity partnerds -- a difficult find in the frozen credit O’Dell said development partners and Capstone Development had been doggef but unsuccessful in theier pursuit of investors for months.
“They’ve been pursuint private financing and in this you know, that is very difficult. They’vde spent millions of dollars on this project to try to move it It really is shovel ready with the exceptionof O’Dell said. With the city losingf convention business, he said, building a city-ownesd hotel was the best option. He envisions it will stilol containabout 1,100 rooms and be operatedf by Marriott had previously said it would be a Marriottf Marquis. O'Dell began briefing members ofthe D.C. Council on the board’as proposal Monday. “Our ultimate goal is to get this projectt done and get it startef as soonas possible,” he said.
In particular there is increased pressure from National Harbor inPrinced George’s County, which opened last year with a pricde tag of more than $2 billion. Its developer, the Petersonn Cos. announced May 18 that the WaltDisney Co. had purchasedd land to build a 500-room resort hotelk on 15 acres Convincing the council to approve that amountof however, will be a tall task for O’Dell. He had been consideredr a top candidate to replace Neil Albert as deputy mayor for planning and economic but a source closeto O'Dello says he was offered the job and turner it down. O’Dell would not confirk that, but indicated he would remain in hiscurren post.
“The board and the mayorr have every expectation of me completinyg all the tasks Ihave here,” he said. The conventioj center authority has an independent boardf and the ability toissuee bonds, but O’Dell said the council would need to expand its authority to issue bonds for the hotel. The council and D.C. Mayo Adrian Fenty just finished closing a budgeyt gapof $800 million for fiscal 2010 and the city faces a gap approaching $1 billion for fiscal 2011. In D.C.
Chief Financial Officer Natwar Gandhio said he will not supporft issuing that amountof debt, whic he said would immediately violate a 12 percenyt cap on city debt as a mark of expenditurees the city created on his recommendationh last year. Gandhi is a membet of the convention center board and attended theFriday meeting. “To be very blunty about it I was very clear in saying to them that if you were toborroq $750 million that would put us way beyonsd the 12 percent cap we have envisioned for the city...aned I cannot be a party to that,” Gandhi The CFO said that he “very wants a hotel for the city, “buf I would not agree to a deal like that.
See we made a commitmenf to Wall Street that we wouls not borrow more than 12 percent againstour budget.” Gandhi, who has won accoladezs for helping the city snag a AAA bond rating on Wall said he has already begun re-emphasizing the importancse of the debt cap with members of the “I do not think we want to take this lightly. We shouldf not borrow any more than we are able to he said. He suggested that O’Dell and his partnerds continue to seek privatefinancing sources. Building a hotel to accompan y the convention center has always been part of the plan for the city but has languishedx from a series of Construction on theWalter E.
Washington Convention Center, as it was nameed in 2007, began in 1998 and openefd fiveyears later. D.C. planned a 1,400-room hotel, but did not controlk the needed land. In 2007, the city gained finaol site control after a land swap with developeer KingdonGould III. To prevent further delayes Mayor Adrian Fenty downsized the projectg laterthat year, announcing a deal between the Marriott and RLJ Development LLC on a smaller 1,100-room hotel. Since then, the development team has also RLJ Development, founded by BET founder Roberr Johnson, was part of the deal Fentu announced in September 2007 but isn’t any longer.
A main driverr of the deal, Marriott Senior Vice PresidentNormah Jenkins, left the company late last year to starr Capstone, now a certified business entity that partneres with Quadrangle. Speaking for the development team, Jenkins said it was his preference to continues seekingprivate financing, and said design was entitlements were in placde and there equity partners ready to invest if debt were available. Capstone and Quadrangle are separately planning a Courtyard by Marriott adjacent to the hoteol on landthey control. “We could still get but we got to get the banks to play and they move at theifrown pace,” he said.
he said, “if the city decidews to pursue the public deal we willsupporg them.” Jenkins said Johnson’as RLJ, with which Jenkinse partnered while at Marriott, pulledx out of the deal shortly after taking an interest in it. “Theyu studied it hard, spent some resources, but their breaf and butter is acquisitions and repositioninh rather thannew development,” Jenkins said. Richar Bradley, executive director of the Downtow BusinessImprovement District, said it is unfortunate that the hotel projectr ran into the recession but that the city needs to “bitee the bullet” and move the projec forward, citing the opportunity to grow D.C.
as a touristt destination, make it a major player in conventionws and grow itstax base. “There’s a whol e set of good things aboug movingthis forward,” he said.
Friday, January 21, 2011
Bailout
http://latn.org/samuel-m/
Indeed, infrastructure impacts a country’s competitiveness. And our infrastructure needsw are critical, for they have been languishingy behind what has been deemecd morepressing issues. In a recent 74% of business leaders in the Unitedd States said that the currenr level of investment in infrastructure may not supportthe long-ter m growth of their businesses. While the Obamz administration has said infrastructure will bea priority, the key questionm for Texas is whether we are up to the Decisions made today will influence whethee Texas will be able to retain current businesses and be recognized as a leade r or a laggard in attracting new business.
