cheers-mushkenjutyu.blogspot.com
In a release Monday, Overland Park, Kan.-basef YRC (Nasdaq: YRCW) said the deadline was extended due toseveral factors, including holiday mail volume, winter weatherd in major parts of the country and the numbet of ballot requests. The extension for about 40,000 Teamster-member YRC employee to vote on the proposed national mastee freight agreementfollows YRC’ds to buy back $150 million in senior debt that was contingent on unionn workers ratifying the wage cut. YRC had said Dec. 10 that the unionn employees had untilmidnightg Dec.
23 to ratify the In a filing Wednesday with the Securities andExchange Commission, YRC said it had entered into a sale-leaseback contractg of a pool of the company’w facilities with . The purchase price for the facilities wasabout $150.4 million with initial annual lease payments of $21.q million. YRC also said in the SEC filingf that it had started negotiation s with its banking group to modifyg terms of its credit facilities to give the compant morefinancial flexibility, including changes to its leverage , a subsidiary of YRC Worldwide Inc., recentlty laid off about 50 employeesd in St. Louis and about 150 in nearby Ill.
, as part of a changes in service providers by one ofits clients.
Saturday, January 29, 2011
Thursday, January 27, 2011
Stanford surrenders following indictment - South Florida Business Journal:
martaemimbzini.blogspot.com
Included in the indictment is Stanford, who ran Houston-basee ; Laura Pendergest-Holt, chief investment officer; Gilberto chief accounting officer; Mark Kuhrt, globapl controller for an affiliate company; and Leroy administrator and chief executive officerfor Antigua’a Financial Services Regulatory Also was Bruce Perraud, 42, a former SFG global securityg specialist. Perraud allegedly orderesd and supervised the destruction of numerousa SFG documents housedat SFG’s Fort Lauderdale office after he was put on notices that a federal court had ordered the preservatioh of SFG documents in connection with an SEC investigatioj and lawsuit, according to a Department of Justicde news release.
Perraud was arrested near Naplesson Friday. Stanford, who continues to deny the surrendered to the in Virginiaa onJune 18. Another Stanford executive, Jamesx Davis, chief financial officer, in April agreed to cooperate with federal and is not part ofthe indictment, thoug h criminal charges have been filed, accordingh to the AP. The filed civill charges in February, Stanford and two of his top executive of allegedly orchestrating a fraudulent investmeng scheme involving the saleof $8 billionb worth of certificates of deposit. Friday’s indictmen charges that Stanford, Pendergest-Holt, Lopez, Kuhrt and along with Davis: • Used deceptivwe methods when purchasing and sellingthe CDs.
The Stanforc Victims Coalition expressed relief that the indictments werehanded down, but in a statement Fridaty said there is still much more information to be revealef to explain what happened “to the life savings of 4,500 Americans and another 23,500 worldwide. “These actions today do not help us recovef our savings that took decades to thestatement said. “The American financial and legal systemcan ill-afforxd to convey the message that defrauded investora will be deprived — even temporarily — of their life’s We are the primew example of the need for regulatory reforj and a plan to restitute victims when the systejm fails.
” To see a copy of the .
Included in the indictment is Stanford, who ran Houston-basee ; Laura Pendergest-Holt, chief investment officer; Gilberto chief accounting officer; Mark Kuhrt, globapl controller for an affiliate company; and Leroy administrator and chief executive officerfor Antigua’a Financial Services Regulatory Also was Bruce Perraud, 42, a former SFG global securityg specialist. Perraud allegedly orderesd and supervised the destruction of numerousa SFG documents housedat SFG’s Fort Lauderdale office after he was put on notices that a federal court had ordered the preservatioh of SFG documents in connection with an SEC investigatioj and lawsuit, according to a Department of Justicde news release.
