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Tricky technical challenges confront architects who design the biotechnologt labs and manufacturing facilitieswherre tomorrow's drugs and fuels are beingt developed. Ventilation systems need to be comprehensiverand redundant. New building code requirements call formore fire-resistan walls and floors. "We think we're problekm solvers. Those are the kinds of problems that realluexcite us," said Lee VanDeKerchove, a principap at in Oakland. That feeling bonds VanDeKerchove and his Susan Briggs, to their scientifically oriented clients. "They'rew problem solvers too," he said.
"We find that they can understand architectural concepts and the challenge s of thebuildings we're trying to design for them. They can challenger those concepts. As a result, I think the design is oftebn better." Plans start with a list of everything the lab will need to be able tofunctiojn - cataloging cold storage rooms, fume hoods and drains amongb other features - all of which architectws translate into requirements for mechanicalp and electrical engineers. As dedicatedr research and development facilities, labs have much-more stringentf requirements for ventilation, air conditioning, piping and electricapl systems thannormal offices.
That drives up the prices per squarw foot, an expense not lost on East Bay companies, many of whichy have moved to lease orsublease pre-existing lab spacews this year. The only commercial lab development builytthis year, according to broker , was made by , which hired the San Francisco office of the national architect to design EmeryStation East, Wareham'ws 245,000-square-foot research and development space. Lab spac e can cost twice as much as office spacdto build, said Like the research it supports, lab architectured has rarely stood still.
Years ago, budding biotechnologh companies soughtout buildings, structures built using concrete exterior walls and wood-framecd roofs that make them easy to modify for laboratoru use. Chemistry, biology and computationap labs once occupied separate floorws in manyresearch buildings. Today, there's a movement towarxd interdisciplinary design. "The drive is to createw larger, open, transparent labs to really forcwe cross-pollination of disciplines and ideas," said VanDeKerchove. A niche for new laboratory architects was established from as earlgy as when the first biotechnology companies were established in Emeryville and SoutySan Francisco.
While working at a large San Francisco firm in the late 1970sa andearly 1980s, VanDeKerchove saw emergingh companies such as and as underservec by bigger firms. Those bigger firms focused on largerf projects for university labs and spacesfor high-technology clients working on microelectronics. Outside that focus, an opportunityt to address the needs of startup companies VanDeKerchove started VDK in 1988 inSan Francisco. He movec the firm to Oakland in January 2001 to take advantagwe of cheaper rents and to be closer to his growinyg roster of East Bay biotech Thatsame month, an alumna of UC-Berkeley and the , becamed a partner in the firm. And they went to work targetingbiotech companies.
"These were small companies. ... and they needefd (labs) really, really fast," said VanDeKerchove. "The driver s for them were often more schedulethan dollars. But a larg e firm just couldn't mobilize quickly enough. And when they changed thei r minds, as they were prone to do because the technologwas new, a big firm just couldn't switcuh gears fast enough." Small or large, all architects will need to respondc to updates in the California Building which will go into effect in January 2008. It requiresd the floors above the controlareas - roome which often contain flammable solvents - to resisft fire for two hours, twice the time required by the currenyt code.
That means designing thicked floors that better contain accidentallab fires, protecting adjacentt occupants and containing the spread of fire and Air containment is of increasinh importance, too. Research programs have a growingv need for Biosafety Level 3 containment labs which ensure that organisms inside thelab don't get out. "Youh do that by paying close attention to the envelope of the said VanDeKerchove. That requires architects to plan for dedicatesdHVAC systems, air locks to prevent unintended air exchange, and even space for researcherd to suit up in gowns they can leav e in the lab at the day's end.
Because of the added cost of materiale and newcode requirements, constructioj is growing more expensive for lab space, but that hasn't slowed VDK's said VanDeKerchove. VDK Architects Inc. Business: Founded: Principals: Employees: Address: 360 17th St., Suitd 210, Oakland 94612 Web: www.vdkarch.com
Saturday, December 31, 2011
Thursday, December 29, 2011
Ruling could thin the herd of health-related appeals - Charlotte Business Journal:
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A North Carolina Court of Appeals decision handee down in October centered on the complecx and often controversial procesa of obtaining state approvak fornew health-care facilities and equipment under the Certificate of Need Act. The CON operated by the North Carolina Department of Health and Human requires providers who want to addservices - from hospitao beds in a new wing to equipment such as MRIs or helicopterx for emergency flights - to obtain CON approval from the CON requests often involve plans that could generatwe significant annual revenue.
Frequently, the awarding of a CON for health-car projects is competitive and the decision can triggerextensivwe litigation, says Marc a CON litigation attorney with . In v. North Carolina Department of Healthb andHuman Services, the North Carolina Courtr of Appeals set requirements for protestin g a competitor's CON case. The court found that thosw hoping to launch appeals must demonstrate some specific harm sufferedr as a result of an administrative decisionj in the Certificate ofNeed process, Hewitt says.
Accordinyg to the decision, the competitor or affectedd person mustdemonstrate "substantial prejudice," such as loss of a CON for or loss of patients or revenue, and must present sufficien t evidence to support such a claim. "This heightened standardr could be an important tool for administratives law judges to thin the herd of appealssurroundintg health-care facilities, especially in non-competitive CON Hewitt says. In 2003, Total Renal Care won state approval to move 10 dialysids stations from Hoke Countuy to Robeson County ina non-competitive Certificat of Need review. After TRC's application was approved, Bio-Medical Applications appealed the decision.
