Finance and Commerce Daily Newspaper, MN articles from September 2008

Finance and Commerce Daily Newspaper, MN archives from September 2008

Wind energy execs touting agenda at political conventions.
September 1, 2008... Byline: Bob Geiger After an appearance at the Democratic National Convention in Denver this week, the American Wind Energy Association is heading to Minnesota, where it will again promote the economic and environmental aspects of wind...

Minneapolis-based Norwest Mezzanine Partners floats loan for Ryt-way deal.
September 2, 2008... Byline: Mark Anderson Norwest Mezzanine ' first investment from its new $500 million fund went to a company that's close to home and ready to start eating up market share. Minneapolis-based Norwest provided $40 million in junior debt...

Potential light rail vibrations concern University of Minnesota researchers.
September 2, 2008... Byline: Brian Johnson The University of Minnesota wants to make sure that its research labs don't get bad vibes from the proposed Central Corridor Light Rail Transit project. If the $892 million project goes forward as planned, the...

Minneapolis-based Urologix narrows loss in fourth quarter.(Financial report)
September 2, 2008... Byline: Arundhati Parmar Minneapolis-based Urologix Inc., which makes minimally invasive medical products for urological disorders, lost money in its fiscal fourth quarter and saw its revenue decline because of lower demand for certain...

Starbucks reinstates fired union activist from Minnesota.
September 2, 2008... Byline: Kendall Anderson Starbucks, whose reputation for treating employees right has been tarnished lately by union organizers, agreed Friday to reinstate an employee after bending to pressure from the Industrial Workers of the World...

Minneapolis-based Medtronic loses round in patent case.
September 2, 2008... Byline: Arundhati Parmar Boston Scientific announced Friday that a Texas court has found two Medtronic patents unenforceable because the Fridley company was not completely forthright with the U.S. patent office in its patent application....

35W bridge-collapse findings set for November.
September 2, 2008... Byline: The Associated Press ST. PAUL — The National Transportation Safety Board is close to identifying the cause of the Minneapolis bridge collapse and plans to discuss its findings at a public hearing in Washington on Nov. 13. ...

Convention retail bounce for Twin Cities?
September 2, 2008... Byline: Kendall Anderson and Arundhati Parmar Twin Cities retailers, hoping for a much-needed bounce to their bottom lines, are polishing the silver for this week's Republican National Convention. From trimming trees, stocking shelves...

Lowe's eyes more stores in Minnesota.
September 3, 2008... Byline: Burl Gilyard Even amid the tough climate for the housing market, home-improvement retailer Lowe's is continuing to expand in Minnesota. Opus Northwest is about to begin construction on a new Lowe's store in Cambridge, some...

Twin Cities businesses boost security after anti-GOP protests.
September 3, 2008... Byline: Burl Gilyard Aside from a few broken windows, the anti-GOP protests that swept through downtown St. Paul on Monday appear to have had little impact on business, according to property owners and managers of buildings in the area....

Wind power on display in Minneapolis.
September 3, 2008... Byline: Bob Geiger A well-traveled, 131-foot-long wind turbine blade that graced Denver during the Democratic National Convention was trucked to Minneapolis for media exposure during the Sept. 1-4 Republican National Convention. ...

Inconvenient truth - or big opportunity?
September 3, 2008... Byline: Mark Anderson What do former National Security Adviser Robert McFarlane, former CIA chief R. James Woolsey and former New York Gov. George Pataki all have in common? They're all Toyota Prius-driving Republicans, remaking their...

Rural Minnesota school districts seek voter approval to repair antiquated infrastructure.
September 4, 2008... Byline: Brian Johnson Rural school buildings around the state are failing to make the grade. While growing districts in suburban areas build fancy new high schools, smaller districts such as Fairmont, southwest of Mankato, are...

AgNite: Traditions and a new economy at mega-party in downtown Minneapolis.
September 4, 2008... Byline: Mark Anderson It was a party that could only happen in the New Midwest. At center stage was a giant John Deere with potted lilies surrounding its tires. Three 700 pound blocks of cheese flanked one of two bandstands, and there...

