Finance and Commerce Daily Newspaper, MN articles from October 2008

Finance and Commerce Daily Newspaper, MN archives from October 2008

Projects by Minnesota-based Petters Group Worldwide in doubt after raid by federal authorities.
October 1, 2008... Byline: Burl Gilyard The federal investigation surrounding Petters Group Worldwide is having an impact far beyond Minnesota. In response to the news that federal authorities raided the Minnetonka offices of Petters Group Worldwide and...

Report: Steep drop for Twin Cities home values.
October 1, 2008... Byline: Bob Geiger A Standard & Poor's/Case-Schiller 20-city index of home values released Tuesday showed an average 16.3 percent price drop in July 2008 from July 2007, including a 13.1 percent drop in Minneapolis-St. Paul area home...

Financial turmoil, credit crisis hurt funding for public works projects in Minnesota.
October 1, 2008... Byline: Charley Shaw and Burl Gilyard The ongoing credit crisis is throwing a huge wrench in Minnesota's plans to issue bonds for a variety of planned public works projects. As the week began, State Department of Finance officials put...

Anoka County-Blaine Airport expansion put on fast track.
October 1, 2008... Byline: Brian Johnson Construction crews had little time to lollygag when they built new hangar and terminal space for the Anoka County-Blaine Airport this summer. The new $11.5 million facility - known as a fixed-base operation or...

Finance and Commerce to honor Top Women in Finance on Nov. 6 in Minneapolis.
October 2, 2008... Byline: Finance and Commerce Staff Finance and Commerce is pleased to announce the recipients of this year's Top Women in Finance awards. The awards program, now in its eighth year, is reserved for women who have made significant...

Survey shows pressure on Minnesota businesses.(Survey)
October 2, 2008... Byline: Betsy Sundquist Owners and managers of Minnesota businesses are becoming more pessimistic about the economy and believe that high taxes are their biggest barrier to doing business in the state, according to the fifth annual...

Downtown Minneapolis only bright spot in commercial real estate summer report.
October 2, 2008... Byline: Burl Gilyard Things are still tough all over. To no one's surprise, the third-quarter report from Colliers Turley Martin Tucker indicates that local commercial real estate remains sluggish, with downtown Minneapolis being the...

St. Cloud seeks state help to expand its Civic Center.
October 2, 2008... Byline: Brian Johnson St. Cloud officials are rallying the troops in support of a long-coveted St. Cloud Civic Center expansion, arguing that the $30 million project would boost the area's economy and enable the city to host more events....

Not for sale: Capital marketplace that's virtually ground to a halt.
October 2, 2008... Byline: Mark Anderson Need more evidence that people are sitting on their money right now? Consider what's happening at 225 South Sixth. The marquee downtown Minneapolis office tower, offered for sale in June by its owner, Bethesda,...

Five Minnesota firms will take part in federal energy-saving program.
October 3, 2008... Byline: Burl Gilyard If the federal government is any judge, Minnesota is home to some of the country's most energy-conscious companies. Last week, the U.S. Department of Energy (DOE) announced the selection of 21 companies to...

U.S. Foodservice closing in Eagan.
October 3, 2008... Byline: Arundhati Parmar U.S. Foodservice, based in Rosemont, Ill., will close its Eagan distribution center by the end of the year, a move that affects roughly 250 workers. North Star Foodservice, at 2864 Eagandale Blvd., serves the...

Panel of green building experts at event in Minneapolis: Crunching green numbers.
October 3, 2008... Byline: Brian Johnson A Class A office structure, a basketball arena and a small apartment building in the metro area are all examples of how green building principles can lead to long-term savings in operating costs. A panel of green...

Advertising blitz to precede takeoff of Southwest Airlines' Minneapolis-St. Paul flights.
October 4, 2008... Byline: Bob Geiger Expect to see a flight of introductory ads in late 2008 for Dallas-based Southwest Airlines, which this week announced plans to start service to Minneapolis-St. Paul International Airport (MSP) in March 2009. It is...

Timing of Southwest's Minneapolis-St. Paul announcement not related to issues at Sun Country.
October 4, 2008... Byline: Bob Geiger Anyone harboring the notion that Dallas-based Southwest Airlines might be secretly planning to purchase cash-strapped leisure carrier Sun Country Airlines can hold that thought. Hypothetically, combining two low-fare...

