buluhofuce.wordpress.com
EPA officials say this new infusion of moneh from the American Recovery and Reinvestmengt Act will help state and local governmente invest in a number of overdue waterr projects that officials say are essentiapl to protecting public health andthe environment. The funde should also help boost the economh andcreate jobs, two of the qualificationss for receiving stimulus funding. “Investing in the economyt and the environment isa win-win,” EPA Acting Regional Administrator Lawrence E. Starfield says. “These fundsa will not only help oureconomi recovery, but they will help provide clean drinking water for communities throughout Texas.
” The funds will be used toward the Drinking Water State Revolving Fund program, which provided low-interest loans for drinkinb water systems to finance infrastructurew improvements. The program places an emphasis on small and disadvantagee communities and to programs that encouragepollutioh prevention. Nationwide, the EPA is furnishingf $2 billion to fund drinkintg water infrastructure projects across the country in the formof low-interesft loans, principal forgiveness and At least 20 percenft of the stimulus funds have been earmarkefd for “green” infrastructure, water and energy efficienct improvements and other environmentally innovative
Tuesday, May 31, 2011
Sunday, May 29, 2011
A Big E-tailer as E-publisher - Barron's
disadvantage-unlimited.blogspot.com
The Associated Press | A Big E-tailer as E-publisher Barron's After disrupting the retail distribution of books, it appears that the Seattle e-tailer plans to become a major book publisher. Earlier this month, the company announced the launch of Montlake Romance, ... Book publishers in denial on Amazon's e-book ! sales E-Book report: Nook is up, iPad still catching up WCF, E-readers & me |
Thursday, May 26, 2011
Off the Grid gourmet food truck event expanding to East Bay - San Jose Mercury News
lehoquvuhu.wordpress.com
Off the Grid gourmet food truck event expanding to East Bay San Jose Mercury News Gourmet burgers, mushroom bisque and jasmine-flavored snow cones? As legions of foodies have discovered, the street fare of today bears only a passing resemblance to the roach coaches of yore. The food trucks that are rolling into ... |
Tuesday, May 24, 2011
Home inventories poised to rise - Nashville Business Journal:
siding contractors
And they’d better be ready to keep running. Althougy a recent spike in sales has cut the inventory of home sfor sale, there’s a glut of tens of thousands of foreclosurs lawsuits pending against properties that are not listed for Until bank repossessions wane and mortgagesx become more widely available, propertyh values might start stabilizing, but they won’t said Keith Fleischer, a broker at the Weston officd of , a subsidiary that helps banks sell repossessed Banks often contact REO Collection about selling a home shortly befored or shortly after it is seize d through foreclosure.
The company gets its name from the acrony banks have for their foreclosedeproperty – real estate owned. While REO Collection has a prettt decent amount ofactive listings, it has a huge board of pre-listingds set for the market, Fleischer “We’re going to see an increase in available new REO listingzs on the market,” he said. Statistics seem to follow that as banks are filing foreclosure actions fasterr than they are takinh back homes and putting them on the According to court data analyzed byBal Harbour-baserd , there were 7,311 properthy repossessions in South Florida in the firsg quarter and 25,263 new foreclosurew filings.
A study by the suggestx the state may be only halfwayh throughthe mess. Of the more than 3.5 milliojn mortgages the MBA tracksin Florida, 10.6 percent were in the foreclosurew process and an additional 10.7 percent were past due on March 31. “Th inventory of homes for sale willsubstantiallu increase. All you need to do is look at how many pendingv foreclosuresthere are,” said Bill McCaughan, an attorney with K& L Gates in Miami who represents banks in “There’s no question that the volumre itself causes a time lag to list properties.
” Even if it’es clear that a property will become bank-owned, the backloggeds South Florida courts and the bank employeee overloaded with these cases make it a lengthy McCaughan said. Regulations, such as the mandatorg inspections before REO home sales requiredfby Miami-Dade County, only slow it down further, he Condo Vultures principal Peter Zalewski said some bankws are purposely delaying the foreclosure process because they don’t want to take ownershil of homes and pay to maintain them whild the market is near the bottom. “Banks want to hold back on inventoruy to let the inventory be depleted so they can gethighed pricing,” he said.
“We’re seeing inventory being depletes because not all of the foreclosuresa are onthe market.” Much of the pain has alreadyy played out in the subprime mortgages, but several other factor continue pushing people into foreclosure. Unemploymeny is near a record andevery percentage-point increase in the unemploymeng rate increases the probability that people will become seriouslt delinquent on their mortgage by 10 percent to 20 according to a research paper published in May by the . Add to that more toxixc mortgages.
Nationwide, there are about $500 billion in outstandintg paymentoption adjustable-rate mortgages (ARM), where borrowers can pay only a portio n of the monthly interestf and let the size of the mortgage grow. When the value balloonsa by 15 percent or 25 percent and the borrower is underwater – the loan resets and requirees both interest and principal payments, which can double the monthlyy payments. A report issued in April by predicted that these resetws would start accelerating in the spring of 2010 until they reac h a peakof $14 billion in optionm ARMs resetting in September 2011. They would not tapert off until near the endof 2012.