Avoiding probate made easier under new Minnesota law.
September 4, 2008... Byline: Michelle Lore A new Minnesota law makes it easier and cheaper for Minnesotans to plan for the transfer of real property upon their death. The transfer on death deed (or TODD) legislation that went into effect last month allows...

Preservationists honor top Minnesota projects.
September 4, 2008... Byline: Finance and Commerce staff The Preservation Alliance of Minnesota will hold its annual conference in Northfield on Sept. 19 and 20, an event capped by the presentation of the annual Minnesota Preservation Awards at the Carleton...

City of Minneapolis finalizes 2008 EZ spending.
September 4, 2008... Byline: Finance and Commerce staff The Minneapolis City Council last month approved three loans totaling $486,000 for economic development projects in the Minneapolis Empowerment Zone (EZ). The Minneapolis EZ issued a request for...

City of Minneapolis invites locals to shape Lyn-Lake plan.
September 4, 2008... Byline: Finance and Commerce staff On Monday, Sept. 15, the City of Minneapolis will host the second community meeting on the development of small area plan to guide future development in the Lyn-Lake area. Residents and business...

Hempel, Fransen headline panel on investment market at meeting of Minn. Commercial Assn. of Realtors.
September 4, 2008... Byline: Finance and Commerce staff Jon Hempel and Bob Fransen will headline the Sept. 18 breakfast meeting of the Minnesota Commercial Association of Realtors. They will discuss the value of commercial real estate investments in the...

Bloomington-based United Properties' Dale Glowa moves to Denver office.
September 4, 2008... Byline: Finance and Commerce staff United Properties has announced that Dale Glowa, a senior vice president for development with the Bloomington-based company, will relocate to Colorado this month as United expands its presence in that...

Minneapolis law firm Faegre & Benson rolls out agribusiness group.
September 4, 2008... Byline: Bob Geiger Just in time for the Republican National Convention, Minneapolis law firm Faegre & Benson LLP has created an agribusiness, food and fuels-focused group of lawyers to serve clients in those industries. The food...

Minneapolis-based Dolan Media Co. subsidiary closes on default processor.
September 5, 2008... Byline: Finance and Commerce staff Minneapolis-based Dolan Media Co. said Tuesday that it had closed on its acquisition of National Default Exchange (NDEx), a leading mortgage default processing services company based in Addison, Texas....

Christina Clark joins wealth manager Meristem in Minnetonka.
September 5, 2008... Byline: Finance and Commerce staff Christina Clark has joined the Minnetonka-based wealth management company Meristem as a senior associate. Clark will manage daily client needs and their long-term goals. Prior to joining Meristem,...

Minneapolis-based Norwest investors open new funds with $1.7 billion.
September 5, 2008... Byline: Finance and Commerce staff Minneapolis-based investment firms, Norwest Equity Partners and Norwest Mezzanine Partners, announced Tuesday that they have launched new funds with combined capital of $1.7 billion. Norwest Equity...

Wisconsin architects, bankers help historic restoration.
September 5, 2008... Byline: Finance and Commerce staff Minneapolis-based Miller Dunwiddie Architecture and U.S. Bancorp's Community Development Corporation were partners in a historic preservation project that was named this week as Wisconsin's best...

Fastenal agrees to pay $10M to settle lawsuit.
September 5, 2008... Byline: The Associated Press WINONA — Fastenal Company says it will pay a $10 million class-action settlement to former employees who sued the company last year for unpaid overtime wages and work-break pay. It’s unclear how...

St. Paul-based American Bank keeps high CRA rating.
September 5, 2008... Byline: Finance and Commerce staff The Federal Reserve Board renewed its outstanding rating for St. Paul-based American Bank in regards to its local lending activity. The rating reflects the bank's exceptional support and financing for...

August retail sales declined, except at mega discounters.
September 5, 2008... Byline: Kendall Anderson Mega-discounters are in. Mid- to higher-end department stores and retailers are out - at least for now. That's the inescapable conclusion of August's retail sales reports, which indicated that stores focused on...

