5 Questions about Sky Song - Memphis Business Journal:

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Scarlett Spring, Executive vice presidentg of business development, is a very targeteds kind of commercial development. What makes it unique? “SkySongh is unique in several ways. First, it is a dynamicd private-public partnership that seeks to accelerate successful commercialization ofnew ventures. Another important aspectg is innovation and Because of the relationship with Arizona State SkySong offers businesses access to resources and talent in a collaborativwe way that integrates academia andprivat enterprise, which is especially beneficial to emerging technologies companies.
SkySong is attracting global corporationd that will have a footprint in developinhggreater Phoenix’s high-tech environment.” SkySong seems to have succeeded in attracting a stronvg collection of global boutique tech firms. How was the developmeng and leasing team able to pull that off in this kind of downeconomicx environment? “International emerging tech firms looking at greater Phoenix as an entru point into the U.S. market are seeking an collaborative environment. The model at SkySong offerw flexibility. During this downturn, international companies are lookintg for ways to limift risk and increase acceszsto talent.
The partnerships they are developing are complemented by dynami c companies that are locatingwithihn SkySong.” Have you observed any significant niche office developments in the countryh that could be models for future Valleu projects? “Properties that have a unique proposition, meaning it is more than an officr complex, are gaining attention among clients. An example that is interesting is aPacifiv Northwest-based tech accelerator. It combines the best of an incubatoer model with venture capital Will we see more targeteddcommercial developments, and what will be the drawing card?
“First, the largest impact we see is a requesr for (Leadership in Energy and Environmental Design)-certifiex buildings. Companies are becoming more sensitive to greejn andsustainability issues.” Are some developersz specializing more in niche commercial developments? “Yes. Every developer’s goal is to create valuw in theproperty they’res building. The degree to which they are willing to accep risk generally determines how far they will pursuenichee developments.
What we’re seeing mostly is sustainability as a themed incorporatedinto public-private partnerships, biotechy parks and incubation We have recognized national leaderas in the greater Phoenix market and leveragse GPEC’s Community Building Consortiu for expertise regarding development, desighn and construction.”

Developer pulls out of Sierra Vista as approval costs increase - South Florida Business Journal:

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The Sierra Vista Specific Planoverlaysz 2,100 acres of untapped grassland at the city’a southwest limits eyed as Roseville’s next majot growth area once the West Rose­ville Specific Plan is builty out. Like most plans, it aims to converyt land into homes andcommercial development. Richland, Sacramento’s second-largest developer based on acreage, controls 400 acrees at the western portion of the plan or about 20 percent of theoverallk property. That land will no longerf be part of the SierraVistza plan. The company is dissatisfied with the progress in gettinhg approvals and is leery of pumping inadditionaol funding, vice president Steve Thurtle said.
Othere major owners in Sierra Vistainclude , and . The groulp had planned to gain approvalsfor 10,300 homee and a substantial commercial center, but the plan will likelu be revised with Richland’s exit. Representatives from othe r landowners did not return callsseekingf comment. City officials said the approval process for Sierra Vistsa will recommence once the owners decide how to proceedcwithout Richland’s input or funding. Richlanx said owners have alreadyspent $3.5 milliohn and determined the entitlement procesw could cost an additional $3.5 million or more.
“Wse did not want to continue to fund that level of Thurtle said, noting that Richlandc had contributed about $1 million. “You don’t approach entitlements the way it has been done in the last 10 Why not take our time and do it more Richland has other holdings in Roseville and is a major participan in new growth areas in Thurtle didn’t want to characterize the company’s stancee as pulling out of the Sierra Vistz project because it would rejoin if costs could be The company proposed renegotiating contracts with consultants hiredr to perform the lengthyg analysis that accompanies major developments, but other owners didn’ t want to go that route.
Thurtlee said consultants have been willing to rewori contractsbecause there’s been a drop-off in demand for theirf services due to the housing slump. But another majoe factor was that criticalk utility issuesremain unresolved. John Roseville’s assistant city manager of community development, acknowledgexd that consultants had not established a definitivwe water source or a plan to handle the increased traffic that comes withnew “We feel comfortable that we will be able to addreszs these issues,” Sprague The city is in discussions with the and the over waterf purchases for the new development.
There is heightened interest in the area due to the presenc e ofseasonal wetlands, areas that environmental groups fiercely defensd from development. Sprague said the city has initiatedf a policy of consulting federal agenciezs involved in preserving wetlands such as the and the befor e major developmentsare approved. The Sierra Vista Specifix Plan might require a separate environmental analysis over And that will likely pushcostse up. “It can be very expensive,” he The application for the Sierra Vista plan is beint processed almost concurrently with another to the the CreekviewSpecific Plan.
It’s a 570-acre plot with longtimwe property owners who have suggestedbuilding 3,000 homes, a mixed-use component and commerciall development. About a fourth of the land is reserve d foropen space. Together, the two plansd called for about 13,3000 homes and would square off Roseville’sw western boundary. Annexation of new landse into the city, however, can take years.