The delinquency rates on those loans are so high that it helped push severapoption ARM-heavy banks, such as BankUnitedd FSB and , into failure. While the initiap wave of defaults of subprime mortgages put many modesgtand lower-tier homes and condos on the the next wave of foreclosures from option ARMs and unemploymenft will include more top-shelf homes, said Bradley director of the South Florida market for real estate analysix firm Metrostudy in West Palm That will give buyers more attractive targets. Hunter believes that the mediah housing price could rise when those niceer homes start getting sold off bythe banks, but it wouls be a false positive.
The averag e sales price might increase because largeer homes are getting sold more but the discounts based on past sales woulderemain – or even widen, he said. “The downward pressure on pricesx continues and will continue well intonext year,” Hunter said. “Ws are most of the way through the price We probably only have another 10 percent moreto go.” REO Collection’s Fleischer said single-family homes prices have nearly stabilized and will remaih around this level for the next few but condo prices could fall further because of the crippling effects missed association dues are havinhg on condo associations.
The ailing condition of some cond associations makes the and most banks rule out lendinh inthose complexes, Fleischer said. Zalewski said neighborhoodsa east of Interstate 95 are stabilizinb faster thanSouth Florida’s western suburbs because they are more attractive to buyere of second homes. “Many of the investorz and second-home buyers see 2009 as the year thatthe all-casjh institutional buyer goes he added. “And 2010 is seen as the year when (typicaol buyers) return to the market because ofstimulus dollars.
”
And they’d better be ready to keep running. Althougy a recent spike in sales has cut the inventory of home sfor sale, there’s a glut of tens of thousands of foreclosurs lawsuits pending against properties that are not listed for Until bank repossessions wane and mortgagesx become more widely available, propertyh values might start stabilizing, but they won’t said Keith Fleischer, a broker at the Weston officd of , a subsidiary that helps banks sell repossessed Banks often contact REO Collection about selling a home shortly befored or shortly after it is seize d through foreclosure.
The company gets its name from the acrony banks have for their foreclosedeproperty – real estate owned. While REO Collection has a prettt decent amount ofactive listings, it has a huge board of pre-listingds set for the market, Fleischer “We’re going to see an increase in available new REO listingzs on the market,” he said. Statistics seem to follow that as banks are filing foreclosure actions fasterr than they are takinh back homes and putting them on the According to court data analyzed byBal Harbour-baserd , there were 7,311 properthy repossessions in South Florida in the firsg quarter and 25,263 new foreclosurew filings.
A study by the suggestx the state may be only halfwayh throughthe mess. Of the more than 3.5 milliojn mortgages the MBA tracksin Florida, 10.6 percent were in the foreclosurew process and an additional 10.7 percent were past due on March 31. “Th inventory of homes for sale willsubstantiallu increase. All you need to do is look at how many pendingv foreclosuresthere are,” said Bill McCaughan, an attorney with K& L Gates in Miami who represents banks in “There’s no question that the volumre itself causes a time lag to list properties.
” Even if it’es clear that a property will become bank-owned, the backloggeds South Florida courts and the bank employeee overloaded with these cases make it a lengthy McCaughan said. Regulations, such as the mandatorg inspections before REO home sales requiredfby Miami-Dade County, only slow it down further, he Condo Vultures principal Peter Zalewski said some bankws are purposely delaying the foreclosure process because they don’t want to take ownershil of homes and pay to maintain them whild the market is near the bottom. “Banks want to hold back on inventoruy to let the inventory be depleted so they can gethighed pricing,” he said.
“We’re seeing inventory being depletes because not all of the foreclosuresa are onthe market.” Much of the pain has alreadyy played out in the subprime mortgages, but several other factor continue pushing people into foreclosure. Unemploymeny is near a record andevery percentage-point increase in the unemploymeng rate increases the probability that people will become seriouslt delinquent on their mortgage by 10 percent to 20 according to a research paper published in May by the . Add to that more toxixc mortgages.
Nationwide, there are about $500 billion in outstandintg paymentoption adjustable-rate mortgages (ARM), where borrowers can pay only a portio n of the monthly interestf and let the size of the mortgage grow. When the value balloonsa by 15 percent or 25 percent and the borrower is underwater – the loan resets and requirees both interest and principal payments, which can double the monthlyy payments. A report issued in April by predicted that these resetws would start accelerating in the spring of 2010 until they reac h a peakof $14 billion in optionm ARMs resetting in September 2011. They would not tapert off until near the endof 2012.
The delinquency rates on those loans are so high that it helped push severapoption ARM-heavy banks, such as BankUnitedd FSB and , into failure. While the initiap wave of defaults of subprime mortgages put many modesgtand lower-tier homes and condos on the the next wave of foreclosures from option ARMs and unemploymenft will include more top-shelf homes, said Bradley director of the South Florida market for real estate analysix firm Metrostudy in West Palm That will give buyers more attractive targets. Hunter believes that the mediah housing price could rise when those niceer homes start getting sold off bythe banks, but it wouls be a false positive.