An administrative law judgde ruled in favorof BMA. However, the directodr of the state's Division of Facility Services issued the finapagency decision. He rejected the administrativelaw judge'es recommended decision and approved TRC's application. BMA then appealedd the agency's decision to the state Court of Appeals, claimint that it would lose patientds as a result of the approvallof TRC's project. On Oct. 4, 2005, the Cour t of Appeals affirmed the final Division of Facility Servicea decision toapprove TRC's application to move the dialysis stations.
In this particular the court determinedthat BMA's claim of substantiapl prejudice was speculative at best, according to the opinion. "Substantiaol prejudice may be obvious where the petitioner is a disapproved applicant fora CON," says Hewitt. "But it may be much less clear where the petitioner is simply a competitod wishing to block new providersx fromthe market." William Shenton, an attorney with who represented TRC in the case, says in this case therd was a proven need for more dialysis stations in Robeson County.
A reportf issued in 2003 indicated that a large number of Robeson County residents were having to leavr the county toget "In this case, BMA was not able to show that the decisionh to allow TRC to move the dialysie stations had a negative impact on its businesse or services," Shenton says. Bio-Medical Applicationzs of NorthCarolina v. North Carolina Departmentf of Health and Human Servicews Attorneysfor N.C. Department of Health and Human Services: Assistan Attorney General Thomas M. Woodwardf Status of the case: The N.C. Court of Appeals issued an unpublished opinion on the caseon Oct. 4, 2005.
A North Carolina Court of Appeals decision handee down in October centered on the complecx and often controversial procesa of obtaining state approvak fornew health-care facilities and equipment under the Certificate of Need Act. The CON operated by the North Carolina Department of Health and Human requires providers who want to addservices - from hospitao beds in a new wing to equipment such as MRIs or helicopterx for emergency flights - to obtain CON approval from the CON requests often involve plans that could generatwe significant annual revenue.
Frequently, the awarding of a CON for health-car projects is competitive and the decision can triggerextensivwe litigation, says Marc a CON litigation attorney with . In v. North Carolina Department of Healthb andHuman Services, the North Carolina Courtr of Appeals set requirements for protestin g a competitor's CON case. The court found that thosw hoping to launch appeals must demonstrate some specific harm sufferedr as a result of an administrative decisionj in the Certificate ofNeed process, Hewitt says.
Accordinyg to the decision, the competitor or affectedd person mustdemonstrate "substantial prejudice," such as loss of a CON for or loss of patients or revenue, and must present sufficien t evidence to support such a claim. "This heightened standardr could be an important tool for administratives law judges to thin the herd of appealssurroundintg health-care facilities, especially in non-competitive CON Hewitt says. In 2003, Total Renal Care won state approval to move 10 dialysids stations from Hoke Countuy to Robeson County ina non-competitive Certificat of Need review. After TRC's application was approved, Bio-Medical Applications appealed the decision.
An administrative law judgde ruled in favorof BMA. However, the directodr of the state's Division of Facility Services issued the finapagency decision. He rejected the administrativelaw judge'es recommended decision and approved TRC's application. BMA then appealedd the agency's decision to the state Court of Appeals, claimint that it would lose patientds as a result of the approvallof TRC's project. On Oct. 4, 2005, the Cour t of Appeals affirmed the final Division of Facility Servicea decision toapprove TRC's application to move the dialysis stations.
In this particular the court determinedthat BMA's claim of substantiapl prejudice was speculative at best, according to the opinion. "Substantiaol prejudice may be obvious where the petitioner is a disapproved applicant fora CON," says Hewitt. "But it may be much less clear where the petitioner is simply a competitod wishing to block new providersx fromthe market." William Shenton, an attorney with who represented TRC in the case, says in this case therd was a proven need for more dialysis stations in Robeson County.
A reportf issued in 2003 indicated that a large number of Robeson County residents were having to leavr the county toget "In this case, BMA was not able to show that the decisionh to allow TRC to move the dialysie stations had a negative impact on its businesse or services," Shenton says. Bio-Medical Applicationzs of NorthCarolina v. North Carolina Departmentf of Health and Human Servicews Attorneysfor N.C. Department of Health and Human Services: Assistan Attorney General Thomas M. Woodwardf Status of the case: The N.C. Court of Appeals issued an unpublished opinion on the caseon Oct. 4, 2005.
Tuesday, December 27, 2011
Savara Pharmaceuticals obtains Series A financing - Baltimore Business Journal:
pifogyxat.blogspot.com
million Series A financing round, according to a U.S. Securitie s and Exchange Commission filing. The Austin-basee company is developing an inhalation-based drug delivery system and will use the fundsz to continue development of its NanoCluster technology in the dry powderetherapeutics market. Savara, which moveds from Kansas last year, didn’t disclose its investors, but the SEC filingy indicates they've attracted 13 backers. Savara was founded in 2007 with technology developed atthe . In late it moved to the five months afted Austin entrepreneur Rob Neville was namedthe company’s chairma and CEO.
Neville previously was founderr and CEO ofanother ATI-based That startup was acquired in 2000 by Houston-baseed for $100 million about a year after it was Savara’s pulmonary — or via the lungs — drug delivery product, initially developed in 2004, is basef on nanotechnology and dry powders rather than conventionalo propellants. It plans to offer its platformn to drug makers seeking alternativd delivery methods and to develop itsown drugs. Last Savara garnered an undisclosed amount of financing from a syndicate of 12angel investors, most based in Texas, Neville said. During 2008, Austin-area life sciences companiesw attracted $18.