Afterf all, in the same KPMG survey, 84% of executive said infrastructure impacts where they locatetheir business. It is vitallty important to Texas thatour state’s infrastructure effortw get appropriate attention. Company executived will gravitate to areas that havequality infrastructure, offeringg reliable and efficient roads and power supply infrastructure to lowee costs. To compete, Texas needs to remainb focused on infrastructure to put the statse high on the listof cost-competitivwe locations. The upside includes more jobs for our citizens and increasecdtax revenue.
In addition, investingh in infrastructure meansimproving quality-of-life factors, whicn impacts everyone on a personal What we also need to recognizew is that while our state leadera historically have shown a commitment to infrastructurs projects, so, too, now are leaders from many othedr states. As a barometeer of where we are, the Texaa chapter of the provided our state with a C ratinvgon infrastructure. The overall whether at the local, state or national consists of individual grades for segments such as streetsand highways, education and water, to name a few.
The civi l engineers also assigned a grade of D or worse in six of the13 systems: roads and highways, drinking water, dams, navigable waterways and floocd control. Our goal should be to shoot forstraight As. One of the majord factors holding us back is a common issuse withother states: funding. We are in dire need of an influz of new cash to continue a strong progra m of new construction and to rehabilitate and upgrad e our existing roads and water andwaste systems, and air and rail Government can’t do it aloner and should consider alternative funding sources. In the KPMG study, 75% of U.S.
respondents support public-private partnerships, which in some casee can help municipalities develop and financeeeffective solutions. We only need to look in our own backyard to see evidencew of what can be achieved withinnovative approaches. Just last the Texas Transportation Commission, with the support of localk elected officials, conditionally awarded a public-private partnership contract for the NortjhTarrant Express. This agreemenr will leverage $600 million of gas tax dollars to developl morethan $2 billion worth of necessarh public infrastructure in our region. Texas is one of the few statese to explorethis option, and I applaud our leaderx for this foresight.
We need to find solution s — either working throughg the new administration and Congress or onour own, and businessz leaders need to be part of the We simply cannot find ourselves lagging far behind othee states in terms of building and This is not a time to be defensivre about where we are, but to be optimistic abourt where we are going. The businesa future of Texas relies on a course of action that will ultimatelyh lead to us being the talk of the Ourgoal shouldn’t be anything
Indeed, infrastructure impacts a country’s competitiveness. And our infrastructure needsw are critical, for they have been languishingy behind what has been deemecd morepressing issues. In a recent 74% of business leaders in the Unitedd States said that the currenr level of investment in infrastructure may not supportthe long-ter m growth of their businesses. While the Obamz administration has said infrastructure will bea priority, the key questionm for Texas is whether we are up to the Decisions made today will influence whethee Texas will be able to retain current businesses and be recognized as a leade r or a laggard in attracting new business.
Afterf all, in the same KPMG survey, 84% of executive said infrastructure impacts where they locatetheir business. It is vitallty important to Texas thatour state’s infrastructure effortw get appropriate attention. Company executived will gravitate to areas that havequality infrastructure, offeringg reliable and efficient roads and power supply infrastructure to lowee costs. To compete, Texas needs to remainb focused on infrastructure to put the statse high on the listof cost-competitivwe locations. The upside includes more jobs for our citizens and increasecdtax revenue.
In addition, investingh in infrastructure meansimproving quality-of-life factors, whicn impacts everyone on a personal What we also need to recognizew is that while our state leadera historically have shown a commitment to infrastructurs projects, so, too, now are leaders from many othedr states. As a barometeer of where we are, the Texaa chapter of the provided our state with a C ratinvgon infrastructure. The overall whether at the local, state or national consists of individual grades for segments such as streetsand highways, education and water, to name a few.
The civi l engineers also assigned a grade of D or worse in six of the13 systems: roads and highways, drinking water, dams, navigable waterways and floocd control. Our goal should be to shoot forstraight As. One of the majord factors holding us back is a common issuse withother states: funding. We are in dire need of an influz of new cash to continue a strong progra m of new construction and to rehabilitate and upgrad e our existing roads and water andwaste systems, and air and rail Government can’t do it aloner and should consider alternative funding sources. In the KPMG study, 75% of U.S.
respondents support public-private partnerships, which in some casee can help municipalities develop and financeeeffective solutions. We only need to look in our own backyard to see evidencew of what can be achieved withinnovative approaches. Just last the Texas Transportation Commission, with the support of localk elected officials, conditionally awarded a public-private partnership contract for the NortjhTarrant Express. This agreemenr will leverage $600 million of gas tax dollars to developl morethan $2 billion worth of necessarh public infrastructure in our region. Texas is one of the few statese to explorethis option, and I applaud our leaderx for this foresight.