Real estate deal in St. Paul gone sour is sweet deal for nonprofit.
October 4, 2008... Byline: Arundhati Parmar Recently, Wall Street's troubles have gotten Main Street denizens up in arms about corporate greed and recklessness. In St. Paul, however, one small community bank's actions over a loan gone bad may actually...

11 Minnesota businesses: Helping people help themselves.
October 7, 2008... Byline: Betsy Sundquist The Governor's Council on Developmental Disabilities has honored 11 Minnesota businesses for using innovative approaches to employing Minnesotans who are developmentally disabled. The 11 businesses were among 45...

Helping people help themselves.
October 7, 2008... Byline: Betsy Sundquist The Governor’s Council on Developmental Disabilities has honored 11 Minnesota businesses for using innovative approaches to employing Minnesotans who are developmentally disabled. The 11 businesses were...

Speaking in tongues: Northfield-based SpeechGear takes sales online.
October 7, 2008... Byline: Arundhati Parmar A Google search of the phrase instantaneous translation software yields a plethora of free and paid services - all promising to fulfill every language need for companies conducting business in foreign countries....

Mendota Heights-based Sun Country bankruptcy could fuel pact with Southwest.
October 7, 2008... Byline: Bob Geiger Sun Country Airlines on Monday filed for Chapter 11 bankruptcy protection in a move one industry expert said will preserve the Mendota Heights-based airline's assets and possibly lead to coordination of flights with...

Several senior housing projects in pipeline despite residential slump in Minnesota.
October 8, 2008... Byline: F&C Staff Growth in Minnesota's residential construction industry has slowed to a crawl, but Gary Solomonson's phone is ringing off the hook. Solomonson is director of sales and marketing for the Goodman Group, which...

Credit crisis causes Minnesota to cancel $100M in housing bonds.
October 8, 2008... Byline: Charley Shaw There's a painful irony to the impact that the national credit crisis is having on Minnesota's affordable housing finance efforts. The meltdown in the financial markets has its roots in risky mortgages that...

Bankers in Minnesota hope new FDIC limit will ease fears.
October 8, 2008... Byline: Mark Anderson Trust in the financial sector is in short supply these days, but local bankers say the increased insurance on bank deposits ordered as part of last week's federal bailout legislation should help ease worries for...

St. Paul-based Patterson Companies Inc. acquires 3 companies.
October 8, 2008... Byline: Arundhati Parmar St. Paul-based Patterson Companies Inc. has acquired three companies for undisclosed amounts in all-cash transactions. The company, which announced the deals Monday, operates through three business units:...

Two wind-energy developers await 'go' signal from Minnesota PUC.
October 8, 2008... Byline: Bob Geiger Two new wind farms with the capacity to produce 401 megawatts of energy are expected to be approved Wednesday by the Minnesota Public Utilities Commission (PUC). The two wind farms, planned by Madison, Wis.-based...

Minnesota lawmakers question $221M plan to attack foreclosure crisis.
October 8, 2008... Byline: Charley Shaw A key housing legislator plans to hold hearings as state officials scramble to meet a Dec. 1 deadline to tell the federal government how they will use federal dollars to attack the foreclosure crisis that has hammered...

Colliers sells Riverview at Upper Landing in St. Paul.
October 9, 2008... Byline: Finance and Commerce Staff The Colliers Turley Martin Tucker team of Gina Dingman, James McCaffrey and Julie Lux has been tapped to sell the Riverview at Upper Landing apartment complex, a 344-unit Class A property in St. Paul. The...

St. Paul-based Travelers sells Unionamerica for $343M.
October 9, 2008... Byline: Arundhati Parmar The Travelers Companies Inc. is selling Unionamerica Holdings Ltd. to Enstar Group Ltd. for $343.4 million in cash. St. Paul-based Travelers provides commercial property casualty insurance and asset management...

Minneapolis-based HGA joins project team for Gehry museum expansion.
October 9, 2008... Byline: Finance and Commerce Staff Minneapolis-based HGA Architects and Engineers has been selected to work with celebrated architect Frank Gehry on the addition to the Frederick R. Weisman Art Museum on the campus of the University of...