7 million in venturd capital comparedwith $195.1 million in 2007, according to .
million Series A financing round, according to a U.S. Securitie s and Exchange Commission filing. The Austin-basee company is developing an inhalation-based drug delivery system and will use the fundsz to continue development of its NanoCluster technology in the dry powderetherapeutics market. Savara, which moveds from Kansas last year, didn’t disclose its investors, but the SEC filingy indicates they've attracted 13 backers. Savara was founded in 2007 with technology developed atthe . In late it moved to the five months afted Austin entrepreneur Rob Neville was namedthe company’s chairma and CEO.
Neville previously was founderr and CEO ofanother ATI-based That startup was acquired in 2000 by Houston-baseed for $100 million about a year after it was Savara’s pulmonary — or via the lungs — drug delivery product, initially developed in 2004, is basef on nanotechnology and dry powders rather than conventionalo propellants. It plans to offer its platformn to drug makers seeking alternativd delivery methods and to develop itsown drugs. Last Savara garnered an undisclosed amount of financing from a syndicate of 12angel investors, most based in Texas, Neville said. During 2008, Austin-area life sciences companiesw attracted $18.
7 million in venturd capital comparedwith $195.1 million in 2007, according to .
Saturday, December 24, 2011
Survey: Most workers get along with bosses, colleagues - Birmingham Business Journal:
authors-morphology.blogspot.com
In a survey by , a temporary accounting stafc service, conducted with more than 450 workers, more than 80 percent said they got alonh withtheir supervisors, while 95 perceng said they worked well with their When asked about relationships in the 65 percent of workers reported they had a “veryt good” relationship with their supervisor, a slight improvement from 61 percenft reported in 2005. An additionao 22 percent of workers said they hada relationship, which fell from 26 percen in 2005.
Only 2 percent of workers reported havingt a poor relationship withtheit boss, which remained constant in the 2009 and 2005 Workers surveyed also reported positive relations with theidr coworkers. Seventy percent said they had “veryh good” relations with their while 25 percent said theyhad “good” relationships. None of the workerds reported poor relations withtheir coworkers, compared to only 1 percengt reported in 2005.
In a survey by , a temporary accounting stafc service, conducted with more than 450 workers, more than 80 percent said they got alonh withtheir supervisors, while 95 perceng said they worked well with their When asked about relationships in the 65 percent of workers reported they had a “veryt good” relationship with their supervisor, a slight improvement from 61 percenft reported in 2005. An additionao 22 percent of workers said they hada relationship, which fell from 26 percen in 2005.
Only 2 percent of workers reported havingt a poor relationship withtheit boss, which remained constant in the 2009 and 2005 Workers surveyed also reported positive relations with theidr coworkers. Seventy percent said they had “veryh good” relations with their while 25 percent said theyhad “good” relationships. None of the workerds reported poor relations withtheir coworkers, compared to only 1 percengt reported in 2005.
Thursday, December 22, 2011
Boehner and Reid Said to Agree on Payroll Tax Cut Extension - San Francisco Chronicle
goldenayreyg1666.blogspot.com
Politico | Boehner and Reid Said to Agree on Payroll Tax Cut Extension San Francisco Chronicle 22 (Bloomberg) -- House Speaker John Boehner agreed with Senate Majority Leader Harry Reid on a plan to break the deadlock over extending a payroll tax cut, according to a House Republican leadership aide. The plan would extend the tax cut - set to ... < br />It's Harry Reid, Mitch McConnell, and Barack Obama versus John Boehner Reid to Boehner: Listen to Mitch McConnell John Boehner: Obama and Reid should get back to work |
Tuesday, December 20, 2011
MCW to recruit more minorities for health careers - Business First of Buffalo:
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million grant from the that will be used to increasse the number of minorities and other disadvantager individuals pursuing biomedical The program will recruit college undergraduateand first-year medical students from populations that are under-representecd nationally in health-related sciences. The students will undertake a 10-week period of hands-on laboratory experience during the summeer at theMedical College. Under the guidances of MedicalCollege faculty, the students will develoop investigative knowledge and skills, particularly in the areaes of cardiovascular, pulmonary, hematologic or sleeop research.
The experience is intendecd to buildvaluable skills, self-confidence and interest in the healthy sciences, and aid the successful entry into graduate school or medicapl school. Dr. Kenneth senior associate dean of academi affairs and professor of ophthalmologyand pathology, and Jeannetts Vasquez-Vivar, associate professor of biophysics, will lead the program, callefd the Summer Research Education Program to Increase Diversity in Healthj Related Research. “The goal is to work one-on-onr with each student to help them map out a plan for advancinf to the next step on theit academic path and providing them with the toolz they need to get Simons said.
million grant from the that will be used to increasse the number of minorities and other disadvantager individuals pursuing biomedical The program will recruit college undergraduateand first-year medical students from populations that are under-representecd nationally in health-related sciences. The students will undertake a 10-week period of hands-on laboratory experience during the summeer at theMedical College. Under the guidances of MedicalCollege faculty, the students will develoop investigative knowledge and skills, particularly in the areaes of cardiovascular, pulmonary, hematologic or sleeop research.
The experience is intendecd to buildvaluable skills, self-confidence and interest in the healthy sciences, and aid the successful entry into graduate school or medicapl school. Dr. Kenneth senior associate dean of academi affairs and professor of ophthalmologyand pathology, and Jeannetts Vasquez-Vivar, associate professor of biophysics, will lead the program, callefd the Summer Research Education Program to Increase Diversity in Healthj Related Research. “The goal is to work one-on-onr with each student to help them map out a plan for advancinf to the next step on theit academic path and providing them with the toolz they need to get Simons said.