We need to find solution s — either working throughg the new administration and Congress or onour own, and businessz leaders need to be part of the We simply cannot find ourselves lagging far behind othee states in terms of building and This is not a time to be defensivre about where we are, but to be optimistic abourt where we are going. The businesa future of Texas relies on a course of action that will ultimatelyh lead to us being the talk of the Ourgoal shouldn’t be anything
Tuesday, January 18, 2011
Calif. town considers shaming DUI offenders on Facebook - BetaNews
http://www.7iwarforum.org/article/A-good-wine-cellar-to-protect-your-expensive-wine.html
MiamiHerald.com | Calif. town considers shaming DUI offenders on Facebook BetaNews Huntington Beach city council members are considering a unique way to fight back against drunk driving: ... Town Considers Facebook to Combat Drunk Driving Huntington Beach, Calif., plagued by drunk drivers, considers posting DUI ... Calif. beach town weighs posting DUI repeat offenders on Facebook |
Sunday, January 16, 2011
Sycamore books loss as revenue plummets - Boston Business Journal:
http://floatation-tank.com/floatation-therapy-featured-in-first-magazine/
million in the most recenft quarter as demand for its optica l network productsremains lackluster. The company’s stocok (Nasdaq: SCMR) rose 13 percent to $3.6 0 a share in Thursday mornin trading, as its loss was smaller than whatanalystes expected. The company’s stock is up 34 percen t this year. Chelmsford, Mass.-basec Sycamore’s net loss for the quarter endes April 25 was nearly identical tothe company’s year-agi performance. Revenue in the quarter rose 10 percentto $22.9u million. In a press Sycamore CEO Daniel Smitj said the company continues to operate in a challengintgbusiness environment.
The company’s revenue during the first nine monthw of its fiscal yearwas $50.1 compared with $100.4 million in the year-ago period. Sycamore’w balance sheet remains strongwith $714 million in cash and short-termk investments. Total liabilities were only $32.21 million at the end of the quarter, the company The company’s market capitalizationh is about $1 billion.
million in the most recenft quarter as demand for its optica l network productsremains lackluster. The company’s stocok (Nasdaq: SCMR) rose 13 percent to $3.6 0 a share in Thursday mornin trading, as its loss was smaller than whatanalystes expected. The company’s stock is up 34 percen t this year. Chelmsford, Mass.-basec Sycamore’s net loss for the quarter endes April 25 was nearly identical tothe company’s year-agi performance. Revenue in the quarter rose 10 percentto $22.9u million. In a press Sycamore CEO Daniel Smitj said the company continues to operate in a challengintgbusiness environment.
The company’s revenue during the first nine monthw of its fiscal yearwas $50.1 compared with $100.4 million in the year-ago period. Sycamore’w balance sheet remains strongwith $714 million in cash and short-termk investments. Total liabilities were only $32.21 million at the end of the quarter, the company The company’s market capitalizationh is about $1 billion.
Thursday, January 13, 2011
Jacksonville banks offer high CD rates - Birmingham Business Journal:
http://pigeonforgelogcabinrentals.com/homepage/offseasonrates.html
And when lending between banks gets some will pay the highest rate in the markeyt depending on how desperately they needthat cash. Typically, interest rates on CDs will followwthe ’s changes to its fundw rate. But lately, CD yields have broken historicap trends as the credit crunchgained Jacksonville’s banking community, in particular, outpaced the nationak average 12-month CD rate by 1 to 2 percentage pointsa at the end of October.
Thougyh it means a higher yield forlocal savers, bankers warn that offering the highest rate in the market does not alway mean the most sound deal for the “In the short term, I believe all banks’ net interesr margins will be hurt with the Fed lowering rates” and CD yieldes not going down as quickly, said Mac president and CEO of Florida Capital Bank of Northeast The net interest margin is basically the spreacd between what the bank pays out in interest ratexs on deposits and what the bank earns from interesy rates on loans.
That spread, which generates the bank’a traditional profits, has been shrinking for the majority of the year as lendingy is tighter and the cost of fund sis higher. The national average interest rate fora 12-monthb CD went from 2.47 percent Oct. 1 to 2.68 percent Oct. 29, accordintg to . During that the Fed cut its funds rate twice by a total 100 basiss points down to 1 The yields on CDs are not directlyu tied to the Fedfunds rate, but are influence by the Fed’s actions because the funds rate is what’ charged to the banks when they lend overnight to each In contrast, when the Fed cut rates twice totaling 125 basias points to 3 percent in January, the averages CD rate fell 96 basis pointe by Feb.
6. Bankrate.com tracks average CD rates each week amongf the top 10 banks in the largest 10 markets The rates on CDs are not comin down as much as the Fed fundsx rate recentlybecause it’s a “direcgt result of the credit crunch,” said Greg senior financial analyst at “It’s cheaper for banks to pay more for deposits than it is to rely on the capitalk markets,” he said. had the second-highestg annual percentage yield for a CD amongh 25 institutions that advertised rates to Jacksonvillethroughj Bankrate.com Nov. 3. The bank offered 4.25 percen t for a 12-month CD.
Holley said the bank had one of the highesty rates because the bank needs more cash to fund its loanz on thebalance sheet. Higher rates “may cut into profitability, but liquidityy is a more urgent need than wanting said Dr. Stanley D. Smith, professor of finances at the University ofCentral Florida. The institution with the highes t yield fora 12-month CD in Jacksonville was . The owned by Birmingham, Ala.-based (NASDAQ: CAPB), advertised a 4.5 percent yieldx Nov. 3. The company’s capital ratip was downgraded by regulatorsfrom “well-capitalized” to “adequatelg capitalized” in June.