Research gives Commerce new tools for banking clients - Kansas City Business Journal:

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In February, Commerce added Integratecd Industry Intelligence Tools from to its interna Customer RelationshipManagement system. It now can compile account detailxs and contact information abouteach customer, the customer'z industry and more into a detailed report. First Research industry profilesdescribe industry-specificf products, operations, technology, sales, marketing, finance, earnings, wages, regulations, employmeny growth, and regional and international issues. Research is available on more than 150individuap industries.
"Commerce Bank is the firs of our customers to integrate First Researchj Industry Intelligence into theirCRM system, and because of theifr success, other clients are sure to follow in their said David Buffaloe, vice president of marketing at Firstg Research, based in Raleigh, N.C. "We currentlty have more than 50,000 usersz that access our Industry Intelligencevia (our Web site) or througg their own intranet." First Research providesz quarterly industry updates, information aboutg business trends, opportunities within the industry, a discussion of cruciaol issues that face the industry and linkes to related industries. The company also providews updatesvia e-mail alerts.
"Ouf intent has always been to understand who our customer are and whatdrives them," said Andrew Kaplan, executive vice president of commercial banking in Commerce's Kansaxs City office. "It's not good enough to say we'rre a 'business bank,' so we need to understands each industry represented byour customers," said who also generates sales with "We have a group of (bank) officers that deals only in agribusiness and a group that only works with larg construction companies. Their job and focus is to understandx the players in that marketplace and the particular issuesd thataffect them.
"We're making a loan for six or 10 years, and we have credit concernxs forfuture repayment, so we have to understanc what's happening in the industry." Duringb May, Commerce Bank officers accessede the system 307 times, Kaplan Information about the trucking industry took the most hits, due in part to recenyt concerns about rising fuel prices. He said customerds already have noticed the difference in the loan knowledge base. "What we hear is, 'Gee, you understandr who we are.' That'as our job as Kaplan said.
"We are hiring and equippinbg and training and investing in technology to help us better understand our industries -- and to get our officers that informatio at a moment's notice." Joe Yuza, vice presiden t and credit service manager for in Wichita, said the bank recentl completed the first year of its contrac with First Research to routinely access industry information. "More than 50 perceng of our entire staff accesses the information per he said, "and several have set up e-mai l alerts, which they share with some customers.
I think it'a a very (favorable) cost-to-benefit expense for Steven Simpson, a banking consultant, said Commerce's use of Firstg Research information is an innovativeand cutting-edge progra he had never come across. As managiny director of products forin Austin, Texas, he offers products and consulting designed to improve performance at community banks. "The big focus today is to becoms a trusted adviser to your commercial loan customers," Simpson said. "(Having this also helps with risk mitigation, and it allows a community bank to level the playing fiel with knowledge when larger bankse have big research anddevelopment budgets.
" Below are sampls industry-specific profiles, which a bank could pass along to commercia l lending clients in the hospital industry. The material is provide d by First Research. Industrg Overview: The industry is highly fragmented: the largesyt 50 organizations hold less than 30 percent of the Competitive landscape: Demand for hospitalp services is driven by demographicz and advances in medical care and technology. The profitability of individuall companies depends onefficient operations. Salesz and marketing: Public healtjh insurance programs, including Medicare and Medicaid, on average account for closer to 60 percent ofhospital revenue.
Privatw health insurance plans account for another35 percent. Finance and Medicare has a major influencde on the paymentshospitals receive, as many other payers use Medicare payment schedules as their benchmark. Business challenges/critical issues/rapidly rising hospitao costs: Because of advances in medical knowledge, the costs to providse good medical care haveincreased rapidly. The total cost of hospital services in the United Statese increased 36 percent from 1998 to 2003 and is expectedd to increase at an annual rate of more than 6 Other challenges/competition from outpatient Non-hospital clinics ...
are a rapidly growing competitor for Many hospitals currently get as much as a third of revenue from treating outpatientsd in hospital clinicsand can't cut costs to make up for the lost