Big RNC bounce - or Grand Old Party poopers?
September 5, 2008... Byline: Finance and Commerce and Capitol Report Staff P.R. material for the Republican National Convention says that St. Paul and Minneapolis should get a positive economic boost of $150-$160 million from the RNC. NOT, say local...

T. Boone Pickens, Irwin Jacobs plan wind-energy biz.
September 5, 2008... Byline: Bob Geiger Irwin Jacobs, chief executive officer of Minneapolis-based boat manufacturer Genmar Holdings Inc., plans a joint venture with Texas billionaire T. Boone Pickens, the 80-year-old oil legend who recently announced plans to...

RNC Host Committee targets convention-goers with 'More than nice' commercial.
September 5, 2008... Byline: Bob Geiger If they like it here, maybe at least a few of them will come back to stay. A new 60-second television ad, aimed at Republican National Convention attendees, is airing on WCCO, KARE, KMSP and KSTP. It highlights such...

St. Paul-based American Security: High-tech security.
September 6, 2008... Byline: Arundhati Parmar The public storage facility in Mesa, Ariz., had a security system, but it wasn't catching the thieves. The problem: Customers using valid security codes would enter their own storage unit and, while inside, cut...

Obama, McCain advisers hammer each other on taxes.
September 6, 2008... Byline: Charley Shaw So much for economics being the dismal science. A panel discussion titled Tax Policy at a Crossroads, at the University of Minnesota's Humphrey Institute on Thursday was often punctuated by heated rhetoric from...

'Healthy Americans Act' may win support from Dems and GOP.
September 6, 2008... Byline: Kendall Anderson U.S. Sen. Robert Bennett, who co-authored one of the better-known bipartisan proposals for health care reform, told a Minnesota audience this week that the nation's health care problem has gotten more serious in...

Wind-power disconnect: Minneapolis-based Xcel Energy.
September 6, 2008... Byline: Bob Geiger All the wind turbines in the world won't reduce the need for fossil fuels if transmission lines don't connect the power those turbines create to the energy grid. In fact, transmission difficulties - along with high...

Minn. Dept. of Transportation set to begin Highway 169 work.
September 9, 2008... Byline: Finance and Commerce Staff Report Reconstruction of the intersection at Highway 169 and County Road 3 in Belle Plaine will begin Sept. 15, according to the Minnesota Department of Transportation. The project will improve safety...

Ulteig Engineers officers receive corporate certification.
September 9, 2008... Byline: Finance and Commerce Staff Report Ulteig Engineers, an employee-owned engineering and planning firm with offices in Minnesota and the Dakotas, announced that Gerald Floden and Brad Swenson have obtained their Certificate of Director...

Retail project planned in Lakeville.
September 9, 2008... Byline: Finance and Commerce Staff Report H.J. Development has broken ground on an expansion of the Crossroads of Lakeville shopping center. The multi-phase project, known as the Crossroads East development, will bring a new Subway...

Condos under construction in downtown Anoka.
September 9, 2008... Byline: Finance and Commerce Staff Report David Bernard Builders and Developers, a Division of The Rottlund Co., broke ground Monday on a $3.5 million condominium project near Main Street in downtown Anoka. The project includes 22...

Lab analyst joins Bloomington-based Braun Intertec.
September 9, 2008... Byline: Finance and Commerce Staff Report Michael Frencl has accepted a senior position in Braun Intertec's Analytical Chemistry Laboratory. Frencl, a lab analyst, will analyze organic contaminants in soil and water samples, often in...

Hastings-based Stotko Speedling selected for two new retail projects.
September 9, 2008... Byline: Finance and Commerce Staff Report Hastings-based Stotko Speedling Construction has been selected to build two new Walgreens stores. The stores, in Little Falls and Waite Park, are scheduled for completion in January 2009. The...

Minnesota Commercial Real Estate Women supports Caring Tree.
September 9, 2008... Byline: Finance and Commerce Staff Report The Community Services Committee of Minnesota Commercial Real Estate Women (MNCREW) sponsored a drive for The Caring Tree at the chapter's August monthly luncheon. The Caring Tree was founded by...