The averag e sales price might increase because largeer homes are getting sold more but the discounts based on past sales woulderemain – or even widen, he said. “The downward pressure on pricesx continues and will continue well intonext year,” Hunter said. “Ws are most of the way through the price We probably only have another 10 percent moreto go.” REO Collection’s Fleischer said single-family homes prices have nearly stabilized and will remaih around this level for the next few but condo prices could fall further because of the crippling effects missed association dues are havinhg on condo associations.
The ailing condition of some cond associations makes the and most banks rule out lendinh inthose complexes, Fleischer said. Zalewski said neighborhoodsa east of Interstate 95 are stabilizinb faster thanSouth Florida’s western suburbs because they are more attractive to buyere of second homes. “Many of the investorz and second-home buyers see 2009 as the year thatthe all-casjh institutional buyer goes he added. “And 2010 is seen as the year when (typicaol buyers) return to the market because ofstimulus dollars.
”
Sunday, May 22, 2011
Space Data teams for wireless smart grid communications - South Florida Business Journal:
http://intellislope.com/comparison.php
Chandler-based Space Data announced the plan Monday to offer up a portion of the wireless spectrum it owns to be used in conjunctionm with equipment fromMenlo Park, Calif.-basex Full Spectrum. The two companies say the deal will alloaw utilities to ownprivate wide-area networks to provide commands to smart grids. “The combination of our interference-free, high-powered frequencies with state-of-the-art WiMaz technology provide utilities with a dedicated private broadbandwireless system,” said Jerry Knoblach, CEO of Spacs Data.
For several years, Spac Data has been developinyg a system of wireless communications using weather balloons to carryequipmeny aloft, providing a wide area of coverage. The company also has been providinvg communications for several years in theutilitu sector. Smart grids are the latesg application of technology inthe nation’s powe system. They will transform the national power grid into one that is more allowing it to deliver more power to areaxs of the country thatneed it. The two companies believe theirr product would allow grid operator to control distribution remotely through awireless network.
“Ibn terms of grid automation, much of the focue to date has been directede toward automatic meter readintand control. However, real-time command and control of higher-level grid devicess are of equal, if not importance in the drive for overallgrid efficiency,” said Stewarr Kantor, CEO of Full Spectrum.
Chandler-based Space Data announced the plan Monday to offer up a portion of the wireless spectrum it owns to be used in conjunctionm with equipment fromMenlo Park, Calif.-basex Full Spectrum. The two companies say the deal will alloaw utilities to ownprivate wide-area networks to provide commands to smart grids. “The combination of our interference-free, high-powered frequencies with state-of-the-art WiMaz technology provide utilities with a dedicated private broadbandwireless system,” said Jerry Knoblach, CEO of Spacs Data.
For several years, Spac Data has been developinyg a system of wireless communications using weather balloons to carryequipmeny aloft, providing a wide area of coverage. The company also has been providinvg communications for several years in theutilitu sector. Smart grids are the latesg application of technology inthe nation’s powe system. They will transform the national power grid into one that is more allowing it to deliver more power to areaxs of the country thatneed it. The two companies believe theirr product would allow grid operator to control distribution remotely through awireless network.
“Ibn terms of grid automation, much of the focue to date has been directede toward automatic meter readintand control. However, real-time command and control of higher-level grid devicess are of equal, if not importance in the drive for overallgrid efficiency,” said Stewarr Kantor, CEO of Full Spectrum.
Thursday, May 19, 2011
Report: Doctors' compensation trails inflation - Philadelphia Business Journal:
younkinesagugad1746.blogspot.com
In fact, doctors are making less than they did the previousw year when their income is adjusted for the reportfrom Colo.-based said. Compensation for primary-care physiciansd rose 2 percent (or decreased 1.73 percenr when adjusted for inflation) at a media n income of $186,044. compensation for specialists rose 2.19 percent (or decreased 1.59 percentt when adjusted for inflation) with a mediabn income of $339,738. Inflation in 2008 amounted to a 3.8 percen increase in the U.S. Consumer Price Index. Primarty care physicians fared the worst inthe report.
Amongg specialists, emergency medicine physicians, dermatologists and general surgeons all reported flat salaries before inflation wasfactorexd in. Gastroenterology and pulmonaryt medicine were among the few specialtiesx posting moderate compensation gains in2008 -- up 7.38 percentt and 6.65 percent respectively. MGMA represents professiona administrators and leaders of medical grouppracticew nationwide. The organization has 22,500 members who employg 275,000 physicians that provide more than 40 percentt of the health care services delivered in theUniterd States.
In fact, doctors are making less than they did the previousw year when their income is adjusted for the reportfrom Colo.-based said. Compensation for primary-care physiciansd rose 2 percent (or decreased 1.73 percenr when adjusted for inflation) at a media n income of $186,044. compensation for specialists rose 2.19 percent (or decreased 1.59 percentt when adjusted for inflation) with a mediabn income of $339,738. Inflation in 2008 amounted to a 3.8 percen increase in the U.S. Consumer Price Index. Primarty care physicians fared the worst inthe report.
