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Orlando-based Ltd., for which Pineloch is the general is seeking entitlements forits 117-acre site at Fosgatde and Blackstill Lake The developer got approvaol on June 3 from the Lake County Zoning Board to rezone the property, dubbe Black East, from agricultural to planned-unit development. The requestt is slated to go before the the end of this It was a long process for Center Lake which first received the OK on a comprehensivre plan change from the countyin 2003, a decision that was refutedx by the state Department of Community Affairs (DCA), according to the project’s staff report file with the county.
The DCA said the amendment woulfencourage sprawl, according to countgy documents. The issue was assigned to the states Department ofAdministrative Hearings, but the county, statew and Center Lake Properties settled their differencesd in 2007 prior to any hearings, said county plannint director Brian Sheahan. Now, Center Lake wants to move ahead with tryint to prepare entitlements for when the market said attorneyCecelia Bonifay, who is representing Centetr Lake Properties in that process. Price pointsd on the homes and a projecrt value have yet to be she said.
This type of project isn’t unfamiliat to Pineloch, despite being known for commercial real estated leasing andland development. In the past, the firm has done similar entitlements for properties it later sold to homebuilders Lennar Homes andthe now-defunct Levitg & Sons, Bonifay said. The compan y could develop the lots and sell them to a form a joint venture with a builder or do some of the projec tbuildout itself, said Bonifay, a shareholder with in Orlando. Realtor Phil Kelley questionswhether it’s the rightf time to add more vacant lots to the inventory.
Althoughj home sales are up, the majority are distressed propertiese such as foreclosures or sales that a bank approves for less than what is due on the known asa short-sale. Lake County reported a totalk of 7,282 platted productioh home lots in the first quarter of this according to researchfrom Maitland-based That compared with 7,3388 lots in fourth-quarter 2008 and 7,156 lots in first-quarterf 2008, data showed. From January throughh April, Lake County experienced a 24.7 percenty jump in existing home sales, from 916 last year to 1,14 this year, according to the . But the largest percenty of those, 15.9 percent, were sold in the $120,000-$139,99 price range, data showed.
And Black East is adjacent to a portion ofthe high-end golf communitgy of Bella Collina, which was planned for 800 multimillion-dollad homes and only has about 60 completedx to date. “We have more homes platted in Lake County than we will ever need in my said Kelley, an agent with in Mount Dora. “You’ve got to be out of your mind to try to do housint development inLake County.” But Bonifay said this projectf is smaller, more compact and without the lavishb clubhouse fees and other assessments that are charged to propertgy owners at Bella Collina. “It’s a prett y piece of property with a nice elevation and an easy commutrfrom Clermont,” she said.
“They just want it to be
Saturday, March 2, 2013
Monday, February 25, 2013
Lindy Ruff seasons averaged out - The National
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The National | Lindy Ruff seasons averaged out The National Lindy Ruff was the longest-serving coach in the NHL, at nearly 16 years, when the Buffalo Sabres dismissed him last week. He deserves kudos for lasting so long with such modest success. The Sabres forward Thomas Vanek, like others, spoke fondly of Ruff ... |
Wednesday, February 20, 2013
NHL Network moves to popular Comcast channel lineup - Philadelphia Business Journal:
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The Philadelphia-based cable-television giang and the network, whicn is based in New York, didn’t reveapl the agreement’s financial terms or specif y its length beyond callingit long-term. Comcast has carried the network on its Sports Entertainment Package the pasttwo years. That has aboutt 2 million subscribers and usuallyy costs anadditional $5 to $7 a month. Abou t two-thirds of Comcast’s 17.3 million digital customers getDigital Classic, which is one step above Comcast’ws base level of digital service. Comcast will still carry the network on its Sports Entertainment Packagw for customers who get that but notDigitalp Classic.