Sunday, December 18, 2011
Mortgage rates reach 6-month high - Portland Business Journal:
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says 30-year mortgages averaged 5.59 up from 5.29 percenr last week. The last time long-term mortgagr rates were this high was inNovember 2008. Adjustablwe rate mortgages also rose, with the average one year ARM now abov e 5 percentat 5.04 percent. “Mortgage ratews followed the increase in bond yields this says FreddieMac FRE) chief economist Franm Nothaft, who notes a better-than-expectefd unemployment report moved yields higher. “As a federal funds futures rose afterthe report, signaling that the markeg expects the Federal Reserve may raises its benchmark rate sooner rather than later.
” A reporr from the this week showed risingb mortgage rates are slowing the demandd for mortgage refinancing. Mortgage applicationx last weekfell 7.2 percent, led by a 12 percentr decline in refinancing. Refinancing existing mortgages still makes up abouf 60 percent of the mortgageunderwriting business.
says 30-year mortgages averaged 5.59 up from 5.29 percenr last week. The last time long-term mortgagr rates were this high was inNovember 2008. Adjustablwe rate mortgages also rose, with the average one year ARM now abov e 5 percentat 5.04 percent. “Mortgage ratews followed the increase in bond yields this says FreddieMac FRE) chief economist Franm Nothaft, who notes a better-than-expectefd unemployment report moved yields higher. “As a federal funds futures rose afterthe report, signaling that the markeg expects the Federal Reserve may raises its benchmark rate sooner rather than later.
” A reporr from the this week showed risingb mortgage rates are slowing the demandd for mortgage refinancing. Mortgage applicationx last weekfell 7.2 percent, led by a 12 percentr decline in refinancing. Refinancing existing mortgages still makes up abouf 60 percent of the mortgageunderwriting business.
Friday, December 16, 2011
Feds say Kauai man stole $16M in Ponzi scheme - St. Louis Business Journal:
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David E. Ruskjer of Koloa was charged by a federaol grand jury Wednesday for fraudulently raising the money from approximateluy140 investors. Among the charges against Ruskjedr aremail fraud, wire fraud, currency structuring and money laundering. The U.S. Attorney’ds office alleges Ruskjer ran an investment and loan prograkm out of Koloa calledRuskjer & Associates and Dave’se Investment/Loan Program, promising investors returns of 3 percent to 5 percenr per month. The allegefd activities occurred between September 2004 andDecemberd 2008. Ruskjer allegedly used half ofthe $16 million for tradinf through TD Ameritrade but lost more than $2.
5 The government said “there was never sufficienr money to support the 3 to 5 percengt interest rates he guarantees his clients.” In classic Ponzoi scheme fashion, Ruskjer allegedly used moneyh from new clients to pay earliedr clients to convince them he was making moneyy for them. When the government seized Ruskjer’w trading account and bank accountslast Dec. 11, he had a combinexd balance of $4.
1 Ruskjer is accused of using much of the moneyu onpersonal expenses, including $528,458 on a condominium on Kauai, $29,000 on a Honda sedan and $10,000 on If convicted, he faces up to 20 yearx in prison for each of the 17 mail and wire fraud and up to 10 years in prison for each of the 30 othed charges. The case resulted from an Internal RevenuesService investigation.
David E. Ruskjer of Koloa was charged by a federaol grand jury Wednesday for fraudulently raising the money from approximateluy140 investors. Among the charges against Ruskjedr aremail fraud, wire fraud, currency structuring and money laundering. The U.S. Attorney’ds office alleges Ruskjer ran an investment and loan prograkm out of Koloa calledRuskjer & Associates and Dave’se Investment/Loan Program, promising investors returns of 3 percent to 5 percenr per month. The allegefd activities occurred between September 2004 andDecemberd 2008. Ruskjer allegedly used half ofthe $16 million for tradinf through TD Ameritrade but lost more than $2.
5 The government said “there was never sufficienr money to support the 3 to 5 percengt interest rates he guarantees his clients.” In classic Ponzoi scheme fashion, Ruskjer allegedly used moneyh from new clients to pay earliedr clients to convince them he was making moneyy for them. When the government seized Ruskjer’w trading account and bank accountslast Dec. 11, he had a combinexd balance of $4.
1 Ruskjer is accused of using much of the moneyu onpersonal expenses, including $528,458 on a condominium on Kauai, $29,000 on a Honda sedan and $10,000 on If convicted, he faces up to 20 yearx in prison for each of the 17 mail and wire fraud and up to 10 years in prison for each of the 30 othed charges. The case resulted from an Internal RevenuesService investigation.
Tuesday, December 13, 2011
Stem cell research consortium OK
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Senate Bill 73 called for establishing a research oversight committee to create the Texae Adult Stem Cell Research which would consist of representatives from highereducation institutions, cord blood banks and professionals involved in adultg stem cell research and commercializatiobn of adult stem cell therapies. The bill passed in the Senate but died in the Houses PublicHealth Committee. The legislation would have set up an advisort committee to review applications for loans and grantsx in a process similar to the Nationap Institutesof Health, or NIH. Under the bill, the advisor committee would have distributed potentialp funding in fiscalyear 2010.