NAIOP program in Bloomington focuses on credit.
October 9, 2008... Byline: Finance and Commerce staff Everyone talks about credit today, but it's tougher to find than it was a few years ago. With that in mind, the local chapter of NAIOP (National Association of Industrial & Office Properties) is hosting a...

Twin Cities businessman Tom Petters' political donations - $226K since 2000.
October 9, 2008... Byline: Betsy Sundquist When John Wodele heard about the allegations against Twin Cities businessman Tom Petters, his first thought was about campaign money. Specifically, he wondered whether Petters - who is accused of masterminding a...

Businesses saving money, energy by helping utilities meet state efficiency standards in Minnesota.
October 9, 2008... Byline: Charley Shaw Bill Glahn, the state's new director of the Office of Energy Security, hears a little unease when he talks to the state's major utilities about how they're achieving the state-mandated energy savings that'll go into...

Bloomington-based NorthMarq bolsters management portfolio.
October 9, 2008... Byline: Finance and Commerce Staff Bloomington-based NorthMarq recently added 1.35 million square feet of local commercial properties to the list of local properties for which it provides property management services. Jacksonville,...

Minnetonka-based Welsh Cos. announces latest local sales, leases.(Financial report)
October 9, 2008... Byline: Finance and Commerce Staff Minnetonka-based Welsh Cos. announced several recent notable deals. * Welsh brokered the sale of a 17-acre retail-zoned site in Minnetonka to Twin Cities BWM, which plans to build a 275,000 square...

Minnesota-based ServiceMaster certified by Green Seal.
October 9, 2008... Byline: Finance and Commerce Staff ServiceMaster Clean announced that ServiceMaster Commercial Systems is the first Minnesota company to be certified by Green Seal as a GS-42 certified green cleaning service provider. ServiceMaster...

Twin Cities area retail: How long can mall owner General Growth avoid restructuring?
October 9, 2008... Byline: Burl Gilyard The ownership of several large shopping malls could be up in the air as questions swirl about debt-saddled General Growth Properties Inc. The Chicago-based REIT (real estate investment trust) is reeling under the...

Minnesota Economic Association meeting to examine election-year economics.(Conference news)
October 10, 2008... Byline: Finance and Commerce Staff The Minnesota Economic Association will hold its annual daylong conference on Oct. 24 and the theme that all its speakers and panels will address is election year economics. Chris Farrell, the...

Minneapolis-based Norwest Mezzanine invests $40M in Norwesco.
October 10, 2008... Byline: Finance and Commerce Staff Minneapolis-based Norwest Mezzanine Partners announced this week that it had invested $40.6 million in subordinated debt and equity to support Olympus Partners' acquisition of Norwesco Inc. Norwesco...

Piper Jaffray closes option-bond program.
October 10, 2008... Byline: Bloomberg News Piper Jaffray Cos. announced Tuesday that it would close its tender option bond business after losing $21.7 million on the trade in the third quarter.  The TOB program securitized highly rated, long-term...

SBA lending drops in Minnesota in 2008.
October 10, 2008... Byline: Finance and Commerce Staff U.S. Small Business Administration lending declined slightly in Minnesota for the fiscal year that ended Sept. 30, slipping from the $569 million in loan volume to $502 million this year. The number...

Minneapolis-based Manchester Cos. and Platinum Group named top turnaround firms.
October 10, 2008... Byline: Finance and Commerce Staff Two Minneapolis firms, The Manchester Cos. and Platinum Group, were the region's top business recovery advisers this year, according to the Upper Midwest Chapter of the Turnaround Management Association....

Minneapolis-based Piper Jaffray closes option-bond program.
October 10, 2008... Byline: Finance and Commerce Staff Piper Jaffray Cos. announced Tuesday that it would close its tender option bond business after losing $21.7 million on the trade in the third quarter. The TOB program securitized highly rated,...

Macalester College in St. Paul recycles field house for new complex.
October 10, 2008... Byline: Brian Johnson It's almost a disservice to say that Macalester College's old athletic complex was torn down. Reduced to rubble? More like an old Chevy that was sold for parts. With help from Veit Cos., a Rogers-based...