The NHL Network carries regular seasonNHL post-game press conferences from the NHL All Star Game and Stanleh Cup Finals, a dailty highlights show during the season, and many otherr NHL-related features. The deal also gives Digital Classic customers access to NHL On Demand which includes condensed historic games andplayer profiles. Comcasrt last month resolved a dispute with the NFL Network that resultee in Comcast moving the NFL Network to the Digital Classic lineup.
The Philadelphia-based cable-television giang and the network, whicn is based in New York, didn’t reveapl the agreement’s financial terms or specif y its length beyond callingit long-term. Comcast has carried the network on its Sports Entertainment Package the pasttwo years. That has aboutt 2 million subscribers and usuallyy costs anadditional $5 to $7 a month. Abou t two-thirds of Comcast’s 17.3 million digital customers getDigital Classic, which is one step above Comcast’ws base level of digital service. Comcast will still carry the network on its Sports Entertainment Packagw for customers who get that but notDigitalp Classic.
The NHL Network carries regular seasonNHL post-game press conferences from the NHL All Star Game and Stanleh Cup Finals, a dailty highlights show during the season, and many otherr NHL-related features. The deal also gives Digital Classic customers access to NHL On Demand which includes condensed historic games andplayer profiles. Comcasrt last month resolved a dispute with the NFL Network that resultee in Comcast moving the NFL Network to the Digital Classic lineup.
Thursday, February 14, 2013
It
stelauguqdinec.blogspot.com
“It seems like a pretty simple CEO ThomasWintz said. “They made it complicatefd by making interest-only loans, alternative-AA loans, and it didn’ t work out.” That recipe helped Rosedalr Federalgrow third-quarter earnings by 10 percent from a year ago to $1.7 even as the national economy sank deepet into recession. is on the othe r end of the spectrum. The Crofton bank is operatinvg undera cease-and-desist order after federal officials foun d that the bank’s residential real estates lending was too risky. Suburban has lost money since last going $4.5 million into the red in the thirds quarter alone.
Both troubles and brighrt spots abound forGreater Baltimore’s 55 locally base banks, which are at the center of a financial-systenm crisis that many lifelong bankers say they have never seen the likes of. In the thire quarter, 31 percent of local banksd lost money, data shows. Some of the like Suburban, are seeing losse s and past-due loans mount to levels that are cuttingh deeply intotheir capital. But even more locapl banks — 35 percent — grew theif earnings from a year ago. Many are thrifts like Rosedald Federal that have strong capital levelseand didn’t relax their lending standardsd amid the mortgage boom.
At 100-year-old Rosedale, whichj has eight branches and $600 million in assets, loansz stay on the books rather than beingg bundled and soldto investors. “A 30-yea loan is our problem until it’ds paid off,” Wintz Having to live with the consequences keepzs the bank conservative inits lending. a simple business mode l doesn’t mean life is easy. Banks live on a narro margin — the difference between the cost they pay for depositd and other funding and the interesty they earnon loans. Competition for depositas is fierce, with some banks jacking up rates toattract customers. And loan demand has slowed as financex or fear keep borrowers onthe sidelines.
made a profit of $211,000 in the third quarter afte r taking a loss to closee out a pension fund ayear ago. Despitee the thrift’s niche in residential real estatse lending, less than 0.1 percentg of its loans are noncurrent, meanin g the loan is 90 days past due or the bank does not expecrfull payment. “I won’t tell you things are wonderful, but we are holding our said Hamilton Federal PresidentRobert DeAlmeida, whosde bank has $223 million in assets. With few homebuyerds looking for loans, Hamilton Federal has been buyingv loans from banks that are unloading assets toraiss money, he said.
Rosedale and Hamilton Federal have capitallto spare, meaning they don’t need the shot of monety coming to banks under the U.S. Treasury Department’s Troubled Asset Relievf Program. Hamilton has a nearlty 25 percent ratio of capital to adjusted forrisk — more than doublwe what it takes to rank as “well-capitalized.” For otherd banks, raising capital is job one. Suburban Federal’s ratiio of capital to risk-weighted assets has plummeted to 3.09 a ratio below 8 percenft leaves abank undercapitalized.