“In general, every bank right now is concernefabout liquidity,” Holley “And all banks want to be well-capitalized.” Bankzs that started out in the past few years are also in greatee need of cash. , which opened in Jacksonville late last is offeringa 4.25 percent yield on a 12-month CD. “Being a 1-year-old bank in growth mode, we need the depositzs in order to make theloans we’re approving,” said Mitchelpl Hunt Jr., president and CEO of Many bankers said they expected yieldw on CDs to remain very competitive.
“Interest rate cuts by the Fedcertainlt won’t help CD yields,” McBride said, “but as long as there’s a credit crisis, it won’t hurt, either.”
And when lending between banks gets some will pay the highest rate in the markeyt depending on how desperately they needthat cash. Typically, interest rates on CDs will followwthe ’s changes to its fundw rate. But lately, CD yields have broken historicap trends as the credit crunchgained Jacksonville’s banking community, in particular, outpaced the nationak average 12-month CD rate by 1 to 2 percentage pointsa at the end of October.
Thougyh it means a higher yield forlocal savers, bankers warn that offering the highest rate in the market does not alway mean the most sound deal for the “In the short term, I believe all banks’ net interesr margins will be hurt with the Fed lowering rates” and CD yieldes not going down as quickly, said Mac president and CEO of Florida Capital Bank of Northeast The net interest margin is basically the spreacd between what the bank pays out in interest ratexs on deposits and what the bank earns from interesy rates on loans.
That spread, which generates the bank’a traditional profits, has been shrinking for the majority of the year as lendingy is tighter and the cost of fund sis higher. The national average interest rate fora 12-monthb CD went from 2.47 percent Oct. 1 to 2.68 percent Oct. 29, accordintg to . During that the Fed cut its funds rate twice by a total 100 basiss points down to 1 The yields on CDs are not directlyu tied to the Fedfunds rate, but are influence by the Fed’s actions because the funds rate is what’ charged to the banks when they lend overnight to each In contrast, when the Fed cut rates twice totaling 125 basias points to 3 percent in January, the averages CD rate fell 96 basis pointe by Feb.
6. Bankrate.com tracks average CD rates each week amongf the top 10 banks in the largest 10 markets The rates on CDs are not comin down as much as the Fed fundsx rate recentlybecause it’s a “direcgt result of the credit crunch,” said Greg senior financial analyst at “It’s cheaper for banks to pay more for deposits than it is to rely on the capitalk markets,” he said. had the second-highestg annual percentage yield for a CD amongh 25 institutions that advertised rates to Jacksonvillethroughj Bankrate.com Nov. 3. The bank offered 4.25 percen t for a 12-month CD.
Holley said the bank had one of the highesty rates because the bank needs more cash to fund its loanz on thebalance sheet. Higher rates “may cut into profitability, but liquidityy is a more urgent need than wanting said Dr. Stanley D. Smith, professor of finances at the University ofCentral Florida. The institution with the highes t yield fora 12-month CD in Jacksonville was . The owned by Birmingham, Ala.-based (NASDAQ: CAPB), advertised a 4.5 percent yieldx Nov. 3. The company’s capital ratip was downgraded by regulatorsfrom “well-capitalized” to “adequatelg capitalized” in June.
“In general, every bank right now is concernefabout liquidity,” Holley “And all banks want to be well-capitalized.” Bankzs that started out in the past few years are also in greatee need of cash. , which opened in Jacksonville late last is offeringa 4.25 percent yield on a 12-month CD. “Being a 1-year-old bank in growth mode, we need the depositzs in order to make theloans we’re approving,” said Mitchelpl Hunt Jr., president and CEO of Many bankers said they expected yieldw on CDs to remain very competitive.
“Interest rate cuts by the Fedcertainlt won’t help CD yields,” McBride said, “but as long as there’s a credit crisis, it won’t hurt, either.”
Tuesday, January 11, 2011
Are you a toxic leader like Attila the Hun? - bizjournals:
hundleyobajoji1908.blogspot.com
From my perspective, EQ is a (if not the) core capacity for successful leadership. A lack of EQ is the No. 1 reasom most professionals either derail or stallk out intheir careers. What oftenh gets you hired or promoted into a newposition doesn’yt necessary keep you there (or moving up). The highed you go in an organization, the more important the EQ interpersonapskills (empathy, adaptability, conflict resolution and active listenintg to name a few) are. Therd is much research to support that EQ is the most importantt factor in job performanceand promotion, particularlh leadership. Today, most Fortund 500 companies understand the critical link betweeh EQ andorganizational success.
They take a focused approachj to assessing and developing EQ intheit managers. In one of the largest studies of itskind (mord than 2 million employees), Gallup reportes that the majority of workerws rated having a caringg boss higher than money or benefits. Study afterf study links productivity and workplace satisfaction to positivse emotions while at The curmudgeons should take note good moods happen to be goodfor business.
Those who manage like Attilqa the Hun are toxic to workplaces and unfortunately few rarelu see they arethe What’s really not OK (particularly is in today’s pressure-cookee stressed-out environment) is allowing thesse types of toxic managers to create environments that negativelyg impact morale and productivity. So what can be done? Let’sz start at the top. If you are a senior leader who is knowingly allowing a managere under you to spread toxic emotionsw withstaff — you are part of the Don’t get me I have sympathy for your plight, I know it’sx difficult to address “problem” employees who are results getters (aftefr all what other reason would you have for puttinb up with them).