Minnesota's small and mid-sized banks still doing well.
October 10, 2008... Byline: Mark Anderson Many of the nation's biggest banks are in trouble, hobbled by huge mortgage losses, heavy leverage and a collapse of faith. But their much smaller siblings among Minnesota's community banks are generally doing...

Study says 'Fundamentals' of Twin Cities housing market aren't good.
October 10, 2008... Byline: Burl Gilyard Another day, another housing market study. In these rocky times for the housing market, each fresh study draws intense scrutiny as observers search for signs of a turnaround, or even a positive signal about the...

Minnesota pols continue to run away from Tom Petters' donations.
October 11, 2008... Byline: Betsy Sundquist Tom Petters' downfall continued to be a windfall for charities late last week, as Minnesota politicians and their handlers rushed to divest themselves of Petters-tainted cash that was donated to their campaigns...

Financial woes squeeze Minnesota pension funds.
October 11, 2008... Byline: Bob Geiger Get ready to tighten your belts a bit, Minnesota pensioners. The sagging economy, exacerbated by higher energy costs and a stock-price plunge on Wall Street, could lock in maximum pension increases of 2.5 percent to...

Sales up, prices down for Twin Cities housing.
October 11, 2008... Byline: Brian Johnson Pending sales of existing Twin Cities homes rose last month, but home prices continue to decline and a large chunk of the sales continue to involve distressed or bank-owned properties. The latest numbers from the...

Minnesota's revenue up a bit, but outlook is grim.(Financial report)
October 11, 2008... Byline: Betsy Sundquist Minnesota's revenues increased slightly in the first quarter of fiscal year 2009, but not enough to improve the state's economic outlook, the Minnesota Department of Finance reported Friday. In its October...

Technology helps Minn. waste-management companies recycle more debris from construction, demolition.
October 11, 2008... Byline: Brian Johnson Veit Cos. is the latest waste-management firm to graduate from dump-and-pick to mechanized sorting of waste. It's an effort to take it easy on landfills -- and to stay competitive in the evolving waste-handling...

Minnesota Revenue Commissioner Ward Einess preparing for budget tempest.
October 11, 2008... Byline: Charley Shaw Minnesota Revenue Commissioner Ward Einess can't tell the future. But when it comes to the state's near-term budget situation, he sees some dark omens. It's hard to look into the crystal ball until you see the...

AGC cancer center tour set for Oct. 23 in St. Louis Park.
October 14, 2008... Byline: Finance and Commerce Staff The Associated General Contractors of Minnesota's Construction Leadership Council is presenting a tour the Park Nicollet Frauenshuh Cancer Center in St. Louis Park. The tour, hosted by Knutson...

Region's Hospital project in St. Paul garners 'partnering' award.
October 14, 2008... Byline: Finance and Commerce Staff The Region's Hospital expansion project is among the winners in the recent Construction Partnering Program award reception. At the Oct. 8 reception, St. Paul Mayor Chris Coleman and others recognized...

Maple Grove-based FlowSense gets FEMA contract.
October 14, 2008... Byline: Finance and Commerce Staff The Federal Emergency Management Agency (FEMA) has awarded a long-term maintenance and deactivation services contract to Maple Grove-based FlowSense. The contract relates to management, supervision,...

Hastings bridge event scheduled for Oct. 21.
October 14, 2008... Byline: Finance and Commerce Staff The future of the Highway 61 bridge in Hastings is the subject of an upcoming open house. Four design options for a replacement bridge will be on display at the event, set for 3:30 p.m. to 6:30 p.m....

SmithGroup announces seven Minneapolis hires.
October 14, 2008... Byline: Finance and Commerce Staff SmithGroup has added seven employees to its Minneapolis office. New hires are Sara Guyette (project manager), Jeffrey Miersch (building information modeling implementation specialist), Kate Levine...

Minnesota-based companies, 3M, US Bancorp, Toro announce acquisitions.
October 14, 2008... Byline: Arundhati Parmar The global markets have been seesawing in recent days and liquidity has all but evaporated, but that hasn't stopped local companies from continuing to do deals. Minneapolis-based US Bancorp, Bloomington-based...