More than 11 percengt of the bank’s loans are Those factors haveSuburban “exploringh all options” to raise capital, includinfg selling the bank, CEO Bob Morrisom Jr. said. Dutch insurance gian has applied to regulators for a thrift charterf so it could potentially buythe bank. Several banks and other companiesx have expressed interest inbuying Suburban, Morrison declining comment on specific offers. “Suburban Federal has been a real estater lender in this communitgy for53 years, and for 52 years our model workec beautifully,” said Morrison, whose grandfather foundex the bank.
“We’re seeing what Alan Greenspan calledthe 100-year tsunami, and it’ds hit home.” Owings Mills-based K which brought in record profits as real estate lost $2.9 million in the third quarter. That was down from a $3.4 million loss in the second quarter. More than 6 percent of the bank’s loans are but that dropped from more than 7 percenrt aquarter earlier. “We have taken stepzs to reduce our exposure to real estate and look for improvemenyin 2009,” CEO David Wells Jr. said in an e-mail. in Howare County lost $98,000 in the third quarter.
The bank is and its parent, , has appliedx for $375 million in funding from the TARP Columbia Bank is focused on building up cash to covefr potential loan losses so it can handlee whatever theeconomy brings, CEO John A. Scaldaraa Jr. said. The bank’s reserved total nearly 100 percent of itsnoncurrent “I want to be an optimistic and I want to make sure we remain Scaldara said, “but there is a possibility that things could deterioriate and tricklwe down further into the economy.
”
“It seems like a pretty simple CEO ThomasWintz said. “They made it complicatefd by making interest-only loans, alternative-AA loans, and it didn’ t work out.” That recipe helped Rosedalr Federalgrow third-quarter earnings by 10 percent from a year ago to $1.7 even as the national economy sank deepet into recession. is on the othe r end of the spectrum. The Crofton bank is operatinvg undera cease-and-desist order after federal officials foun d that the bank’s residential real estates lending was too risky. Suburban has lost money since last going $4.5 million into the red in the thirds quarter alone.
Both troubles and brighrt spots abound forGreater Baltimore’s 55 locally base banks, which are at the center of a financial-systenm crisis that many lifelong bankers say they have never seen the likes of. In the thire quarter, 31 percent of local banksd lost money, data shows. Some of the like Suburban, are seeing losse s and past-due loans mount to levels that are cuttingh deeply intotheir capital. But even more locapl banks — 35 percent — grew theif earnings from a year ago. Many are thrifts like Rosedald Federal that have strong capital levelseand didn’t relax their lending standardsd amid the mortgage boom.
At 100-year-old Rosedale, whichj has eight branches and $600 million in assets, loansz stay on the books rather than beingg bundled and soldto investors. “A 30-yea loan is our problem until it’ds paid off,” Wintz Having to live with the consequences keepzs the bank conservative inits lending. a simple business mode l doesn’t mean life is easy. Banks live on a narro margin — the difference between the cost they pay for depositd and other funding and the interesty they earnon loans. Competition for depositas is fierce, with some banks jacking up rates toattract customers. And loan demand has slowed as financex or fear keep borrowers onthe sidelines.
made a profit of $211,000 in the third quarter afte r taking a loss to closee out a pension fund ayear ago. Despitee the thrift’s niche in residential real estatse lending, less than 0.1 percentg of its loans are noncurrent, meanin g the loan is 90 days past due or the bank does not expecrfull payment. “I won’t tell you things are wonderful, but we are holding our said Hamilton Federal PresidentRobert DeAlmeida, whosde bank has $223 million in assets. With few homebuyerds looking for loans, Hamilton Federal has been buyingv loans from banks that are unloading assets toraiss money, he said.
Rosedale and Hamilton Federal have capitallto spare, meaning they don’t need the shot of monety coming to banks under the U.S. Treasury Department’s Troubled Asset Relievf Program. Hamilton has a nearlty 25 percent ratio of capital to adjusted forrisk — more than doublwe what it takes to rank as “well-capitalized.” For otherd banks, raising capital is job one. Suburban Federal’s ratiio of capital to risk-weighted assets has plummeted to 3.09 a ratio below 8 percenft leaves abank undercapitalized.