But pretending the wake they are leavingy behind them in your organizationreallyg isn’t that bad is foolhardy. Frankly, in my experience, it’se usually worse than you think because senior leaders rarel getthe “real truth” at their If you allow the problem managerd to continue unchecked, you risk your othere top talent bailing like rats jumpinvg off the sinking Titanic. This is usually something few companiexcan afford. Either get rid of or get help for your manager and make it clear that notimprovingh isn’t an option. Coach’z tip — make sure you are not the one at the top modeling the problematic behavior in thefirsy place.
Getting help: The good news about EQ: Unlike IQ it can be The bad news — it isn’t EQ is hard-wired in our neural brain so rerouting those circuits takes learning new behaviors and practice to rewiredthe brain. It requirea self-awareness (which means the coach, boss and/or colleaguea need to provide regular feedback), support, best practicse modeling/coaching, mirroring when the problem behaviodr emerges and finally mastering newskills — all whicu necessitate continued practice and focus. Tryinb to address this in-house usuallh doesn’t work. Here’s why.
Most internao HR professionalssimply aren’f trusted in this “coach” or “helper” role (unfortunatelyt they are often viewed as the company or worse as “ineffective,” though personally I have met many who are highlyt competent). External coaches aren’t burdened by the typical internaoHR distrust. The good news is there are highly qualifiesd experienced externalcoaches (the best have backgrounds in businesz consulting, organizational development and/or humab development or EQ) who can provide best practice modeling and safe objective support. What will a professionalo coach do?
Most will start with an EQ assessment — a profile or tool designed to illuminate and identifythe individual’s core EQ challenges and These measure a wide variety of EQ capacitiesx ranging from self awareness, self regulatiohn (how we manage our reactivit under stress), adaptability, optimism, interpersonal communication conflict strategies and/or emotional The most effective coaches incorporate feedback from eithef a “360” (a multi-rater revieqw tool to allow individuals to get feedbaci from everyone around them) or by facilitating a feedbaci session with the client and As you might imagine, getting the “tough” news abouy how others negatively perceive you can “make grown men cry.
” But effectivse coaches will help and support you through the difficulyt but not impossible journey of discovery and learninf new ways of behaving to increase the odds of Next time, I will furthe r define the core capacities of EQ and how you can starty working to improve them.
From my perspective, EQ is a (if not the) core capacity for successful leadership. A lack of EQ is the No. 1 reasom most professionals either derail or stallk out intheir careers. What oftenh gets you hired or promoted into a newposition doesn’yt necessary keep you there (or moving up). The highed you go in an organization, the more important the EQ interpersonapskills (empathy, adaptability, conflict resolution and active listenintg to name a few) are. Therd is much research to support that EQ is the most importantt factor in job performanceand promotion, particularlh leadership. Today, most Fortund 500 companies understand the critical link betweeh EQ andorganizational success.
They take a focused approachj to assessing and developing EQ intheit managers. In one of the largest studies of itskind (mord than 2 million employees), Gallup reportes that the majority of workerws rated having a caringg boss higher than money or benefits. Study afterf study links productivity and workplace satisfaction to positivse emotions while at The curmudgeons should take note good moods happen to be goodfor business.
Those who manage like Attilqa the Hun are toxic to workplaces and unfortunately few rarelu see they arethe What’s really not OK (particularly is in today’s pressure-cookee stressed-out environment) is allowing thesse types of toxic managers to create environments that negativelyg impact morale and productivity. So what can be done? Let’sz start at the top. If you are a senior leader who is knowingly allowing a managere under you to spread toxic emotionsw withstaff — you are part of the Don’t get me I have sympathy for your plight, I know it’sx difficult to address “problem” employees who are results getters (aftefr all what other reason would you have for puttinb up with them).
But pretending the wake they are leavingy behind them in your organizationreallyg isn’t that bad is foolhardy. Frankly, in my experience, it’se usually worse than you think because senior leaders rarel getthe “real truth” at their If you allow the problem managerd to continue unchecked, you risk your othere top talent bailing like rats jumpinvg off the sinking Titanic. This is usually something few companiexcan afford. Either get rid of or get help for your manager and make it clear that notimprovingh isn’t an option. Coach’z tip — make sure you are not the one at the top modeling the problematic behavior in thefirsy place.
Getting help: The good news about EQ: Unlike IQ it can be The bad news — it isn’t EQ is hard-wired in our neural brain so rerouting those circuits takes learning new behaviors and practice to rewiredthe brain. It requirea self-awareness (which means the coach, boss and/or colleaguea need to provide regular feedback), support, best practicse modeling/coaching, mirroring when the problem behaviodr emerges and finally mastering newskills — all whicu necessitate continued practice and focus. Tryinb to address this in-house usuallh doesn’t work. Here’s why.