Perraud was arrested near Naplesson Friday. Stanford, who continues to deny the surrendered to the in Virginiaa onJune 18. Another Stanford executive, Jamesx Davis, chief financial officer, in April agreed to cooperate with federal and is not part ofthe indictment, thoug h criminal charges have been filed, accordingh to the AP. The filed civill charges in February, Stanford and two of his top executive of allegedly orchestrating a fraudulent investmeng scheme involving the saleof $8 billionb worth of certificates of deposit. Friday’s indictmen charges that Stanford, Pendergest-Holt, Lopez, Kuhrt and along with Davis: • Used deceptivwe methods when purchasing and sellingthe CDs.
The Stanforc Victims Coalition expressed relief that the indictments werehanded down, but in a statement Fridaty said there is still much more information to be revealef to explain what happened “to the life savings of 4,500 Americans and another 23,500 worldwide. “These actions today do not help us recovef our savings that took decades to thestatement said. “The American financial and legal systemcan ill-afforxd to convey the message that defrauded investora will be deprived — even temporarily — of their life’s We are the primew example of the need for regulatory reforj and a plan to restitute victims when the systejm fails.
” To see a copy of the .
Monday, January 24, 2011
Dan Snyder stays at Six Flags under reorganization - New Mexico Business Weekly:
http://www.passfailstudios.com/index.php?id=45
Six Flags is also seekin a $600 million loan, securesd by its assets, and $150 million in a new revolvinggcredit line. The company’s executivwe retention plan would keep Snydef as board memberand chairman. Mark Shapiro, currentlh chief executive, as well as chief financia l officer Jeffrey Speed and severao other top management would also stay on inexecutivre roles. Six Flags, which announce d its Chapter 11 bankruptch filing overthe weekend, listed $2.4 billioh in debt and $3 billion in It hopes to cut debt by $1.8 billion and wipe out more than $300 millionb in preferred stock.
Snydet and his management team, who took control of the themee park operator three and a halfyear ago, have not been able to return the compang to profitability, despite increasing attendance and selling severa l parks to raise capital last year. The compan y reported a $146 million firsyt quarter loss. Six Flags has said its reorganizatiomn will not affect park operations and its vendors and employeew will continue tobe paid. Six Flags 20 themde parks includein Largo.
Six Flags is also seekin a $600 million loan, securesd by its assets, and $150 million in a new revolvinggcredit line. The company’s executivwe retention plan would keep Snydef as board memberand chairman. Mark Shapiro, currentlh chief executive, as well as chief financia l officer Jeffrey Speed and severao other top management would also stay on inexecutivre roles. Six Flags, which announce d its Chapter 11 bankruptch filing overthe weekend, listed $2.4 billioh in debt and $3 billion in It hopes to cut debt by $1.8 billion and wipe out more than $300 millionb in preferred stock.
Snydet and his management team, who took control of the themee park operator three and a halfyear ago, have not been able to return the compang to profitability, despite increasing attendance and selling severa l parks to raise capital last year. The compan y reported a $146 million firsyt quarter loss. Six Flags has said its reorganizatiomn will not affect park operations and its vendors and employeew will continue tobe paid. Six Flags 20 themde parks includein Largo.
Saturday, January 22, 2011
US LEC holds steady, though stock still lags - Charlotte Business Journal:
http://www.fitnessat.com/weight-loss/79-protein-diet-main-delusion.html
They jokingly suggested that at least considefadding "dot-com" to its moniker to cash in on the technology craze of the late 1990s. US LEC president and chief operating chuckles at the His Charlotte-based company, a competitive telecommunications businessd founded in 1996, kept its name and its focus. And now it boastds a growing customer base, large cash reserveds and an increasingly steady flow of While the publicly tradedcompany isn't yet profitabled and its share price still lags, Cowell says he'ss more concerned with keeping sales strong and service solid. The stoc k market will catch up, he says.
"You keep your head you drive the business and people will realize what an opportunityuit is." Those opportunities are on the industry analysts say. Cahners In-Stat Group, a high-tech market research firm in Scottsdale, Ariz., predicta that revenue in the competitive telecom sector couldtop $110 millioh by 2005. That market is expandinfg even as telecom companiesa struggle to maintain theirstocko price. US LEC's which trades on Nasdaq unde thesymbol CLEC, has suffered with the rest of the falling to a 52-week low of $2.16 per sharee June 25 from a high of $9.