St. Paul real estate pros: Downtown St. Paul office market stable.
October 14, 2008... Byline: Burl Gilyard The latest survey on the downtown St. Paul office market is a bit like the capital city itself: no big deals and nothing flashy. But in the case of St. Paul, downtown real estate pros say - no news is definitely...

U.S. headquarters in Minneapolis firm, Green Solutions North America, promotes repurposing.
October 14, 2008... Byline: Brian Johnson Jim Reid likes to say his company is adding a fourth R to the standard green refrain: reduce, reuse and recycle. We are into repurposing -- on a grand scale, Reid said. Reid is the CEO of Green Solutions North...

Some Twin Cities area banks continue to build deposits despite economic storm.
October 15, 2008... Byline: Mark Anderson In the first half of 2008, as storm clouds were starting to gather over the nation's financial institutions, the early stage turbulence was beginning to wash over Twin Cities area banks. More than one-third of the...

Pet project taking place near Minneapolis-St. Paul International Airport.
October 15, 2008... Byline: Brian Johnson Kraus-Anderson Construction and the Animal Humane Society are collaborating on a true pet project near the Minneapolis-St. Paul International Airport. The $4.5 million, 22,800-square-foot project, under...

'Job targeting' suit in Minnesota may become landmark case.
October 15, 2008... Byline: Brian Johnson Job targeting, an effort to increase market share for unions by subsidizing union-friendly general contractors with market recovery funds, is coming under scrutiny in the Minnesota court system. The Minnesota...

Suit filed over St. Paul eminent domain issue.
October 16, 2008... Byline: The Associated Press The Minnesota Chapter of the Institute for Justice (IJ) on Wednesday went to court against the St. Paul Port Authority over an eminent domain issue in the city’s Arlington-Jackson neighborhood. The...

Edina-based Coldwell Banker Burnet holds '10-Day Sales event'.
October 16, 2008... Byline: Finance and Commerce Staff Edina-based Coldwell Banker Burnet launched its first-ever 10-Day Sales Event on Friday, October 10. The event, which is being held by Coldwell Banker offices around the country, runs through October 19....

Two deals help Duke Realty fill 150,000 square foot business center in Otsego.
October 16, 2008... Byline: Burl Gilyard A year ago, Duke Realty Corp. opened its speculatively built Gateway Business Center North I in Otsego, some 30 miles northwest of Minneapolis. But in a tough climate for leasing, the new building has been sitting...

Economists in Minnesota say financial rescue plan must avoid extremes.
October 16, 2008... Byline: Mark Anderson The U.S. economy will muddle through its current crisis, and it won't experience a reprise of the Great Depression, according to four economists who spoke Tuesday at the University of Minnesota's Humphrey Institute on...

Colliers lists Shakopee retail sites for sale.
October 16, 2008... Byline: Finance and Commerce staff The local office of Colliers Turley Martin Tucker has been tapped to list 12 retail pad sites in Shakopee for sale. The ready-to-develop land parcels range in size from 0.7 to 5.7 acres. The sites are...

Olympian Cary Mullen speaks at Minn. Commercial Association of Realtors Expo.
October 16, 2008... Byline: Finance and Commerce staff The Minnesota Commercial Association of Realtors (MNCAR) hosts its second annual MNCAR Expo on Wednesday, October 22, at The Depot in downtown Minneapolis. Cary Mullen, an Olympic downhill skier and...

Minneapolis-based Schafer Richardson creates property-management arm.
October 16, 2008... Byline: Finance and Commerce Staff Minneapolis-based development firm Schafer Richardson has formed its own property management division and hired eight new staffers. SR Management Services, Inc., will handle management and commercial...

Minnetonka-based Welsh Cos. leases former HQ to Advance Auto Parts.
October 16, 2008... Byline: Finance and Commerce staff Minnetonka-based Welsh Cos. has found a new tenant for the real estate firm's former office in Bloomington. The Roanoke, Virginia-based Advance Auto Parts signed a deal to lease the entire 42,303 square...

Richfield-based Best Buy launching stores focused on mobile devices.
October 16, 2008... Byline: Arundhati Parmar Just as the September retail report showed plummeting sales for the third straight month and the biggest retail sales decline in three years, Richfield-based Best Buy Company Inc. announced Wednesday that it is...