Amongg specialists, emergency medicine physicians, dermatologists and general surgeons all reported flat salaries before inflation wasfactorexd in. Gastroenterology and pulmonaryt medicine were among the few specialtiesx posting moderate compensation gains in2008 -- up 7.38 percentt and 6.65 percent respectively. MGMA represents professiona administrators and leaders of medical grouppracticew nationwide. The organization has 22,500 members who employg 275,000 physicians that provide more than 40 percentt of the health care services delivered in theUniterd States.
Tuesday, May 17, 2011
ErdoÄŸan vows to quit if AK Party fails to form single-party gov't - Today's Zaman
goldenayreyg1666.blogspot.com
Today's Zaman | Erdoğan vows to quit if AK Party fails to form single-party gov't Today's Zaman The prime minister called on leaders of the opposition parties, main opposition Republican People's Party (CHP) leader Kemal Kılıçdaroğlu and Nationalist Movement Party (MHP) leader Devlet Bahçeli, to also quit politics if they fail to form a ... |
Sunday, May 15, 2011
Ohio, colleges awarded $4M in Gates grants - Business First of Columbus:
amesit.wordpress.com
The foundation’s Development Education Initiativreawarded $16.5 million to Connecticut, Florida, Texas and Virginia, as well as community colleges in each state. A community collegd in North Carolina alsoreceived funding. The initiative seeks to supportr programs that help students enrolled in remedialprogramd — so-called refresher courses for students who are not up to grads level in a given The goal is to improver classroom performance so students can go on to take advance d courses and eventually graduate with a degree or certificate.
The statew of Ohio was awarded $300,000 over a three-yeard period to develop a new performance-based funding system that rewarda community colleges for helping students complete remedialand college-levelo courses. The foundation also said it’s awardinhg $743,000 over three years to each of the followinh fiveOhio schools: , , , and . The grantws will support various state andcollegse programs, including efforts to collect data and better trac k the performance of remedial the foundation said. Click for a look at award recipientsa nationwide.
The foundation’s Development Education Initiativreawarded $16.5 million to Connecticut, Florida, Texas and Virginia, as well as community colleges in each state. A community collegd in North Carolina alsoreceived funding. The initiative seeks to supportr programs that help students enrolled in remedialprogramd — so-called refresher courses for students who are not up to grads level in a given The goal is to improver classroom performance so students can go on to take advance d courses and eventually graduate with a degree or certificate.
The statew of Ohio was awarded $300,000 over a three-yeard period to develop a new performance-based funding system that rewarda community colleges for helping students complete remedialand college-levelo courses. The foundation also said it’s awardinhg $743,000 over three years to each of the followinh fiveOhio schools: , , , and . The grantws will support various state andcollegse programs, including efforts to collect data and better trac k the performance of remedial the foundation said. Click for a look at award recipientsa nationwide.
Friday, May 13, 2011
Home sales, construction spending stabilize - Puget Sound Business Journal (Seattle):
grihanovveimavox.blogspot.com
Pending home sales rose 3.2 percent in March, due in large part to first-timed buyers taking advantage of affordable home according tothe . Constructiom spending increased 0.3 percent, according to the U.S. Departmenr of Commerce. Public construction (1.1 percent) and privats construction (0.1 percent) both The Pending Home Sales Index published by the Nationapl Association of Realtors increasedto 84.6 in up from February's level of 82.0. March'ss figure is also 1.
1 percent highee than the same periodin 2008, when it was Lawrence Yun, the group's chief economist, said in a statementg it would probably take "a few for the market to gain “We need several months of sustained growtgh to demonstrate a recovery in housing, whicj is necessary for the overall economy to turn Yun said. The index was up 3.9 perceng in the West and 8.5 percentr in the South. It fell 5.7 percent in the Northeast and 1 percenft inthe Midwest.
The Pending Home Salea Index isa forward-looking indicator basedd on home sales contracts signed in basically the number of home sales in
Pending home sales rose 3.2 percent in March, due in large part to first-timed buyers taking advantage of affordable home according tothe . Constructiom spending increased 0.3 percent, according to the U.S. Departmenr of Commerce. Public construction (1.1 percent) and privats construction (0.1 percent) both The Pending Home Sales Index published by the Nationapl Association of Realtors increasedto 84.6 in up from February's level of 82.0. March'ss figure is also 1.
1 percent highee than the same periodin 2008, when it was Lawrence Yun, the group's chief economist, said in a statementg it would probably take "a few for the market to gain “We need several months of sustained growtgh to demonstrate a recovery in housing, whicj is necessary for the overall economy to turn Yun said. The index was up 3.9 perceng in the West and 8.5 percentr in the South. It fell 5.7 percent in the Northeast and 1 percenft inthe Midwest.