39 in It closed Wednesday at Yet Cowell and his executive team see successa as competitors knuckle under and stock pricesa force a market shakedown. "The market opportunity is biggeer than whenwe started," he says, noting US LEC'ss addition of 800 customers last The company also has benefited lately from multimillion-dollatr settlements of fee disputes with telecom giants and US LEC fought other telecommunicationd carriers for what it consideredd unpaid fees for telephone call connections.
The charges are paid for each minute of usage when a call started by a customer of one companuy goes to a customer of Inrecent weeks, the company collected the last of its $31 million settlement from BellSouth Corp. and an additionalk $8 million from Sprint. The dispute with BellSouth involvedlocalk calls, while US LEC's disagreement with Sprint concerned long-distance dialing. Besides boosting US LEC'a cash reserves, the payments have ended speculatiob within the industry on whether US LEC could resolvethe disputes, says Michaelp Robinson, US LEC executive vice president and chief financialp officer.
"External audiences always were a little bit obsessee by the drama ofthe litigation," Robinsojn says. With the settlement money on US LEC is in a strongert position than many of its competitors to handldthe industry's ongoing financial losses. Last week, US LEC reporte quarterly revenueof $46 million, up from $30 millio during the same period last The company reported a $3.3 million loss before interest, taxes, depreciationj and amortization, down from a $6.5 million loss for the same periodd last year. The company's net loss however, rising to $19 million from $13 million a year ago. Frank director of telecom research for WachoviaSecuritiees Inc.
in Richmond, has followede US LEC since its early He views the compant as a bright spot in thetelecomj sector.
They jokingly suggested that at least considefadding "dot-com" to its moniker to cash in on the technology craze of the late 1990s. US LEC president and chief operating chuckles at the His Charlotte-based company, a competitive telecommunications businessd founded in 1996, kept its name and its focus. And now it boastds a growing customer base, large cash reserveds and an increasingly steady flow of While the publicly tradedcompany isn't yet profitabled and its share price still lags, Cowell says he'ss more concerned with keeping sales strong and service solid. The stoc k market will catch up, he says.
"You keep your head you drive the business and people will realize what an opportunityuit is." Those opportunities are on the industry analysts say. Cahners In-Stat Group, a high-tech market research firm in Scottsdale, Ariz., predicta that revenue in the competitive telecom sector couldtop $110 millioh by 2005. That market is expandinfg even as telecom companiesa struggle to maintain theirstocko price. US LEC's which trades on Nasdaq unde thesymbol CLEC, has suffered with the rest of the falling to a 52-week low of $2.16 per sharee June 25 from a high of $9.
39 in It closed Wednesday at Yet Cowell and his executive team see successa as competitors knuckle under and stock pricesa force a market shakedown. "The market opportunity is biggeer than whenwe started," he says, noting US LEC'ss addition of 800 customers last The company also has benefited lately from multimillion-dollatr settlements of fee disputes with telecom giants and US LEC fought other telecommunicationd carriers for what it consideredd unpaid fees for telephone call connections.
The charges are paid for each minute of usage when a call started by a customer of one companuy goes to a customer of Inrecent weeks, the company collected the last of its $31 million settlement from BellSouth Corp. and an additionalk $8 million from Sprint. The dispute with BellSouth involvedlocalk calls, while US LEC's disagreement with Sprint concerned long-distance dialing. Besides boosting US LEC'a cash reserves, the payments have ended speculatiob within the industry on whether US LEC could resolvethe disputes, says Michaelp Robinson, US LEC executive vice president and chief financialp officer.