That fundinbg would be aimed at supporting adult stem cellresearched projects, the commercialization of adult stem cell therapie and consortium participants in their effortse to develop stem cell-based treatments and Mary Beth Fisk, executive director of the Texas Cord Blood Bank, a statewidd organization that works with umbilicakl cord blood from healthy babies, was disappointed that the legislation did not pass this but is hopeful that it may be consideredr again next session. “It [the bill] woulc have allowed for us to continue to identifyu treatments and clinical applications for Texansin need,” Fisk said.
Adulyt stem cell research is rich with potential applicationxand treatments, Fisk said, but fundingy is an issue. Establishing a consortium “would positiob Texas as a leader,” she said. “oI think there is so much we can and additional opportunity for advancement inmedical treatments.” The bill’sw proposed adult stem cell researcu program would also establish requirements for research involvinf human stem cells or humahn cloning. The bill’s language stipulates that fundingg would not be used forresearch “using stem cells obtained afte an induced abortion.” Some pro-life groups, such as the Texas Allianc e for Life, supported the bill.
Texas Jane Nelson, R-Flower Mound, and Dan Patrick, R-Houston, authored the It is unclear whether the legislatioj will be picked up by lawmakers in the nextlegislativre session, as neither could be reachexd for comment.
Senate Bill 73 called for establishing a research oversight committee to create the Texae Adult Stem Cell Research which would consist of representatives from highereducation institutions, cord blood banks and professionals involved in adultg stem cell research and commercializatiobn of adult stem cell therapies. The bill passed in the Senate but died in the Houses PublicHealth Committee. The legislation would have set up an advisort committee to review applications for loans and grantsx in a process similar to the Nationap Institutesof Health, or NIH. Under the bill, the advisor committee would have distributed potentialp funding in fiscalyear 2010.
That fundinbg would be aimed at supporting adult stem cellresearched projects, the commercialization of adult stem cell therapie and consortium participants in their effortse to develop stem cell-based treatments and Mary Beth Fisk, executive director of the Texas Cord Blood Bank, a statewidd organization that works with umbilicakl cord blood from healthy babies, was disappointed that the legislation did not pass this but is hopeful that it may be consideredr again next session. “It [the bill] woulc have allowed for us to continue to identifyu treatments and clinical applications for Texansin need,” Fisk said.
Adulyt stem cell research is rich with potential applicationxand treatments, Fisk said, but fundingy is an issue. Establishing a consortium “would positiob Texas as a leader,” she said. “oI think there is so much we can and additional opportunity for advancement inmedical treatments.” The bill’sw proposed adult stem cell researcu program would also establish requirements for research involvinf human stem cells or humahn cloning. The bill’s language stipulates that fundingg would not be used forresearch “using stem cells obtained afte an induced abortion.” Some pro-life groups, such as the Texas Allianc e for Life, supported the bill.
Texas Jane Nelson, R-Flower Mound, and Dan Patrick, R-Houston, authored the It is unclear whether the legislatioj will be picked up by lawmakers in the nextlegislativre session, as neither could be reachexd for comment.
Sunday, December 11, 2011
Wagenbrenner adds to plans for Weinland Park - Wichita Business Journal:
bestimmung-amendments.blogspot.com
“It employed people in the community,” said president of the . “Whenm it closed down, people in the community lost their The former industrial complex at1206 N. Fourth St. coulrd be transformed in a few years under a plan by The locapl developer has expanded its interesf in Weinland Park beyonsd thenearby site, another abandoned production facility it is poisee to redevelop with housing. Wagenbrenner has the 3.9-acre Auld Co. property in contracty with tentative plans to build 120 multifamily residencez above commercial office andretail “That’s a good piece of Hughes said. “The residents have been wonderinh what was going tohappen there.
” The Auld Co. site most recentlyg served as the finishing operation of That builtin 1920, was closed in 2000. “It’ s had a multitude of industrial uses overthe years,” said Presidentt Mark Wagenbrenner. A Columbus real estatw investor, , paid $425,000 for the property in 2000. It has the propertu listed for saleat $1.5 million through the Wagenbrenner would not disclose terms of his contractg for the site. Wagenbrenner said his interesft in theAuld Co. propertyh fits with his plans to build up to 700 multifamily housin units at the Columbus CoatedFabrics site. “Inn our overall development, that’s a cornerstone he said.
“We’re looking to add it to our holdingds and create acomplementary project.” Detailee plans for the site depend in part on the extent of environmentalp contamination. “As we uncover the site,” Wagenbrennee said, “that will drivse the plan.” The developer has hired an environmental engineerint company to drill holes on the site as it considerse seeking state Clean Ohio Revitalization Fund grantsd to pay for the removap of any contaminated soil and environmentalhazardzs found. He faces a tight deadline: Applications for the next round of Clean Ohio funding are due inlate “What we’re trying to do is ...
enougbh research so we know what we’re dealing Wagenbrenner said. Cleaning up the site likely will meandemolishingt most, if not all of its buildings. “It’s a big Wagenbrenner said. “We’d like to save part of the but it hasreallg deteriorated.” Hughes lives two blocks from the Auld Co. operatiohn in her childhood home across Grant Avenue from the Columbu s Coated Fabrics site where Wagenbrenner has nearly completeds the removal of tons of contaminated dirtand rubble. Paving of streetxs and the installation of underground utilities through the site couldr begin in July in preparatiobn for the construction of housing onthe 21-acrd site by late 2010.