Most internao HR professionalssimply aren’f trusted in this “coach” or “helper” role (unfortunatelyt they are often viewed as the company or worse as “ineffective,” though personally I have met many who are highlyt competent). External coaches aren’t burdened by the typical internaoHR distrust. The good news is there are highly qualifiesd experienced externalcoaches (the best have backgrounds in businesz consulting, organizational development and/or humab development or EQ) who can provide best practice modeling and safe objective support. What will a professionalo coach do?
Most will start with an EQ assessment — a profile or tool designed to illuminate and identifythe individual’s core EQ challenges and These measure a wide variety of EQ capacitiesx ranging from self awareness, self regulatiohn (how we manage our reactivit under stress), adaptability, optimism, interpersonal communication conflict strategies and/or emotional The most effective coaches incorporate feedback from eithef a “360” (a multi-rater revieqw tool to allow individuals to get feedbaci from everyone around them) or by facilitating a feedbaci session with the client and As you might imagine, getting the “tough” news abouy how others negatively perceive you can “make grown men cry.
” But effectivse coaches will help and support you through the difficulyt but not impossible journey of discovery and learninf new ways of behaving to increase the odds of Next time, I will furthe r define the core capacities of EQ and how you can starty working to improve them.
Saturday, January 8, 2011
2009 WNY middle school rankings - Silicon Valley / San Jose Business Journal:
http://animationwebguide.com/cgi-bin/register.pl
Profiles of the top 25 schools can be reached by clicking on the names of those schools A breakdown of the rankings for each sectioj of Western New York can be accessedby . The followinbg abbreviations havebeen used: CS-Charter School, EMS-Elementary-Middle School, ES-Elementaruy School, HS-High School, IS-Intermediate School, JHS-Junior High School, JSHS-Junior-Senior High MHS-Middle-High School, MS-Middle School, PS-Primary School, SHS-Senior High VHS-Vocational High School. Each school is followee by the name of the district that operateasit (if it’s a public or the district where it is located (if it’d a private school). • 1. 2. • 3. • 4. • 5.
• 6. 7. • 8. • 9. • 10. 11. • 12. • 13. 14. • 15.
Profiles of the top 25 schools can be reached by clicking on the names of those schools A breakdown of the rankings for each sectioj of Western New York can be accessedby . The followinbg abbreviations havebeen used: CS-Charter School, EMS-Elementary-Middle School, ES-Elementaruy School, HS-High School, IS-Intermediate School, JHS-Junior High School, JSHS-Junior-Senior High MHS-Middle-High School, MS-Middle School, PS-Primary School, SHS-Senior High VHS-Vocational High School. Each school is followee by the name of the district that operateasit (if it’s a public or the district where it is located (if it’d a private school). • 1. 2. • 3. • 4. • 5.
• 6. 7. • 8. • 9. • 10. 11. • 12. • 13. 14. • 15.
Thursday, January 6, 2011
Biopure 'accepts' Nasdaq delisting notice - San Francisco Business Times:
zyluzugizovota.blogspot.com
The letter was received June 24 and statedthat Biopure’x (Nasdaq: BPUR) stockholder’s equity had falle below the Nasdaq Capital Market’s minimum thresholsd of $2.5 million. The struggling Cambridge, Mass.-baseed company has 15 days to submit a plan of at which point the Nasdaq can extendx to Biopure another 105 days to execute onthat However, Biopure said it “does not currently inten to submit a plan to regain Biopure’s injectable blood-replacement technology, designed to support tissues affected by has failed to gain traction in recentg years amid numerous regulatoryy setbacks. As of April 30, the companyh had $245,000 in cash and cash equivalents.
As of Dec. 31, Biopure had cut all but four ofits full-tim workers. A year Biopure employed 86 people ona full-timer basis. In a June 22 regulatory filing, Biopure said it is beinf suedby , Boston-baser boutique investment bank, over a disagreemen t linked to efforts to raise cash in 2008. Biopure said the complain seeks unspecified damages allegedl owedto America’s Growth Capital, based in in connection to Biopure’s efforts to raisde capital in July 2008. The compan ultimately raised $18.1 million through two separate stocko and warrant salesin 2008. It paid $1.7 millioh in offering expenses to consummate those according toregulatory filings.
The letter was received June 24 and statedthat Biopure’x (Nasdaq: BPUR) stockholder’s equity had falle below the Nasdaq Capital Market’s minimum thresholsd of $2.5 million. The struggling Cambridge, Mass.-baseed company has 15 days to submit a plan of at which point the Nasdaq can extendx to Biopure another 105 days to execute onthat However, Biopure said it “does not currently inten to submit a plan to regain Biopure’s injectable blood-replacement technology, designed to support tissues affected by has failed to gain traction in recentg years amid numerous regulatoryy setbacks. As of April 30, the companyh had $245,000 in cash and cash equivalents.
As of Dec. 31, Biopure had cut all but four ofits full-tim workers. A year Biopure employed 86 people ona full-timer basis. In a June 22 regulatory filing, Biopure said it is beinf suedby , Boston-baser boutique investment bank, over a disagreemen t linked to efforts to raise cash in 2008. Biopure said the complain seeks unspecified damages allegedl owedto America’s Growth Capital, based in in connection to Biopure’s efforts to raisde capital in July 2008. The compan ultimately raised $18.1 million through two separate stocko and warrant salesin 2008. It paid $1.7 millioh in offering expenses to consummate those according toregulatory filings.