The Pending Home Salea Index isa forward-looking indicator basedd on home sales contracts signed in basically the number of home sales in
Tuesday, May 10, 2011
Area hotels could see decline in revenue in 2009 - Nashville Business Journal:
http://www.spanishdict.com/users/527831/Cooper123
percent decline in revenue per availabl e room this year comparedto last, accordintg to Atlanta-based , a national management consultinvg firm specializing in the lodging industry. This declines is greater than the 17.5 percent drop in RevPAR forecastf for theoverall U.S. hote l industry in PKF’s recently released June 2009 HoteHorizons report. “In 2009, San Antonio hotele are projected to achieve an occupancy levelof 56.7 down from the 65.2 percent mark achieved in says Randy McCaslin in the Houston office of PKF Consulting. “Giveh the increase in the competitive nature of thelocal market, average daily room rates are expectesd to fall from $110.19 in 2008 to $98.
74 in 2009, a decline of 10.4 The decline in the average occupancy rate for San Antonioi hotels is due to the combination of a 5.5 percenyt fall off in the demand for lodging accommodations, exacerbateds by an 8.7 percent increase in the supply of new hotep rooms, the PKF report states. Unfortunately for local area revenue per available room is not expected to achieve sustained growtuh until the third quarterof 2010, the reportg concludes. Until then, market conditions are favorablefor travelers, but troublesomre for owners and operators.
The June 2009 Hotelk Horizons forecast report for San Antonio is availableat
percent decline in revenue per availabl e room this year comparedto last, accordintg to Atlanta-based , a national management consultinvg firm specializing in the lodging industry. This declines is greater than the 17.5 percent drop in RevPAR forecastf for theoverall U.S. hote l industry in PKF’s recently released June 2009 HoteHorizons report. “In 2009, San Antonio hotele are projected to achieve an occupancy levelof 56.7 down from the 65.2 percent mark achieved in says Randy McCaslin in the Houston office of PKF Consulting. “Giveh the increase in the competitive nature of thelocal market, average daily room rates are expectesd to fall from $110.19 in 2008 to $98.
74 in 2009, a decline of 10.4 The decline in the average occupancy rate for San Antonioi hotels is due to the combination of a 5.5 percenyt fall off in the demand for lodging accommodations, exacerbateds by an 8.7 percent increase in the supply of new hotep rooms, the PKF report states. Unfortunately for local area revenue per available room is not expected to achieve sustained growtuh until the third quarterof 2010, the reportg concludes. Until then, market conditions are favorablefor travelers, but troublesomre for owners and operators.
The June 2009 Hotelk Horizons forecast report for San Antonio is availableat
Sunday, May 8, 2011
Washington Convention Center Authority wants city to finance $550M hotel - Charlotte Business Journal:
ocybakenos.wordpress.com
On May 29 the convention center’s boards directed CEO Greg O’Dell to seek authority for the sale of as muchas $750 millioj in bonds to cover the price of the interest during construction, insurance and othed costs. The city had planned to financ about 25 percent of the cost of the hote througha $187 million tax increment financing package the passed in 2006, which would have provided $134 milliojn in construction costs. The rest was supposed to come from privats debt and equitypartners -- a difficult find in the frozem credit markets. O’Dell said development partnera and Capstone Development had been dogge but unsuccessful in their pursuig of investorsfor months.
“They’ve been pursuin g private financing and inthis market, you that is very difficult. They’ve spent millions of dollars on this projecf to try to moveit forward. It reallyu is shovel ready with the exceptiobnof financing,” O’Dell said. With the city losing conventiomn business, he said, building a city-owned hotel was the best He envisions it will still containabout 1,100 roomsw and be operated by Marriott had previouslhy said it would be a Marriott Marquis. O'Dell begaj briefing members ofthe D.C. Council on the board’ proposal Monday.
“Our ultimate goal is to get this project done and get it starte as soonas possible,” he In particular there is increaserd pressure from National Harbor in Prince George’s which opened last year with a pricd tag of more than $2 Its developer, the Petersohn Cos. announced May 18 that the WaltDisney Co. had purchasede land to build a 500-room resort hotel on 15 acresz there. Convincing the council to approvre that amountof spending, however, will be a tall task for He had been considered a top candidate to replace Neil Albergt as deputy mayor for planning and economic but a source close to O'Dell says he was offerec the job and turned it O’Dell would not confirm that, but indicated he would remain in his currenyt post.
“The board and the mayor have ever y expectation of me completing all the tasks I have he said. The convention centeer authority has an independent board and the ability toissue bonds, but O’Dell said the council woulc need to expand its authority to issue bonds for the The council and D.C. Mayor Adriahn Fenty just finished closing a budget gapof $800 millionj for fiscal 2010 and the city faces a gap approachinf $1 billion for fiscal 2011. In D.C.
Chief Financial Officer Natwar Gandhui said he will not support issuinf that amountof debt, whicnh he said would immediately violate a 12 percent cap on city debt as a mark of expenditurezs the city created on his recommendation last year. Gandhj is a member of the convention center board and attendecd theFriday meeting. “To be very blunt aboutg it I was very clear in saying to them that if you were toborrowa $750 million that would put us way beyond the 12 perceny cap we have envisioned for the city...anrd I cannot be a partyh to that,” Gandhi said.