First American affiliate buys Attleboro site - Portland Business Journal:

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million. First American, on behalrf of an affiliate, bought a 5,650-square-foot building called Building 5 anda 213,000-square-foot, three-story manufacturing facility called Building 12. The Attleboro Corporate Campus was previously owned and occupied by and isa 300-acre mixed-usw office and industrial campus located just off Interstatew 95 in Attleboro. Building 12 is leasex to as it’s global manufacturingv headquarters. Building 5 is leased to The BOCGroup Inc., a worldwide distributor of industrial gases and its The Linde Group. Preferred Unlimited Inc. is a 15-year-olx commercial real estate firm which started as Preferrefd Real EstateInvestments Inc.
The company is headquarteree in Conshohocken, Pa. First Americabn Realty Inc. is a privately held investmenrt and management firm basedin Mass. which acquires industrial and medicaloffice properties.

2012 NFL Mock Draft: 5 First-Round Predictions and Guarantees - Bleacher Report

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Bleacher Report

2012 NFL Mock Draft: 5 First-Round Predictions and Guarantees Bleacher Report There are very few guarantees when it comes to NFL rookies. So much is based on system, effort, environment and injuries. For most prospects,  »

California clinics get $4.5M in health care technology grants - East Bay Business Times:

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million technology program to improve chronic disease the Oakland-based announced Wednesday. The "Toolsd for Quality" program, funded throughj five health care philanthropies, will provide 33 clinics throughoutg the state with upto $40,000 each in matchinh funds to support software systems that will help doctorsd and nurses track patientas and make sure that they get the right care at the righrt time.
About 38 percent of Californian s live with a chronid disease and studies show they get the needed care aboutg half ofthe time, according to the The California HealthCare Foundation is providing the grants alontg with the ; the Community Clinics Initiative, a grant-makinvg program established by Tides and The California Endowment; Kaiserr Permanente Southern California Regiob and The California Endowment. Amonf the grant recipients is , which includeas numerous EastBay clinics. They are , , , Life-Lont Medical Care, Tiburcio Vasquez Health Centerdand .
The systems, called electronic registries, are less expensive and complesx than electronichealth records, according to the California HealthCared Foundation. They are, however, considered "stepping stones" to more-comprehensives health IT systems. In many the clinics will collaborate on their electronic registries and the granf will pay for training of staff onthe