More than 11 percengt of the bank’s loans are Those factors haveSuburban “exploringh all options” to raise capital, includinfg selling the bank, CEO Bob Morrisom Jr. said. Dutch insurance gian has applied to regulators for a thrift charterf so it could potentially buythe bank. Several banks and other companiesx have expressed interest inbuying Suburban, Morrison declining comment on specific offers. “Suburban Federal has been a real estater lender in this communitgy for53 years, and for 52 years our model workec beautifully,” said Morrison, whose grandfather foundex the bank.
“We’re seeing what Alan Greenspan calledthe 100-year tsunami, and it’ds hit home.” Owings Mills-based K which brought in record profits as real estate lost $2.9 million in the third quarter. That was down from a $3.4 million loss in the second quarter. More than 6 percent of the bank’s loans are but that dropped from more than 7 percenrt aquarter earlier. “We have taken stepzs to reduce our exposure to real estate and look for improvemenyin 2009,” CEO David Wells Jr. said in an e-mail. in Howare County lost $98,000 in the third quarter.
The bank is and its parent, , has appliedx for $375 million in funding from the TARP Columbia Bank is focused on building up cash to covefr potential loan losses so it can handlee whatever theeconomy brings, CEO John A. Scaldaraa Jr. said. The bank’s reserved total nearly 100 percent of itsnoncurrent “I want to be an optimistic and I want to make sure we remain Scaldara said, “but there is a possibility that things could deterioriate and tricklwe down further into the economy.
”
Saturday, February 9, 2013
Survey: Employers cutting benefit costs - Charlotte Business Journal:
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“The responses indicate that as employers develop benefit planz for 2010 they are lookinb for ways to reduce benefit without furtherreducing benefits,” said Mariann Fazen, executive director of the association. “Surprisingly, many respondeds that they plan to increase theirwellness programs.” • Thirty-five percent of employers responded that they plan to increasew their wellness programs. • Companies identified as its two biggest concern s limitedbenefits budgets, and limited merit budgetr and bonus pools.
About 68% of companiex are concerned or very concerned about limited merit budgeft andbonus pools, and about 53% are concerned abouyt limited benefits budgets. • To weatherr the economic downturn, almost half of respondents are auditing or planning to audittheir employees’ dependent eligibilitg in order to reducr the number of individuala covered. And 41% plan to increase employer costs ofbenefit plans, while more than one-third have reduce d or are planning to reducw staff. • About 89% of employers believ that workers will respond to the economic downturb bydelaying retirement.
Also, 83% of employers say their workers are concernedd aboutjob security, and 42% think their employees have been impacter by low morale. The survey was submittede to the association's employer members and facilitaterd byin Houston. The association's 900-pluzs members represent a broad cross-section of benefits professional sin Texas, Oklahoma, Louisiana. Missouri and Kansas, but are not limited to those
“The responses indicate that as employers develop benefit planz for 2010 they are lookinb for ways to reduce benefit without furtherreducing benefits,” said Mariann Fazen, executive director of the association. “Surprisingly, many respondeds that they plan to increase theirwellness programs.” • Thirty-five percent of employers responded that they plan to increasew their wellness programs. • Companies identified as its two biggest concern s limitedbenefits budgets, and limited merit budgetr and bonus pools.
About 68% of companiex are concerned or very concerned about limited merit budgeft andbonus pools, and about 53% are concerned abouyt limited benefits budgets. • To weatherr the economic downturn, almost half of respondents are auditing or planning to audittheir employees’ dependent eligibilitg in order to reducr the number of individuala covered. And 41% plan to increase employer costs ofbenefit plans, while more than one-third have reduce d or are planning to reducw staff. • About 89% of employers believ that workers will respond to the economic downturb bydelaying retirement.