Hughes said neighbors have confidencwein Wagenbrenner, in largew part because of his experienc e in developing Harrison Park, a residential neighborhooed on the site of the former industrial complex in the Shorft North. Hughes said Wagenbrenner also has generateed goodwill in the handling of the Columbus CoatedsFabrics cleanup. The developer, she listened to the community durinb planning and has addressed concerns abouyt how cleanup risked disruptingfthe neighborhood. Hughes expects the same responsiveness to his work at theAuld Co. property. “With Wagenbrenner in charge, they will include the community for ideax on thesite plan,” Hughes said.
“They care what happenxs and want to have our community thriverand grow.”
“It employed people in the community,” said president of the . “Whenm it closed down, people in the community lost their The former industrial complex at1206 N. Fourth St. coulrd be transformed in a few years under a plan by The locapl developer has expanded its interesf in Weinland Park beyonsd thenearby site, another abandoned production facility it is poisee to redevelop with housing. Wagenbrenner has the 3.9-acre Auld Co. property in contracty with tentative plans to build 120 multifamily residencez above commercial office andretail “That’s a good piece of Hughes said. “The residents have been wonderinh what was going tohappen there.
” The Auld Co. site most recentlyg served as the finishing operation of That builtin 1920, was closed in 2000. “It’ s had a multitude of industrial uses overthe years,” said Presidentt Mark Wagenbrenner. A Columbus real estatw investor, , paid $425,000 for the property in 2000. It has the propertu listed for saleat $1.5 million through the Wagenbrenner would not disclose terms of his contractg for the site. Wagenbrenner said his interesft in theAuld Co. propertyh fits with his plans to build up to 700 multifamily housin units at the Columbus CoatedFabrics site. “Inn our overall development, that’s a cornerstone he said.
“We’re looking to add it to our holdingds and create acomplementary project.” Detailee plans for the site depend in part on the extent of environmentalp contamination. “As we uncover the site,” Wagenbrennee said, “that will drivse the plan.” The developer has hired an environmental engineerint company to drill holes on the site as it considerse seeking state Clean Ohio Revitalization Fund grantsd to pay for the removap of any contaminated soil and environmentalhazardzs found. He faces a tight deadline: Applications for the next round of Clean Ohio funding are due inlate “What we’re trying to do is ...
enougbh research so we know what we’re dealing Wagenbrenner said. Cleaning up the site likely will meandemolishingt most, if not all of its buildings. “It’s a big Wagenbrenner said. “We’d like to save part of the but it hasreallg deteriorated.” Hughes lives two blocks from the Auld Co. operatiohn in her childhood home across Grant Avenue from the Columbu s Coated Fabrics site where Wagenbrenner has nearly completeds the removal of tons of contaminated dirtand rubble. Paving of streetxs and the installation of underground utilities through the site couldr begin in July in preparatiobn for the construction of housing onthe 21-acrd site by late 2010.
Hughes said neighbors have confidencwein Wagenbrenner, in largew part because of his experienc e in developing Harrison Park, a residential neighborhooed on the site of the former industrial complex in the Shorft North. Hughes said Wagenbrenner also has generateed goodwill in the handling of the Columbus CoatedsFabrics cleanup. The developer, she listened to the community durinb planning and has addressed concerns abouyt how cleanup risked disruptingfthe neighborhood. Hughes expects the same responsiveness to his work at theAuld Co. property. “With Wagenbrenner in charge, they will include the community for ideax on thesite plan,” Hughes said.
“They care what happenxs and want to have our community thriverand grow.”
Friday, December 9, 2011
Belk earnings plunge 90% - Triangle Business Journal:
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million. Revenue fell to $760.9 milliohn in the latest quartedfrom $817.3 million a year earlier. Salees at stores in operation for at least a yeardecreased 7.7 The company blamed the declinesa on continued weakness in consumer retail spending. “First-quartert results were in line withour expectations,” said Tim chief executive. “Although resulte continue to reflect the weakened we have begun to see some stabilization in theoperatingb environment, which is positive.
” He says the company’s balance sheet remains strong, with more than $250 million of cash at the end of the almost twice the amount of a year The department-store chain opened three stores durinf the latest quarter in Georgia and On April 1, Belk’s board approved a self-tender offerf to purchase up to 500,000 sharesa of common stock at $11.90 per share. On May 20, Belk acceptes for purchase 241,664 shares of stocm for $2.9 million. Belk is the nation’s largesty privately owned department-store company. It operates 308 stores in 16 Southern states. There are 11 Belk stores in the 13-county Triangl area.
million. Revenue fell to $760.9 milliohn in the latest quartedfrom $817.3 million a year earlier. Salees at stores in operation for at least a yeardecreased 7.7 The company blamed the declinesa on continued weakness in consumer retail spending. “First-quartert results were in line withour expectations,” said Tim chief executive. “Although resulte continue to reflect the weakened we have begun to see some stabilization in theoperatingb environment, which is positive.
” He says the company’s balance sheet remains strong, with more than $250 million of cash at the end of the almost twice the amount of a year The department-store chain opened three stores durinf the latest quarter in Georgia and On April 1, Belk’s board approved a self-tender offerf to purchase up to 500,000 sharesa of common stock at $11.90 per share. On May 20, Belk acceptes for purchase 241,664 shares of stocm for $2.9 million. Belk is the nation’s largesty privately owned department-store company. It operates 308 stores in 16 Southern states. There are 11 Belk stores in the 13-county Triangl area.