Developer Stanton shops for new downtown condo site.
September 9, 2008... Byline: Burl Gilyard If the housing market is such a disaster, why does developer Jim Stanton think it's time to start building more condos? Stanton, owner of Coon Rapids-based Shamrock Companies and Shamrock Development, is currently...

Homebuilding in Twin Cities shows some signs of life.
September 9, 2008... Byline: Brian Johnson Driven by a handful of large multifamily projects, local homebuilding activity perked up slightly in August. The Keystone Report, which tracks residential building permits in the 13-county metro area, showed that...

Photo sharing hits the BIG time.
September 9, 2008... Byline: Arundhati Parmar Serendipity does not often smile upon businesses. Now some local entrepreneurs blessed with some of that accidental good fortune are trying to make a go of their startup - FanChatter, a mobile sports fan...

Minnesota's high-voltage power line plan draws criticism.
September 10, 2008... Byline: Betsy Sundquist Critics of a proposal to build new high-voltage electrical transmission lines through the state say citizens are not being given enough information about the proposal - and fear that the new lines would pose a...

Minnesota farmers fear revamped Green Acres.
September 10, 2008... Byline: Charley Shaw State lawmakers during the 2008 legislative session changed a 41-year-old state farmland preservation-program after criticism that the tax breaks involved were going to land not used for farming. The changes will...

Duluth-based Minnesota Power buys wind farms to meet state mandate.
September 10, 2008... Byline: Bob Geiger Following a 2007 state mandate that requires utilities to produce 25 percent of their energy from renewable resources by 2025, a growing number of Minnesota utilities intend to develop and own wind farms. Utilities'...

Eagan-based JBL Companies adds staff.
September 11, 2008... Byline: Finance and Commerce staff Eagan-based JBL Companies Inc., has added members to its commercial real estate leasing, sales and marketing teams. The firm announced this week that Patrick Cropsey will join as a specialist in the,...

Better Business Bureau of Minnesota and North Dakota names awards finalists.
September 11, 2008... Byline: Finance and Commerce staff The Better Business Bureau of Minnesota and North Dakota this week announced the finalists in its Better Business Bureau Integrity Awards. The organization will announce the winners during an event at...

Sims joins Minneapolis-St. Paul office of Colliers Turley Martin Tucker.
September 11, 2008... Byline: Finance and Commerce staff Local real estate veteran Mark Sims has joined the Minneapolis-St. Paul office of Colliers Turley Martin Tucker as a senior vice president and principal in its Industrial Division. Sims will work with the...

Diehl to lease Hinckley's Grindstone Plaza.
September 11, 2008... Byline: Finance and Commerce staff Grindstone River Plaza LLC has retained Lisa L. Diehl of Diehl and Partners to lease and sell lots for the first retail phase of Grindstone River Plaza, a 222 acre master planned regional lifestyle center...

Herberger's Department Stores opens its newest Twin Cities store in Northtown Mall in Blaine.
September 11, 2008... Byline: Finance and Commerce staff Herberger's Department Stores opened its newest Twin Cities store on Wednesday in the Northtown Mall in Blaine. The new Herberger's' moves into a 130,000 square-foot anchor space that Mervyn's...

Maple Grove-based Hempel Properties closes on Rand Tower in downtown Minneapolis.
September 11, 2008... Byline: Finance and Commerce staff Maple Grove-based Hempel Properties closed last week on its joint venture acquisition of the 194,136 square foot Rand Tower in downtown Minneapolis. Hempel and Baltimore-based Alex. Brown Realty, Inc....

UGL Equis promotes Niemi to VP in its Minneapolis office.
September 11, 2008... Byline: Finance and Commerce staff UGL Equis has promoted David Niemi to vice president in the company's Minneapolis office. Niemi has been with UGL since 2001, focusing his work on establishing a client base in the law, financial and...

Dinkydome to anchor University of Minnesota student housing project.
September 11, 2008... Byline: Mark Anderson The Dinkydome, one of the University of Minnesota district's commercial landmarks, is getting a new lease on life. Doran Development announced Wednesday that it had closed on its acquisition of the 90-year-old...