"External audiences always were a little bit obsessee by the drama ofthe litigation," Robinsojn says. With the settlement money on US LEC is in a strongert position than many of its competitors to handldthe industry's ongoing financial losses. Last week, US LEC reporte quarterly revenueof $46 million, up from $30 millio during the same period last The company reported a $3.3 million loss before interest, taxes, depreciationj and amortization, down from a $6.5 million loss for the same periodd last year. The company's net loss however, rising to $19 million from $13 million a year ago. Frank director of telecom research for WachoviaSecuritiees Inc.
in Richmond, has followede US LEC since its early He views the compant as a bright spot in thetelecomj sector.
Wednesday, January 19, 2011
NASA administrator promotes education - The Gamecock
http://www.bug.co.uk/forums/members/lakosta.html
Houston Chronicle | NASA administrator promotes education The Gamecock Charles F. Bolden, 12th Administrator of NASA and a Columbia native, gives a lecture in the Russell House B » |
Sunday, January 16, 2011
Report: Foreclosures are top sellers - Washington Business Journal:
http://www.allergystore-2.com/2000/return.html
said banks that are willing to deal on forecloseed units are driving the firstquarter activity. For Shoma at Keys Cove in south Miami-Dade County sold the most, with 50 units closing in the firstr quarter. The Vue at Brickell sold 25 condos, ranking it seventh on CondoReports.com’ top-10 list. “Manyt banks have taken ownershipo of units in these buildingds and are looking toget out,” said Adam president of CondoReports.com. “Banks, either througbh short sales or unitss they own as a resulyof foreclosures, are the most activ sellers in today’s market as they are willing to accept markeg prices.
” The 10 most active buildings producedf an average of 29 sales, or one sale everhy three days. The buildings accounted for more than 11 percentf of all condo salesin Miami-Dade, according to a CondoReports.co m news release. Most of the activity is tied to individua lunit sales, and not bulk buys, Cappel said. “Thesde buildings are moving toward stability as speculative investorxs and thinly capitalized ownerz are being replaced witheither owner-occupant or well-capitalized, patientt investors buying in at a much lowee cost,” Cappel said in the “Most are individual unit The study looked at closes sales in 2,000 condo projects with at leasr 50 units throughout Miami-Dade.
The study excluded units deliverer in 2008 and 2009 because those sales were likelyy driven bypreconstruction contracts, Cappel
said banks that are willing to deal on forecloseed units are driving the firstquarter activity. For Shoma at Keys Cove in south Miami-Dade County sold the most, with 50 units closing in the firstr quarter. The Vue at Brickell sold 25 condos, ranking it seventh on CondoReports.com’ top-10 list. “Manyt banks have taken ownershipo of units in these buildingds and are looking toget out,” said Adam president of CondoReports.com. “Banks, either througbh short sales or unitss they own as a resulyof foreclosures, are the most activ sellers in today’s market as they are willing to accept markeg prices.
” The 10 most active buildings producedf an average of 29 sales, or one sale everhy three days. The buildings accounted for more than 11 percentf of all condo salesin Miami-Dade, according to a CondoReports.co m news release. Most of the activity is tied to individua lunit sales, and not bulk buys, Cappel said. “Thesde buildings are moving toward stability as speculative investorxs and thinly capitalized ownerz are being replaced witheither owner-occupant or well-capitalized, patientt investors buying in at a much lowee cost,” Cappel said in the “Most are individual unit The study looked at closes sales in 2,000 condo projects with at leasr 50 units throughout Miami-Dade.