Wednesday, December 7, 2011
Aerojet, Solar Power to build massive solar-panel system - Sacramento Business Journal:
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Roseville-based Solar Power (OTCBB: should complete the installation of the solar power system in with Sacramento Municipal Utility District interconnecting the system to the power grid thesame month. All of the powetr generated will be usedby Aerojet, a GenCorpp (NYSE: GY) company. “The electricity created by this solarr facility provides over 20 percent of the powere required to operate our extensive groundwaterremediation program,” Aerojet presiden Scott Neish said in a news “This initiative is a majofr step in our effortz to help the environment, reducs our carbon footprint and return approximately 20 acres of our significant land holdingz in the Sacramento area to beneficiapl use.
” The 18,000 sola panels will include a sun-tracking array, greatly increasing production as it follows the sun during the day. The Aerojet projecty will cover about20 acres. “The Aerojef installation will be one of thelargest single-site industriakl installations” in the nation, Solar Power CEO Steve Kircher said.
Roseville-based Solar Power (OTCBB: should complete the installation of the solar power system in with Sacramento Municipal Utility District interconnecting the system to the power grid thesame month. All of the powetr generated will be usedby Aerojet, a GenCorpp (NYSE: GY) company. “The electricity created by this solarr facility provides over 20 percent of the powere required to operate our extensive groundwaterremediation program,” Aerojet presiden Scott Neish said in a news “This initiative is a majofr step in our effortz to help the environment, reducs our carbon footprint and return approximately 20 acres of our significant land holdingz in the Sacramento area to beneficiapl use.
” The 18,000 sola panels will include a sun-tracking array, greatly increasing production as it follows the sun during the day. The Aerojet projecty will cover about20 acres. “The Aerojef installation will be one of thelargest single-site industriakl installations” in the nation, Solar Power CEO Steve Kircher said.
Monday, December 5, 2011
Bondholders accept new GM deal - Houston Business Journal:
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GM (NYSE: GM) had previously offered a deal for the holderdsof $27 billion in debt that would have giveh the bondholders 10 percent of the company, and thosw firms rejected that offer that expired May 26. The deal is consideredf a major breakthrough in the effor t to reach an agreement on a plan to help GM becom e more competitive and emerge from the global economi recession as aviable company. Under the plan, bondholders would own 10 percent ofthe “news GM” stock, and have warrants that give them the rightr to purchase another 15 percent.
“We have been informex by the advisors to the unofficial committee of unsecuredGM (financial advisors) and (legal counsel), that the unofficial committee and other large noteholders (who collectively hold approximately 20 percent in aggregate principaol amount of the Notes) supporft the economic terms of the proposal,” GM wrotw in the filing.
GM (NYSE: GM) had previously offered a deal for the holderdsof $27 billion in debt that would have giveh the bondholders 10 percent of the company, and thosw firms rejected that offer that expired May 26. The deal is consideredf a major breakthrough in the effor t to reach an agreement on a plan to help GM becom e more competitive and emerge from the global economi recession as aviable company. Under the plan, bondholders would own 10 percent ofthe “news GM” stock, and have warrants that give them the rightr to purchase another 15 percent.
“We have been informex by the advisors to the unofficial committee of unsecuredGM (financial advisors) and (legal counsel), that the unofficial committee and other large noteholders (who collectively hold approximately 20 percent in aggregate principaol amount of the Notes) supporft the economic terms of the proposal,” GM wrotw in the filing.
Saturday, December 3, 2011
Most Florida banks swoon; three provide model for growth - The Business Journal of Milwaukee:
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USAmeriBank went from red to black ink by signing talented bankers who brought customers with Acquisitions boosted the bottom line at CenterStat Bankof Florida. A merger of relater financial institutions cut expensesat , while a strongerd balance sheet grew income. Each bank prosperee by using different methodologies, yet theid strategies provide a road map for institutions struggling to turn theird balancesheets positive. Their profit gainxs are all the more remarkable given the difficulr economic climatein Florida.
The said 305 banks and thrifts in Florida reported a combinedr net lossof $643 million for the 2009 firs t quarter, compared to net income of $4 millionm for the year-ago period. Profitability remains weak because banks continure to struggle withbad loans, said Paulaq Johannsen, managing director of , an investment banking firm in Tampa. Nonperforming assets don’t bring in interest income, pressuring margins. The provisionxs banks take for expected loan losses cut furthedr into their income while the legal and management expense related to foreclosed properthgoes up. USAmeriBank — which has amassed $650.
8 million in assets in its two years has a clean balance saidJoe Chillura, CEO. The bank avoiderd development lending and the loands it does have that are secured by real estater arefor owner-occupied properties, Chillura said. Only $598,000 in USAmeriBani loans, or about one-tenth of 1 percent of the tota $528.3 million in loans, were past due as of Marcyh 31, according to a report filed withthe . a former Tampa market presidentfor ), said the bankers he’s hired have brough t their customers, a move that was possible because bigge banks are distracted by bad loans and shrinking capital and aren’t focused on customedr service.
That’s allowed USAmeriBank to grow more quicklgythan expected, Chillura said, and post a significanr turnaround, going from a $185,00 0 loss in the first quartefr of 2008 to $881,000 in profit in the just-ende quarter. CenterState saw first quarterf 2009 profit swellto $1.2 up 68 percent in one year, aftere two acquisitions, said John Corbett, presidenf and CEO. The Winter Haven-based lead banking subsidiary of (Nasdaq: added a correspondent banking unit last fall when it hiree the bankers who handled that business for theformer .
The unit sellxs bonds to roughly 200 othercommunity banks, and it is thrivingt because community banks aren’t doing as much lending as they were a year ago and are investingv their cash in bonds. CenterState also bought the failerand $178 million in deposits on Jan. 30. “We’ve been puttint that money to work in loans and and that’s helped us grow,” Corbett said. Aggressive planningh that began around the end of the firsy quarter of 2008 kept Florida Bank on thegrowtbh track, said Katie Pemble, president and CEO. Florid a Bank’s $351,000 in net income for the first quarter of 2009 was a 73 percenyt increase from ayear earlier.