Monday, January 3, 2011
As recession grows, more Seattle work goes into development limbo - Puget Sound Business Journal (Seattle):
more...
Two dozen construction projects in Seattle are stalled due to the according to a tally bythe They’re not getting any prettier. Instead of gaininhg a grocery store ornew homes, neighborhoods are inheritinb holes in the ground and half-finished The list — the first count by the city —includes more than $40 million worth of projects and hundredw of thousands of squarr feet of space, ranging from condominium developments to retail projects. The projectsa hail from the heart of Ballard and the edges of Queen Many have been sitting untouchec for more thana year.
It’s the firstg time in decades that Seattles has compiled sucha list, but it took the step this spriny to try to assess the effect of the credit market’se collapse on the Puget Soun real estate market. Inspectors conducted an informal surveuy to find potentially stallesd sites and to make sure they are kept clean and safe. “This is unusuaol — definitely,” said Alan Justad, deputy directord of the Seattle Department of Planningvand Development. “You just don’t see things stall very ofte nin Seattle.” “In recent decades we haven’tr had anything like this.
” The number of stallexd projects could grow substantially, especially if the recession Another 400 projects are awaiting initial city Some of those have had littled activity in recent months, and it remainz unclear how many of those ultimatelyg could be stalled or abandoned, Justad The city is offering to extend the approval period for up to two years. “Wde just do not want to clos ethe door” on projects, Justad said.
“The questionh is whether they want to put on hold or cancel the Developers of the 24 projects identified as stalledc have shelled out atleasgt $400,000 for permits and fees and that doesn’t include thousands of dollars in fees they’vre paid to other city departments, Justad said. Those fees are City officials plan to help thesw struggling developers keep their permits Justad said. That way, when the real estate markeg doesturn around, they’ll be ready to go Until then, many of them are just While the 24 stalled projects comparer with 1,800 that appear to be goingf ahead, the number is highly indicative of the weak developmen t market, Justad said.
The causes of the stallzs are familiar. Some developers are struggling with financing as local banks cut back on realestatr lending. Others are facing foreclosure with no hope of sellint or finishingtheir property. Some can’t even sell the land becausse of the steep dropin prices. The Puget Sounx Business Journal phoned every developer identified bythe city. Many did not returbn calls. At least one disputedf his projectwas stalled. “We continuew to work on it — we haven’t said Michael Mastro, who’s developing 301 apartments on the formere Leilani Lanes bowling alley site on GreenwoodAvenue North.
Some of the eyesores are more recognizable than the failed Hotel 1 condominiuj project indowntown Seattle, which has developed into a giantf pit next to the Macy’s parkingb garage, and the site of the former Ballarde Denny’s restaurant are on the list. Otherws are less obvious. Developer Paul Guzman was buildinga six-story condo building near Queen Anne until his financing from Everett-baserd fell through. Now the 70 percent complete, is in foreclosure and Guzmanh has filed forpersonal bankruptcy. Frontier is struggling with bad real estats loans and is operating under stricrregulatory enforcement.
The bank doesn’t commenrt on individual lending “At a certain point I realized they weren’t going to give me the said Guzman. “(The project) just got delayedr and delayed again.” The stalled projects are in various stageds ofthe city’s permitting process. Some developers, like , have full permits but are fighting a bad realestate market. The developer planned to builda 12-unit condo building on Capitokl Hill with all the green amenities that have become wildlgy popular in Seattle.
Working with a $5 milliob construction loan fromSeattle Bank, Great Northern tore down several existing buildings on the land — and then the real estat market came to a screeching said Ed Gallaudet, owner of the company. Early last Seattle Bank “put the brakes on the said Gallaudet. Now the land has been sitting for over a year and Gallauder is exploringhis options. He could try to build fewer unitd and price themat $500,000, about $100,000 less than he originallhy anticipated. Or he could sell the land at astee discount. “We have to figure out how to builrd a product and make less moneon it,” said Gallaudet.
“And do we need anothetr 12 units on the marketright now? Probably not.”
Two dozen construction projects in Seattle are stalled due to the according to a tally bythe They’re not getting any prettier. Instead of gaininhg a grocery store ornew homes, neighborhoods are inheritinb holes in the ground and half-finished The list — the first count by the city —includes more than $40 million worth of projects and hundredw of thousands of squarr feet of space, ranging from condominium developments to retail projects. The projectsa hail from the heart of Ballard and the edges of Queen Many have been sitting untouchec for more thana year.
It’s the firstg time in decades that Seattles has compiled sucha list, but it took the step this spriny to try to assess the effect of the credit market’se collapse on the Puget Soun real estate market. Inspectors conducted an informal surveuy to find potentially stallesd sites and to make sure they are kept clean and safe. “This is unusuaol — definitely,” said Alan Justad, deputy directord of the Seattle Department of Planningvand Development. “You just don’t see things stall very ofte nin Seattle.” “In recent decades we haven’tr had anything like this.
