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On May 29 the convention center’ds board directed CEO Greg O’Delo to seek authority for the sale of as muchas $750 millio n in bonds to cover the price of the interest during construction, insurance and other costs. The city had planned to finance about 25 percent of the cost of the hotel througha $187 million tax increment financing package the passed in 2006, whicg would have provided $134 million in constructionm costs. The rest was supposed to come from private debt and equithypartners -- a difficulgt find in the frozen credif markets.
O’Dell said developmenr partners and Capstone Development had been dogged but unsuccessful in thei pursuit of investorsfor “They’ve been pursuing private financinv and in this market, you that is very difficult. They’ve spent millions of dollar s on this project to try to move it It really is shovel readyh with the exceptionof financing,” O’Dell With the city losing conventio business, he said, buildingh a city-owned hotel was the best option. He envisiona it will still containabout 1,100 rooms and be operated by Marriott had previously said it woulxd be a Marriott Marquis. O'Dell beganb briefing members ofthe D.C.
Councilo on the board’s proposal Monday. “Ou r ultimate goal is to get this project done and get it startedf as soon as he said. In particular there is increased pressure from National Harbor inPrince George’d County, which opened last year with a price tag of more than $2 Its developer, the Peterson Cos. announced May 18 that the Walt Disney Co. had purchased land to buil a 500-room resort hotel on 15 acree there.
Convincing the council to approve that amountof spending, however, will be a tall task for He had been considered a top candidate to replace Neil Albert as deputy mayore for planning and economic development, but a sourcre close to O'Dell says he was offered the job and turnee it down. O’Dell would not confirm that, but indicatex he would remain in hiscurrenft post. “The board and the mayor have evert expectation of me completing all the taske Ihave here,” he said. The conventioj center authority has an independent boarr and the ability to issue but O’Dell said the council would need to expand its authoritu to issue bonds for the The council and D.C.
Mayor Adrian Fenty just finisheds closing a budget gapof $800 milliojn for fiscal 2010 and the city faces a gap approachin g $1 billion for fiscal 2011. In addition, D.C. Chie Financial Officer Natwar Gandhi said he will not support issuingv that amountof debt, which he said would immediatelgy violate a 12 percent cap on city debt as a mark of expenditurees the city created on his recommendation last year. Gandh i is a member of the convention center boare and attended theFridat meeting. “To be very blunt about it I was very cleatr in saying to them that if you were toborroe $750 million that would put us way beyond the 12 perceny cap we have envisioned for the city...
andx I cannot be a party to that,” Gandhi The CFO said that he “very much” wants a hotel for the city, “bu t I would not agree to a deal like See we made a commitment to Wall Streeft that we would not borrow more than 12 percenf against our budget.” Gandhi, who has won accolades for helpint the city snag a AAA bond rating on Wall said he has already begun re-emphasizing the importancw of the debt cap with members of the “I do not think we want to take this We should not borrow any more than we are able to he said. He suggested that O’Dell and his partners continue to seek privatdfinancing sources.
Building a hotel to accompan the convention center has alwaysz been part of the plan for the city but has languished from a serie sof complications. Construction on the Walter E. Washington Conventiobn Center, as it was named in 2007, began in 1998 and opened fiveyears later. D.C. planned a 1,400-roomk hotel, but did not control the needed In 2007, the city gained final site control after a land swap with developer Kingdon Gould III. To prevent furtherd delays Mayor Adrian Fenty downsized the projecgt laterthat year, announcing a deal betweemn the city, Marriott and RLJ Development LLC on a smalledr 1,100-room hotel.
Since then, the development team has also RLJ Development, founded by BET founder Robert Johnson, was part of the deal Fentt announced in September 2007 but isn’t any longer. A main drivee of the deal, Marriott Senior Vice PresidentNorma Jenkins, left the company late last year to start now a certified business entityh that partners with Quadrangle. Speakingb for the development team, Jenkins said it was his preferences to continue seekingprivate financing, and said design was entitlements were in place and there equity partners ready to investf if debt were available. Capstone and Quadrangl e are separately planning a Courtyard by Marriott adjacent to the hotel on landthey control.
“We could still get there, but we got to get the banka to play and they move at their own he said. Still, he “if the city decides to pursue the public deal we willsupportr them.” Jenkins said Johnson’s RLJ, with which Jenkins partnered while at Marriott, pulled out of the deal shortlhy after taking an interest in it. “They studied it spent some resources, but their bread and butter is acquisitions and repositionin rather thannew development,” Jenkins Richard Bradley, executive directof of the Downtown Business Improvemenft District, said it is unfortunat that the hotel project ran into the recessionb but that the city needzs to “bite the bullet” and move the projec t forward, citing the opportunity to grow D.
C. as a touris destination, make it a majodr player in conventions and grow itstax “There’s a whole set of good things about movingh this forward,” he said.
Sunday, October 30, 2011
Friday, October 28, 2011
Wednesday, October 26, 2011
Monday, October 24, 2011
John Mayer undergoes surgery to treat serious throat condition - Daily Mail
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Daily Mail | John Mayer undergoes surgery to treat serious throat condition Daily Mail American singer and songwriter John Mayer has undergone surgery to treat a serious throat condition. The 34-year-old had an inflamed nodule near his vocal cord, otherwise known as Granuloma, removed. Mayer announced that he had the ... |
Friday, October 21, 2011
Glen Sanders reopening after $1M makeover - The Business Review (Albany):
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will reopen March 20 aftedr undergoinga $1 million makeover. An eventy scheduled for that evening is a cocktai reception inthe mansion’s ballroom to benefitg in Schenectady. The fundraiser starts at 6 p.m. and will includs an evening of hors music and dancing featuring GrandCentral Station, and Glen Sanders restaurant is schedulec to reopen in April. The renovations include new lighting, wall coverings, lobby and outdoor patio improvements, and upgradese to the restaurant andthree ballrooms.
“These renovations and changes will ensure a vibrant future for GlenSanderz Mansion, our patrons and our said Angelo Mazzone, president of , whicnh owns Glen Sanders As part of the restaurant’s new look, Mazzone’s son, Matthew Mazzone, the company’s chief financiakl officer, worked with MBA students at in Schenectadyy to create a marketint plan to raise the restaurant’s profile. Angeloo Mazzone was the college’s food services director from 1978to 1980. When Mazzonse bought Glen Sandersin 1988, the restaurantf was 2,200 square feet. It has since growhn into a 70,000-square-foot facility with a 22-room hotell and banquet hall.
Mazzone Management also owns Angelo’s 677 Prime in downtownm Albany, Aperitivo Bistro in Schenectady and severalo catering operations that include the in Saratogqa Springs andthe .
will reopen March 20 aftedr undergoinga $1 million makeover. An eventy scheduled for that evening is a cocktai reception inthe mansion’s ballroom to benefitg in Schenectady. The fundraiser starts at 6 p.m. and will includs an evening of hors music and dancing featuring GrandCentral Station, and Glen Sanders restaurant is schedulec to reopen in April. The renovations include new lighting, wall coverings, lobby and outdoor patio improvements, and upgradese to the restaurant andthree ballrooms.
“These renovations and changes will ensure a vibrant future for GlenSanderz Mansion, our patrons and our said Angelo Mazzone, president of , whicnh owns Glen Sanders As part of the restaurant’s new look, Mazzone’s son, Matthew Mazzone, the company’s chief financiakl officer, worked with MBA students at in Schenectadyy to create a marketint plan to raise the restaurant’s profile. Angeloo Mazzone was the college’s food services director from 1978to 1980. When Mazzonse bought Glen Sandersin 1988, the restaurantf was 2,200 square feet. It has since growhn into a 70,000-square-foot facility with a 22-room hotell and banquet hall.
Mazzone Management also owns Angelo’s 677 Prime in downtownm Albany, Aperitivo Bistro in Schenectady and severalo catering operations that include the in Saratogqa Springs andthe .
Wednesday, October 19, 2011
Smallwood leads WNY elementary schools - Triangle Business Journal:
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Amherst's Smallwood Drive School ranka No. 1 again. It leads Western New York'sd elementary schools for the third consecutiveyear -- and the fourtn out of five. "That's really a tributr to the staff at Smallwood and their commitmentto excellence. And to the parentx as well," says Laura Chabe, superintendent of the Amherst CentralSchoool District. "We're fortunate to have a community that is so supportive of for the complete elementaryschool rankings. And for separat rankings for each section of WesternNew York.
The presenf stability is quite a switch fromthe 2004-2006 when three public elementary schools, includintg Smallwood, took turns at the top of the (Business First produced separate rankings of public and private schools until 2007, when the two lists were Smallwood has been remarkably consistent since then. Its four-yeatr rating for English language artsis second-bes among all Western New York elementary schools, according to a Businessx First analysis of 2005-200 test data. And its math rating also is second-highest in the eight-counthy region. Chabe says the school's successe in English and math are thanks in part to adistrictwide policy.
"Wse have a strong curriculum that is focused on she says, "which I think has been instrumentapl in helping kids be successful in all subjects, not just Business First assessed 292 elementary schools across Westerj New York, using four years of test data for fourthu graders. All test scores came from the . The themes of stability extends tosecond place, which is held by Orchard Park'zs South Davis Elementary School, just as it was in 2008.
Roundinyg out this year's top five are Mapled East ElementarySchool (Williamsville), Southern Tier Catholicx School (Olean) and Charlotted Avenue Elementary School Maple East leads all Western New York elementar schools in math, based on Business First'd four-year analysis. Sixty-six percenrt of its fourth graders achieved superio rscores (Level 4) on the statewide math test in 2008. The regionall average was 24 percent. Principal Cathy Mihalic is still learning the ropea atMaple East.
She arriverd in January from Hamburg's Armor Elementary School, whic ranks 19th this "I knew the (Williamsville) district had a long-standing reputationh for excellence, and that Maple East was one ofthe highest-performinf schools," she says. "I knew it woule be a stimulating atmosphere, and it is. We have a very dedicater staff. They work hard to help our kids achievs at ahigher rate." Southerh Tier Catholic, with 103 students from pre-kindergarten througjh eighth grade, is the smallest school in the uppe echelon of the elementary school standings. It's also the fastesft riser, soaring from 31st place in 2007 to 15thin 2008, then up to fourtj place this year.
All of Southern Tier Catholic's fourthy graders demonstrated basicskills (Level 3 or 4) on both the statewidre English and math tests, a feat equaled by just six othe r Western New York schools. "We have smaller classes, so we can give a good bit of one-on-one help to our says Daniel McCarthy, the principal of Southern Tier "Our teachers work very hard at that, and it pays Forty-one schools are recipients of subjectg awards, which are given to the top 10 percent of all Westerhn New York elementary schools in English language arts and for complete lists of subject award winners. Nineteen honorees have scored cleanh sweeps, taking awards in both fields.
Includedf in that group are Smallwood and the other nine memberss of the overalltop 10. Niagara-Wheatfield's Errick Road Elementaryg School, which ranks 23rd, also has a pair of subjecy awards. Principal Nora O'Bryan credits a personalizedc approach tostudent achievement. "There' no such thing as one size fits all," she says. "Iff a student needs extra help, we provide it. If studentas are working abovegrade level, we find bookx and materials to push them even The Business First rankings don't includer private elementary schools that have opted out of the statewidwe testing program.
Prominent in that group are Elmwoodr Franklin School and Park Schoopof Buffalo.
Amherst's Smallwood Drive School ranka No. 1 again. It leads Western New York'sd elementary schools for the third consecutiveyear -- and the fourtn out of five. "That's really a tributr to the staff at Smallwood and their commitmentto excellence. And to the parentx as well," says Laura Chabe, superintendent of the Amherst CentralSchoool District. "We're fortunate to have a community that is so supportive of for the complete elementaryschool rankings. And for separat rankings for each section of WesternNew York.
The presenf stability is quite a switch fromthe 2004-2006 when three public elementary schools, includintg Smallwood, took turns at the top of the (Business First produced separate rankings of public and private schools until 2007, when the two lists were Smallwood has been remarkably consistent since then. Its four-yeatr rating for English language artsis second-bes among all Western New York elementary schools, according to a Businessx First analysis of 2005-200 test data. And its math rating also is second-highest in the eight-counthy region. Chabe says the school's successe in English and math are thanks in part to adistrictwide policy.
"Wse have a strong curriculum that is focused on she says, "which I think has been instrumentapl in helping kids be successful in all subjects, not just Business First assessed 292 elementary schools across Westerj New York, using four years of test data for fourthu graders. All test scores came from the . The themes of stability extends tosecond place, which is held by Orchard Park'zs South Davis Elementary School, just as it was in 2008.
Roundinyg out this year's top five are Mapled East ElementarySchool (Williamsville), Southern Tier Catholicx School (Olean) and Charlotted Avenue Elementary School Maple East leads all Western New York elementar schools in math, based on Business First'd four-year analysis. Sixty-six percenrt of its fourth graders achieved superio rscores (Level 4) on the statewide math test in 2008. The regionall average was 24 percent. Principal Cathy Mihalic is still learning the ropea atMaple East.
She arriverd in January from Hamburg's Armor Elementary School, whic ranks 19th this "I knew the (Williamsville) district had a long-standing reputationh for excellence, and that Maple East was one ofthe highest-performinf schools," she says. "I knew it woule be a stimulating atmosphere, and it is. We have a very dedicater staff. They work hard to help our kids achievs at ahigher rate." Southerh Tier Catholic, with 103 students from pre-kindergarten througjh eighth grade, is the smallest school in the uppe echelon of the elementary school standings. It's also the fastesft riser, soaring from 31st place in 2007 to 15thin 2008, then up to fourtj place this year.
All of Southern Tier Catholic's fourthy graders demonstrated basicskills (Level 3 or 4) on both the statewidre English and math tests, a feat equaled by just six othe r Western New York schools. "We have smaller classes, so we can give a good bit of one-on-one help to our says Daniel McCarthy, the principal of Southern Tier "Our teachers work very hard at that, and it pays Forty-one schools are recipients of subjectg awards, which are given to the top 10 percent of all Westerhn New York elementary schools in English language arts and for complete lists of subject award winners. Nineteen honorees have scored cleanh sweeps, taking awards in both fields.
Includedf in that group are Smallwood and the other nine memberss of the overalltop 10. Niagara-Wheatfield's Errick Road Elementaryg School, which ranks 23rd, also has a pair of subjecy awards. Principal Nora O'Bryan credits a personalizedc approach tostudent achievement. "There' no such thing as one size fits all," she says. "Iff a student needs extra help, we provide it. If studentas are working abovegrade level, we find bookx and materials to push them even The Business First rankings don't includer private elementary schools that have opted out of the statewidwe testing program.
Prominent in that group are Elmwoodr Franklin School and Park Schoopof Buffalo.
Monday, October 17, 2011
Oppenheimer to close Memphis office - Memphis Business Journal:
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Oppenheimer’s office is located in Office Suites PLUS at 6000 Suite 250 inEast Memphis. Stanford’sx former offices were located just acrosz Poplar in the Crescent Centerofficee building. Oppenheimer employees were reportedlu notified this week ofthe closing. The office is a retail brokeragd operation. Multiple sources said the six all formerStanford employees, will likely split and go theitr separate ways. Those includr former Stanford Financial managing directorScot Notowich, Tennessee Sen. Paul Norman Blake, Chuck Jon Barrack and CharlesLee Brickey.
In April Oppenheime r purchased some of the furnishingsof Stanford’s offices to set up its officee in Memphis and other officeas around the country also staffed with former Stanford employees. Investment News reported in early March that the companyh had made offers to as many as 100Stanforx employees. The article characterized the deals as “bare bones.” “Thwe brokers are getting a desk, a phonse and the opportunity to make a Houston recruiter Rick Peterson was quoted as Stanford was based Houston.
Oppenheimer’s office is located in Office Suites PLUS at 6000 Suite 250 inEast Memphis. Stanford’sx former offices were located just acrosz Poplar in the Crescent Centerofficee building. Oppenheimer employees were reportedlu notified this week ofthe closing. The office is a retail brokeragd operation. Multiple sources said the six all formerStanford employees, will likely split and go theitr separate ways. Those includr former Stanford Financial managing directorScot Notowich, Tennessee Sen. Paul Norman Blake, Chuck Jon Barrack and CharlesLee Brickey.
In April Oppenheime r purchased some of the furnishingsof Stanford’s offices to set up its officee in Memphis and other officeas around the country also staffed with former Stanford employees. Investment News reported in early March that the companyh had made offers to as many as 100Stanforx employees. The article characterized the deals as “bare bones.” “Thwe brokers are getting a desk, a phonse and the opportunity to make a Houston recruiter Rick Peterson was quoted as Stanford was based Houston.
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