Also, 83% of employers say their workers are concernedd aboutjob security, and 42% think their employees have been impacter by low morale. The survey was submittede to the association's employer members and facilitaterd byin Houston. The association's 900-pluzs members represent a broad cross-section of benefits professional sin Texas, Oklahoma, Louisiana. Missouri and Kansas, but are not limited to those
Monday, February 4, 2013
GM to sell Hummer to Chinese company - Houston Business Journal:
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The announcement comes one day after GM with plans to become aleaner company. Missouri has one Hummer in Chesterfield. Jim Lynch, ownerf of Lynch Hummer, said he knew the automaker was workintg on a deal to sell the branfd but welcomed the news as a way toease consumers’ “It’s good for business that it some of the apprehension that the brand may be goingf away in the public’s perception,” he The automaker said it has a memorandumk of understanding (MoU) and that the sale is expectedd to close by the end of thir quarter of this year. The deal is expectec to secure morethan 3,00o U.S.
jobs in manufacturing, engineering and at Hummer dealerships arounxthe country. The company said the proposedc transaction calls for the new Hummerd owner to continue to contracft vehicle manufacturing and business services from GM durinfg a defined transitional time For example, under the proposed GM’s Shreveport, La., assembly planft would continue to assemble the H3 and H3T through at leasrt 2010. GM is also trying to sell its Saab and Saturjn brands and will phase out itsPontiacv brand.
The announcement comes one day after GM with plans to become aleaner company. Missouri has one Hummer in Chesterfield. Jim Lynch, ownerf of Lynch Hummer, said he knew the automaker was workintg on a deal to sell the branfd but welcomed the news as a way toease consumers’ “It’s good for business that it some of the apprehension that the brand may be goingf away in the public’s perception,” he The automaker said it has a memorandumk of understanding (MoU) and that the sale is expectedd to close by the end of thir quarter of this year. The deal is expectec to secure morethan 3,00o U.S.
jobs in manufacturing, engineering and at Hummer dealerships arounxthe country. The company said the proposedc transaction calls for the new Hummerd owner to continue to contracft vehicle manufacturing and business services from GM durinfg a defined transitional time For example, under the proposed GM’s Shreveport, La., assembly planft would continue to assemble the H3 and H3T through at leasrt 2010. GM is also trying to sell its Saab and Saturjn brands and will phase out itsPontiacv brand.
Wednesday, January 30, 2013
Solar Array, Gen. Mills detail expansions - Business First of Buffalo:
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broke ground April 5 on the $100 176,000-square-foot expansion of its manufacturingfacilityt here, Keith Bone, general manager of the localp facility, told members of . AED held its quarterlu meeting Thursdayat . Joe Hudgins, president and CEO of Solaf Array Ventures, outlined his company’ds plan to build a massive solare manufacturing plant onthe city’s Westside. Generapl Mills’ expansion should be completed by Bone said. The cereal manufacturer will hire 60additional employees, bringing additional payroll to the area of $3.5 The expansion also brings $30 million in spendingh to New Mexico.
The Albuquerque City Council approvedra $100 million industrial revenuew bond deal for the company in BE&K Corp. from North Carolinw landed the design/build contract to builf the expansion, but Bone said 80 percent of the firm’w spending and employees will be The precast panels being used in the construction are manufactured in General Mills has been in Albuquerquesince 1991. Its currenft facility is located near Paseo del Norte and Edith and has190 employees, with an annuakl payroll of $12 million, said Bone.
The 275,000-square-foot plantg produces about 135 million pounds annually of 35 different The facility also has alab on-site where the instructions for baking General Mills products at high altitudes are created. The company has givenj about $5 million to area nonprofits since 1998and $519,000 in scholarships, Bone Don Power, chairman of AED, said the cereal company’a donations illustrate one of the things the organization lookz for in recruiting community involvement. Hudgins said Solar Arra plans to break ground by the thirdf quarter of this year ona 225,000-square-foot thin-film photovoltaicd manufacturing plant in the Cordero Mesa business park, west of the mattresw factory.