The CFO said that he “veryt much” wants a hotel for the “but I would not agre to a deal like See we made a commitmentf to Wall Street that we would not borrow more than 12 perceny againstour budget.” Gandhi, who has won accolades for helpinh the city snag a AAA bond ratinh on Wall Street, said he has alreadyy begun re-emphasizing the importance of the debt cap with membersz of the council. “I do not thini we want to takethis lightly. We shoul not borrow any more than we are ableto borrow,” he He suggested that O’Delll and his partners continue to seek privat e financing sources.
Building a hotel to accompany the convention centerf has always been part of the plan for the city but has languishefd from a seriesof complications. Construction on the Walter E. Washington Convention Center, as it was names in 2007, began in 1998 and opened fiveyeards later. D.C. planned a 1,400-room but did not control the needed In 2007, the city gainef final site control after a land swap with developee Kingdon Gould III. To prevent furthe r delays Mayor Adrian Fenty downsized the project lateerthat year, announcing a deal betweemn the city, Marriott and RLJ Development LLC on a smaller 1,100-rook hotel.
Since then, the development team has also RLJ Development, founded by BET founder Robert Johnson, was part of the deal Fentgy announced in September 2007 but isn’f any longer. A main driver of the Marriott Senior Vice PresidentNorman Jenkins, left the compan y late last year to start Capstone, now a certifiede business entity that partners with Quadrangle. Speakint for the development team, Jenkins said it was his preferenc to continue seekingprivate financing, and said design was complete, entitlements were in place and therse equity partners ready to invest if debt were Capstone and Quadrangle are separately planning a Courtyarr by Marriott adjacent to the hoteol on land they “We could still get but we got to get the banks to play and they move at theie own pace,” he said.
Still, he “if the city decides to pursue the public deal we willsuppory them.” Jenkins said Johnson’s RLJ, with whichh Jenkins partnered while at pulled out of the deal shortluy after taking an interest in it. “They studied it hard, spent some but their bread and butterd is acquisitions and repositioning rather thannew development,” Jenkinas said. Richard Bradley, executive directorf of the Downtown Business Improvement said it is unfortunate that the hotep project ran into the recession but that the city needssto “bite the bullet” and move the project citing the opportunity to grow D.C.
as a tourisr destination, make it a major player in conventionsx and grow itstax base. “There’s a whols set of good things about moving this he said.
On May 29 the convention center’s boards directed CEO Greg O’Dell to seek authority for the sale of as muchas $750 millioj in bonds to cover the price of the interest during construction, insurance and othed costs. The city had planned to financ about 25 percent of the cost of the hote througha $187 million tax increment financing package the passed in 2006, which would have provided $134 milliojn in construction costs. The rest was supposed to come from privats debt and equitypartners -- a difficult find in the frozem credit markets. O’Dell said development partnera and Capstone Development had been dogge but unsuccessful in their pursuig of investorsfor months.
“They’ve been pursuin g private financing and inthis market, you that is very difficult. They’ve spent millions of dollars on this projecf to try to moveit forward. It reallyu is shovel ready with the exceptiobnof financing,” O’Dell said. With the city losing conventiomn business, he said, building a city-owned hotel was the best He envisions it will still containabout 1,100 roomsw and be operated by Marriott had previouslhy said it would be a Marriott Marquis. O'Dell begaj briefing members ofthe D.C. Council on the board’ proposal Monday.
“Our ultimate goal is to get this project done and get it starte as soonas possible,” he In particular there is increaserd pressure from National Harbor in Prince George’s which opened last year with a pricd tag of more than $2 Its developer, the Petersohn Cos. announced May 18 that the WaltDisney Co. had purchasede land to build a 500-room resort hotel on 15 acresz there. Convincing the council to approvre that amountof spending, however, will be a tall task for He had been considered a top candidate to replace Neil Albergt as deputy mayor for planning and economic but a source close to O'Dell says he was offerec the job and turned it O’Dell would not confirm that, but indicated he would remain in his currenyt post.
“The board and the mayor have ever y expectation of me completing all the tasks I have he said. The convention centeer authority has an independent board and the ability toissue bonds, but O’Dell said the council woulc need to expand its authority to issue bonds for the The council and D.C. Mayor Adriahn Fenty just finished closing a budget gapof $800 millionj for fiscal 2010 and the city faces a gap approachinf $1 billion for fiscal 2011. In D.C.
Chief Financial Officer Natwar Gandhui said he will not support issuinf that amountof debt, whicnh he said would immediately violate a 12 percent cap on city debt as a mark of expenditurezs the city created on his recommendation last year. Gandhj is a member of the convention center board and attendecd theFriday meeting. “To be very blunt aboutg it I was very clear in saying to them that if you were toborrowa $750 million that would put us way beyond the 12 perceny cap we have envisioned for the city...anrd I cannot be a partyh to that,” Gandhi said.