Twin Cities home sales up, but prices down in August.
September 11, 2008... Byline: Brian Johnson Sales of existing Twin Cities area homes perked up in August, but the value of those homes continued to fall, according to the latest numbers from the Minneapolis Area Association of Realtors (MAAR). The Realtors...

The convention is over, but aftereffects continue to grow in St. Paul.
September 11, 2008... Byline: Kendall Anderson and Betsy Sundquist Let the dissection of the 2008 Republican National Convention begin. The GOP has folded its tents and left town. The streets around the Xcel Energy Center in St. Paul are open to traffic...

No slump for Minnesota State Fair.
September 11, 2008... Byline: Kendall Anderson Despite state unemployment being at its highest rate in a decade and retailers challenged by earnings and store closures, Minnesotans still turned out for their yearly cheese curds, deep-fried Snickers on a stick...

Best Buy International bulks up.
September 11, 2008... Byline: Arundhati Parmar In a bid to boost its international business, electronics retailer Best Buy Co. has created some new and expanded corporate positions in its international unit. Our growing global presence requires seasoned and...

RNC visitors increased business at Mall of America in Minnesota.
September 11, 2008... Byline: Kendall Anderson If their elephant pins didn't give them away as RNC folks visiting the MOA, their gawking did. While many Twin Cities retailers were disappointed by the minuscule impact of last week's Republican National...

Solar project on hold at Minneapolis Convention Center.
September 12, 2008... Byline: Bob Geiger Not so fast. It looks like those solar-energy panels that were widely expected to appear atop the Minneapolis Convention Center during the next few months won't be installed until 2009. There are a variety of...

Federal Highway Trust Fund may get short-term fix.
September 12, 2008... Byline: Charley Shaw Federal lawmakers appear to be heeding the call from the nation's governors to plug the shortfall in the Highway Trust Fund that provides all 50 states most of their transportation dollars. The National Governors...

Cub Foods construction in St. Paul goes 'green'.
September 12, 2008... Byline: Kendall Anderson When it opens next month after 10 months of construction, Cub Foods' newest store on St. Paul's East Side could become the chain's first certified Gold LEED building - and an energy-efficiency model for future...

Minneapolis-based Churchill Equity's oil-services sale a gusher for firm investors.
September 12, 2008... Byline: Mark Anderson Churchill Equity has announced the sale of one of its portfolio companies, Houston, Texas-based Tepsco. Neither Churchill nor German buyer Bilfinger Berger would disclose the sale price, but Churchill partner...

Stephen Tornio joins Minnetonka's Minnwest Bank.
September 12, 2008... Byline: Finance and Commerce staff Stephen Tornio has joined Minnwest Bank's Minnetonka office as a vice president of commercial banking. Tornio comes to Minnwest from U.S. Bank, where he spent the last nine years managing a credit...

Bloomington-based JNBA Financial Advisors CEO Richard, Brown rank among top advisers.
September 12, 2008... Byline: Finance and Commerce staff Barron's and The Winner's Circle have named Richard Brown, chief executive of Bloomington-based JNBA Financial Advisors one of the nation's top 100 wealth advisers, and the top independent/RIA wealth...

UBS Financial Services names Edina, Wayzata office leaders.
September 12, 2008... Byline: Finance and Commerce staff UBS Financial Services Inc. named new branch managers this week for its Edina and Wayzata offices. Christopher Watkins was appointed to be the new director and branch manager of the Wayzata branch, at...

Renewafuel plant in Minnesota sparks environmental concerns.
September 12, 2008... Byline: Finance and Commerce staff In an effort to lessen dependence on greenhouse-gas-emitting coal, coal and iron ore company Cleveland Cliffs has introduced plans to manufacture bio-fuel briquettes in northeastern Minnesota. ...

Foreclosures still climbing, but rate of increase slows.
September 13, 2008... Byline: Burl Gilyard Foreclosures continued to climb in August, but the pace of the increases appears to be slowing. RealtyTrac Inc. reported Friday that nationwide foreclosure flings increased 26.7 percent from the same month a year...