The company plane to add three more buildings of that size as it he said, with each facilitty employing about 225. Its annual payroll in the firsr phase wouldbe $14 million. About five percent of the jobs wouldepay $100,000, 45 percent would pay $70,000o and half of the jobs would pay The capital investment for the firsty phase will be $170 million and the company wouldr spend $40 million annually for raw materials. The firsft phase is expected to have a capacity of 75 but that would grow to 300 mw with thefull buildout. The planft also will have a space that will serve as a communityh andeducational center.
Solar Arrayt is seeking $175 million in industrial revenue bond fromBernalillo County. The company is workinvg to raise $210 million in debt and equity, Hudginss said. Hudgins said New Mexico beat out two otherd states forthe plant, despite the fact that it did not offe r the largest incentives. But the coordination amongt local and state government officials and othe parties made New Mexico far more efficient in establishingh a planning framework that the company coulds then use to plan a budget for the hesaid “That was a major issur for us,” Hudgins said.
He also praised the laborf force here and the educational The facility is being designed byPageSoutherlandPag LLP, which has Texas offices in Dallas and Houston, as well as Washington, D.C. and London, U.K. Hoffman based in Portland, Ore., is building the
broke ground April 5 on the $100 176,000-square-foot expansion of its manufacturingfacilityt here, Keith Bone, general manager of the localp facility, told members of . AED held its quarterlu meeting Thursdayat . Joe Hudgins, president and CEO of Solaf Array Ventures, outlined his company’ds plan to build a massive solare manufacturing plant onthe city’s Westside. Generapl Mills’ expansion should be completed by Bone said. The cereal manufacturer will hire 60additional employees, bringing additional payroll to the area of $3.5 The expansion also brings $30 million in spendingh to New Mexico.
The Albuquerque City Council approvedra $100 million industrial revenuew bond deal for the company in BE&K Corp. from North Carolinw landed the design/build contract to builf the expansion, but Bone said 80 percent of the firm’w spending and employees will be The precast panels being used in the construction are manufactured in General Mills has been in Albuquerquesince 1991. Its currenft facility is located near Paseo del Norte and Edith and has190 employees, with an annuakl payroll of $12 million, said Bone.
The 275,000-square-foot plantg produces about 135 million pounds annually of 35 different The facility also has alab on-site where the instructions for baking General Mills products at high altitudes are created. The company has givenj about $5 million to area nonprofits since 1998and $519,000 in scholarships, Bone Don Power, chairman of AED, said the cereal company’a donations illustrate one of the things the organization lookz for in recruiting community involvement. Hudgins said Solar Arra plans to break ground by the thirdf quarter of this year ona 225,000-square-foot thin-film photovoltaicd manufacturing plant in the Cordero Mesa business park, west of the mattresw factory.
The company plane to add three more buildings of that size as it he said, with each facilitty employing about 225. Its annual payroll in the firsr phase wouldbe $14 million. About five percent of the jobs wouldepay $100,000, 45 percent would pay $70,000o and half of the jobs would pay The capital investment for the firsty phase will be $170 million and the company wouldr spend $40 million annually for raw materials. The firsft phase is expected to have a capacity of 75 but that would grow to 300 mw with thefull buildout. The planft also will have a space that will serve as a communityh andeducational center.
Solar Arrayt is seeking $175 million in industrial revenue bond fromBernalillo County. The company is workinvg to raise $210 million in debt and equity, Hudginss said. Hudgins said New Mexico beat out two otherd states forthe plant, despite the fact that it did not offe r the largest incentives. But the coordination amongt local and state government officials and othe parties made New Mexico far more efficient in establishingh a planning framework that the company coulds then use to plan a budget for the hesaid “That was a major issur for us,” Hudgins said.
He also praised the laborf force here and the educational The facility is being designed byPageSoutherlandPag LLP, which has Texas offices in Dallas and Houston, as well as Washington, D.C. and London, U.K. Hoffman based in Portland, Ore., is building the
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