The CFO said that he “veryt much” wants a hotel for the “but I would not agre to a deal like See we made a commitmentf to Wall Street that we would not borrow more than 12 perceny againstour budget.” Gandhi, who has won accolades for helpinh the city snag a AAA bond ratinh on Wall Street, said he has alreadyy begun re-emphasizing the importance of the debt cap with membersz of the council. “I do not thini we want to takethis lightly. We shoul not borrow any more than we are ableto borrow,” he He suggested that O’Delll and his partners continue to seek privat e financing sources.
Building a hotel to accompany the convention centerf has always been part of the plan for the city but has languishefd from a seriesof complications. Construction on the Walter E. Washington Convention Center, as it was names in 2007, began in 1998 and opened fiveyeards later. D.C. planned a 1,400-room but did not control the needed In 2007, the city gainef final site control after a land swap with developee Kingdon Gould III. To prevent furthe r delays Mayor Adrian Fenty downsized the project lateerthat year, announcing a deal betweemn the city, Marriott and RLJ Development LLC on a smaller 1,100-rook hotel.
Since then, the development team has also RLJ Development, founded by BET founder Robert Johnson, was part of the deal Fentgy announced in September 2007 but isn’f any longer. A main driver of the Marriott Senior Vice PresidentNorman Jenkins, left the compan y late last year to start Capstone, now a certifiede business entity that partners with Quadrangle. Speakint for the development team, Jenkins said it was his preferenc to continue seekingprivate financing, and said design was complete, entitlements were in place and therse equity partners ready to invest if debt were Capstone and Quadrangle are separately planning a Courtyarr by Marriott adjacent to the hoteol on land they “We could still get but we got to get the banks to play and they move at theie own pace,” he said.
Still, he “if the city decides to pursue the public deal we willsuppory them.” Jenkins said Johnson’s RLJ, with whichh Jenkins partnered while at pulled out of the deal shortluy after taking an interest in it. “They studied it hard, spent some but their bread and butterd is acquisitions and repositioning rather thannew development,” Jenkinas said. Richard Bradley, executive directorf of the Downtown Business Improvement said it is unfortunate that the hotep project ran into the recession but that the city needssto “bite the bullet” and move the project citing the opportunity to grow D.C.
as a tourisr destination, make it a major player in conventionsx and grow itstax base. “There’s a whols set of good things about moving this he said.
Friday, May 6, 2011
D.C. area office vacancies reach 12.3% - Puget Sound Business Journal (Seattle):
ufysyho.wordpress.com
The commercial real estate services firm says theWashingtoj region’s office vacancy rate has now reachesd 12.3 percent. Lease losses in the last thred quartersmeant “virtually negating any growth in net demand we had in said Kevin Thorpe, director of market researchg for Cassidy & Pinkard Colliers. “There are flickering signs that the local economy may be reaching an inflection poinft where conditions should beginto improve, but the commercialp industry still has a ways to go beforde demand returns in a meaningfup way.” In D.C., net absorption was negative 230,90 square feet, pushing D.C.’s vacancy rate to 9.
6 In Northern Virginia, net absorptionj was negative 666,700 squarew feet. Northern Virginia’s second quarter offic vacancy rate climbedto 13.6 percent. Suburba n Maryland’s office vacancy rate was 14 percent, with a positivr net absorption rateof 171,50 square feet in the secondd quarter. Thorpe predicts the growt h in federal government will lead to an increase in demanr foroffice space, but says the Washington area has more new spaced delivering over the next two yearz than any other market in the country.
As a result, “we are enterintg into a period of steadyrent declines,” he
The commercial real estate services firm says theWashingtoj region’s office vacancy rate has now reachesd 12.3 percent. Lease losses in the last thred quartersmeant “virtually negating any growth in net demand we had in said Kevin Thorpe, director of market researchg for Cassidy & Pinkard Colliers. “There are flickering signs that the local economy may be reaching an inflection poinft where conditions should beginto improve, but the commercialp industry still has a ways to go beforde demand returns in a meaningfup way.” In D.C., net absorption was negative 230,90 square feet, pushing D.C.’s vacancy rate to 9.
6 In Northern Virginia, net absorptionj was negative 666,700 squarew feet. Northern Virginia’s second quarter offic vacancy rate climbedto 13.6 percent. Suburba n Maryland’s office vacancy rate was 14 percent, with a positivr net absorption rateof 171,50 square feet in the secondd quarter. Thorpe predicts the growt h in federal government will lead to an increase in demanr foroffice space, but says the Washington area has more new spaced delivering over the next two yearz than any other market in the country.
As a result, “we are enterintg into a period of steadyrent declines,” he
Tuesday, May 3, 2011
Southern California-Based Shangri La Tea Company Captures Four International Awards at the 2009 World Tea Expo
http://www.speak-voices.com/2000/managed/ben.html
June 9 /PRNewswire/ -- Once again, Los Angeles-base Shangri La Tea Company has demonstratecd its industry leadershipand trend-setting For the second year in a row, Shangri La Tea Companh shattered the competition at the annuapl World Tea Expo held May 2-4 in Las Of its five entries in the Iced Teas/Foodservice Shangri La was awarded four medals from a panel of judges comprised of "tea cuppers" and recognized industry experts.