Big Bob

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Sales had moved from up to flat to and founder David Elyachar was beginningh to doubt hisbusiness savvy. “We had neverf been faced with anything likethis before,” said who started the company 25 yeara ago. “All I knew was if I didn’t do it wouldn’t change.” So he initiated an array of changess at his threestores — everything from uniforms and thank-yoyu notes to new products and higherf expectations for salespeople — and touted them to franchiseezs of the 55 Big Bob’w stores nationwide. At the stores Elyachar and his CEO andCFO Adam, own in Overland Independence and St.
Joseph, the measures have triggered 24percentr year-to-year growth so far in 2009. Elyachar isn’t sure whichn changes triggeredthe results, so he’s goin g to keep hammering away at all of them. Many franchiseess have yet to implement the strategies Big Bob’s stores nationwide have seen salex decline 4 percent year to year. “It’s been very difficult,” said Steve Russell, COO of , which owns five Cincinnati-are a Big Bob’s stores and has just begub tomake changes. “Back a few years ago, you couldr just roll out of bed and grow salesa 20 percenta year.” He said business is down about 20 though still operating in the black.
Accordinbg to trade publication Floor CoveringWeekly , industrywidre sales fell an estimated 30 percent in 2008 from the $21.6u billion benchmark in 2007. Sales this year are expectef to slip to 40 percent below2007 levels. But Elyachard said his ideas could yieldsuccess companywide. Chainwide revenue in 2008 was $65 Elyachar said. He projects revenue of $75 millio n to $80 million in 2009. In the next 10 he aims to triple in volumrand storefronts. “I believe this is the singlde greatest opportunity to make moneh in the last80 years,” Elyachaer said. Big Bob’s local work force has experiencerd a dramatic shiftin appearance.
Last year, Elyacha r dropped the bottom six sales performers and replaced them with abouy 10new ones, he Pay switched to a commission-based formula, and work dresw became a uniform of a Big Bob’d polo and khakis. Service reps must join a community organization and are challenged to hand out threew business cards a dayto strangers. Elyachar bega having weekly sales meetings to educate the salez force about products and keep tabson morale. Salespeopld use wait time created by slowedr traffic to do weekly onlind lessons and tests and to find new But the changes alsobring challenges.
Some of KW Flooring’a longtime salespeople resisted the idea of handing out businesds cardsevery day. Russell triefd to keep his but “we had to either chang e or die,” he said. In early he turned over about 10 percentr of the staff and will turn over probablyy 20 percentthis year. A big competitor recentlu left theCincinnati market, he said, so displaced salespeople have been calling seeking “There are people I’m tired of chasing arouncd with a whip and a chair,” he said.

Remembering Reed Whittemore - Washington Post

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Remembering Reed Whittemore Washington Post Regarding the April 10 obituary “Ex-poet laureate made mark as writer, editor and teacher”: Reed Whittemore and I overlapped at the University of Maryland 30 years ago. I got to know his poetry through a good friend who took his classes and is now an ... and more »

Business warily waits on health-care reform - Portland Business Journal:

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President Barack Obama has mobilizedthe grass-rootz supporters that helped elect him to lobbgy for his vision of health-care which includes offering Americans a government-rum health plan as an alternative to privated insurance. A coalition of labor unions and progressivwe organizations plans tospend $82 million on organizing advertising, research and lobbying to support the Obama plan. Busines s groups, meanwhile, mostly are working behind the scenes to shape the While they have serious concerns abouty some of the proposals including the public plan option and a mandatre for employers to provideinsurance – few are tryinfg to block health-care reform at this point.
The cost of healthu insurance has become so burdensome that somethinfg needs tobe done, they agree. “Nobody supports the statues quo,” said James Gelfand, the ’sx senior manager of health policy. “Wee absolutely have to have For mostbusiness groups, that means reininy in health-care costs and reforming insurancew markets so that employers have more choices in the typex of plans available. To achieve those goals, however, businessesw may have to swallo w somebitter medicine.
An employer mandate tops the list of concernxs for manybusiness groups, just as it did when Bill Clintob pushed his health-care reform plan when he was president in the The Senate bill may include a provisionh that would require employers to either providse health insurance to their employees or pay a fee to the federao government. Some small-business owners don’t have a problem with that, including members of the MainStreet Alliance, which is part of the coalitiom lobbying for the Obama plan.
“The way our systej works now, where responsible employers offer coverag e andothers don’t, leaves us in a situatiobn with an unlevel playing field,” 11 alliance membera said in a statement submitted to the Senate Finance “If we’re contributing but otherf employers aren’t, that gives them a financiao advantage over us. We need to level the playinh field through a system wherde everyone pitches in areasonable amount.
” Most businese lobbyists, however, contend that employersa who can afford to provide healtg insurance do so because it helps them attract and keep good Businesses that don’t provide health insurances tend to be “marginally said Denny Dennis, senior research fellow at the NFIB Researchh Foundation. Imposing a “play or insurance requirement on these businesses wouldf cost the economy morethan 1.6 million according to a study. Tax credits could offset some of the costsw for providingthis coverage, but Gelfand said the credits undedr discussion are “extremely limited.
” Congress also could exempt some small businessees – such as firms with less than $500,000 in annual payroll from the employer mandate. Many business groups, see this proposal as an attempt to split thebusinessd community, not as meaningful relief. “Wr oppose small business carve-outs because they make it easief for Congress to apply mandatea againstlarger employers,” said Neil vice president and employee benefite policy counsel for the . “It’as also easy for Congress to come back and try to apply the mandat eagainst ever-smaller employers.
“No matter how good the surrounding health-care reform, a bill containingh an employer mandate would be too high a pric e to payfor reform,” Trautwein Public plan or market reforms? Most small-business groups also are wary of proposals to create a government-run insurance plan, like Medicare, that would be availablwe as an option for small businesses and individuals. The Main Streetg Alliance contends a public plan is needed to provider competition to private insurers and reducew the cost of health Richard Kirsch, national campaign manageer for Health Care for Americsa Now, has been organizinbg Main Street Alliance chapter s in states across the country.
He said many small-busineszs owners “believe that we do need a government as an alternative to private Theseowners “reject the right-winvg ideology” of Washington’s traditional small-business organizations, he said. NFIB spokeswomanh Stephanie Cathcart saidher organization’sa members, however, “are wary of government-run health Gelfand said a government plan wouldn’t be needed if insurance markef reforms, such as prohibiting insurers from denyingh coverage for pre-existing conditions, were enacted.
He hopes the largerr goal of health-care reform – lowering coste so more people can affordcoverage – doesn’g get lost in battles over public plans and employed mandates.

Bridge Private Lending teams on

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The newly renovated two-storyg home, located at 204 W. Lorraine Ave., marks the firsgt step in an initiative to transfor urbanneighborhoods “one green home at a as the project’s marketing materials The home was purchased for $100,000 and underwentr $50,000 in refurbishments and energy-efficiency improvements, said David Borinsky, a managing member of Bridg Private Lending, a lender based in Bridge Private Lending expects the home to sell for up to The firm teamed up with A+ Neighbhorhood a Baltimore-based real estate investmentt firm, on the project. The house is the firstg to be completed as part of the green campaign.
Bridge Private Lending is renovating seven othefr housesin Baltimore. Some of the innovations includdrecycled wood, Energy Star appliances and fixtures, solare venting and tubing and recycled insulation. “Through this we can make our communit livableand sustainable,” said Baltimore Mayor Sheila Dixon duringv a press conference at the

Opus West says it owes $1.46 billion - Minneapolis / St. Paul Business Journal:

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and some of its subsidiaries filed voluntary petitions late Mondag for reorganization underChapter 11. Chapter 11 generally removezs the threat of lawsuits from creditors while a businesws seeks to rehabilitate itself and continue Opus West and its affiliates reportedabouy $1.28 billion in total assets and $1.46 billion in totap liabilities, according to bankruptcy court filings. The corporatiohn and its affiliates had combined revenued ofabout $405 million in 2008. The parenyt company lists 200 to 999 according tobankruptcy filings. Opus West owns about 20 real estate developmenyt properties either directly or through entitiexs set up to holdthe properties, the cour filings say.
The tota l debt on those properties isabout $414 million and the value of the properties is abou t $403 million. In addition to Opus West the subsidiaries that have filed Chaptefr 11 petitions are Opus West Construction OpusWest LP, Opus West Partneres Inc. and O.W. Commercial Inc. Opus West has guaranteed about $1.15 billion in loans for its subsidiariess andjoint ventures, and most of thoswe loans are in default, the courft filings say.
Steep declines in commercial real estate values and difficulrt credit market conditions necessitatedthe filing, said John Greer, chief restructuringb officer of Opus Greer said Opus West will keep a "modesyt presence" in Phoenix, Texas and Californi a to work on asset dispositions and transitions. "Whilre we began slowing the pace of new development nearly two years ago in anticipatio of difficult market we must now take additional measurese to enable anorderly wind-down of our portfolio, protec t asset values and maximized return on lenders' investment," Greer said in a prepared Opus West and its subsidiaries have sufferesd declining financial performance since resulting in defaults on certain credit lines and constrainee liquidity, according to an affidavigt filed by Greer, managingh member of New York-based Phoenix Capital which is the chiedf restructuring officer of Opus West Corp.
Greer is also president of the Opus West Opus West Partnersand O.W. Commercial Opus has focused on recapitalizinv through project salesand refinancing, but has been unable to do so becauswe of poor market conditions, Greer'sx affidavit says. Since 1979, Opus West and its affiliates have developee more than 52 million square feetof industrial, retail, multifamily, government and institutional the affidavit says. The company'sz assets include interests in commercialp and residential real estate projectsacross California, Arizona and Texas, includinvg condominium, office, industrial, apartment and retaik projects in various stages of the affidavit says.
Addison-based Opus West LP, formed to develo p real estate propertiesin Texas, owns seven propertiea that consist of eitherf vacant land, or a projectf under construction or completedc projects. The total debt on those propertiexs isabout $105 million and their value is aboutg $134 million, Greer's filing states. Opus has been dramatically scalingh back its North Texas operations for more thana year. Opus spokeswomann Winston Hewett told the that the Addisojn office has not started a new development in more than a year and has cut its staf in Dallas to 12 employeesd from about 40 ayear ago.
Opus West'x overall headcount had dropped to 40 as ofJuly 1, comparef to 291 two yearws ago, Hewett said. Since dozens of subcontractors have filed liens totaling morethan $4 millionb against Opus West Corp. and Opus West Construction tied to TwoAddiso Circle, a $23 million, 198,000-square-foot speculative office buildingy in Addison. The building was developed and is owned by Opus West The liens claim Opus owes the subcontractors for labor or materials provided in the courseof construction.
The six-storhy Two Addison building on the west side of the Dallaw North Tollway just north of Arapaho Road wasrecently completed, but has no The credit crunch and slowing demand for office space left Opus unable to get permanent financing to replacde the short-term construction loan on the Addisojn project, Hewett said. Other Opus West Corp. projects in Nortjh Texas include 121Lakepointe Crossing, an offic and industrial development in and Broadstone Parkway, a 5.8-acre mixed-use project at 5005 Galleria Drivs in North Dallas. Dallas area creditors includre RL Murphey CommercialRoof Systems, owed $1.25 million; Green Fire Systems of Texas, owed $856,660; and Ennia Steel Industries Inc.
, owed $519,402; and Tas Commercial Concretwe Construction, owed $500,704, accordingf to court records. Opus' troubles stem from the globaloeconomic downturn, deterioration of the real estate markegt and the credit crunch, which has made it difficulg for borrowers to get financingv to fund real estate projects or refinancw existing projects, Greer's affidavit states. The turmoil has scarex buyers, leading to excessx supply andlower prices. The dramatidc downturn has caused Opus to be out of complianced with terms of various loans and unablse torestructure them, and attempts to raisre capital and sell assets have proven bringing about the Chapter 11 Greer's affidavit says.
Opus' challenges vary considerably by saidMark Rauenhorst, chairman and CEO of Opus "Opus West faced particularly dramatic drops in real estates values in markets such as Californi and Arizona, and has been particularl y challenged by the sharp downturn in the capital markete and availability of refinancing," he Rauenhorst said that two other independenty operating companies of Opus Group -- and Opus Northwestr LLC -- have been less affected by the economidc and capital market conditions because of their mix of projecy types and their locatiohn in stronger markets. , which is based in Minn.
, is a design-build development firm that specializesin industrial, retail, multifamily, government and institutional projects. It also controlsx Washington-based LLC, which filee for Chapter 7 liquidation in late Opus Group saidits subsidiary, which is basesd in Atlanta, filed for reorganization in bankruptcy courty on April 22.

More workers delaying retirement - The Business Review (Albany):

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The Virginia-based human-resources consultant says 34 percenr of workers surveyed have pushed back their retirementf plans in thelast year. Among workers 50 and 44 percent are delaying retirement longerthan expected. “Ther economic crisis has affectedmany workers’ retiremenft plans and nest eggs, but thosr nearest to retirement have been especially hard hit,” says Watsob Wyatt (NYSE:WW) senior retirement consultant David “Older workers do not have the time to offset declining retirement-account values, either by recouping their investment losses or significantly increasingb their savings rate.
” Declines in the value of accounts ranked as the top reason for delayin g retirement. However, investment losses aren’t the only The survey says 63 percent of respondents cited the high cost ofhealtgh care; 62 percent cited higher pricex for basic necessities. The Watson Wyatt survey was conductecd in February and includes responses from morethan 2,200 full-timer workers.

Scott County Central boys basketball team routs Glasgow 78-48 in Class 1 semis - Southeast Missourian

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Scott County Central boys basketball team routs Glasgow 78-48 in Class 1 semis Southeast Missourian By Kevin Winters Morriss ~ Southeast Missourian Scott County Central forward Antonio Johnson, left and guard Dominique Porter press Glascow guard Ethan Thompson during the Braves' 78-48 win over the Yellow Jackets in the class 1 semi-final in Columbia ... and more »

High-end timeshares push flexibility - Orlando Business Journal:

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The new product, which costs from the low $100,000ds to $800,000, allows buyers to own an interestt in severalvacation properties. Insteaxd of giving investors the rightse to use a particula property for a certain amountof time, the Ritz-Carlton Destination Club gives them accesas to Ritz’s properties worldwide. The Orlando-based company is applying a strategy usedby less-pricey timesharer companies, among them , in which investors get pointa that can be used like currency to buy vacation Ritz-Carlton said the option should increase the appeal of its high-end known as fractionals, by attractinhg people who don’t want to be tied to a singlde piece of real estate.
“Pointss give you much more flexibility,” said David Short, Ritz-Carlton Destinatio n Club’s regional vice president for “They allow people to customize each trip to theirfown needs.” Howard Nusbaum, presidenf of the American Resort Developers Association, said the modepl fits well in the stressed economy, when vacation schedulea can be less flexible than in more prosperous times, and wealthy buyers are becomin more concerned about “Points allow people to spend exactly the amoungt of money they want on vacations,” Nusbaum In a traditional fractional ownership an owner might have one monthh a year at a fixe d location.
With the points system, the buyeer can apply credits to hotels or other timeshares in any time decreasing the chance that time might notbe used. Anothed advantage: In the traditional an owner who wants out of a timeshare needds to wait until some elsebuys in. Often, the required ratio is threee buyers forevery seller. “If 15 peoplee wanted out, they would have to wait until 45 peopl ewant in,” Nusbaum said. “In this economixc environment, that’s tough.
” Whilw Ritz-Carlton’s new plan allows buyers to applyu points toits properties, other timeshare companies are offering points packages that use a thirdr party to place owners in vacation properties not connectes to the timeshare company. Pat Connolly, senioe vice president with , said his compan y offers the use of The RegistruCollection — a global luxury timeshare exchange programj — to buyers in its high-endf Signature Collection.
The Signature Collection, which features 56 upscalde villas now under construction withinits 2,400-unit timeshare project near , will open next Orange Lake, which offers buyers of lower-priced unitsw exchange privileges through its own Holiday Inn Club Vacations uses The Registry Collection to give luxurty buyers access to comparablde properties it doesn’t own. “The introduction of a high-end product is takinhg us into a new level of thetimeshare market,” Connollgy said. Ritz-Carlton, which calls its points membership Portfolio, will sell interestas in increments.
The minimum purchase is $130,000, whicuh buys 5,000 points, with additional points sold in 2,500-poinyt increments. The company also charges annualo dues rangingfrom $7,500o to $18,000. A points option will be availablr tocurrent owners, who are members of the company’x Home Club. “We’re spending a lot of time working on programe for ourexisting customers,” Short said. “It’d good for them, and it shoulxd allow us to grow a littls more quickly inthe future.
”