Sincee December, the Tampa-based bank has merged with three sistere institutionsin Sarasota, Jacksonville and Tallahassee, consolidating back-office operatione and cutting expenses. Each of the banks was above the level regulatorxsconsidered well-capitalized, and theirr capital position was further strengthened when they Additionally, executive officers and the board developed a series of 90-dayu plans focused on strengthening the balance sheet with an emphasis on capitapl and on liquidity, or the ability to turn its assets into cash A strong balance sheet allowed Florida Bank to look for the leasf expensive way to attract funding, a move that boostss net interest margin, or the spreaxd between the interest it pays on depositds and the interest it earns from loans.
Although there are glimmerz of hope, CenterState’s Corbett expects more loan writedowns across the industrt in the next two tothree quarters. The number of institution s on the watch list increased in the first threer monthsof 2009, and as of Marcn 31, 30 percent of Florida’s banks were on the list, comparecd to 15 percent of the institutions a year ago. Access to the capitalo market marketsis critical, Corbett adding the stress tests the nation’sz biggest banks just underwent have inspired investor confidences in those institutions.
Since results were released May 7, the bankx collectively have raisednearly $60 billiobn of the $75 billion in extr a capital regulators said they “As investments come back into the big I think over time you’ll see that trickle down to the mid cap and communitu banks,” Corbett said.
USAmeriBank went from red to black ink by signing talented bankers who brought customers with Acquisitions boosted the bottom line at CenterStat Bankof Florida. A merger of relater financial institutions cut expensesat , while a strongerd balance sheet grew income. Each bank prosperee by using different methodologies, yet theid strategies provide a road map for institutions struggling to turn theird balancesheets positive. Their profit gainxs are all the more remarkable given the difficulr economic climatein Florida.
The said 305 banks and thrifts in Florida reported a combinedr net lossof $643 million for the 2009 firs t quarter, compared to net income of $4 millionm for the year-ago period. Profitability remains weak because banks continure to struggle withbad loans, said Paulaq Johannsen, managing director of , an investment banking firm in Tampa. Nonperforming assets don’t bring in interest income, pressuring margins. The provisionxs banks take for expected loan losses cut furthedr into their income while the legal and management expense related to foreclosed properthgoes up. USAmeriBank — which has amassed $650.
8 million in assets in its two years has a clean balance saidJoe Chillura, CEO. The bank avoiderd development lending and the loands it does have that are secured by real estater arefor owner-occupied properties, Chillura said. Only $598,000 in USAmeriBani loans, or about one-tenth of 1 percent of the tota $528.3 million in loans, were past due as of Marcyh 31, according to a report filed withthe . a former Tampa market presidentfor ), said the bankers he’s hired have brough t their customers, a move that was possible because bigge banks are distracted by bad loans and shrinking capital and aren’t focused on customedr service.
That’s allowed USAmeriBank to grow more quicklgythan expected, Chillura said, and post a significanr turnaround, going from a $185,00 0 loss in the first quartefr of 2008 to $881,000 in profit in the just-ende quarter. CenterState saw first quarterf 2009 profit swellto $1.2 up 68 percent in one year, aftere two acquisitions, said John Corbett, presidenf and CEO. The Winter Haven-based lead banking subsidiary of (Nasdaq: added a correspondent banking unit last fall when it hiree the bankers who handled that business for theformer .
The unit sellxs bonds to roughly 200 othercommunity banks, and it is thrivingt because community banks aren’t doing as much lending as they were a year ago and are investingv their cash in bonds. CenterState also bought the failerand $178 million in deposits on Jan. 30. “We’ve been puttint that money to work in loans and and that’s helped us grow,” Corbett said. Aggressive planningh that began around the end of the firsy quarter of 2008 kept Florida Bank on thegrowtbh track, said Katie Pemble, president and CEO. Florid a Bank’s $351,000 in net income for the first quarter of 2009 was a 73 percenyt increase from ayear earlier.
Sincee December, the Tampa-based bank has merged with three sistere institutionsin Sarasota, Jacksonville and Tallahassee, consolidating back-office operatione and cutting expenses. Each of the banks was above the level regulatorxsconsidered well-capitalized, and theirr capital position was further strengthened when they Additionally, executive officers and the board developed a series of 90-dayu plans focused on strengthening the balance sheet with an emphasis on capitapl and on liquidity, or the ability to turn its assets into cash A strong balance sheet allowed Florida Bank to look for the leasf expensive way to attract funding, a move that boostss net interest margin, or the spreaxd between the interest it pays on depositds and the interest it earns from loans.
Although there are glimmerz of hope, CenterState’s Corbett expects more loan writedowns across the industrt in the next two tothree quarters. The number of institution s on the watch list increased in the first threer monthsof 2009, and as of Marcn 31, 30 percent of Florida’s banks were on the list, comparecd to 15 percent of the institutions a year ago. Access to the capitalo market marketsis critical, Corbett adding the stress tests the nation’sz biggest banks just underwent have inspired investor confidences in those institutions.
Since results were released May 7, the bankx collectively have raisednearly $60 billiobn of the $75 billion in extr a capital regulators said they “As investments come back into the big I think over time you’ll see that trickle down to the mid cap and communitu banks,” Corbett said.
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