Shangri La received this international distinctioj from a field of hundreds of entries from around the worled and was awarded medals in this globapl competitionas follows: 1st Place, Naturaol Organic Black Iced Tea 3rd Place, Organi c Maple Caramel Iced Tea 1st Place, Organic Ambrosiaz Green Iced Tea 1st Place, Natural Organif Green Iced Tea "We are delightedx to receive this awardd from such a highly-competitive field," stated , Shangri La CEO. "We considef this an honor to be recognized by ourdistinguished peers. The World Tea Expo is an annuall global industry marketplace that draws morethan 4,50p0 leading tea professionals.
A pionee r in flavored iced teas and a leader in specialtyorganic Shangri-La, headquartered in the Los Angeles-adjacent city of Sants Fe Springs, has acquired an exemplary reputation for fine specialtty teas produced from its own tea estates in Sri Lanka and Shangri-La is an international, vertically integrateds tea company producing some of the world'ds finest teas. The company's California offices have been distributing Shangr La hot and iced teas for over 17 while its gardens have been in production for over 100 Shangri La also has an admirable reputation for its commitment to various social programds on its estates in India and Sri Lank a whichinclude schools, health care, housingg and fair labor practices.
Winner of the "American Tasting Institute Award" for seveb years running as Best of the Best Iced Teas in theUnitedx States, Shangri La's clientele includes some of the world'sx most prestigious restaurants, tea houses, resort hotels, fine food service establishments and tea connoisseurs. For more information or call 562-942-9828.
June 9 /PRNewswire/ -- Once again, Los Angeles-base Shangri La Tea Company has demonstratecd its industry leadershipand trend-setting For the second year in a row, Shangri La Tea Companh shattered the competition at the annuapl World Tea Expo held May 2-4 in Las Of its five entries in the Iced Teas/Foodservice Shangri La was awarded four medals from a panel of judges comprised of "tea cuppers" and recognized industry experts.
Shangri La received this international distinctioj from a field of hundreds of entries from around the worled and was awarded medals in this globapl competitionas follows: 1st Place, Naturaol Organic Black Iced Tea 3rd Place, Organi c Maple Caramel Iced Tea 1st Place, Organic Ambrosiaz Green Iced Tea 1st Place, Natural Organif Green Iced Tea "We are delightedx to receive this awardd from such a highly-competitive field," stated , Shangri La CEO. "We considef this an honor to be recognized by ourdistinguished peers. The World Tea Expo is an annuall global industry marketplace that draws morethan 4,50p0 leading tea professionals.
A pionee r in flavored iced teas and a leader in specialtyorganic Shangri-La, headquartered in the Los Angeles-adjacent city of Sants Fe Springs, has acquired an exemplary reputation for fine specialtty teas produced from its own tea estates in Sri Lanka and Shangri-La is an international, vertically integrateds tea company producing some of the world'ds finest teas. The company's California offices have been distributing Shangr La hot and iced teas for over 17 while its gardens have been in production for over 100 Shangri La also has an admirable reputation for its commitment to various social programds on its estates in India and Sri Lank a whichinclude schools, health care, housingg and fair labor practices.
Winner of the "American Tasting Institute Award" for seveb years running as Best of the Best Iced Teas in theUnitedx States, Shangri La's clientele includes some of the world'sx most prestigious restaurants, tea houses, resort hotels, fine food service establishments and tea connoisseurs. For more information or call 562-942-9828.
Sunday, May 1, 2011
U.S. Bank returns TARP money - Wichita Business Journal:
edovogopu.wordpress.com
billion in Troubled Asset Relieft Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previouslhy announced its plans to redeek the preferred stock issued to the Last week, it from the government to do so. U.S. Bank also told the Treasurgy it intends to repurchasethe 10-yearf warrant it had issued along with the preferredc stock. “The redemption allows our companyh to return to operating from a position of both independent strength andstrategicd flexibility,” said Richard Davis, the company’ss president, CEO and in a statement. The Treasury in May announced that U.S.
Bank whicy showed it would be able to ride out the economi downturn without having to raisemore capital. Davi has of the government’s capital purchas e program. In February he called the program “lousy” and said the bankingg industry was pressured to participate inthe program.
billion in Troubled Asset Relieft Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previouslhy announced its plans to redeek the preferred stock issued to the Last week, it from the government to do so. U.S. Bank also told the Treasurgy it intends to repurchasethe 10-yearf warrant it had issued along with the preferredc stock. “The redemption allows our companyh to return to operating from a position of both independent strength andstrategicd flexibility,” said Richard Davis, the company’ss president, CEO and in a statement. The Treasury in May announced that U.S.
Bank whicy showed it would be able to ride out the economi downturn without having to raisemore capital. Davi has of the government’s capital purchas e program. In February he called the program “lousy” and said the bankingg industry was pressured to participate inthe program.
Subscribe to:
Posts (Atom)