Minnesota gets $57.8M to fight foreclosures.
October 16, 2008... Byline: Bob Geiger and Charley Shaw In an attempt to fight the rising tide of home foreclosures, the federal government has allocated nearly $57.8 million to Minnesota, including just over $18.9 million for the Twin Cities area, to...

Failor named director of Bloomington Chamber of Commerce.
October 17, 2008... Byline: Finance and Commerce Staff Maureen Scallen Failor has been named Executive Director of the Bloomington Chamber of Commerce. Scallen Failor, a Bloomington resident, has served as a senior executive at Meet Minneapolis for the past...

St. Paul-based The Travelers Cos. executive wins industry award.
October 17, 2008... Byline: Finance and Commerce Staff Madelyn Lankton, a senior vice president St. Paul-based The Travelers Cos., recently won a Women in Insurance Leadership Award from the trade publication, Insurance Networking News. Lankton, who works...

Marketing campaign stresses security of Minnesota community bank investments.
October 17, 2008... Byline: Bob Geiger The big financial institutions that have traditionally financed Wall Street deals may be scrambling to survive, but don't expect to see anxious investors lining up outside the doors of Minnesota's community banks. ...

RNC Host Committee in St. Paul raised $51M, has $4.7M left.
October 17, 2008... Byline: Finance and Commerce Staff The nonpartisan committee responsible for organizing the 2008 Republican National Convention in St. Paul collected more than $51 million in contributions of cash and services, according to the group's...

Minneapolis Area Association of Realtors: Third of home sales 'lender-mediated'.
October 17, 2008... Byline: Burl Gilyard One of every three local houses sold from July through September counted as a fire sale. Actually, the Minneapolis Area Association of Realtors (MAAR) refrained from using the term fire sale in its newly released...

Maplewood-based 3M Co. taps into wind-power business with new `Wind Tape'.
October 18, 2008... Byline: Bob Geiger 3M Co., best known for its Scotch Tape, Post-it brand notes and adhesives, is going into the wind-energy business, with a new line of fillers and protective coverings that can extend the life of wind turbine blades. ...

For first-time Minn. homebuyers, mortgage-revenue bonds may offer better deal than new tax credit.
October 18, 2008... Byline: Betsy Sundquist First-time homebuyers enticed by the federal government's new $7,500 tax credit might want to consider all the implications before applying, a Minnesota housing official warned last week. Repeat after me:...

U.S. Rep. Keith Ellison wants Univ. of Minnesota to become anchor tenant in North Minneapolis clinic.
October 18, 2008... Byline: Burl Gilyard U.S. Rep. Keith Ellison is hoping that the University of Minnesota will reconsider its decision to pull out of a major community project on the north side of Minneapolis. University officials announced Oct. 8 that...

Minnesota company behind McCain 'robocalls'.
October 21, 2008... Byline: Finance and Commerce Staff The telemarketing company responsible for making robocalls on presidential candidate John McCain's behalf, accusing Barack Obama of being a celebrity politician who associates with terrorists, apparently...

St. Paul-based AET consulting firm appoints Krogsgaard to CFO.
October 21, 2008... Byline: Finance and Commerce Staff American Engineering Testing, a St. Paul-based engineering and consulting firm, has appointed Bob Krogsgaard to the position of chief financial officer. Krogsgaard will oversee financial analysis and...

Greiner selected to build Mediterranean Cruise Cafe in Burnsville.
October 21, 2008... Byline: Finance and Commerce Staff Mediterranean Cruise Cafe has selected Greiner Construction to build the restaurant's new location at 12500 Nicollet Ave. in Burnsville. Mediterranean Cruise Cafe is relocating from Eagan. The new...

Diane Norman joins Minneapolis-based RSP Architects.
October 21, 2008... Byline: Finance and Commerce Staff RSP Architects has named Diane Norman an associate and director of marketing and business development. Norman, who has 25 years of experience in marketing communications, will lead the...

Fargo-based Ulteig adds two employees in Minneapolis.
October 21, 2008... Byline: Finance and Commerce Staff Ulteig Engineers, a Fargo-based engineering, planning and surveying firm, announced that engineers Michael Weinkauf and Tom Guttormson have joined the firm's Minneapolis office. Weinkauf is a graduate...