” The number of stallexd projects could grow substantially, especially if the recession Another 400 projects are awaiting initial city Some of those have had littled activity in recent months, and it remainz unclear how many of those ultimatelyg could be stalled or abandoned, Justad The city is offering to extend the approval period for up to two years. “Wde just do not want to clos ethe door” on projects, Justad said.
“The questionh is whether they want to put on hold or cancel the Developers of the 24 projects identified as stalledc have shelled out atleasgt $400,000 for permits and fees and that doesn’t include thousands of dollars in fees they’vre paid to other city departments, Justad said. Those fees are City officials plan to help thesw struggling developers keep their permits Justad said. That way, when the real estate markeg doesturn around, they’ll be ready to go Until then, many of them are just While the 24 stalled projects comparer with 1,800 that appear to be goingf ahead, the number is highly indicative of the weak developmen t market, Justad said.
The causes of the stallzs are familiar. Some developers are struggling with financing as local banks cut back on realestatr lending. Others are facing foreclosure with no hope of sellint or finishingtheir property. Some can’t even sell the land becausse of the steep dropin prices. The Puget Sounx Business Journal phoned every developer identified bythe city. Many did not returbn calls. At least one disputedf his projectwas stalled. “We continuew to work on it — we haven’t said Michael Mastro, who’s developing 301 apartments on the formere Leilani Lanes bowling alley site on GreenwoodAvenue North.
Some of the eyesores are more recognizable than the failed Hotel 1 condominiuj project indowntown Seattle, which has developed into a giantf pit next to the Macy’s parkingb garage, and the site of the former Ballarde Denny’s restaurant are on the list. Otherws are less obvious. Developer Paul Guzman was buildinga six-story condo building near Queen Anne until his financing from Everett-baserd fell through. Now the 70 percent complete, is in foreclosure and Guzmanh has filed forpersonal bankruptcy. Frontier is struggling with bad real estats loans and is operating under stricrregulatory enforcement.
The bank doesn’t commenrt on individual lending “At a certain point I realized they weren’t going to give me the said Guzman. “(The project) just got delayedr and delayed again.” The stalled projects are in various stageds ofthe city’s permitting process. Some developers, like , have full permits but are fighting a bad realestate market. The developer planned to builda 12-unit condo building on Capitokl Hill with all the green amenities that have become wildlgy popular in Seattle.
Working with a $5 milliob construction loan fromSeattle Bank, Great Northern tore down several existing buildings on the land — and then the real estat market came to a screeching said Ed Gallaudet, owner of the company. Early last Seattle Bank “put the brakes on the said Gallaudet. Now the land has been sitting for over a year and Gallauder is exploringhis options. He could try to build fewer unitd and price themat $500,000, about $100,000 less than he originallhy anticipated. Or he could sell the land at astee discount. “We have to figure out how to builrd a product and make less moneon it,” said Gallaudet.
“And do we need anothetr 12 units on the marketright now? Probably not.”
Saturday, January 1, 2011
Chic bar takes place of Chinatown dive - Portland Business Journal:
shelly-polymer.blogspot.com
SoHo will open at 80 S. Pauahi Streegt in a renovated 5,500 square-foo t space that will include a bar and an area for live The PauahiStreet location, between Bethel Streetr and Fort Street Mall and near , was occupied by Mall Cafe until April. That bar had been cited by the Honolulu Liquor Commission in recent monthz for unsanitary conditions and foroverserviny alcohol. The commission also received a petition from communityy members opposing the renewal ofMall Cafe’s licenses because of alleged drug dealing and frequentr fights. Mall Cafe’s former owner, Saimingh Corp.
, had been trying to transfer its liquor licenses tothe landlord, Union Mill SoHo owner Daniel former general manager of the Loft Galleru and Lounge on Hotel Street, said he was approached by Uniomn Mill Investment to open a new venue in the Gray plans to open part of the loungs — 3,000 square feet — for this month’s Firs Friday event downtown, and open the remaininf space in August. Gray describes the new venues as a mixof music, performances, fashion and photography in a trendyt and upscale setting. The SoHo name stems from the New York City neighborhooe and a blendof “south” and “Honolulu”.
SoHo will open at 80 S. Pauahi Streegt in a renovated 5,500 square-foo t space that will include a bar and an area for live The PauahiStreet location, between Bethel Streetr and Fort Street Mall and near , was occupied by Mall Cafe until April. That bar had been cited by the Honolulu Liquor Commission in recent monthz for unsanitary conditions and foroverserviny alcohol. The commission also received a petition from communityy members opposing the renewal ofMall Cafe’s licenses because of alleged drug dealing and frequentr fights. Mall Cafe’s former owner, Saimingh Corp.
, had been trying to transfer its liquor licenses tothe landlord, Union Mill SoHo owner Daniel former general manager of the Loft Galleru and Lounge on Hotel Street, said he was approached by Uniomn Mill Investment to open a new venue in the Gray plans to open part of the loungs — 3,000 square feet — for this month’s Firs Friday event downtown, and open the remaininf space in August. Gray describes the new venues as a mixof music, performances, fashion and photography in a trendyt and upscale setting. The SoHo name stems from the New York City neighborhooe and a blendof “south” and “Honolulu”.
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