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Development News for the week 2/28/09 to 3/6/09

Developer says Near East Side project would preserve neighborhood's character

A developer is trying to transform much of a Near East Side residential block without significantly changing the neighborhood's character.  Michael Matty and partner Stone House Development want to refurbish eight houses, demolish 11 others, and build 85 lower-cost apartments with underground parking in three buildings on a block bounded by East Gorham, North Blair and East Johnson streets.

City may redevelop 'drug-infested' properties in Burr Oaks neighborhood

A South Side city block once notorious for daytime drug deals and prostitution is on the verge of being redeveloped into housing for senior citizens.City officials are discussing plans to buy and raze seven rental properties at the corner of Cypress Way and Badger Road in the Burr Oaks Neighborhood and to build 60 to 90 senior housing units with access to assisted care for $12 million. Currently, the buildings contain 48 rental units, some occupied by residents who have lived there for a decade or more and others by people who have been there only a short time. The city plans to provide relocation assistance for residents in compliance with state law, said Ald. Tim Bruer, 14th District.

CITY AIMS TO KEEP NEIGHBORHOOD GROUPS ROBUST

Peng Her, local businessman and Hmong activist, started work at a new job Monday as executive director of the East Isthmus Neighborhoods Planning Council. It's one of three city-funded consortiums that are supposed to boost the clout of residents by leveraging the strength of neighborhood associations.   Her said Madison's investment in rebuilding East Washington Avenue gives the council's member associations a major project on which to build their own initiatives and an opportunity to shape a major gateway to the city, but the fact is that the council has been laboring to find its focus.

NEIGHBORS 'ON FENCE' OVER DEVELOPMENT NEAR EAST SIDE PLAN CALLS FOR DENSITY, DEMOLISHING HOUSES

A developer is trying to transform much of a Near East Side residential block without significantly changing the neighborhood's character.   Michael Matty and partner Stone House Development want to refurbish eight houses, demolish 11 others, and build 85 lower-cost apartments with underground parking in three buildings on a block bounded by East Gorham, North Blair and East Johnson streets.

THRIVE LOOKS AT HOW MADISON REGION RATES AGAINST PEERS

According to Thrive's first "State of the Madison Region Report," this area ranked highest among six regions in 2006 in the percentage of total employment in manufacturing. The Madison region ranked below average in the percentage of total employment in public administration.   Between 2000 and 2006, the Madison region fared better than all but one peer region in total growth in employment and retaining manufacturing jobs.

WILL CITY PRESERVE DRUMLIN? LAND TRUST INTERESTED IN ACQUIRING FITCHBURG COMMUNITY GARDEN.

The future is looking a bit more promising for Fitchburg's Drumlin Garden.  Ald. Jay Allen said representatives of the Alexander Co., which purchased the five-acre property to develop as part of its 70-acre Novation Campus, met Monday with representatives of Fitchburg and the Madison Area Community Land Trust, which has expressed interest in acquiring the site that has been hailed as the birthplace of the state's sustainable urban agriculture movement.

Some Camden Road residents protest cost of proposed curb, gutter, sidewalk

Mel Frydenlund and many of his neighbors don't want sidewalks, curbs and gutters in their East Side neighborhood and say the city shouldn't be making seniors and blue-collar families pay an average of $6,000 for improvements in a bad economy.  "They trying to shove this on us," said Frydenlund, a retiree who erected a 4-foot by 8-foot protest sign outside his home of 44 years on the corner of Camden and Pflaum roads just off Highway 51. "People don’t have the money. It’s an ugly thing they’re trying to do at this particular time."

New, green Badger Prairie project is a go

After securing more money and revising plans, Dane County is reopening the bidding process to build a new, $22 million Badger Prairie Health Care Center in Verona, county Executive Kathleen Falk said Thursday.   The project, which will include green technologies to heat and cool the 120-bed facility and heat water there, is expected to bring at least 200 construction jobs, Falk said.  “This new Badger Prairie is not only the economically and environmentally smart thing to do, it continues Dane County’s commitment to providing high-quality care to its citizens most in need,” she said in a statement.

Parents of man killed in fire laud city's smoke alarm ordinance

Starting Wednesday, property managers in Madison will need to take a closer look at their smoke alarms, and most will have to replace them by Aug. 15. A new law passed unanimously by the Madison City Council on Tuesday sets new rules for residential smoke alarms, banning the installation of common models featuring 9-volt batteries, and placing stricter guidelines for where and how they are installed.  Patricia Talen, the mother of Peter Talen, who was killed in a fire Nov. 18, 2007, and for whom the ordinance was named, spoke before the Council Tuesday with her family standing behind her.

UW proposes changes to speed up building projects

The rules governing state construction projects are so outdated and cumbersome they cause delays, drive up costs and hurt quality, according to a report released Tuesday. The University of Wisconsin System report recommends major changes in the way the state plans, approves and carries out $500 million in construction projects each year. Many of the laws and rules governing projects haven't changed since the 1970s.

Sun Prairie Target plans grand opening Sunday

When the 130,000-square-foot Sun Prairie Target has its grand opening on Sunday, it will be among 27 nationwide that the company is opening simultaneously, including Hawaii's first two Target stores.  The Sun Prairie store, north of Highway 151 at Highway C, is the Madison area's fourth Target and is less than five miles from another store near East Towne Mall.  Early shoppers organized a tailgate party outside the Sun Prairie store when it first opened Tuesday afternoon. The store is open from 8 a.m. to 10 p.m. this week.

Datastore opens facility in Sun Prairie

Datastore, an off-site records and information protection service, has opened an 87,000-square-foot facility at 1818 Haynes Drive in the Sun Prairie Industrial Park. The Milwaukee-based company, that serves more than 500 organizations in Wisconsin and northern Illinois, has for the last two years been in a 15,000-square-foot leased facility in Windsor.  The new facility employs 14 people and offers records storage, digital imaging and vault storage of computer back-up tapes and media, in addition to record shredding and destruction, according to Mike Ball, Datastore president. The company also has a 120,000-square-foot facility in Milwaukee

Austin-based Logan's hopes to open bar and restaurant Downtown in former Angelic Brewing

There's one on Sixth Street in Austin just a few blocks from the Texas state Capitol, along with three others in the southwest. And now Madison is on the verge of getting its own Logan's.  Joe Bendetti, president of the Austin company, wants to open a Logan’s bar and restaurant in the Downtown space that for 13 years was home to Angelic Brewing Co.

MATCHING HIGHLY SKILLED TO JOBS THIS GROUP WANTS TO HELP EMPLOYERS FIND UW-CONNECTED TALENT.

Just call it "Match.com for the Super-Skilled Set."  A new online jobs tool for UW-Madison alumni could open up select career opportunities in the booming biotechnology, health-care and information-technology sectors.

TCF to pay back TARP funds

TCF Financial Corp., which drew public scorn recently when it sent some of its employees on a luxury trip, plans to pay back more than $361.2 million in funds it received through the federal Troubled Asset Relief Program (TARP).  The company announced Monday has filed notice with the U.S. Department of the Treasury to permit redemption of all of the 361,172 outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A.

U.S. Bancorp plans to return TARP funds

U.S. Bancorp chief executive officer Richard Davis said his company plans to join a group of banks that will return funds provided by the federal government's Troubled Asset Relief Program (TARP).  Davis told analysts in a conference call this morning that the Minneapolis-based company must first undergo a federal "stress test," but it will then seek to return $6.6 billion in TARP funds it had received

Johnson Bank turns down TARP money

Johnson Bank of Racine, which has three Madison branches, has decided not to accept $100 million in money from the U.S. Treasury Department's Troubled Asset Relief Program. Richard Hansen, president and CEO of Johnson Financial Group, the bank’s parent company, said in a statement that accepting the money could compromise the privately owned bank’s mission and values.  "While in the short term those dollars are attractive to a growing company like ours, in the long term they would compromise the things we hold most dear, including the unique culture of our company," he said.

US BANK POSTPONES ANCHOR PAYMENT

Anchor BanCorp Wisconsin, parent company of AnchorBank, got some breathing room Monday on its $116.3 million debt to US Bank. An agreement was announced to postpone Anchor's $56.3 million payment, which was due Monday, to May 29, when the entire $116.3 million will be due.

University of Wisconsin System leaders sound alarm on state budget cuts

Leaders from across the University of Wisconsin System sounded a collective alarm Thursday during a Board of Regents meeting on the UW-Madison campus, stressing that state budget cuts would deeply impact students.  "Let us take our share of the pain," UW-Madison Chancellor Carolyn "Biddy" Martin told the regents. "But let us not undermine the extraordinary quality of a UW-Madison or UW System degree."

Sitel to close Madison call center

After three major layoffs in as many years, the Madison outsourcing and telemarketing firm Sitel confirmed Friday that it will close its doors for good on April 30, placing all remaining 93 employees out of work at that time.  "I gave myself notice," human resources manager Jane Berg told the Wisconsin State Journal, adding, "It just opens a new door for a new opportunity."  Sitel announced the closing to its employees on Tuesday. Much like the earlier job cuts, the reason cited was the loss of a client contract — only this time, the life insurance company that pulled its business was Sitel's last remaining client.

UNIROYAL PLANT EXPANDS EMPLOYEE LAYOFFS

Uniroyal Engineered Products of Stoughton is extending the layoff of 50 employees last November and may lay off seven more employees this spring.   In a letter to the state Department of Workforce Development, the company, which currently has 143 employees, said the layoff last fall of 45 hourly and five salaried employees is continuing even though it was expected to end in January.

Spectrum Brands cuts jobs here

Spectrum Brands enacted job cuts this week at its Rayovac and Remington headquarters in Madison. Fewer than 15 positions were affected, spread across several departments, corporate spokeswoman Carey Phelps said Wisconsin’s battery factories at Portage and Fennimore did not lose any employees.  Atlanta-based Spectrum, which has nearly 900 employees in Wisconsin, filed for bankruptcy reorganization in February.  The job cuts here are part of the company’s effort to "protect our profitability and help ensure the company’s future prosperity," Phelps said.

Trachte extends layoffs, cuts other jobs

Trachte Building Systems of Sun Prairie is extending the layoffs of up to 51 sheet-metal workers and terminating 14 non-union employees.  The company, which designs and develops self-storage buildings, had announced six-month layoffs of the sheet-metal workers beginning last Oct. 3 and Dec. 19. Now, those layoffs are expected to be longer than six months, Trachte said in a letter to the state Department of Workforce Development. The employees are represented by Sheet Metal Workers Local 565 of Madison.

Around the State and Points Elsewhere
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Proposed Park East development has heavy community benefits emphasis

Fair Market Development LLC, which is proposing a $76 million development, called Eco-Square at Park East, with about 400 residences and 10,000 square feet of retail space in the Park East corridor, is placing a heavy emphasis on community benefits with the project.

Sheboygan officials make pitch to keep Gardner Denver jobs

Officials from the city of Sheboygan, Sheboygan County, the state of Wisconsin and Lakeshore Technical College, and the utilities that serve the area recently offered a package of economic incentives to Gardner Denver Inc. in an attempt to entice the company to remain in Sheboygan.  The company employs about 400 workers in Sheboygan in its Thomas manufacturing division.

City preference standards would benefit sewer contractor

A proposed ordinance that would create wage standards for developments that receive city financing also contains a provision that could benefit a Milwaukee sewer contractor.  The proposal, which goes before the Common Council Tuesday, includes a provision that would create a preference for Milwaukee-based construcion companies to obtain business from the City of  Milwaukee. That provision would create a 5% "bid cushion" for such companies, allowing them to be selected for a project if their bid was no more than 5%, or $50,000 greater, than the lowest bid.

Corcoran lofts to break ground on March 15

Milwaukee-based Mandel Group Inc. will break ground on March 15 for its Corcoran Lofts apartment development in the Historic Third Ward, according to chief operating officer Robert Monnat. Milwaukee-based Jansen Construction Inc. will be the general contractor for the project. The six-story Corcoran Lofts building will have 76 apartments and 3,400 square feet of retail space. The retail space will be located at the corners of East Corcoran Avenue and Jefferson and Milwaukee streets. The building will be located on the north side of East Corcoran Avenue and adjacent to Mandel's Gaslight Lofts development

Developers propose $76 million project for Park East corridor

Fair Market Development LLC is proposing a $76 million development with about 400 residences and 10,000 square feet of retail space in the Park East corridor, BizTimes Milwaukee has learned.  Fair Market Development consists of developers Robert Schultz and Harry Drea. They submitted the only response to a Milwaukee County request for proposals for a vacant lot owned by the county and located between North Broadway, North Water Street, North Milwaukee Street, East Lyon Street and East Ogden

Park East developer wants more time

Chicago-based development firm RSC & Associates is seeking more time from Milwaukee County officials to begin work on the hotels it plans to build in downtown's Park East corridor.  RSC in December 2007 bought from the county 2 acres bordered by  N. Milwaukee, N. Jefferson and E. Lyon streets and E. Ogden Ave. RSC paid $2,725,000 for the lot, the only Park East parcel so far sold by the county.

Plan seeks input from southwest side residents

The Department of City Development is beginning to create a plan for Milwaukee's southwest side, and is seeking input from the neighborhood's residents.  The department is staging an "image preference survey," a planning technique that helps planning officials understand how people would like their neighborhood to look and feel in the future. It involves showing about 75 neighborhood images, and rating people's reactions based on their design preferences.

West Allis condo project defaults on loan

A foreclosure suit has been filed against the developers of a new condominium project in West Allis.  Equitable Bank says West Allis Development LLC defaulted on a loan and owes $5.2 million. The bank is seeking a foreclosure judgment against West Allis Development, and the appointment of a receiver to operate the property.

More buyer remorse lawsuits hit Park Lafayette

Two people who agreed to buy condominiums in Milwaukee’s Park Lafayette high-rise have filed suits against the developer, seeking return of their earnest money down payments.  The separate suits, filed by Milwaukeeans Jon Gnacinski and Matthew Johnson, both make the same argument: that developer Renaissant Lafayette LLC started construction on the project’s second tower before it reached the proper level of condo sales.

Two Franklin condo developments face foreclosure suits

Two Franklin condominium projects developed by area real estate investors Jeffrey Klement and Gerald Klamrowski have been hit with a pair of foreclosure suits, claiming investors defaulted on their debts and now owe nearly $6 million.  North Shore Bank filed the lawsuits in Milwaukee County Circuit Court.  One suit names as defendants The Villas Partners LLC, an investment group based in South Milwaukee; Klamrowski, a South Milwaukee developer; Klement, a Franklin developer, and investors Christopher and Linda Allessi, both of Greenfield.

Racial divide on wage standards proposal

A proposal that would create wage and hiring standards for development companies that receive financial assistance from the City of Milwaukee has drawn different reactions from minority-owned firms.  In general, the proposed ordinance is supported by African-American organizations, including the African-American Chamber of Commerce of Milwaukee, the Milwaukee Urban League and the National Association for the Advancement of Colored People.

Hilton Garden, Hampton hotels proposed near airport

Madison-based Raymond Management Co. wants to build a 143-room Hilton Garden Inn and a 130-room Hampton Inn & Suites on 14 acres at 5880 S. Howell Ave., according to a plan filed with the Department of City Development.  The proposed site is east of Howell Ave., and north of College Ave. It is the site of St. Stephen Catholic Church, which is moving to a new building under construction in Oak Creek.  Raymond originally proposed two hotels for the site in November 2007, but at that time didn't disclose the names of the proposed hotels and other project details. The updated proposal is to be reviewed Monday by the Plan Commission.

Pabst parking structure gets $15 million in new markets tax credits

Zilber Ltd. founder Joseph Zilber's redevelopment project for the former Pabst brewery complex in downtown Milwaukee continues to make progress. The Wisconsin Housing and Economic Development Authority (WHEDA) announced that two separate new markets tax credits allocations totaling $15 million will be provided for the 901-space parking structure that Zilber is building in the complex. Zilber is redeveloping the complex into a mixed-use urban neighborhood called The Brewery.

6.4 percent of Wisconsin mortgages were past due at end of 2008

Wisconsin continues to fare better than national averages and most other Midwestern states in delinquent loans and foreclosures, according to the National Delinquency Survey issued Thursday by the Mortgage Bankers Association.  The state had 6.4 percent of 635,881 total mortgages on one- to four-unit residential properties past due on Dec. 31, less than the national rate of 8.6 percent of 45.4 million mortgages. About 2.8 percent of Wisconsin mortgages were in foreclosure, less than the national rate of 3.3 percent.

Jobless rate jumps to 8.1 percent

The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession.  Both figures were worse than analysts expected and the Labor Department's report shows America's workers being clobbered by a wave of layoffs unlikely to ease in the coming months. "There is no light at the end of the tunnel with these numbers," said Nigel Gault, economist at IHS Global Insight. "Job losses were everywhere and there's no hope for a turnaround any time soon."

Timber goes into a tailspin  

The forest products business has always been known for up-and-down cycles. This down cycle, though, seems longer and deeper, loggers say. A downturn in the housing market is a major reason. A worldwide slide in demand for paper also is hurting the logging industry.As Mike Franklin tightens bolts on a cutting machine in the shadowy light of an overgrown spruce forest, he worries about the logging business in Wisconsin. "Right now, it's nip and tuck," he says. "You have all you can do to break even."

Janesville jobless rate approaches 12 percent

Unemployment in the Janesville metropolitan area soared to 11.6 percent in January, up from 8.1 percent in December and more than double the area's 5.4 percent jobless rate in January 2008, the Wisconsin Department of Workforce Development said Thursday.  With plant closings of General Motors and several of its suppliers, the Janesville area topped the state’s metro areas for the percentage of people out of work in January. Racine came in second, at 8.8 percent, and Fond du Lac was third, at 8.0 percent.

January 2009 local unemployment rates

"Like every other state in the nation, Wisconsin is seeing increases in unemployment across most localities that underscore the economic challenges our country faces,” Secretary Gassman said.“That’s why we are taking strong action with President Obama and Governor Doyle through the American Recovery and Reinvestment Act to get people working again and jump-start our economy.”

Alliant drops plans for Iowa power plant

Alliant Energy Corp. said Thursday that its Iowa utility, Interstate Power and Light Co., has canceled plans to construct the proposed coal-fired Sutherland Generating Station Unit 4 in Marshalltown , Iowa.  The company said in a press release that the decision was based on "current economic and financial climate; increasing environmental, legislative and regulatory uncertainty regarding regulation of future greenhouse gas emissions and the terms placed on the proposed power plant by regulators."

BANK LOSSES REPORTED

A tough fourth quarter contributed to a net $4 million cumulative loss in 2008 for Wisconsin's 249 commercial banks regulated by the Federal Deposit Insurance Corp., down from total net income of $1.23 billion in 2007.   Last year's biggest losers were M&I Marshall & Ilsley Bank of Milwaukee, which posted a $552.8 million loss, and AnchorBank of Madison, which had an $86.5 million loss.

County will not fight city on workplace smoking ban

Fond du Lac County has decided to stop fighting the city's workplace smoking ban that prohibits smoking at the Health Care Center.  But smoking will resume soon for mentally ill patients — when the county's outdoor smoking area is completed this spring.  The Fond du Lac County Department of Community Programs Board voted Wednesday not to continue its battle with the city to reinstate smoking indoors in its Acute Psychiatric Unit.

Development News for the week 2/21/09 to 2/27/09
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Plan Commission green-lights mayor's sustainable neighborhood idea

The Madison Plan Commission has endorsed creating a cutting-edge "sustainable" neighborhood on the city's far northeast side with the goal of reducing car trips and energy use there by 25 percent.  The panel Monday night approved goals for some 2,500 undeveloped acres northeast of Interstate 94 and Interstate 39-90-94. Mayor Dave Cieslewicz proposed the idea as part of his vision for a sustainable Madison.

Hilldale Great Dane completes expansion

A 5,300-square-foot expansion project at the Great Dane Pub & Brewing Co. at the Hilldale Shopping Center has been completed. The project includes a pool hall, rustic-style lighting, wood paneling, pub-style rounded booths and a rectangular bar. The general contractor was KSW Construction Corp., which built the brew pub in 2006. The Great Dane also has locations Downtown and in Fitchburg and plans to open in Wausau late next month.

Brownfield grants include $73,600 for Garver Feed Mill site

Environmental recovery work on 42 different properties around Wisconsin will be helped with $1.7 million in Brownfield grants seed money, Gov. Jim Doyle announced Thursday.  The money will be used by communities for demolition, environmental assessments, and removal of abandoned tanks and containers, with the work expected to spur economic development in the 29 communities, the majority of them being rural.

Fitchburg City Council approves library

Nearly four months after a split referendum in which voters approved the construction but not the operation of a library, the Fitchburg City Council voted Tuesday night to go ahead with the $14 million project.Of the $14 million, $10 million will be funded by the city and $4 million will be raised privately.

Wall's Bishops Bay would be a 'community within a community'

Bishops Bay may one day no longer be synonymous with million-dollar homes, a private golf course and lakeside concerts from the Madison Symphony Orchestra.  Instead, the most-talked-about attributes may be its 240-home agricultural community that sells apples, tomatoes and carrots at the nearby farmers’ market, located in a town center on the shores of a 15-acre man-made lake.

BID FOR FEDERAL FUNDS AIDS PLAN FOR SOUTHEAST SIDE BIZ SITE

The prospect of $3.5 million in federal money has jump-started plans for a business incubator on Madison's southeast side, but the requirement for the city to partially match those funds has officials worried about committing taxpayer money too quickly.

HOME INVENTORY VARIES WIDELY BY NEIGHBORHOOD

In the past few weeks, we've reported how the inventory of single-family homes in Dane County varies by price range and between communities. The inventory also varies across neighborhoods within the city of Madison On Jan. 31, the W13 Multiple Listing Service (MLS) location on Madison's Near West Side (Hill Farms, Westmorland and Sunset Village) had an inventory of only 2.6 months, the lowest in Dane County.

Sub-Zero/Wolf plans up to 350 layoffs

Sub-Zero Freezer/Wolf Appliance, a builder of refrigerators, freezers and cooking appliances with facilities in Madison and Fitchburg, announced Thursday it plans to lay off up to 350 local employees on or after May 1.

Research Products to lay off 29 employees

Research Products Corp. of Madison, manufacturer of Aprilaire indoor air quality products, announced Thursday it will lay off 29 employees from its Madison and Poynette plants.

Sears' profit falls but beats expectations

Struggling retailer Sears Holdings Corp. said Thursday its fourth-quarter profit dropped by more than half as charges for store closings, valuation declines and severance dragged down results. However, adjusted results for the parent of Dodgeville-based Lands' End beat Wall Street estimates and sent the company's stock up about 8 percent in morning trading.

Lands' End sales a bright spot for Sears

Sears Holdings Corp. (SHLD) reported Thursday that its Dodgeville-based Lands' End division had record profits in 2008 for the third consecutive year, up over last year in its direct business and up even more including the Lands' End shops at Sears.

Capitol Bank assets up 19 percent

Capitol Bank reported its assets grew 19 percent last year to $213.4 million at the end of 2008. Net income was up 12.9 percent from 2007 to $1.71 million while earnings per share of $5.68 were up 11.4 percent from the previous year. The bank's net charge-offs at the end of 2008 were $4,836.

American Family to consolidate six claims offices

Madison-based American Family Insurance said Wednesday it will consolidate six claim offices by the end of August. Each of the consolidations will occur in the same state. The Jefferson City, Mo., claim operation will move and... Each of the consolidations will occur in the same state. The Jefferson City, Mo., claim operation will move and consolidate with the office in St. Louis; Rochester and St. Cloud, Minn., with Eden Prairie, Minn.; Schaumburg, Ill., with Peoria, Ill.; Topeka, Kan., with Wichita, Kan., and Tucson, Ariz., with Phoenix.

Anchor BanCorp Wisconsin pulled from S&P SmallCap 600

Anchor BanCorp Wisconsin was replaced by another company Wednesday on the S&P SmallCap 600, an index of 600 stocks of smaller companies. Standard & Poor’s, which maintains the index, said the Madison bank holding company was removed because its market capitalization of $19 million was below the $200 million minimum to be admitted to the index.

Anchor away? Analysts say merger may be the only way out for struggling bank

Is AnchorBank going under? Probably not.  But it's a question on the minds of customers, employees, shareholders and national observers as Madison's largest financial institution continues to struggle.  The bank's share price (stock symbol: ABCW) had fallen to 81 cents Tuesday and is down some 95 percent over the past 52 weeks. Earlier this month, Anchor reported a $167.3 million loss in its fiscal third quarter.

Park Bank to use about $20 million in federal funds for three local projects

Park Bank of Madison has been approved for the sale of about $20 million in preferred stock to the U.S. Treasury Department through the Capital Purchase Program and the bank will use the money to support three local development "We're excited about this opportunity to take this money," said bank president and chief executive Jim Hegenbarth. "In my personal opinion, I think the money is finally getting to the right places where people will start seeing that there will be a difference made."

Regional Transit Authority could come before voters in the spring of 2010

Madison-area voters could decide as early as next spring whether to create a special taxing body capable of raising local sales taxes for a regional transit system.  Plans for a Dane County Regional Transit Authority got a boost last week when Gov. Jim Doyle included a provision in his state budget authorizing the new governmental unit, which would oversee commuter rail and regional bus service.

Ethanol bankruptcy leaves A TRAIL OF UNEASY CREDITORS

On its face, Renew Energy LLC's bankruptcy is about a Jefferson County company walloped by near-frozen credit markets and a collapse of ethanol prices that has driven producers' profit margins to almost zero. But the ethanol plant operator's woes also are rippling across the state.

BETHEL LUTHERAN CHURCH LOOKS AT OPENING DOWNTOWN SCHOOL

Developer Randy Alexander has been a member of Bethel Lutheran Church downtown for eight years. He grew up with a strong faith-based culture and says having a moral compass is critical for raising children. "And where better to do that than in a Christian school?" he asked.

WISCONSIN'S INFRASTRUCTURE: ROADS AND BRIDGES HOW STATE'S NEEDS STACK UP AGAINST ITS SHARE OF STIMULUS DOLLARS

Stephen Muchow, the Sauk County Highway Commissioner, said he is skeptical that many problems he faces in his rural area - from rundown bridges to outmoded and unsafe highways - will benefit from the much-touted stimulus bill. Not that the money, even a little, wouldn't help.

WPA WORK IS ALL AROUND US

From weathered stone well houses to old pipes beneath the city and carefully drawn maps of streets and utilities, the reminders of another moment in history when times were hard and jobs scarce are scattered throughout Madison, scarcely noticed but still in use.

Paying The Price Of Neglect

With old sewer pipes crumbling into dust, water mains corroding and dams ready to burst with the next round of floods, Wisconsin's infrastructure - the concrete and steel network of prosaic but essential services upon which everything from everyday life to the economy depends - is a frequently neglected mess.

CITY WANTS MAJESTIC THEATRE'S OWNERS TO PAY FOR 'AIR SPACE'

Majestic Theatre owners Matt Gerding and Scott Leslie showed up to the Madison Municipal Court Monday morning in dress shirts, ready to dispute the city over an ordinance violation.

POWER LINE STUDY FOR DANE COUNTY READY

A final environmental impact statement has been issued and public hearings are scheduled next month in Madison on the proposed high-voltage electricity transmission line between Rockdale and Middleton in Dane County.

Around the State and Points Elsewhere
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City may add community benefits requirements to TIF projects

A proposed city of Milwaukee ordinance would require developers seeking $1 million or more in financial assistance from the city to provide community benefits including "prevailing wages" for construction workers. Prevailing wages are defined from surveys done by the state Department of Workforce Development.

Milwaukee office tower goes into receivership

One of downtown Milwaukee's largest office towers is in financial trouble, and it's now controlled by a court-appointed receiver.  The owners of 250 Plaza, a 20-story building at 250 E. Wisconsin Ave., owe million in principal on the building, which has an assessed value more than $13 million, according to a filing in Milwaukee County Circuit Court. of $15

Region's office space vacancy at 17.11 percent

The Milwaukee area's office space vacancy rate is at 17.11 percent, according to Brookfield-based NAI MLG Commercial's first quarter 2009 office market forecast. The region's office space vacancy rate improved from 17.4 percent in the third quarter of 2008, despite negative absorption of 74,144 square feet of space during the fourth quarter, the NAI MLG report says.

Only one response to county's Park East request

The request for proposals was issued for the county-owned lot, bordered by N. Broadway, N. Water St., N. Milwaukee St.,  E. Lyon St. and E. Ogden Ave., after an earlier plan from Chicago-based RSC & Associates was dropped. County officials aren't releasing information about the new proposal until an internal evaluation process is completed, said Fran McLaughlin, spokeswoman for County Executive Scott Walker. It will then need County Board approval before a purchase option is granted to the developer.

Is Columbia Hospital's sale closer?

If that property--which has been on the sale block forever--is finally sold, it will likely be for redevelopment into student housing, classroom space and other facilities for its neighbor, University of Wisconsin-Milwaukee. The hospital is to shut down next year as Columbia St. Mary's Hospital continues the expansion of its Lake Drive campus.

City seeks to develop popular farmers market site in Riverwest

This just in from the Department of City Development: The City of Milwaukee is calling for proposals to develop a key neighborhood spot in Riverwest, at the corner of Locust and Bremen streets. The city wants to keep the site, now a park and seasonal farmers market, as a community gathering space.

Pabst parking structure gets $15 million in tax credits 

The parking structure under construction at the former Pabst brewery complex in downtown Milwaukee will be financed through $15 million in federal New Markets Tax Credits, it was announced Thursday.  The credits, which are given by the federal government for financing commercial projects in lower income areas, are being provided through two non-profit groups: the Wisconsin Community Development Legacy Fund and First-Ring Industrial Redevelopment Enterprises. 

WISCONSIN'S INFRASTRUCTURE: PUBLIC SCHOOLS HOW STATE'S NEEDS STACK UP AGAINST ITS SHARE OF STIMULUS DOLLARS

West Bend Public School Superintendent Patricia Herdrich said she can hardly bear to walk through the district's Badger Middle School. Built in the 1920s, the old school is the worst of the substandard buildings in this district about 75 miles northeast of Madison.

Forecasters see 9% unemployment this year

Brace yourself: The recession is projected to worsen this year.  The country stands to lose a sizable chunk of economic activity in 2009 as consumers at home and abroad retrench in the face of persistent economic troubles. And the U.S. unemployment rate -- now at 7.6 percent, the highest in more than 16 years -- is expected hit a peak of 9 percent this year.

Fed chief hopes 2010 is 'year of recovery' for U.S.

The U.S. recession could end this year, paving the way for a "year of recovery" in 2010, if the government's actions to bolster the financial sector are effective, Federal Reserve Chairman Ben Bernanke said Tuesday.  In his semi-annual testimony to Congress on monetary policy and the state of the economy, Bernanke offered a picture of an economy suffering deep strains, with particular risks due to the rapid slowing of the global economy and the feedback loop through which the economic weakness and financial frailty reinforce each other.

More layoffs at Trane

Trane plans to lay off about 79 hourly production workers Monday at its La Crosse operations, and might lay off up to another 80 hourly production workers at the beginning of April, company spokesman Art Scheskie said Tuesday.

Great Wolf Resorts reports fourth quarter 2008 results exceed consensus

The company reported 2008 fourth quarter net loss of $(36.5) million, or $(1.18) per diluted share, compared to net loss of $(7.7) million, or $(0.25) per diluted share for the same period a year earlier. Fourth quarter 2008 operating results include the impact of previously announced pre-tax impairment charges of $17.4 million for goodwill and $18.8 million for the company's investment in one of its joint ventures, and the related effect on income taxes of the non-deductibility of a majority of the goodwill impairment charge for income tax purposes.

Chrysler laying off 150 in Kenosha

Chrysler says it plans to lay off as many as 150 people next month at its engine plant in Kenosha. Chrysler spokesman Max Gates said that beginning March 23 production on both lines will be reduced indefinitely as it continues to deal with declining sales. Production at the Kenosha plant had previously been relatively stable.

Carnival Milwaukee raises funds to assist people facing foreclosure

The Urban Economic Development Association (UEDA) will host “Carnival Milwaukee” on Saturday, Feb. 28 at 8 p.m., at the Milwaukee County Zoo's Peck Welcome Center. The event will showcase Milwaukee’s diverse ethnic heritage as well as raise funds to aid the current residential foreclosure crisis that faces many area residents.

Feingold unveils web site to navigate stimulus plan

U.S. Sen. Russ Feingold (D-Wis.) today unveiled a web site dedicated to informing Wisconsin communities, residents and businesses about the details of the American Recovery and Reinvestment Act.  The web site, http://feingold.senate.gov/recovery, includes information on how Wisconsin will benefit from the bill.

Bernanke says feds won't nationalize banks

The federal government may acquire large minority positions in some of the nation's largest banks but has no plans to nationalize them and run them permanently, Federal Reserve Board Chairman Ben Bernanke told the House   Financial Services Panel today.  Bernanke said the federal government has no plans to run the institutions and zero-out their shareholders, Bernanke said.

U.S. Initial Jobless Claims Unexpectedly Rose 36,000 to 667,000 Last Week

First-time claims for U.S. unemployment benefits unexpectedly rose last week and total benefit rolls soared to a record high, a sign companies may keep shedding jobs as the recession worsens.  First-time unemployment applications increased by 36,000 to 667,000, the highest since 1982, in the week that ended on Feb. 21 from a revised 631,000 the prior week, the Labor Department said today in Washington. The number of people staying on benefit rolls rose in the previous week by 114,000 to 5.112 million.

1 in 5 Wisconsin banks lost money in 4th quarter

More than one in five Wisconsin banks posted a loss for the fourth quarter as the recession dug in and more borrowers were unable to pay back their loans, a report released Thursday by regulators shows. million in the The state's 283 banks showed an overall loss of almost $354.6 fourth quarter, according to the Federal Deposit Insurance Corp. That compares million in the fourth quarter of 2007. with profits of $204.6

Kohl's beat expectations but foresees rough 2009

Kohl's Corp. reported better-than-expected fourth-quarter earnings Thursday but disappointed investors with its outlook for fiscal 2009.  The Menomonee Falls-based department store chain said net income fell 18.4% million, or $1.31, in the year-ago million, or $1.10 a share, from $412 to $336 quarter. Analysts were expecting Kohl's to earn $1.03 a share.

Governor proposes closing tourism welcome centers

Eight Wisconsin Welcome Centers, where visitors for years have stopped to pick up information about Wisconsin Dells, state parks and other tourist attractions, could be closed by May under Gov. Jim Doyle's budget proposal.  The shutdown will help the Department of Tourism, which operates the centers, million from its upcoming two-year budget. meet its target of cutting $1.7 million, said Valerie Davis, a department Closing the centers will save $1.2 million department budget. spokeswoman. Doyle has proposed a $29

Treasury investment in banks misunderstood, executives say

For more than a few reasons, starting with an early shift in priorities by the officials running it, the Troubled Asset Relief Program has become one of the most misunderstood and controversial parts of the federal government’s effort to revive the economy.

Development News for the week 2/14/09 to 2/20/09
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KNOW YOUR MADISONIAN: GERALD J. RING

Name: Gerald J. Ring

City: Madison

Family: Wife of 59 years, Armella, and sons Mike, Jim and Joe. "All three sons are active in and managing our business, Park Towne Development Corp.. I am retired from the business."

Age: 80

Occupation: Founder and co-owner of Park Towne Development Corp. of Madison. Park Towne was started in 1969 and developed the 178-acre commercial land across Gammon Road from West Towne Mall. A sister corporation, Parkwood Hills Corp., was started four years earlier and developed the 220-acre Parkwood Hills residential development. Our sons, now in charge, are developing the 650-acre Conservancy Place subdivision in DeForest.

SPRING CHANGES AT WESTGATE

The buildings in the space needed for the construction of a Hy-Vee store at Westgate Mall are about ready for demolition.

Dunham's Sports, which occupied more than 23,000 square feet on the mall's south end, has closed. A company spokesman said it's unclear if the store will reopen elsewhere in the Madison area. "We're exploring our options," said John Palmer, an attorney for the Michigan-based company.

PLANS FOR WEST TOWNE HYATT STILL ON THE TABLE

Two pieces of land at West Towne Mall that at one time were home to a restaurant and tire center are unchanged despite a proposal to build a hotel on the sites.

What was a Mountain Jacks restaurant and a National Tire & Battery store remain untouched, but a developer for the project said plans for a Hyatt Place hotel still are on the table. "We're still investigating all opportunities with the mall and we hope to be proceeding soon," said Kraig Sadownikow, president of American Design & Build in West Bend.

HEALTH CLUB, APARTMENT PROJECT TO GO BEFORE COMMISSION AGAIN

A controversial five-story, mixed-use apartment project featuring a large health club at 425 W. Washington Ave. will get another airing before the city Urban Design Commission on Wednesday. The review panel has been working with developer Erik Minton and architect David Ferch on design elements of the $7.4 million project, which has been scaled down from its original configuration.

California real estate group buys seven downtown properties

A San Diego real estate group has purchased seven properties in downtown Madison from local landlord Harold Langhammer, with eyes on redeveloping the busy corner of West Washington Avenue and Broom Street.  Cardinal Group Investments, LLC announced Tuesday it acquired the seven properties totaling 78 bedrooms for $4.5 million.   The purchase includes the historic 25-room Zeta Beta Tau fraternity building at 233 Langdon St., along with six stand-alone buildings across Broom Street from the Metropolitan Place condominiums. Those addresses are 404, 408 and 410 W. Washington Ave., and 8, 10 and 14 N. Broom St.

ALRC postpones vote on Dirty Dog west side bar

It's the reason city committees usually have odd numbers. While missing three members, the city's Alcohol License Review Committee faced a 2-2 tie vote twice during a three-hour debate Wednesday night on a liquor license for a controversial west side bar. The committee eventually voted to postpone a decision on its license until next month.  Throughout the debate, committee members raised concerns ranging from the name of the proposed bar, Dirty Dog Neighborhood Saloon, 6654 Mineral Point Road, to its proximity to a high school and middle school and its planned capacity of more than 400.

Madison would have to act fast on BioAg Gateway project; too fast, some say

Madison officials are divided on whether to bend finance policies to secure a dynamic project for the emerging BioAg Gateway on the Southeast Side.  The city hopes to develop a world-class Midwest BioLink Commercial and Business Center that would create 40 jobs and be a catalyst for the BioAg Gateway between the Interstate, Beltline and Highway 51. The $4.5 million first phase features a 21,000-square-foot facility with space for manufacturing, greenhouses, labs, offices and more that would launch other ventures and bring even more jobs to the area and city.

January construction pacts plummet in Madison area

January contracts for future construction in the Madison metropolitan area took a nose dive from January of a year ago, down 57 percent overall, 84 percent in non-residential building projects and 14 percent in residential projects.

The future construction report was released Friday by McGraw-Hill Construction.

January building contracts totaled $23.4 million in the three-county metro area of Dane, Columbia and Iowa counties, compared to $55.1 million in January 2008.

Madison looks to shift focus of tax increment financing districts

In a sign of the times, Madison may further shift public investments from luxury condos and speculative office buildings to efforts to create jobs and revitalize neighborhoods. But the development community has concerns about the city tightening rules already seen as rigid.

The City Council on Tuesday will consider a new policy that would use the city's most potent development tool — tax increment financing — to promote "living wage" jobs by attracting, keeping and expanding business and targeting improvements in high-need areas.

ALEXANDER CO. OFFERS LAND IT WOULD SELL GARDENS PARCEL TO FITCHBURG

Officials of the Alexander Co. said Monday they are willing to sell a controversial community gardens parcel near Rimrock Road to the city of Fitchburg. The company, which is developing the 70-acre Novation Campus business park, also is willing to sign a lease with the Community Action Coalition to make the land available for community gardens this year and possibly in 2010.

Climate of fear is enemy of Dane County housing market, Stark president says

A climate of fear is the biggest obstacle to reviving the Dane County housing market, said David Stark, president of Stark Company Realtors.  Despite a low local unemployment rate, historically low interest rates and plenty of housing choices, Stark said buyers are afraid to invest partly because of what they hear about other housing markets on the national news.

Wisconsin home sales fall significantly in 2008 - Home price decline is modest

Wisconsin home sales fall significantly in 2008 - Home price decline is modest. There was good and bad news for Wisconsin's housing market in 2008. While housing sales fell significantly last year as a result of the national financial turmoil and recession, home prices remained stronger than in many parts of the country.  Wisconsin home sales declined in 2008 by 19.2 percent as compared to 2007, whereas median prices fell 3.7 percent to $158,000 over that same time period according to the Realtors report.

INVENTORY VARIES BY LOCATION

Last week, we examined how home inventory varies by price in Dane County. Inventory also varies significantly by location. Data from the South Central Wisconsin Multiple Listing Service reveals that months of inventory for single-family homes tend to be lowest in Madison and the communities directly adjacent to the city.

CITY SET TO ADOPT A NEW SIGN CODE THE CODE, WHICH HAS BEEN IN THE WORKS FOR 12 YEARS, IS WRITTEN TO ENCOURAGE CREATIVITY.

The smiling green octopus, its tentacles gripping sponges and rags, says it all without a word: Car wash here! But Octopus Car Wash's vintage signs, which were grandfathered, wouldn't be allowed under Madison's current code because of a prohibition on motion graphics and the code's difficulty in digesting three-dimensional proposals.

MATC WILL KEEP FINE ARTS COURSES AT MAIN CAMPUS PLANS STILL CALL FOR THE END OF MITBY THEATER.

Madison Area Technical College will keep its fine arts courses at its main Truax campus, although the latest plans still call for the demise of the Mitby Theater. The move comes as students and community groups, concerned about the proposal to eliminate the theater, are pushing MATC to prioritize arts education and performance.

3 DEMOCRATS FROM AREA MAY GET KEY POWER DOYLE, MILLER, POCAN WOULD DECIDE HOW FEDERAL CASH IS SPENT

Three powerful Democrats from the Madison area could get the power to decide how up to hundreds of millions of dollars in federal stimulus money for Wisconsin will be spent. Under a budget bill fast-tracked to be passed as soon as Wednesday, lawmakers will decide whether to give that power to Gov. Jim Doyle and the co-chairmen of the Legislature's budget committee, Sen. Mark Miller and Rep. Mark Pocan.

LATE COUNTY SUPERVISOR'S FARM TO BECOME COUNTY PARK

County Executive Kathleen Falk and the late Dane County Supervisor Lyman Anderson did not see eye to eye on a lot of political matters, but Monday they became united in the creation of the latest county park. Falk and Anderson's widow and children announced plans to have the longtime Anderson farm in the town of Oregon, which has been in the family for about 140 years, turned into the latest county park.

COUNTY AIMS TO BUY FARM FOR PARK

About 400 acres of farmland, owned by the family of a longtime Dane County politician, could become the next Dane County park.  Dane County officials announced on Monday plans to buy about 127 acres of the Lyman Anderson family farm in the town of Oregon. Anderson, who died in 2005, served in town, county and state government for more than 43 years, including 28 years on the Dane County Board.

FEDERAL FUNDS WILL FLOW TO CITY MADISON OFFICIALS EXPECT MILLIONS FROM STIMULUS PACKAGE

The city of Madison, which just passed one of its tightest budgets in years, stands to get millions of dollars in the new $798 billion federal stimulus package, officials learned Monday.  "We have a terrific opportunity in Madison," Len Simon, the city's federal lobbyist told the Board of Estimates by phone from Washington, D.C. "There is a large amount of funding available."

CITY MUST MOVE FAST ON STIMULUS PROJECTS, LOBBYIST SAYS

Members of Madison's city government geared up Monday night to take advantage of the $787 billion federal stimulus bill that President Barack Obama likely will sign this week. The city's federal legislative lobbyist Len Simon spoke by phone from Washington, D.C., to of the Board of Estimates Monday, explaining the various components of the bill and how they will be distributed among states and municipalities.

Anchor BanCorp faces crucial U.S. Bank deadline

AnchorBank may be in serious trouble. Anchor BanCorp of Wisconsin, the 90-year-old bank's parent company, does not have enough cash to make a $56.3 million loan payment due March 2 to U.S. Bank, the Madison-based company said this week in a filing with the U.S. Securities and Exchange Commission.

Unless U.S. Bank again agrees to extend Anchor's loan or the bank secures other financing, failure to make the payment could trigger a series of events that affect the company's ability "to continue as a going concern," the company said.

Anchor BanCorp Wisconsin reports $167.3 million quarterly loss

Anchor BanCorp Wisconsin, the Madison-based parent company of AnchorBank, Tuesday reported a net loss of $167.3 million for the last quarter of 2008.  The loss, which equals $7.96 a share, was due mainly to a $93 million provision for loan losses, up from $7.8 million a year ago, and a $72.2 million write-down in the value of certain assets. The write-down, known as goodwill impairment, does not affect the bank's capital levels, capital ratios, book value per share or liquidity. But the write-down helped boost non-interest expenses to $118.2 million, up from $25.1 million the previous year.

Culver's set to air first national TV ad

A recession hasn't tempered the taste for Butter Burgers and custard. Culver's Restaurants announced Thursday that sales at its 395 restaurants in 2008 grew 10 percent to more than $650 million and that for the first time it will launch a national television advertising campaign.

The Prairie du Sac company, celebrating its 25th year in business, said it expects similar growth this year and plans to open 20 more franchised restaurants.

Falk, Mistele highlight differences on economy in second debate

The second Dane County executive debate between incumbent Kathleen Falk and challenger Nancy Mistele on Wednesday morning once again highlighted the clear differences between the candidates, this time on a range of economic-related issues.  Commuter rail? Falk says yes, give commuters options. Mistele says no, commuters want investment in roads instead. Shoreland zoning regulations? Mistele says they will reduce property values. Falk says they will enhance property values.

DESPITE ECONOMY -- OR BECAUSE OF IT -- MATC SAYS IT NEEDS TO GROW TO MEET DEMAND

Madison Area Technical College leaders find themselves in a bit of a conundrum. On the one hand, the college is starting to burst at the seams as it attempts to educate a new generation of young people while also providing training and sometimes the groundwork for a new career to casualties of the economic crisis.

Sun Prairie firm wins U.S. contract

A Sun Prairie information technology firm has been awarded a five-year, $1.8 million contract from the U.S. Geological Survey to work on a new national data system.  Comprehensive Computer Consulting Inc. will help build the national Biological Data Management System, which will provide centralized data management capability on stream ecology information.

Middleton's Electronic Theatre Controls buys LED producer

After achieving record revenues in 2008, Electronic Theatre Controls (ETC) in Middleton is branching out into the field of LED (light-emitting diode) lighting products with the purchase of Selador, a Salt Lake City company. Founded in 2003, Selador has four employees. Terms of the acquisition last week were not disclosed by the two privately owned companies. LED production will move to Middleton, using ETC's current staff, and the lights will be marketed for stage presentations and broadcast production studios. Selador's two co-founders, Novella Smith and Rob Gerlach, will join ETC to develop more products.

Around the State and Points Elsewhere
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Latest Zoo Interchange plans preserve Honey Creek office building

One highly prized property has been spared from the Zoo Interchange wrecking ball in the push and pull that pits the demands of traffic flow against neighborhoods and tax base on the western front of Milwaukee County.  In a recent development, planners have eliminated an option that would have wiped out an office building in the Honey Creek Corporate Center and the million it represents to Milwaukee's property tax base. "I'm grateful they listened to me and the community," said Ald. Michael Murphy, who represents the area. "We can't afford to have any more money taken off the tax rolls."

Businesses brainstorm on Hwy. 83 project

Businesses brainstorm on Hwy. 83 project. "This project is bigger than any one of us. It's bigger than the village or the town or the chamber. We need to start planning now," said Mukwonago Chamber Economic Development Committee Chairman Bill Kasch of the 2013 Highway 83 expansion project and its potential effect on local business.The Economic Development Committee (EDC) filled in local business owners on project details and encouraged brainstorming at their business breakfast meeting last week.

City wants Riverwest development ideas - JSOnline

The Department of City Development is seeking development proposals for a vacant lot at  821-833 E. Locust St., in the Riverwest neighborhood.

The l0,800-square-foot lot at Locust and Bremen streets is used as a park and seasonal farmers market. The department wants proposals that blend the community space with housing, or other developments.

City seeks proposals for W. North Ave. sites - JSOnline

The Department of City Development is seeking proposals for the purchase and redevelopment of two commercial and residential buildings, at 2121-2123 W. North Ave. and 2501-2503 W. North Ave. Click on the addresses for more information.

Marcus moves forward on $30 million hotel renovations - JSOnline

Two big renovation projects at the Hilton Milwaukee City Center, in downtown Milwaukee, and Grand Geneva Resort & Spa, in Lake Geneva,  will begin immediately, owner Marcus Corp. said today. A substantial portion of the renovations will be finished by early summer. When the renovations are completed, the total cost for both projects is expected to be around $30 million. Milwaukee-based Marcus is moving forward on the projects despite the travel industry's downturn, said Bill Otto, president of Marcus Hotels and Resorts, the company's hotel division.

Farmland preserved in Delafield

Farmland preserved in Delafield. A land-use proposal that has long-range implications into the development of Lake Country might be discussed at next week's Plan Commission meeting. A land-use proposal that has long-range implications into the development of Lake Country might be discussed. The proposal would change the land-use designation of 1,00 acres of agricultural land from residential development to agricultural purposes. The land is in the city’s northwest, northwest and southwest quadrants.

Walker proposes selling county's Park East land to city

Milwaukee County Executive Scott Walker has proposed selling the county's land in the Park East corridor to the city of Milwaukee. In his "state of the county" address this week, Milwaukee County Executive Scott Walker proposed selling the county's land in the Park East corridor to the city of Milwaukee. "One of the biggest and most visible tracts of land that is ripe for development is the Park  East Corridor," Walker said. "To jump start work on this area, I propose selling all of the Park East county land to the City of Milwaukee. City officials have the tools necessary for a large-scale project and they need the flexibility to attract a wide range of interests."

First Industrial closes Milwaukee area office

First Industrial Realty Trust Inc., a Chicago-based real estate investment trust (REIT), recently closed its Milwaukee area office.  First Industrial opened its Milwaukee office in 2004 and was active in southeastern Wisconsin purchasing several buildings and developing several others. The REIT's developments in southeastern Wisconsin include a 721,000-square-foot distribution center that is under construction in Kenosha for Affiliated Foods Midwest, a 600,000-square-foot facility for Rust-Oleum in Kenosha, and a 388,800-square-foot distribution center in Menomonee Falls for Quad/Graphics Inc.

Goodwill gets approval to build center in Oak Creek

The Goodwill Industries of Southeastern Wisconsin board of directors has approved plans to build a new 142,000-square-foot Center for Work & Training in Oak Creek at 140 E. Rawson Ave.  The new facility will replace a building that Goodwill presently leases near Mitchell International Airport at 200 W. Vogel Ave.
This new facility also will enable Goodwill to free up space and renovate the James O. Wright Center (JOW) at 6055 N. 91st St. to better serve Milwaukee's northwest side.

Community voices input on waterfront plan

Community voices input on waterfront plan. Where Waters Meet, Where Oconomowoc Meets Daily and Where Visitors Meet Oconomowoc are a few of the brand promises presented by Hitchcock Design Group during its open house Tuesday night at City Hall.  And during the open house, a diverse collection of ideas and opinions on the project met to discuss the concept for the waterfront area on Fowler Lake, a few are included here.

MATC board votes to fire president

The Milwaukee Area Technical College board voted 6-3 Thursday night to dismiss President Darnell Cole, less than two weeks after he was cited with operating while intoxicated. Cole's termination is effective immediately. Provost Vicki Martin will be the interim president of the college. The board's decision came after a group of students and others rallied in favor of Cole, arguing that he be allowed to keep his job.

State residents may benefit from Countrywide settlement 

More than 2,900 people in Wisconsin at risk of losing their homes could have an easier time getting lower mortgage rates under an agreement announced Thursday by Attorney General J.B. Van Hollen.  The agreement applies to people with subprime and adjustable rate mortgages from Countrywide Financial Corp.  It is an outgrowth of a settlement reached in October with 11 states that sued Countrywide over the marketing of its products and services. Countrywide was one of the country's largest lenders of subprime and other mortgages central to the credit crisis.

More communities adopt sick-pay ordinances

The villages of Menomonee Falls, Germantown and Kewaskum have passed ordinances to pre-empt ballot measures that would impose municipal mandates for paid sick leave. The communities in Waukesha and Washington counties join a wave of communities in Milwaukee County reacting to Milwaukee's sick pay ordinance. In voting unanimously this week to enact the ordinance, Menomonee Falls officials wanted to help retain and attract business, Village Manager Mark Fitzgerald said

The University of Wisconsin-La Crosse will likely cut $5 million from its budget in the next two years

UW-L’s administration had been planning for cuts anywhere from $2 million to $6 million. “It is like going to the doctor when you have a problem,” said UW-L Chancellor Joe Gow. “You hope it’s not as bad as it might be — our problem is: It is as bad as it might be.”  Gow said while he can’t rule out staffing cuts, he hopes enough savings can be found elsewhere. Five million dollars is about 6 percent of UW-L’s $82 million general program revenue budget.

Unpaid furloughs for Waukesha County employees might be considered

Waukesha County officials said Monday that unpaid furloughs for employees might be considered if the 2009 budget goes into the red, a move also being discussed by other counties.  Allison Bussler, chief of staff to County Executive Dan Vrakas, said furloughs were discussed at a recent budget meeting but had not gone much beyond that.

Doyle signs budget-repair measure 

Democratic Gov. Jim Doyle on Thursday signed into law a package that will raise taxes on businesses, cut state spending and authorize the immediate use of $300 million in federal stimulus cash for roads and bridges. Doyle signed the bill just three days after it was introduced in the Democrat-controlled Legislature. The Assembly and Senate made no changes to the package, which was made public last week.

Bulk Petroleum files for protection from creditors

Mequon-based Bulk Petroleum Corp., which supplies gasoline to over 200 gas stations throughout the Midwest, has filed to reorganize its finances under Chapter 11 bankruptcy protection. Bulk Petroleum, which is owned by Darshan Dhaliwal, estimates it has both assets and liabilities ranging from $50 million to $100 million, according to its filing in U.S. Bankruptcy Court. A more detailed accounting of the company's finances will be filed with the court by mid-March, said Michael Dunn, one of Bulk Petroleum's attorneys.

Wisconsin raises unemployment benefits by $25

Wisconsin residents receiving unemployment compensation benefits are about to see a $25 hike in their weekly benefit as part of the federal economic stimulus package, Gov. Jim Doyle said Thursday. "The $25 in additional assistance is part of the much-needed relief in the American Recovery and Reinvestment Act," Doyle said. "When combined with other benefits and employment and training services, it will go a long way in helping our working families get back on their feet and return to work, as we all join forces to get this nation and its economy back on track."

GM-Janesville to end Isuzu production in April

The last of the jobs at the General Motors plant in Janesville will start to disappear in April. Production of NPR/Isuzu trucks will end around April 23 and will eliminate the jobs of 113 employees, GM notified the Wisconsin Department of Workforce Development on Wednesday.

Sixty-nine production employees will be out of work as soon as the assembly line closes. Another 44 employees in skilled trades jobs, such as carpenters and electricians, will have a few more weeks of work to "finalize cessation activities," as GM termed it, in the letter to the state.

Mercury Marine, Ashley Furniture announce job cuts in Wis.

Two major Wisconsin companies -- Mercury Marine and Ashley Furniture -- have each announced dozens of job cuts.  Mercury Marine in Fond du Lac said Friday that 85 permanent job cuts have been made, and parts of the outboard motor manufacturer's plant will be on a two-week temporary shutdown starting Monday. Human resources vice president Ray Atchinson said the moves are aimed at putting production capacity in line with demand. Ashley Furniture in Arcadia said job cuts will affect 90 people, or about 3 percent of the furniture manufacturer's Wisconsin workforce.

Telemarketing firm Sitel laying off 82

In a notice sent to the Department of Workforce Development, outsourcing and telemarketing firm Sitel said it is laying off 82 people in its Madison office on Deming Way, and that those layoffs are likely to be permanent. The company said in its letter to DWD sent Wednesday that it would lay off 79 customer service representatives and three coaches effective April 12. Sitel said the layoffs are due to the end of a current client contract. The company, which contracts with firms to do certain telephone work for them, has had major layoffs here before, including a loss of 105 jobs last year it blamed on the abrupt halt of a contract and 142 jobs in 206.

Cross Country: It's tough all over in the dairy business

California and Wisconsin are the nation’s No. 1 and No. 2 dairy states in terms of milk production. Both are far ahead of Idaho, New York and Pennsylvania, which fill out the top five dairy states. (Did you realize that Idaho was the third ranking dairy state? It passed New York a month ago.) Wisconsin, New York and Pennsylvania are old line, traditional dairy states similar in that they have lots of small dairy herds, many under 100 cows in size with the family providing the labor.

Gov. Doyle open to toll road idea

Gov. Jim Doyle has backed away from his staunch stand against charging tolls on Wisconsin highways.  The governor has indicated for the first time that he would be open to the idea.  Doyle told the Journal Sentinel that he dislikes the idea of toll roads, but said the state must find new ways to pay for roads and other transportation as gas tax revenue falls in the years ahead.

Oak Creek council overrides Drexel veto - JSOnline

In an issue likely to be debated in the mayor's race, the Oak Creek Common Council voted 4-2 this week to override Mayor Dick Bolender's veto of a resolution regarding an I-94 interchange at Drexel Ave. Dimity Grabowski and Mark Verhalen, who along with Bolender ran for mayor in Tuesday's primary, were among the four aldermen who voted to override. Verhalen was eliminated in the primary, leaving Grabowski and Bolender to face off April 7.

Aldermen want future UWM dorms downtown - JSOnline

Ald. Nik Kovac, whose district includes the east side neighborhoods near University of Wisconsin-Milwaukee, and Ald. Bob Bauman, whose district includes downtown, are introducing an ordinance that could steer future UWM student housing to downtown.  The ordinance would classify dormitories as special uses, which would require student housing onstruction proposals to gain approval from the city Board of Zoning Appeals. The board is a quasi-judicial city panel, and holds public hearings on contested development proposals before issuing its decisions. That could give more influence to east side neighbors who are unhappy about student housing proposals.

Claims for unemployment insurance up 67% - JSOnline

New claims for unemployment insurance benefits in Wisconsin remain about 67% ahead of the pace of a year ago, the state Department of Workforce Development reported today.  Through the seventh week of 2009, more than 179,000 workers filed new applications for benefits, up from about 107,000 through the seventh week of 2008. The state reported nearly 1.2 million continued claims from workers out of work for longer periods. That's up almost 60% from the same time last year.

Landowners near Olympia resort sue to lower taxes - JSOnline 

The owners of 84 acres near the Olympia Resort & Conference Center filed suit against the city today in an effort to reduce the property taxes. Park Studios LLC and Museum for Women LLC, both based in Evanston, Ill., are asking a judge to order that most of the site be classified as agricultural land valued for tax purposes at $150 an acre.  Portions of the site currently are assigned values of more than $40,000 an acre, for a total taxable value of $5.2 million, the suit says.

Development News for the week 2/8/09 to 2/13/09
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WESTGATE HY-VEE GETS GO-AHEAD FROM PLAN COMMISSION

It was all about economic stimulus Monday night as the Madison Plan Commission approved a new Hy-Vee grocery store at Westgate Mall despite conflicts with the city's long-range plans for the site. The Iowa-based grocery chain is looking to tear down a big chunk of the blighted mall and build a new 83,000-square-foot, full-service grocery at Whitney Way and Odana Road. Plans call for razing everything south of the existing T.J. Maxx store, which will remain.

Former Hooters could become Dirty Dog Neighborhood Saloon

The former Hooters bar and restaurant, 6654 Mineral Point Road, could reopen as the Dirty Dog Neighborhood Saloon. Kami Eshraghi has asked has asked the city for a liquor license for his newest business venture, The Alcohol License Review Board will consider the request on Wednesday. Eshraghi closed the Kimia Lounge, 14 W. Mifflin St., in February 2007 after five years in business. Hooters closed in October.

Northgate sold to Alexander Co.

Northgate Shopping Center on Sherman Avenue has been sold to the Alexander Co. by the Roth family, builders of the shopping center almost 50 years ago.

Terms of the sale were not disclosed. The Roth family built Northgate in 1960. Some of the original stores, according to a press release from the Roths, were Woolworth Dime Store, Druck's Apparel (later Borman's), Chocolate Shoppe Ice Cream, National Tea Grocery Store, Gerhardt Pharmacy, Borcher's Liquor Store, Harold's Shoe Store, Main Appliance and Northwest Fabrics Store.

LOW-COST SOUTH SIDE CONDO PROJECT SEEMS BACK ON TRACK

After a big hiccup last year, the future looks brighter for a $4 million affordable condo project in an improving South Side neighborhood.   Since a bank receiver was appointed last summer, the project has stabilized, owner concerns have been satisfied and there are pending offers on units despite the bad economy, city economic revitalization supervisor Percy Brown said.

GARDENERS HOPE TO SAVE HOUSE, COMMUNITY FARM DEVELOPER MEETING RESISTANCE TO PLAN IN FITCHBURG

Paula Brotski, a single mother and full-time UW-Madison student, remembers times when she didn't have enough money to buy a carton of milk. But last summer, she and her son, Aden, always had fresh vegetables. Their community garden plot at Drumlin Garden in Fitchburg yielded so much fresh produce that Aden, 7, earned his allowance going door to door selling basil to neighbors. And Brotski, 37, had enough tomatoes and other homegrown vegetables to last them through the winter.

Dane County foreclosure filings hit record in January

Foreclosure filings in Dane County set a record in January with 154 filings, according to DaneCountyMarket.com, a Web site that tracks the local real estate market. The number was up 24 percent from 124 a year ago and Wisconsin 's 2,518 filings last month were up 6 percent from 2,371 a year ago. For all of 2008, Dane County had 1,312 filings, up 46 percent from 898 in 2007.

State lawmakers warned of rising tide of foreclosures

More Wisconsin residents are facing the prospect of losing their homes, and stemming the tide of foreclosures will be difficult, a top housing official warned lawmakers on Wednesday More than 2.5 percent of Wisconsin mortgages are already in foreclosure and that rate is expected to continue to increase in coming months, said Antonio Riley, executive director of the Wisconsin Housing and Economic Development Agency.

Expansion completed at Crave Brothers Farmstead Cheese

A more than $1 million cheese factory expansion is complete at Crave Brothers Farmstead Cheese, northeast of Madison. The project doubled the building's size at the Crave Brothers Farm, W11555 Torpy Road, north of Waterloo.  The cheese factory and farm are run by four brothers. Specialized cheese making equipment has been installed and the brothers anticipate hiring 11 employees, including one more cheese maker. Crave cheeses include fresh and rope mozzarella, mascarpone and European-style cheese called Les Freres.

NEW SOUTH UNION TO COST MORE

The new UW-Madison south campus union will cost $7.1 million more than expected, bringing the total building cost up to $94.8 million.  The Board of Regents approved the request for extra money at its meeting last week. To fund the difference, the campus is providing money from parking fees, adding gift funds, and moving money from the Memorial Union Theater renovation project.

January foreclosure numbers down in U.S., up in Madison

Foreclosure filings across the country were down 10 percent in January from a month earlier, but still 18 percent more than in January 2008. RealtyTrac, an online foreclosure marketing service, released its monthly activity report Thursday.

More than 274,000 properties in America, or one out of every 466 housing units, had foreclosure papers filed on them in January, including default notices, auction sale notices and bank repossessions.

COMPUTER FIRM EMERSON TO CLOSE; 62 TO LOSE JOBS

A local computer network products company is closing, putting 62 people out of work in April. Emerson Network Power Embedded Computing, 8310 Excelsior Drive, plans to start laying people off April 6 and continue through April 20.

STOUGHTON TRAILERS LAYS OFF 150 MORE

Stoughton Trailers is reporting additional job cuts. One of three production lines at the factory has been halted, ending work for about 150 employees, said Patrice Gillespie, vice president of human resources. That shrinks the staff to 350, the lowest since 2001, and it's down 68 percent from June 2007, when the company had 1,100 employees.

STOUGHTON TRAILERS CUTS JOBS COMPANY IS DOWN TO 350 WORKERS

Stoughton Trailers is reporting additional job cuts. One of three production lines at the factory has been halted, ending work for about 150 employees, said Patrice Gillespie, vice president of human resources. That shrinks the staff to 350, the lowest since 2001, and it's down 68 percent from June 2007, when the Stoughton company had 1,100 employees.

"It was our hope that we would avoid any further layoffs, but we must continue to respond to the realities of the economy and our industry," Ken Wahlin, Stoughton Trailers president, said Monday.

BANK MAKES BEST OF BAILOUT ASSOCIATED IS USING FEDERAL CAPITAL AGGRESSIVELY

Associated Bank of Green Bay, one of Wisconsin's largest banks, plans to do more than just try to survive the recession and loan losses that have plagued banks nationwide.

"We had a choice like anybody else - you could pull back or be aggressive," said Paul Beideman, chairman and chief executive officer of Associated Banc-Corp, the bank's parent company. "You've got to be much more disciplined in this environment and you've got to be more selective. But there's plenty of good business."

ECONOMIC SNAPSHOT - HOME INVENTORY LEVELS VARY BY PRICE RANGE

As of Jan. 31, there was 7.7 months of inventory of single-family homes (excluding condos) listed for sale in Dane County.  Months of inventory is calculated by dividing the active listings (2,575) by the average monthly sales for the preceding 12 months (336).

Around the State and Points Elsewhere
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Unfinished condos might face city action, foreclosure

Now, an unfinished foundation along Howard Avenue next to a real estate sign advertising the development for sale serves as a reminder of a failed project.  For more than a year, development on the site has been at a standstill, and city officials are looking to take action against the owner.  Unfinished condos might face city action, foreclosure. Only three Parkway Square units have sold. When they were constructed about three years ago off Interstate 794, Parkway Square condominiums were supposed to appeal to middle-aged people working downtown. Now, an unfinished foundation along Howard Avenue next to a real estate sign advertising the development for sale serves as a reminder of a failed project. For more than a year, development on the site has been at a standstill, and city officials are looking to take action against the owner.

Tiff brews over lack of TIF funding for new restaurant

Tiff brews over lack of TIF funding for new restaurant. But city sold corner lot to brew pub developer for just $1. The $2.4 million St. Francis Brewery and Restaurant was tapped out of receiving tax-incremental financing funds. On a 5-1 vote, the St. Francis Common Council rejected a recommendation by the Community Development Authority to give $35,000 to Rick Michalski, the managing member of Lakeside Village Square and Cupol, and his partners on Feb. 3. Lakeside Village Square is the development company for the site. Cupol is the operating firm for the brew pub.

Big-box store likely in southwest Falls

Big-box store likely in southwest Falls. A big-box store is a probability in the southwest area of Menomonee Falls... The Menomonee Falls Plan Commission on Feb. 3 recommended approval of a request by Craig Raddatz of Fiduciary Real Estate to rezone about 19 acres at the southeast corner of Silver Spring Drive and Marcy Road from C-1 Neighborhood Business District to C-4 Suburban Retail Business District. While the C-4 zoning allows for a building to be larger than 20,000 square feet, C-1 zoning restricts the size of buildings to 20,000 square feet.

Proposed food market’s location questioned

Proposed food market’s location questioned. Woodman’s agent says site ‘has great regional linkage’. Anyone who has questioned the location for a proposed Woodman’s Food Market on the village’s far northeast side is not alone.  “My wife and I both looked at (the site) and both asked ‘there?’” said Steve Raymonds, a member of the Menomonee Falls Plan Commission. The commission on Feb. 3 reviewed a conceptual proposal by Woodman’s to build a 238,000-square-foot store on 33.4 acres at the northwest corner of 124th Street and Leon Road. With a goal to open in fall 2010, the store would include a gas station and liquor store and would look similar to Woodman’s locations in Oak Creek and Kenosha.

A game of Pabst Farms Hold ’Em

A game of Pabst Farms Hold ’Em. If Oconomowoc were playing poker, it would be the one guy sitting around the table smiling and trying not to let anyone know about it. At stake in this game of Pabst Farms Hold ‘Em is Oconomowoc’s future. Oconomowoc cannot wait forever, but it has the luxury of being able to sit tight for awhile while the economy self corrects. The tax-incremental financing district, the fiscal tool being used to underwrite improvements at Pabst Farms, is on solid ground, thanks to conservative planning on the part of city fathers. That foresight puts the city in the driver seat.

Moderne condo project will add more apartments

Developer Rick Barrett will soon relaunch his marketing campaign for the Moderne, which would be at the southwest corner of N. Old World Third St. and W. Juneau Ave. The building, which was to feature about 80 condos and a similar number of apartments, has been redesigned for 154 apartments and 33 condos. The Moderne has tentative sales agreements for 11 condos, but three of those prospective buyers might drop out because of the redesign, Barrett said. The million project needs sales agreements for 18 condos to obtain a $40 construction loan.

Wisconsin Tower condo group sues developer

The developer of the downtown Wisconsin Tower condominiums is being sued by the building's condo association, which claims it is owed over $46,000. The Wisconsin Tower Condominium Association filed the suit in Milwaukee County Circuit Court against City Real Estate Development LLC, which is owned by David Leszczynski. The group says City Real Estate owes $46,464 to make up for a shortfall in the association's 2008 budget that covers maintenance expenses at Wisconsin Tower, 606 W. Wisconsin Ave. Leszczynski said he owes money to the association, but less than the amount claimed. He said the dispute stems from a $30,000 bill for repairs to the building's heating, ventilation and air conditioning system. Leszczynski said he wants the association to file an insurance claim to pay for the damage. The 22-story Wisconsin Tower has four commercial condo units and 74 residential units, according to the suit. Along with the commercial units, City Real Estate still owns 12 residential condos, Leszczynski said.

Milwaukee Housing Trust Fund gives $1 million for nine projects - JSOnline

The largest grant, of $250,000, went to Bishop's Creek Family Housing, a project that will produce 55 units of rental housing for low-income earners at a former tannery site on N. 32nd St. A grant of $100,000 was awarded to the MLK Economic Development Corp. A grant of $100,000 was awarded to the MLK Economic Development Corp. for construction of 24 units of rental housing for low-income families. Other groups that received grants include: Dominican Center for Women Inc., $147,000 for owner-occupied housing rehab., Milwaukee Christian Center, $126,000 for housing rehab in multiple locations.  Milwaukee Habitat for Humanity, $100,000 for housing rehab.

STATE BANKS HAVE MONEY TO LEND

Banks in Wisconsin have money to lend, but not enough creditworthy customers, said Kurt Bauer, president of the Wisconsin Bankers Association.  "We don't have a credit crisis in Wisconsin, we have a creditworthiness crisis," he said. "Banks are reflecting the weakness in the economy. We're not causing it."

BANKS HERE ARE STRONG, LENDING

If you believe everything you read or hear from the national media about the economic crisis, you will be surprised by the following statement: Rumors of the banking industry's demise have been greatly exaggerated. Wisconsin banks didn't cause the current recession. Wisconsin banks continue to be financially strong and have money to lend to qualified borrowers.

HIGH JOBLESS CLAIMS THREATEN FUND POSSIBLE $1.2 BILLION DEFICIT MAY FORCE STATE TO CHANGE PAYROLL TAXES, BENEFITS

With a flood of workers being laid off around the state, Wisconsin's reserve fund for paying jobless claims could see a more than $1.2 billion shortfall by the end of 2010, a state projection shows. The huge year-end deficits expected in the unemployment insurance fund - stretching from this year out to at least 2013 - will likely mean repeated rounds of borrowing from the federal government to ensure the state makes its required payments to the jobless, the report from the Wisconsin Department of Workforce Development projects.

Jobless claims drop slightly, but many still can't find new work

Nearly 5 million Americans continued to draw jobless benefits late last month, and new requests again exceeded 600,00 as companies lay off scores of workers amid a deepening recession. The Labor Department said Thursday that the number of initial jobless benefit claims dropped to a seasonally adjusted 623,000, from an upwardly revised figure of 631,000 the previous week. The latest tally still was above analysts' expectations of 610,000 claims.

SUPER-SIZED GREEN-POWER LINE PROPOSED

A Michigan utility company wants to build what it's calling the Green Power Express, a super-sized transmission line that would link wind-power farms around the Midwest and carry their electricity to urban areas where the power is needed.  The $10 billion to $12 billion proposal by ITC Holdings Corp., of Novi, Mich., would cover 3,000 miles over seven states, including Wisconsin, and could wind up in or near Madison.

Plan would cut Wisconsin's budget shortfall by $675 million

Gov. Jim Doyle and legislative leaders are about to unveil a plan that would cut the state's three-year current budget shortfall by $675 million and take steps to try to boost the states' economy... "This bill is an investment in Wisconsin economy and its workers," Doyle said in a statement. The plan would cut state spending by $125 million, secure $900 million in new federal money through a tax on hospitals, preapprove $300 million in spending of federal stimulus money on infrastructure projects and bring in $22.6 million by June by making it more difficult for companies to shelter income in and out of state subsidiaries.

Anchor chairman to step down; new lead director is named

Douglas Timmerman will step down as chairman and chief executive officer sometime during the third quarter this year, Anchor BanCorp Wisconsin announced Monday.  The Madison bank holding company is the parent of AnchorBank. Timmerman will remain on the board of directors and will continue to perform consulting services for the duration of his contract, the company said. The announcement also said the board appointed David Omachinski, a current board member, to serve as lead director, which is a new position

State's minimum gas-price law ruled unconstitutional

A federal judge has declared Wisconsin’s 70-year-old minimum markup on gas unconstitutional, a decision that might save drivers money at the pump, but supporters fear it could put smaller dealers out of business.  The state must stop enforcing the mandatory markup on gas because it illegally restricts trade, said Rudolph Randa, chief judge of the Eastern District of Wisconsin. Randa’s decision came Wednesday in a lawsuit filed by Flying J, a Utah company that runs travel plazas in Black River Falls and Oak Creek.

GREAT EXPECTATIONS GREAT WOLF SAYS IT WILL BE POISED FOR BIG GROWTH WHEN ECONOMY IMPROVES

The stock price has plummeted, there was a proxy fight for seats on the company's board of directors and an economic downturn has families in all income brackets re-evaluating vacation plans. Madison-based Great Wolf Resorts also has had trouble refinancing a construction loan for one of its Ohio resorts and late last year closed its Great Wolf Lodge in Lake Delton for 10 days due to a lack of business.

THREE RESORTS ARE ALREADY IN THE WORKS

Great Wolf Resorts has letters of intent to build three waterpark resorts, all of them at major tourist destinations. Construction dates have not been announced.

Lake Lanier , Ga., near Atlanta. Great Wolf has a letter of intent with the city of Cummings to build a resort on the shores of the lake, constructed by the U.S. Army Corps of Engineers in the 1950s. The lake has 692 miles of shoreline and is visited by more than 7 million people a year.   Mall of America, Bloomington, Minn. In 2007, Great Wolf signed a letter of intent to build a resort as part of a proposed $2 billion, 5.6 million-square-foot expansion of the mall, which has more than 520 stores.

BUILDING GROUP HEAD SEES HOME SALES ON UPSWING MIKE VILSTRUP SAYS INVENTORY OF HOMES ON MARKET HAS DROPPED.

Spending a summer working for a Colorado builder gave Mike Vilstrup his first taste of the home construction industry.   After he later was laid off by a Baraboo contractor, Vilstrup found more permanent work at Fish Building Supply in Madison, where over more than 25 years he worked his way up to store general manager and construction division manager.

SHORT-CIRCUITED BANKRUPTCY AND CLOSURE OF ELECTRONICS GIANT CIRCUIT CITY WILL HAVE A HUGE RIPPLE EFFECT ACROSS THE ENTIRE U.S. ECONOMY

Circuit City will finally flicker out when its remaining 567 stores close this year, but the bankruptcy of the nation's second-largest electronics retailer will ripple across the U.S. economy for years. In its wake will be 18.71 million square feet of vacant space in a faltering real estate market. More than 40,000 workers will be jobless, including 7,000 laid off last year.

FORECLOSURE IDEAS ON TABLE REACTION MIXED TO PROPOSALS AIMED AT CRISIS

The nation's housing crisis has raised a wave of proposals in the state Capitol that supporters say will help homeowners and renters threatened with being turned out of their homes because of unfair or predatory practices.   But though some proposals enjoy wide support, critics argue that others could do little for struggling borrowers and make it harder for future home buyers to get loans.

Wisconsin Realtors Association

There was good and bad news for Wisconsin's housing market in 2008. While housing sales fell significantly last year as a result of the national financial turmoil and recession, home prices remained stronger than in many parts of the country, falling only modestly according to the year-end analysis of existing home sales conducted by the Wisconsin REALTORS® Association (WRA).

Pick 'n Save to move Good Hope Road store

Roundy's Supermarkets Inc. plans to move its Pick 'n Save store at 7830 W. Good Hope Road, Milwaukee, to the former Home Depot building at 7401 W. Good Hope Road. "All I will say … is that we have signed a lease for this project, yet there is still much work to be done," said Roundy's spokeswoman Vivian King.

Columbia St. Mary's to cut 54 more jobs

Columbia St. Mary's Health System announced today it will eliminate 54 jobs over the next three months within its Patient Financial Services division.  Thee jobs to be eliminated provide services such as billing, insurance verification and financial transactions. The services will continue to be provided through Accretive Health, a firm Columbia St. Mary’s has contracted with to co-manage its revenue cycle operations.

West Allis shopping center to add access to Summit Place

Ramco-Gershenson Properties Trust is planning a $9.5 million remodeling of the West Allis Towne Centre shopping center. Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust, real estate investment trust (REIT), is planning a $9.5 million remodeling of the West Allis Towne Centre shopping center at 6740-6800 W. Greenfield Ave.

Big-box store likely in southwest Falls

Big-box store likely in southwest Falls. A big-box store is a probability in the southwest area of Menomonee Falls. The Menomonee Falls Plan Commission on Feb. 3 recommended approval of a request by Craig Raddatz of Fiduciary Real Estate to rezone about 19 acres at the southeast corner of Silver Spring Drive and Marcy Road from C-1 Neighborhood Business District to C-4 Suburban Retail Business District.

Aldermen against regulation

Aldermen against regulation. A proposed ordinance that would regulate clear cutting within 1,000 feet of the Lake Michigan bluff and ravines and within 300 feet of the Milwaukee River didn’t fly with Mequon Common Council members. Discussing the proposal as a Committee of the Whole on Feb. 10, every alderman, except Pam Adams, used the opportunity to take a verbal swing at what most said was an overextension of the city’s role. In January, a property owner on Lake Michigan removed all the trees and shrubs in an area along the bluff and down the ravines. Director of Community Development Kim Tollefson prepared the draft ordinance after consultation with the Southeastern Wisconsin Regional Plan Commission and the Department of Natural Resources.

Senior apartment complex plans move forward

Senior apartment complex plans move forward. Jewish Family Services anticipates starting construction on a three-story, 66-unit senior apartment complex called Deerwood Crossing in May, pending Brown Deer Village Board approval Feb. 23. The Beautification Committee and Building Board also will have to approve landscaping and building plans, respectively, prior to the start of construction.

TIF funds help pay for traffic signal at dangerous crossroad

TIF funds help pay for traffic signal at dangerous crossroad. Location has long history of traffic accidents, heavy use. Citing the project’s benefit to public safety, Germantown has agreed to split the cost of improving the intersection of Mequon Road and Legend Drive with Devo Properties. Citing the project’s benefit to public safety, Germantown has agreed to split the cost of improving the intersection of Mequon Road and Legend Drive with Devo Properties. The Village Board on Feb. 2 decided to reimburse the developer $6,875 of the $13,749 cost of improvements made last summer as part of the transformation of the former Washington Square Mall into Sendik’s Village Center, W15800 Mequon Road.

Rezoning for Hyatt hotel approved

Rezoning for Hyatt hotel approved. The city of Brookfield’s Plan Commission on Feb. 9 approved rezoning a three-acre parcel of land on Executive Drive where a Pennsylvania developer plans to build a $20 million Hyatt Summerfield Suites hotel. Pittsburgh-based Oxford Development plans to build a 129-suite extended-stay hotel on the southern end of Executive Drive west of Brookfield Square. The proposed hotel site is on the west side of the road north of the current Allstate property. The rezoning to an overlay “cluster suburban” district would establish setbacks and offsets for the building, parking lot and trash container enclosures.

Sonic wants to launch drive-in here

Sonic wants to launch drive-in here. City considers needed zoning amendment. Oak Creek could soon be home to the second Sonic drive-in restaurant in Wisconsin. The Plan Commission on Feb. 10 approved a zoning text amendment that paved the way for the applicants to receive a conditional-use permit needed to operate the drive-through, proposed for 8081 S. Howell Ave. The text amendment stipulates that in order for a conditional-use permit to be granted to restaurants without indoor dining areas, such as Sonic, the development would have to be at least 1 acre and include a permanent structure at least 1,500 square feet in size, an outdoor dining area, sufficient parking and public restrooms

CDC nixes moving fire station homes

CDC nixes moving fire station homes. Not owning properties, other details cited for rejecting proposal. The Wauwatosa Community Development Committee on Feb. 10 ruled out a resident’s request to raze and relocate houses from the future fire station site on Underwood Avenue.  Committee members cited applicant Mark Rider’s inability to gain property ownership and attain a bond as two large hurdles he has not been able to overcome in a timely manner. They also voiced confusion over a last-minute alternative to the proposed plan that brought relocation at North Avenue and Met-to-Wee Lane instead of Underwood Avenue. “I haven’t heard a firm proposal through all of this,” Alderman Dennis McBride said.

Harley slices dividend 70%

Harley-Davidson Inc. slashed its dividend more than two-thirds Thursday as the motorcycle company strives to preserve cash and weather a downturn in consumer spending.  Harley's board of directors approved a cash dividend of 10 cents a share for the first quarter of 2009, a cut of 70% from the quarterly dividend of 33 cents paid Dec. 30. Reducing the dividend, which Harley has raised regularly, preserves about million, according to the company. "The board's action on the first-quarter dividend reflects our objective to return value to shareholders, even as we prudently manage the business in these challenging economic times," Chief Executive Officer Jim Ziemer said in a statement.

Apartments approved for Tosa site

A proposal for 148 apartments at the former Derse Inc. site, 1234 N. 62nd St., Wauwatosa, has been approved by that city's Plan Commission.

Large distribution center proposed for south side - JSOnline

Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development, including stores, hotels, offices, condos, apartments and industrial buildings. Large distribution center proposed for south side.  Linder Logistics LLC wants to build a distribution center with around 107,000 square feet on 4.6 acres.

Unfinished St. Francis condos cause concerns - JSOnline

When they were constructed about three years ago off Interstate 794, Parkway Square condominiums were supposed to appeal to middle-aged people working downtown. Now, an unfinished foundation along Howard Avenue next to a real estate sign advertising the development for sale serves as a reminder of a failed project. For more than a year, development on the site has been at a standstill, and city officials are looking to take action against the owner.

Facing heavy criticism, Associated Bank cancels Puerto Rico trip - JSOnline

Battered by heated reaction from shareholders, politicians and the general public, CEO Paul Beideman on Thursday abruptly nixed a planned five-day excursion next week to a posh Caribbean resort for 100 top-performing staffers. The folks at Associated Bankcan forget about packing their bikinis and Bermuda shorts. They won't be getting their midwinter party in Puerto Rico, after all. Battered by heated reaction from shareholders, politicians and the general public, CEO Paul Beidemanon Thursday abruptly nixed a planned five-day excursion next week to a posh Caribbean resort for 100 top-performing staffers.

New construction

Construction began this week on a $5 million youth soccer complex in Germantown.

Area home sales down 32.2 percent in January

Home sales in the Milwaukee area were down 32.2 percent in January, compared to January of 2007.

Investors ignore upbeat retail report for January

U.S. retailers surprised analysts with a 1-percent increase in sales in January, but investors weren't impressed and the stock market continued to fall this morning.  The slight increase reported by the U.S. Commerce Department marked the first increase since June and the largest percentage increase since November 2007.

Development News for the week 2/1/09 to 2/6/09
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FRAT HOUSE PROPOSAL FAILS IN CITY COUNCIL VOTE

By the slimmest of margins, Madison's City Council voted Tuesday night against a downtown project that partnered a fraternity house with a local developer.

The development paired historic renovation developer the Alexander Co. with the Acacia House, 222 W. Langdon St., in order to bring much-needed improvements to the historic building. The plan involved turning the house into a combined fraternity and apartment building and adding an 18-unit apartment building behind the historic building on a gravel parking lot.

SPECTRUM FILES FOR BANKRUPTCY COMPANY MAKES DEAL TO CUT ITS DEBT, WILL CONTINUE TO OPERATE

In a move some observers and investors have predicted for months, Spectrum Brands filed for bankruptcy reorganization Tuesday with a deal that will eliminate one-third of its $2.6 billion of debt.

But the Atlanta parent of Madison-based Rayovac and Remington brands isn't going out of business. Rayovac batteries, Remington hair dryers and Cutter insect repellent will still be sold in stores nationwide, and the company is not closing operations in Wisconsin or elsewhere, officials said.

ANCHOR GETS $110 MILLION IN TREASURY CASH

Anchor BanCorp Wisconsin said Monday it issued 110,000 shares of its senior preferred stock to the U.S. Treasury Department in return for $110 million in cash, effective last Friday. Anchor also issued a warrant to the Treasury Department to buy up to about 7.4 million shares of common stock at a price of $2.23 a share.

The Madison bank holding company's common stock is traded on the Nasdaq market under the symbol ABCW. The stock closed Monday at $2.03 per share, up 1 cent from Friday's close. AnchorBank is a wholly owned subsidiary of Anchor BanCorp.

Anchor Bank takes $72 million charge, but gains boost from Treasury

Madison-based Anchor BanCorp Wisconsin Inc. (ABCW) today announced it will incur a charge of $72 million for declining asset values, event though the company has issued 110,000 shares of its senior preferred stock, Series B, to the U.S. Department of the Treasury in return for $110.0 million in cash.
In addition, ABCW issued a warrant to Treasury to purchase up to 7.4 million shares of ABCW common stock at an exercise price of $2.23 per share.
This transaction is part of the Treasury's Capital Purchase Program, which is designed to infuse capital into the nation's healthiest and strongest banks.
Douglas Timmerman, president and chief executive officer, said ABCW will downstream proceeds to its wholly-owned subsidiary, AnchorBank, where they will be used to make additional funds available for residential and consumer lending and to strengthen the bank's capital position.

Sonic Foundry cuts losses by more than half

Focusing on the education and training market has helped Sonic Foundry cut its losses by more than half, compared to a year ago, the Madison tech company said Thursday...
Sonic Foundry, whose Mediasite products are used for Web broadcasts and archiving, reported a $1.2 million net loss for the October-December 2008 quarter, or 3 cents a share, on $4 million in revenue.

Cummins layoffs hit Stoughton

The drumbeat of layoffs has hit the Cummins Emissions Solutions plant in Stoughton, the former Nelson Industries. About 15 engineers and sales professionals were let go there this week as part of a larger cutback throughout Cummins' global operations, said spokesman Mark Land.  Cummins makes exhaust systems and components for a variety of engines used both on and off the highway. The company said slumping truck sales have hurt business and forced the staffing reductions.

Madison area jobless rate up to 4.2% in December

The Madison area's unemployment rate climbed to 4.2 percent in December, up from 3.4 percent a year ago, but the local job picture remains better than the state and a nation as a whole.  Wisconsin's jobless rate was 5.8 percent in December, compared to a national rate of 7.1 percent. A year ago, the state unemployment rate was 4.6 percent and the national rate was 4.8 percent.  In Wisconsin, the Janesville area had the highest jobless rate at 8.1 percent, up from 5.1 percent in 2007, according to figures released Wednesday by the U.S. Department of Labor.

Savers will open Thursday on Zeier Road

Savers Thrift Store will open a 31,000-square-foot store Thursday at 2002 Zeier Road in the former Gander Mountain location on the Far East Side. It will mark the fourth Wisconsin location for Savers, which also has stores at 7333 West Towne Mall Way in Madison and in Appleton and Eau Claire. The Bellevue, Wash., company has more than 200 locations.

Campus Street Sportswear buys Steve & Barry's on State Street

Call them crazy for buying a bankrupt retail store amid the toughest economy in a generation. But the owners of Campus Sportswear think the concept of selling sweats, T-shirts and hats to college kids remains a sound business model.  Local businessman Mark Dunbar and two partners have purchased the leases of former Steve & Barry's stores, one in Madison and one in East Lansing, Mich. They now operate as Campus Street Sportswear. 

State headlines: Banks demand payments for Overture Center project

Banks that loaned money to build the Overture Center in Madison are demanding a new debt repayment plan and are raising the possibility of foreclosure on the $205 million arts facility. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at …

Final phase of East Wash rehab to start Monday

The last piece of the East Washington Avenue construction puzzle will finally be put into place beginning Monday with the rebuilding of the interchange and bridge with Wisconsin 30.  Roadway work on the $18.8 million project is expected to be completed by Dec. 1, with landscaping work scheduled in spring 2010. 

FORECLOSURE FILINGS ROSE IN 2008 FOR TWO REASONS PREDATORY LENDING AND ABANDONED SECOND HOMES LED TO THE INCREASE.

One explanation doesn't fit all when it comes to pinning down the reason for last year's increase in Wisconsin foreclosure filings.

Second-home buyers abandoning their properties boosted the totals in some counties while predatory lending was responsible for the increases in others, said Andy Lewis, a UW-Extension community development specialist who has researched Wisconsin foreclosures.

GROWTH PLAN THREATENS BELOVED HORSE STABLE CHAMGOMG THE ZONING OF LIBERTY STABLES COULD UNDERMINE THE LAND-USE PLAN, LEAVING THE DOOR OPEN FOR OTHER EXCEPTIONS

The Dane County Board faces a tough zoning decision that pits a town land-use plan against a group of teenage girls who love horses.

The ongoing zoning battle between a town of Verona horse trainer and her neighbors could have implications for the Dane County Board's year-old comprehensive plan, a document that guides the county's zoning policies.

PLENTY OF SALES, BUT SUPPLY HAS OUTPACED DEMAND

Given all the recent bad economic news, it would be easy to conclude that the local housing market is as frozen as Lake Mendota.   Certainly, the Dane County is down, but people are still buying and selling homes.    

Around the State and Points Elsewhere
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DAVID AND GOLIATH CREDIT UNIONS DUKE IT OUT WITH BANKS OVER MARKET SHARE

The new home of the Wisconsin Credit Union League sits directly across the street from the State Capitol, commanding a front-row view of the great marble dome.

It's not by accident.   Opened in early January, the office at 1 E. Main St. is designed to give credit union backers a place to talk strategy, host events or meet with government officials. The league had long been located in Pewaukee, west of Milwaukee.   The move into the "Block 89" building also comes as credit unions and banks continue to compete for the roughly $180 billion in assets held by Wisconsin's financial institutions. Although no legislation is pending this session, credit unions want to protect their turf - not to mention their nonprofit status.

PINK-SLIP PROCESSION GROWS LAYOFFS RISE AS RECESSION RUNS RAMPANT

Layoffs are rising as the recession rips through the country, with retailers, banks, factories and others cutting costs ever deeper this week. It's inflicting a painful toll on workers, and there's little relief in sight.   The latest round of pink slips and cost-cutting measures came Tuesday on the heels of tens of thousands of layoffs ordered by a slew of companies last week alone.

Alliant reports drop in revenue and earnings   

Alliant report drop in revenue and earnings. Alliant Energy’s profits dropped 46 percent in 2008, hampered by massive floods in Iowa, and a growing list of factory cuts in Wisconsin.  Alliant will decide by the end of February if it will ask regulators for an emergency rate hike for Wisconsin Power & Light customers.

"It is understandable that our customers find it frustrating that the economic hardships many of them are experiencing could, in turn, compel us to increase their electric bills," Alliant chief financial officer Pat Kampling told a conference call with analysts Thursday.

Senators try trimming economic stimulus bill  

Senators try trimming economic stimulus bill. A group of moderate senators continued negotiations Thursday over how to trim an economic stimulus bill aimed at stemming the economy's spiral.  As the bipartisan group struggled to find a compromise that could gain Senate passage, lawmakers defeated a series of amendments to alter the legislation, including a Republican proposal that offered higher tax cuts and far less spending.

After fitful, secretive talks lasting well into the evening, the would-be compromisers remained shy of agreement, and Majority Leader Harry Reid (D-Nev.) announced they could have another day to work at it.

College seniors lose job offers in poor economy

College seniors lose job offers in poor economy. Naveen Duraisamy's future seemed enviable: Despite a down economy, the engineering student had a job offer from a Fortune 500 company, where he'd start after graduating from the University of Wisconsin-Madison.  Then, days before his Dec. 21 commencement, the international student got an e-mail from his future employer: Caterpillar Inc. had rescinded the job offer, citing uncertain economic times.  With his student visa about to expire, Duraisamy quickly enrolled in classes so he could stay in the country. He began the job search from scratch.

"I was completely shocked," said Duraisamy, 26, a native of southern India. "I didn't know what to say to them."

State’s unemployment fund is running out of cash

Today we hear daily reports of a troubled economy and rising unemployment around the nation and in Wisconsin. Many of us may know a friend or family member recently laid off or worried about losing his or her job in the near future. Our state’s Unemployment Insurance program is available to help displaced workers in times like these.  In fact, in 1932, Wisconsin was the first state in the nation to enact an unemployment insurance plan, in response to the Great Depression when more than 25 percent of the workforce was unemployed.

Johnson Controls' joint venture lands Ford hybrid battery contract

Johnson Controls-Saft will supply the complete battery system for Ford Motor Company's first series production plug-in hybrid electric vehicle (PHEV), which will be introduced in 2012.  Ford announced plans for the battery partnership today at the Washington Auto Show"  This is a great day for the automotive industry in America," said Alex Molinaroli, president Johnson Controls Power Solutions. "Today, nearly all batteries for hybrid electric vehicles are manufactured offshore. As the United States works to build a manufacturing infrastructure and supply base for hybrid and electric vehicles, this contract signals significant progress for our industry here."

Grocery distributor to close Milwaukee center

Abraham & Sons Inc. announced it will close its Milwaukee distribution center at 7500 N. 81st St., beginning on phases on April 10, eliminating 67 jobs.
The closure will be completed when the company's lease expires in September.
The Grand Rapids, Mich.-based regional wholesale food distributor serves convenience stores and small grocers in seven Midwestern states. The company distributes name-brand groceries, health and beauty aids, snacks, store supplies, and tobacco.

More vacant office space in region

As the economy took a dive during the fourth quarter of 2008, more office space in the Milwaukee area was vacated, according to a pair of new office market reports

According to Boston-based Colliers International, whose local affiliate is Colliers Barry, the downtown Milwaukee office space vacancy rate rose from 15.9 percent in the third quarter to 17.5 percent in the fourth quarter. The class A office space vacancy rate downtown rose from 9.6 percent in the third quarter to 12.6 percent in the fourth quarter.

Area's housing values avoid national collapse

Residential property values in the Milwaukee area are holding up better than the rest of the country. – Updated February 4, 2009Two recent reports offer different views of how the Milwaukee's area's housing values are holding up.

However, both reports demonstrate that the residential property values in the Milwaukee area are holding up better than the rest of the country.

The latest report by New York-based Radar Logic Inc. says that the Milwaukee area's residential property sold for $114.78 per square foot during November, up 2.4 percent compared to November of 2007. The Milwaukee area was the only major metro area in the U.S. that had a price increase for its residential real estate, according to the report.

But according to another report by Seattle-based Zillow, the value of residential real estate in the Milwaukee area fell 6.5 percent in 2008. However, that was still better than the United States as a whole, which had residential real estate values decrease by 11.6 percent during the year.

Wisconsin foreclosures still on the rise

The housing market continues to plummet in conjunction with rising job layoffs in Wisconsin, as foreclosure filings increased in January from the previous month.
According to ForeclosureAlarm.com, a real-time notification system of new foreclosure filings in the state, foreclosures in January were the second-highest on record for the Wisconsin, far outpacing those in December. In addition, the January numbers continue a trend in foreclosure escalation over the last year with increases in the number of foreclosures in seven of the past eight months.

South Shore campus proceeds

South Shore campus proceeds. Cousins Center rezoned for Cardinal Stritch. Cardinal Stritch University officials passed the first major hurdle in their quest to establish a $150 million South Shore campus at the Cousins Center and adjacent We Energies property...

Condo association requests breakaway gate - Too much traffic, Stillwater residents say

Condo association requests breakaway gate - Too much traffic, Stillwater residents say. Members of the Stillwater Condominium Association are requesting a breakaway gate to cut down on the amount of traffic through their neighborhood from adjacent subdivisions.. Members of the Stillwater Condominium Association are requesting a breakaway...

Town’s plans on hold while zoning is revised

Town’s plans on hold while zoning is revised. Mixed-use zoning needed before plan moves forward. As Waukesha County nears approval of its long-term comprehensive development plan, the town of Brookfield plans to revisit a rezoning plan for an important commercial section of the town...

Doom & gloom?

Doom & gloom?. While notable retailers are closing stores, Brookfield’s economy seems to be holding. The signs of the troubled economy are everywhere — and not in some distant, far-off sense, either...

DeLucas seek annexation

DeLucas seek annexation. Mario and Diane DeLuca are seeking to annex the land their D&H Construction sits on at W234 S6650 Big Bend Drive from the Town of Vernon to the Village of Big Bend. Their request is pending before the village.. Mario and Diane DeLuca are seeking...

Johnson gets Ford hybrid deal

Johnson gets Ford hybrid deal. