Finance and Commerce Daily Newspaper, MN articles from December 2008

Finance and Commerce Daily Newspaper, MN archives from December 2008

University of Minnesota students prepare to compete in national solar design competition.
December 1, 2008... Byline: Brian Johnson A team of aspiring builders and designers from the University of Minnesota is gearing up for the Rose Bowl of solar design competitions - the Solar Decathlon 2009 in Washington, D.C. Minnesota is one of 20 teams...

Analyst believes Minn.-based Hutchinson Technology may restructure in search of profitability.
December 2, 2008... Byline: Arundhati Parmar Are layoffs looming at Hutchinson Technology? Consider: Profitability has been ephemeral for the Hutchinson-based company, which primarily makes suspension assemblies for disk drives. After a brief...

Family-owned Creature Works Lab, in Waconia, boasts clients ranging from Prince to Disney Corp.(Company overview)
December 2, 2008... Byline: Frank Jossi When looking for cutting-edge digital designs, rock star Prince, former national security official Richard Clarke and the Walt Disney Corp. all found them in a seemingly unlikely location - a small digital design firm...

For downtown St. Paul, a revamped Penfield: New version of high-profile project includes a Lunds.
December 2, 2008... Byline: Burl Gilyard Call it a triple play for downtown St. Paul. On Monday, officials unveiled a reconfigured version of The Penfield development that now calls for 208 upscale apartments, a 170-room Hyatt Place Select Service and a...

Health care: Minnesota's med-tech firms urged to prepare for bigger government role.
December 3, 2008... Byline: Arundhati Parmar The economic meltdown won't derail President-elect Barack Obama's health care agenda - and Minnesota's medical device and life science companies should be ready for the resulting changes. That was the message...

Minnesota budget experts predict ugly forecast.
December 3, 2008... Byline: Charley Shaw Minnesota's official economic forecast hasn't even been released yet - but some of the area's top budget experts are already downgrading their outlook for the state's 2010-2011 finances. Last week, as members of...

Dunkin' Donuts planning major expansion in Minnesota.
December 3, 2008... Byline: Burl Gilyard Dunkin' Donuts boasts more than 7,900 locations in 30 countries around the world - not a single one of them in Minnesota. That's about to change. The Canton, Mass.-based Dunkin' Brands Inc., a well-known purveyor...

Cub Foods stores in Minnesota offer 'Holiday Bucks' to encourage repeat business.
December 3, 2008... Byline: Bob Geiger Responding to the economic chill, Stillwater-based Cub Foods has started offering customers discounts as part of a holiday-themed promotion that rewards return shoppers. Cub Foods stores in Minnesota, including 58 in...

University Ave. businesses seek help to mitigate Central Corridor light rail disruption.
December 4, 2008... Byline: Brian Johnson Eventually, once the proposed Central Corridor Light Rail line starts running up and down the middle of University Avenue, Jim Segal's Ax-Man Surplus Store business may see some benefits. But before that can...

Profile: Tom Sorel, Minnesota Department of Transportation.
December 4, 2008... Byline: Brian Johnson Tom Sorel has all the right qualifications to lead the Minnesota Department of Transportation, including a civil engineering background, an MBA, and three decades of federal transportation experience. Perhaps just...

Medtronic denies wrongdoing in patient death lawsuit.
December 4, 2008... Byline: Finance and Commerce Staff In response to a lawsuit filed Dec. 2 in California, Medtronic Inc. issued a statement Wednesday afternoon, denying any wrongdoing in marketing a product that the lawsuit alleged caused the death of a...

Peavey Plaza in downtown Minneapolis lands on endangered landscapes list.
December 4, 2008... Byline: Finance and Commerce staff The Washington D.C.-based Cultural Landscape Foundation listed Peavey Plaza in downtown Minneapolis on its annual Landslide list, designed to raise awareness for significant landscapes that are considered...

St. Paul promotes city's effort to help foreclosure victims.
December 4, 2008... Byline: Burl Gilyard The city of St. Paul has unveiled a magnetic new campaign aimed at drawing attention to its Mortgage Foreclosure Prevention Program and hot line. Starting Wednesday, the city affixed small magnetic signs to more than...

Residential building activity in Twin Cities dipped sharply in November.
December 5, 2008... Byline: Brian Johnson In yet another sign that the troubled housing sector is still a long way from recovery, residential building activity dipped sharply in November. Last month, local municipalities issued permits for 421 new housing...

Minneapolis-based Christopher & Banks names interim CFO.
December 5, 2008... Byline: Finance and Commerce Staff Minneapolis-based Christopher & Banks Corp. appointed Michael Lyftogt to be its interim chief financial officer, replacing Andrew Moller, who resigned for personal reasons. The company has started its...

Officials react to Minnesota's $4.8 billion deficit projection.
December 5, 2008... Byline: Finance and Commerce Staff Minnesota officials are reacting to Thursday's news that the state faces a projected $4.8 billion deficit for the 2010-2011 biennium. St. Paul Mayor Chris Coleman: This is an unprecedented moment...

Minneapolis-based George Family Foundation names executive director.
December 5, 2008... Byline: Finance and Commerce Staff The George Family Foundation appointed Peg Birk to be the organization's first full-time executive director, a post she will assume on Tuesday, Dec. 9. Birk has held executive positions at several...

Morton's The Steakhouse names Minneapolis GM.
December 5, 2008... Byline: Finance and Commerce Staff Morton's The Steakhouse has named Susan Dunlop the new general manager/maitre d' of its Minneapolis restaurant at 555 Nicollet Ave. Dunlop was regional director of Morton's operations in Florida until...

Scottrade investment firm adds office in Blaine.
December 5, 2008... Byline: Finance and Commerce Staff Scottrade, the branch-supported online investment firm, is opening a new office in Blaine at 10945 Ulysses Street N.E. in the Shoppes at 19th. The branch is Scottrade's seventh location in the...

St. Paul-based Securian Financial closes on adviser network buy.
December 5, 2008... Byline: Finance and Commerce Staff St. Paul-based Securian Financial Group closed Monday on its acquisition of Capital Financial Group, Inc. and its broker-dealer affiliate, H. Beck, Inc. The consolidated firms will increase Securian's...

Apple Valley-based Wings Credit Union plans JFK branch.
December 5, 2008... Byline: Finance and Commerce Staff Apple Valley-based Wings Financial Federal Credit Union will open its 19th branch office in early January, this one at New York's JFK International Airport. Wings Financial Federal Credit Union is a...

PETA urges Minneapolis-based Buffalo Wild Wings to choose humane suppliers.
December 5, 2008... Byline: Finance and Commerce Staff PETA, which owns 147 shares of Buffalo Wild Wings, has submitted a shareholder resolution calling on the Minneapolis-based restaurant chain to give purchasing preference to chicken suppliers that use...

SBA: Small banks mitigate business-loan downturn in Minnesota.
December 5, 2008... Byline: Mark Anderson The last 12 months produced shudders and slowdowns in one credit market after the other, and the U.S. Small Business Administration's loan programs haven't been immune. Volume in the SBA's loan guarantees dropped...

Minnesota lawmakers hope construction projects can jump-start economy.
December 5, 2008... Byline: Brian Johnson Hoping to jump-start a dismal economy with steam shovels and bulldozers, state lawmakers expect to propose a bigger-than-expected package of public works projects during the upcoming legislative session. Large...

Minnesota Green Jobs Task Force to host public hearling Friday.
December 5, 2008... Byline: Finance and Commerce Staff State lawmakers on Minnesota's Green Jobs Task Force will meet on Friday to discuss efforts to create, attract, and retain jobs in the renewable energy sector. The task force will host a public...

As Minnesota reels from a record deficit, leaders offer no specifics on recovery.
December 5, 2008... Byline: Charley Shaw and Bill Clements State economic officials Thursday released the expected bad news: Minnesota is facing a record budget deficit of $5.2 billion. And neither GOP Gov. Tim Pawlenty nor the DFL leaders of the Legislature...

Coleman, Franken continue to raise and spend millions as Minnesota recount continues.
December 6, 2008... Byline: Betsy Sundquist The campaign is over, but Norm Coleman and Al Franken still want your money. The bitter U.S. Senate campaign between Republican incumbent Coleman and DFL challenger Franken was the most expensive race in the...

Minnesota court system in crisis.
December 6, 2008... Byline: Barbara L. Jones As Minnesota faces a $4.8 billion deficit, public defenders are seeking a 14 percent budget increase.On Dec. 1, the Minnesota Board of Public Defense issued a news release, Public Defenders Once Again To Ask...

Lawyers: Volunteers nationwide have monitored Senate recount for campaigns in Minnesota.
December 6, 2008... Byline: Dan Heilman As the recount in the U.S. Senate race between Al Franken and Norm Coleman winds down, so does the work for the hundreds of volunteer lawyers who've traveled to Minnesota from all over the United States to work in...

Minnesota will soon surpass its debt-capacity guideline.
December 6, 2008... Byline: Brian Johnson and Charley Shaw As lawmakers consider how much of a bonding bill to pass in the 2009 legislative session, this much is clear: Minnesota will exceed its recommended general obligation bond debt-capacity limit in the...

Minnesota officials hoping budget crisis won't eliminate science office.
December 6, 2008... Byline: Arundhati Parmar The projected $4.8 billion state budget deficit, and Gov. Tim Pawlenty's resulting directive that every state agency plan a 5 percent spending cut, will mean belt tightening across the board. But at the...

2009 Minnesota legislators expected to focus on foreclosures.
December 9, 2008... Byline: Burl Gilyard Federal, state and local lawmakers are all introducing measures aimed at curbing the flood of residential foreclosures. The 2009 state legislative session will be no different. There's a general feeling among...

Well rooted: State agriculture commissioner promotes Minnesota crops worldwide.
December 9, 2008... Byline: Bob Geiger Gene Hugoson is a common-sense corn and soybean farmer from southern Minnesota who's worked for three governors and witnessed the emergence of a global marketplace for food products. If "global marketplace" is too...

Dow to cut 5,000, close 20 plants, fate of Minnesota operations unknown.
December 9, 2008... Byline: Arundhati Parmar Dow Chemical, which employs more than 450 in Minnesota, announced Monday that it will eliminate 5,000 full-time jobs and close 20 production facilities in an aggressive push to counter the effects of the ongoing...

Q-and-A: Cheri Beranek Podzimek, CEO of Clearfield Inc. in Minnesota.
December 9, 2008... Byline: Arundhati Parmar It's been quite a year for Cheri Beranek Podzimek, president and CEO of Clearfield Inc., which makes fiber-connectivity products for rural telecom companies. In her first few months at the helm of Clearfield,...

Hydro energy developer to install turbine in Mississippi River near Hastings.
December 10, 2008... Byline: Bob Geiger The mighty Mississippi River may become even more powerful - if an electricity-generating, 12-foot-in-diameter turbine as expected gets installed under a barge near Lock & Dam No. 2 in Hastings. The turbine is...

Minneapolis-based Ellerbe Becket hires managing director for projects in Mideast, Europe, Africa.
December 10, 2008... Byline: Finance and Commerce Staff Report Ellerbe Becket hopes to bolster its international business with the hiring of an industry veteran who will oversee the firm's operations in the Middle East and beyond. The Minneapolis-based...

Engineer Chunhua Han joins American Engineering Testing.
December 10, 2008... Byline: Finance and Commerce Staff Report American Engineering Testing has hired Chunhua Han as principal engineer for the firm's Geotechnical Division. Han has been involved in pavement design, construction, maintenance and research...

Minnesota construction association to host best value contracting program on Dec. 18.
December 10, 2008... Byline: Finance and Commerce Staff Report The Minnesota chapter of the Construction Management Association of America will hold a panel discussion on best value contracting this month. The presentation, Best(?) Value Contracting, is...

Official of St. Michael-based Jet Edge to participate in trade mission.
December 10, 2008... Byline: Finance and Commerce Staff Report Jet Edge, a St. Michael-based designer and manufacturer of waterjet systems for precision cutting, will have a representative on the Minnesota Trade Office's upcoming trip to Israel. David...

Tony Mondry joins Minnesota Agri-Growth Council.
December 10, 2008... Byline: Finance and Commerce Staff Report Minnesota Agri-Growth Council has hired Tony Mondry as its program manager. Mondry will assist with policy development, membership recruitment and management, event planning and office management...

Transportation job fair set for Feb. 9 at University of Minnesota.
December 10, 2008... Byline: Finance and Commerce Staff Report The 2009 Annual Transportation Career Expo is set for Feb. 9 at the University of Minnesota. The event, scheduled for 4:30 p.m. to 7:15 p.m., is intended for students, employers and...

University of Minnesota program examines transportation work force.
December 10, 2008... Byline: Finance and Commerce Staff Report An upcoming program at the University of Minnesota will explore the challenge of maintaining a quality professional workforce in public sector transportation. The event, set for Dec. 16, 1-4...

Fridley firm submits low bid for green roof on Target Center in Minneapolis.
December 10, 2008... Byline: Brian Johnson Stock Roofing Co., a 20-year-old Fridley firm, is the apparent choice to put a new vegetated green roof on the Target Center. Stock Roofing submitted bid of $5.32 million to put a green lid on the...

Minnesota lawmakers urged to enact tax breaks for investors.(Conference notes)
December 11, 2008... Byline: Arundhati Parmar Industry representatives, state officials and some legislators alike warned Wednesday that Minnesota is falling behind nationally in early-stage funding of technology companies. Participants at seventh annual...

Legislative task force, advocates want to protect money for airports in greater Minnesota.
December 11, 2008... Byline: Charley Shaw Lawmakers mulling changes to the State Airports Fund are afraid the money that's supposed to improve greater Minnesota airports could be used toward resolving the state's massive budget deficit. Members of the...

Budget battle: Education on the chopping block in Minnesota.
December 11, 2008... Byline: Charley Shaw While handling recent budget deficits, state lawmakers have negotiated budget deals without cutting K-12 education. The general attitude is that cuts to K12 are off-limits. But during a panel discussion of...

Home prices drop again for Twin Cities metro.
December 11, 2008... Byline: Burl Gilyard The median price of homes in Minneapolis-St. Paul and surrounding areas dropped in November to $175,000 -- a level not seen since early 2002. The median sales price in the 13-county metro area is down a precipitous...

IREM Minnesota Chapter announces 2009 officers.
December 11, 2008... Byline: Finance and Commerce Staff Report The Institute of Real Estate Management (IREM) Minnesota Chapter 45 recently announced the election of its 2009 officers. The newly-elected officers are: President, Kim Ihle, CPM, RPA, CB...

CB Richard Ellis in Minneapolis brokers sale of land near Buffalo.
December 11, 2008... Byline: Finance and Commerce Staff Report The local office of CB Richard Ellis announced that it sold 253 acres of land near Buffalo, west of the Twin Cities, to an undisclosed private investor. The property, which had been in foreclosure,...

Eagan-based JBL Companies Inc. announces recent leases, sale listings.
December 11, 2008... Byline: Finance and Commerce Staff Report Eagan-based JBL Companies Inc. announced several recently completed lease transactions and new sale assignments. Recent lease deals included: * Representing Mazanec Bauer & Associates...

Minnesota Shopping Center Association honors retail real estate projects.
December 11, 2008... Byline: Finance and Commerce Staff Report The Minnesota Shopping Center Association (MSCA) announced its annual STARR Awards (Shopping Center Tribute Awards for Retail Real Estate) at its year-end bash on December 2 at the Golden Valley...

St. Paul-based Preservation Alliance of Minnesota seeks nominations for 'endangered' sites.
December 11, 2008... Byline: Finance and Commerce Staff Report The St. Paul-based Preservation Alliance of Minnesota issued a call for nominations for its 2009 Ten Most Endangered Historic Minnesota Places list. The Alliance is accepting nominations until...

Green: Environmental businesses seen as growth opportunity for Minneapolis.(Company overview)
December 12, 2008... Byline: Burl Gilyard Meet Rick Siewert, poster boy for the promise of green jobs that politicians often chatter about. Siewert's father founded the Minneapolis-based Siewert Cabinet & Fixture Manufacturing Inc. in 1965. Today, the...

Collectors hurt by recession as consumers walk away from unpaid bills.
December 12, 2008... Byline: Mark Anderson You might think that the one industry doing well during this bleak economic season would be the debt-collection trade. They must have plenty to do - and plenty of revenue to reap - in this highly leveraged but...

Minnesota legislative auditor: Bond funds misused.
December 12, 2008... Byline: Betsy Sundquist A new report by Minnesota's legislative auditor shows that nine state agencies or departments misused $1.5 million in general obligation funds from the 2006 bonding bill. The 49-page report blames inadequate...

Edina-based Creekridge Capital LLC names three regional managers.
December 12, 2008... Byline: Finance and Commerce Staff Report Edina-based Creekridge Capital LLC, a health care and technology vendor leasing company, named three new regional sales managers this week. Patrick Hayes recently left GE Capital, and he will...

Thrivent Financial for Lutherans adds to its Habitat investment.
December 12, 2008... Byline: Finance and Commerce Staff Report Thrivent Financial for Lutherans announced last week that it would donate an additional $1.7 million to its long-running home-building partnership with Habitat for Humanity International. The...

Milwaukee-based M&I Bank adds new Apple Valley branch.
December 12, 2008... Byline: Finance and Commerce Staff Report Milwaukee-based M&I Bank opened a new branch office in Apple Valley this month, its 25th in the Twin Cities. The full-service office, at 7095 151st St. W., offers ATM service, drive-through...

St. Paul-based University National Bank chooses TransCard prepaid products.
December 12, 2008... Byline: Finance and Commerce staff St. Paul-based University National Bank signed an agreement with TransCard to process prepaid transactions for the bank. Officials from both Chatanooga-based TransCard and University Bank said the...

Minneapolis-based Wade Financial Group expands, builds brand identity.
December 12, 2008... Byline: Finance and Commerce Staff Report The expansion will support current and planned growth at the company and help improve customer service, said Wade Financial President Jerry Wade. The company simultaneously launched a new...

Business organizations oppose cap-and-trade system in Minnesota.
December 12, 2008... Byline: Bob Geiger Warning that Minnesota could lose 21,000 jobs and pay higher electricity costs by 2015, a group of business organizations and utilities announced Thursday that it will oppose a cap-and-trade system designed to reduce...

Minnesota Court of Appeals ruling clears way for 'stray voltage' suit against Xcel.
December 13, 2008... Byline: Bob Geiger A complaint that stray voltage from electric transmission lines killed 80 dairy cows is headed for court, after the Minnesota Court of Appeals ruled that the farmers can sue Xcel Energy Inc. for damages and production...

Survey: Minnesota contractors pessimistic about '09.
December 13, 2008... Byline: Brian Johnson As they look ahead to 2009, a majority of Minnesota building and highway contractors are expecting a slowdown in work volume. That's the word from a new Associated General Contractors of Minnesota survey, which...

Minnesota Timberwolves kill latest ad campaign.
December 13, 2008... Byline: Bob Geiger Since the Minnesota Timberwolves in July 2007 traded the Big Ticket, Kevin Garnett, to the Boston Celtics, the NBA franchise's advertising has focused on the little guy. Two little guys, actually. In 2007,...

Minnesota officials warn fire-safe cigarettes don't snuff out fire threat.
December 15, 2008... Byline: Betsy Sundquist Minnesota's new law requiring that cigarettes sold in the state be of the fire safe variety is the most significant fire-safety legislation to hit the state since smoke alarms were mandated 30 years ago, according...

Feds approve country's first 'hydrokinetic' power project in Hastings.
December 16, 2008... Byline: Bob Geiger Old Man River received a renewable energy twist Monday, when the Federal Energy Regulatory Commission (FERC) approved installation of the nation's first hydrokinetic electric device below Lock & Dam No. 2 in Hastings....

Colliers Turley Martin Tucker cuts 10 percent of Twin Cities workforce.
December 16, 2008... Byline: Burl Gilyard The Twin Cities office of commercial real estate firm Colliers Turley Martin Tucker is cutting 10 percent of its staff amid the current bleak economy. It's a difficult time. It's the most difficult time I've ever...

Electronic evangelist: Khanna aims to keep Minnesota Office of Enterprise Technology on leading edge.
December 16, 2008... Byline: Arundhati Parmar Focused. Driven. Some might even say relentless. The adjectives that could be used to describe Gopal Khanna, Minnesota's first chief information officer and commissioner of the Office of Enterprise Technology,...

Power to the patient: Website aims to improve health care experience.
December 16, 2008... Byline: Arundhati Parmar Empowering patients isn't a new idea, either in the health care industry or the cyber world - WebMD, after all, is one of the world's better known websites. But a new breed of online companies is attempting to...

Minnesota Vikings: Team kicks in $15,000 for Elliot Park planning.
December 17, 2008... Byline: Burl Gilyard The Minnesota Vikings are running a new play in their quest for a new stadium and stadium-related development. The team recently kicked in $15,000 to neighborhood group Elliot Park Neighborhood Inc. (EPNI) for its...

Physician files suit against St. Paul-based St. Jude Medical over patent dispute.
December 17, 2008... Byline: Arundhati Parmar A Paraguayan doctor has sued St. Paul-based St. Jude Medical and its wholly owned subsidiary, Pacesetter Inc., citing patent infringement, fraud and breach of contract. According to the complaint, filed Dec. 12...

Minnesota Governor Tim Pawlenty pushes market solutions for health care.
December 17, 2008... Byline: Charley Shaw Gov. Tim Pawlenty believes Minnesota needs a new model of health care based on expanded market-based reforms. In a health care policy talk last week, the GOP governor said that if people know for a fact that they...

94-year-old downtown Minneapolis building suits Uppal Enterprises.
December 17, 2008... Byline: Brian Johnson Uppal Enterprises is perhaps best known for developing suburban apartments, but company officials believe the firm's latest venture - a renovation of the 94-year-old downtown Minneapolis building that used to house...

Dinkydome project near University of Minnesota in limbo.
December 18, 2008... Byline: Burl Gilyard Developer Kelly Doran's plans for a large student housing/mixed-use redevelopment near the University of Minnesota are still in limbo because of an unresolved lawsuit with a neighboring fraternity. A settlement...

Downtown Improvement District a done deal with Minneapolis City Council.
December 18, 2008... Byline: Burl Gilyard The Minneapolis City Council has officially given birth to a new city acronym: After years of planning, the Downtown Improvement District, or DID, is slated to become a reality following a unanimous vote by the...

Minneapolis Fed predicts a tough 2009.
December 18, 2008... Byline: Mark Anderson There weren't many surprises in the gloomy year-end economic portrait that the Minneapolis Fed's team of economists outlined Wednesday -- the bad news had somehow leaked out in thousands of news stories earlier this...

New Hope multimedia publisher to cut 10 to 20 jobs.
December 18, 2008... Byline: Arundhati Parmar New Hope-based Navarre Corp. announced late Wednesday that the company is closing its unprofitable wholly-owned subsidiary BCI Eclipse Co. The announcement came as part of a restructuring plan and will lead to job...

PBK Investments plans Bloomington retail project.
December 18, 2008... Byline: Finance and Commerce Staff Minnetonka-based PBK Investments Inc. has signed a contract to develop a 21,000 square feet retail project in Bloomington. The site sits at the intersection of Old Shakopee Road and France Avenue...

Minnetonka-based NAI Welsh brokers $9.6 million sale, completes other deals.
December 18, 2008... Byline: Finance and Commerce Staff Minnetonka-based NAI Welsh announced four recent notable transactions. * Welsh brokered the sale of the 312,000 square foot Fairgrounds Distribution Center in St. Paul for $9.6 million. The property...

Minnesota Chapter 45 of the IREM hosts 2009 industry forecast.
December 18, 2008... Byline: Finance and Commerce Staff The Minnesota Chapter 45 of the Institute of Real Estate Management (IREM), in conjunction with the Appraisal Institute North Star Chapter, are hosting the 8th annual Real Estate Research Corporation...

Edina-based Coldwell Banker Burnet teams with Burnsville firm.
December 18, 2008... Byline: Finance and Commerce Staff Edina-based Coldwell Banker Burnet has teamed up with Premier Realty, doing business as Prudential Metrowide Realty of Burnsville. In the wake of the new affiliation agreement, 23 residential sales...

Snap Fitness makes debut in St. Paul.
December 18, 2008... Byline: Finance and Commerce Staff St. Paul Mayor Chris Coleman attended a ribbon-cutting ceremony last week to mark the grand opening of the first Snap Fitness location in St. Paul. Coleman pushed to modify a vintage city ordinance that...

Minneapolis CPA firm adopts new name: TK Advisors.
December 19, 2008... Byline: Finance and Commerce Staff Report The Minneapolis CPA and consulting firm Silverman Olson Thorvilson & Kaufmann Ltd. will change its name to TK Advisors Ltd. on Jan. 1. The change comes as part of a rebranding process for the...