11 more lawsuits for Fridley-based Medtronic on recalled implantable Sprint Fidelis leads.
September 13, 2008... Byline: Arundhati Parmar Lawsuits involving the recalled implantable Sprint Fidelis leads are piling up for Fridley-based Medtronic. Just in the last five days, 11 separate lawsuits have been filed in district courts in Texas and...

Lupe Development shops retail corner in Minneapolis industrial area.
September 13, 2008... Byline: Burl Gilyard The city of Minneapolis is shopping a long-vacant parcel of land with an eye towards fresh industrial development at the edge of downtown Minneapolis. But the only response to the city's recent request for...

Manchester Cos. Inc. acquires Chanhassen-based Upwind Capital Partners.
September 13, 2008... Byline: Mark Anderson Manchester Cos. Inc. announced early this week that it had acquired Chanhassen-based Upwind Capital Partners. Finally. Manchester chief executive Mark Sheffert said he's spent the last several years angling...

Minnesota tech companies bound for China.
September 13, 2008... Byline: Arundhati Parmar Local technology companies are gearing up for an October trade mission to China meant to coincide with the country's annual hi-tech fair in Shenzhen, home to many Chinese tech companies. The Minnesota Trade...

Minneapolis-based Target gets naming rights for new Minnesota Twins ballpark.
September 16, 2008... Byline: Bob Geiger Name it, and they will pay. Minneapolis-based discount retailer Target Corp. and the Minnesota Twins on Monday announced an agreement in principle on a 25-year exclusive naming rights agreement for the new Twins...

New 35W bridge in Minneapolis to open this week.
September 16, 2008... Byline: Brian Johnson To paraphrase former president Gerald Ford, Minnesota's long nightmare is nearly over. The new 35W bridge is about to open. On Monday, slightly more than 13 months after the deadly collapse that killed 13 and...

Rockville, Md.-based Securian Financial Group bucks trend, gains as retail adviser.
September 16, 2008... Byline: Mark Anderson Securian Financial Group's acquisition last week of Capital Financial Group - targeting especially the 750 broker-dealers affiliated with its H. Beck, Inc. subsidiary - grew from Securian's own impressive...

Midwest Consumer Price Index falls 0.3 percent.
September 17, 2008... Byline: Arundhati Parmar In the Midwest, the Consumer Price Index dipped 0.3 percent in August, after seven consecutive months of increases. However, the index was 5.4 percent higher than it was in August 2007. Among eight major...

Good news, bad news for Minnesota's pension fund.
September 17, 2008... Byline: Bob Geiger The good news for Minnesota's public employees is that Wall Street's troubles will not hurt their pension investments. The bad news is that the general economic turmoil in the U.S. has already hurt the value of the...

Bloomington-based United Properties breaks ground on unique Winona senior co-op.
September 17, 2008... Byline: Burl Gilyard Applewood Pointe continues to blossom. Bloomington-based United Properties broke ground Monday on its latest Applewood Pointe senior co-op project in Winona, some two hours southeast of the Twin Cities along the...

Wall Street collapses lead to 'uncharted territory' in Minnesota and the nation.
September 17, 2008... Byline: Mark Anderson Everybody agrees that the dramatic collapses at Lehman Brothers, AIG and Merrill Lynch over the weekend brought financial pain on an historic scale to Wall Street, but there's no consensus yet on what their impact...

Skeptics turn the heat on LEED 'green' ratings.
September 17, 2008... Byline: Brian Johnson When Joe Lstiburek talks about LEED, he does so in wave after wave of pounding criticism. One of a handful of ardent LEED skeptics, Lstiburek, a licensed engineer and principal of Massachusetts-based Building...

LEED: Selling itself first, saving the planet later?
September 17, 2008... Byline: Dustin Block Juli Kaufmann never did answer the question: Can a building be LEED certified without being green? The question arises because Leadership in Energy and Environmental Design is the most popular of the green-building...

LEED: City Hall saps Seattle's energy.
September 17, 2008... Byline: Brian Johnson A few years ago, the new Seattle City Hall offered a high-profile example of how LEED's shining promises can turn cloudy. The LEED-certified building was hyped as a paragon of energy and resource efficiency, an...