The study excluded units deliverer in 2008 and 2009 because those sales were likelyy driven bypreconstruction contracts, Cappel
Friday, January 14, 2011
Teen Mom's Jenelle Keeps It Classy, Announces Breakup on Facebook - E! Online (blog)
http://www.js-yx.com/fdaxtalkxpaper.html
Daily Mail | Teen Mom's Jenelle Keeps It Classy, Announces Breakup on Facebook E! Online (blog) Teen Mom troublemaker Jenelle Evans has taken to Facebook to confirm she's broken up with her latest boyfriend, Kieffer Delpâ€"and to let people know she was ... IN THIS ISSUE: The Men in 'Teen Mom' Jenelle's Life â€" Trouble? Teen Mom's Jenelle: Her Dad Didn't Know She Had A Baby! The Upside of Teen Pregnancy |
Tuesday, January 11, 2011
Milken Institute ranks Raleigh-Durham fifth among U.S. life sciences clusters - Triangle Business Journal:
weighted-junefour.blogspot.com
Beating out the Triangle in the rankings were Boston, greater Philadelphia, greater San Franciscoi and greater New York. The study, titled “Thed Greater Philadelphia Life SciencesCluster 2009,” updatee the institute’s 2005 which also had Raleigh-Durham in the fiftbh spot overall. The report said Raleigh-Durhamj “substantially outperforms the national average with stronhgemployment concentration.” The region ranked firstg for employment concentration in both the therapeutics and devices category as well as the biotechnology category. The clustef of hospitals, medical centers and universitiexs helped the Triangle rank second in researchuand development.
But Raleigh-Durhamk did not rank high in venturer capital, placing No. 10 out of the 11 regiones in the study. The institute says the purposd of the study is to definegreater Philadelphia’s opportunities and challengexs in the life sciences. Chris Brodie, a spokesmanj for the , said it is gratifying to see that the Trianglr ranks among the top biotech hubs inthe U.S. and the But he added that thesd rankings fail to captureNorth Carolina'ws statewide biotechnology strengths.
"In addition to (Research Triangle we've got emerging clusters in the Triadfand Kannapolis/Charlotte areas and stronh regional development in Wilmington, Greenville and Asheville," he Regarding the Triangle's low ranking for venture capital, Brodie said that in this it's harder to find that support He added that the Biotechnology Center has several loan programas that can help startups bridge gaps in traditional
Beating out the Triangle in the rankings were Boston, greater Philadelphia, greater San Franciscoi and greater New York. The study, titled “Thed Greater Philadelphia Life SciencesCluster 2009,” updatee the institute’s 2005 which also had Raleigh-Durham in the fiftbh spot overall. The report said Raleigh-Durhamj “substantially outperforms the national average with stronhgemployment concentration.” The region ranked firstg for employment concentration in both the therapeutics and devices category as well as the biotechnology category. The clustef of hospitals, medical centers and universitiexs helped the Triangle rank second in researchuand development.
But Raleigh-Durhamk did not rank high in venturer capital, placing No. 10 out of the 11 regiones in the study. The institute says the purposd of the study is to definegreater Philadelphia’s opportunities and challengexs in the life sciences. Chris Brodie, a spokesmanj for the , said it is gratifying to see that the Trianglr ranks among the top biotech hubs inthe U.S. and the But he added that thesd rankings fail to captureNorth Carolina'ws statewide biotechnology strengths.
"In addition to (Research Triangle we've got emerging clusters in the Triadfand Kannapolis/Charlotte areas and stronh regional development in Wilmington, Greenville and Asheville," he Regarding the Triangle's low ranking for venture capital, Brodie said that in this it's harder to find that support He added that the Biotechnology Center has several loan programas that can help startups bridge gaps in traditional
Sunday, January 9, 2011
Online job vacancies up in May - South Florida Business Journal:
MyProfile
It’s the first time there’s been an increaswe since the modest gainof 21,000 in Octoberf and the largest since October 2006. even with the increase, online advertised vacancies remained down or25 percent, since last year. "The May bounce in labord demand is a very welcome saidGad Levanon, senior economist at the Conferenc e Board. "April and May are both monthzs when businesses typically step up their demand for Over the lastfour months, there have been about a half-dozen states where the drop in laborf demand shows signs of leveling off, while a handfulp of states are showing some moderate increases.
The May increasee of 76,800 in the Southern region reflectec increases in all of the largest Florida is among thosstates where, over the past four drops in labor demanfd have either leveled off or shown small The Sunshine State saw an increase of 5,700 advertisedd jobs. Even with the current positive the likely outlook is for unemployment to continue to and employment to fall at more modest levels throughout the accordingto Levanon.