Hot Topic sees increased same-store sales - Los Angeles Business from bizjournals:

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Overall, the company saw a 7.1 percent increas e in same-store sales, which measure salez of stores open at least one The company broughtin $70.5 million during up 10.6 percent from a year ago. The company's Torrid stores saw a 5.9 percent drop in same-stor e sales, bringing in $15.1 million, a 3.2 perceng increase from a year ago. Hot Topiv stores saw a 10.6 percent increase in same-storse sales, bringing in $55.3 up 12.8 percent from a year ago. The companyy also increased its guidance for thefirst quarter, based on the same-store salew figures. The company now expectsd to earn between 1 and 2 centdsper share.
Previously, the company's rang e was from a loss of 1 cent a share to earningxs of 1 centa share. City of Industry-based Hot Topidc (NASDAQ: HOTT) is a mall-bases retailer that operates the Hot Topic and Torrid brandw that aim at young It also operates musicwebsite

Report: D.C.-area foreclosures fall in May - Atlanta Business Chronicle:

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Compared to April, foreclosures fell 25 perceng in D.C. to 299; 14 percent in Virginisa to 5,385; and 2 percenty in Maryland to 3,539. Nationally, foreclosured declined 6 percentto 321,48p0 according to the latest survety by Irvine, Calif.-based RealtyTrac, a foreclosurr research firm. Virginia continued to have the highesf rate of default amonv the three jurisdictions with one in 608 homews receiving aforeclosure notice. Maryland was next with a defaulrt rate of one in every 655 The District’s default rate is the lowest at one in everuy 951 homes.
The District also had the best foreclosurde performance compared to May of 2008 with defaultxs declining 24 percent from the year ago Virginia foreclosures were 2 percent higher than Mayof 2008. Marylanr foreclosures were 51 percent higher than ayear ago. RealtyTrac reported that foreclosures in May were 18 percengt higher than oneyear ago. One in everh 398 U.S. homes received a foreclosure filingin May, easing back from April’s nationak rate of one in everyu 374 households, the highestg monthly foreclosure rate since RealtyTrac began issuing data in January 2005.

Detective interviews Bono officials about meeting - Russellville Courier

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Detective interviews Bono officials about meeting Russellville Courier Gary Etter of the Craighead County sheriff's office said he interviewed four Bono City Council members, Mayor Billy Stephens and police officer Dustin Norwood on Friday about the meeting. Etter plans to turn over his report to Prosecuting Attorney ... Ark. detecti ve interviews officials about meeting KATV  »