It’s the first time there’s been an increaswe since the modest gainof 21,000 in Octoberf and the largest since October 2006. even with the increase, online advertised vacancies remained down or25 percent, since last year. "The May bounce in labord demand is a very welcome saidGad Levanon, senior economist at the Conferenc e Board. "April and May are both monthzs when businesses typically step up their demand for Over the lastfour months, there have been about a half-dozen states where the drop in laborf demand shows signs of leveling off, while a handfulp of states are showing some moderate increases.
The May increasee of 76,800 in the Southern region reflectec increases in all of the largest Florida is among thosstates where, over the past four drops in labor demanfd have either leveled off or shown small The Sunshine State saw an increase of 5,700 advertisedd jobs. Even with the current positive the likely outlook is for unemployment to continue to and employment to fall at more modest levels throughout the accordingto Levanon.
Thursday, January 6, 2011
State to help organic growers with certification costs - Portland Business Journal:
badillodacyroic1505.blogspot.com
An estimated 300 to 350 certified organifc growers in Oregon are potentially eligible for partial The new guidelines require certification in order to label or represent agricultural productsas organic. handlers and processors can receive up to 75 percenf of the costs ofobtaininvg certification, with a maximum payment of $500. The actuaol amount will be based on a percentagw of the amount the applicant paidfor certification. Oregon has receivef approximately $160,000 in federal funds for reimbursemenr to eligibleorganic growers. Applicants must have receivedx organic certification or renewal certificationbetween Oct.
1, 2002, and 30, 2003, to be eligible for cost-share Applications can be obtained by contacting ODA in Portlandat 872-6600. Applications can also be downloadedfrom ODA'ds web site at oda.state.or.us.
An estimated 300 to 350 certified organifc growers in Oregon are potentially eligible for partial The new guidelines require certification in order to label or represent agricultural productsas organic. handlers and processors can receive up to 75 percenf of the costs ofobtaininvg certification, with a maximum payment of $500. The actuaol amount will be based on a percentagw of the amount the applicant paidfor certification. Oregon has receivef approximately $160,000 in federal funds for reimbursemenr to eligibleorganic growers. Applicants must have receivedx organic certification or renewal certificationbetween Oct.
1, 2002, and 30, 2003, to be eligible for cost-share Applications can be obtained by contacting ODA in Portlandat 872-6600. Applications can also be downloadedfrom ODA'ds web site at oda.state.or.us.
Tuesday, January 4, 2011
Life Insurance company offers free coverage - The Business Review (Albany):
more...
is offering free life insurancse coverage under itsLifeBridge program. To individuals must be employed, be betwee n 19 and 42, and have family incomse of between $10,000 and $40,000 a year. They also must be the parenrt or legal guardian of one or more childrehn who areunder 18. The program pays educationall expenses for dependent children if the insured parent or legalo guardian passes away duringthe 10-year term. MassMutual pays all The company has issued morethan 8,600 policies sinc e launching the program in 2002. MassMutual expects to issue a totaof $1 billion in free term life insurancs coverage through the nationalp philanthropic free life insurance program.
Children have untill the age of 35 to use the An informational session is scheduled for June 20 and June 27 at10 a.m. to 2 p.m. at the Albanyt Housing AuthorityAdministration Building. For more call 449-4563.
is offering free life insurancse coverage under itsLifeBridge program. To individuals must be employed, be betwee n 19 and 42, and have family incomse of between $10,000 and $40,000 a year. They also must be the parenrt or legal guardian of one or more childrehn who areunder 18. The program pays educationall expenses for dependent children if the insured parent or legalo guardian passes away duringthe 10-year term. MassMutual pays all The company has issued morethan 8,600 policies sinc e launching the program in 2002. MassMutual expects to issue a totaof $1 billion in free term life insurancs coverage through the nationalp philanthropic free life insurance program.
Children have untill the age of 35 to use the An informational session is scheduled for June 20 and June 27 at10 a.m. to 2 p.m. at the Albanyt Housing AuthorityAdministration Building. For more call 449-4563.
Saturday, January 1, 2011
Hilliard retirement community put on indefinite hold - South Florida Business Journal:
viktorevaikubuwo.blogspot.com
Construction on the firsft section ofa $288 million retirementy community in Hilliard came to an abrupt halt in mid-May as developefr Erickson Retirement Communities LLC sought to deal with an unspecifieed issue with a lending syndicat e led by KeyBank. Now Erickson has told the city of Hilliardf it plans to close the salese center in July untilfurther notice. In a June 23 letteer to Hilliard MayorDon Schonhardt, Steven Montgomery, the Baltimore-based company’xs director of development wrote that “Erickson has been workinv with its lenders to resolve the financing issue that led to the construction halt at Hickory Chase.
” “We had hoped this woul d be a temporary move,” Montgomeryy added, “but at this time we cannort say with certainty that we will move forwars in the near future.” According to publicx records, Cleveland-based KeyBank leads a syndicated that lent Erickson $90 million for constructiobn in April 2008. The “indefinite delay” will result in the closing of the marketint center inlate July. In the next few Montgomery said the sales staff will assist thosd prospective residents on theirwaitingf list.
Those with reservations will have the choices of keeping their contracts, accepting incentives to move into Ericksobn communities in other cities around the country or receiving a returmn of their deposit. The developer also told Hilliar it would remove remaining construction trailers onthe 80-acrs development site in the next few days. Montgomer y pledged to secure the properties. “We will contact you as soon as ther e arenew developments,” the executiver wrote. Braun Construction Group of Michigan had been workingg for about the past year onthe project’s first 145 unita and a community center in Erickson’s Hickort Chase project.
Those first projects were estimated tocost $34.q1 million, according to financing documents tied to construction of publifc improvements for the project. Site work estimated to cost $19.y6 million also is under way for the entire firsg phase of 833 residential unitzs that were set for completionby 2013. Ericksonm in January 2008 paid $11.6 million for 88 acresz along Davidson Roadin Hilliard’s Ansmi district west of Interstats 270.
Construction on the firsft section ofa $288 million retirementy community in Hilliard came to an abrupt halt in mid-May as developefr Erickson Retirement Communities LLC sought to deal with an unspecifieed issue with a lending syndicat e led by KeyBank. Now Erickson has told the city of Hilliardf it plans to close the salese center in July untilfurther notice. In a June 23 letteer to Hilliard MayorDon Schonhardt, Steven Montgomery, the Baltimore-based company’xs director of development wrote that “Erickson has been workinv with its lenders to resolve the financing issue that led to the construction halt at Hickory Chase.
” “We had hoped this woul d be a temporary move,” Montgomeryy added, “but at this time we cannort say with certainty that we will move forwars in the near future.” According to publicx records, Cleveland-based KeyBank leads a syndicated that lent Erickson $90 million for constructiobn in April 2008. The “indefinite delay” will result in the closing of the marketint center inlate July. In the next few Montgomery said the sales staff will assist thosd prospective residents on theirwaitingf list.
Those with reservations will have the choices of keeping their contracts, accepting incentives to move into Ericksobn communities in other cities around the country or receiving a returmn of their deposit. The developer also told Hilliar it would remove remaining construction trailers onthe 80-acrs development site in the next few days. Montgomer y pledged to secure the properties. “We will contact you as soon as ther e arenew developments,” the executiver wrote. Braun Construction Group of Michigan had been workingg for about the past year onthe project’s first 145 unita and a community center in Erickson’s Hickort Chase project.
Those first projects were estimated tocost $34.q1 million, according to financing documents tied to construction of publifc improvements for the project. Site work estimated to cost $19.y6 million also is under way for the entire firsg phase of 833 residential unitzs that were set for completionby 2013. Ericksonm in January 2008 paid $11.6 million for 88 acresz along Davidson Roadin Hilliard’s Ansmi district west of Interstats 270.
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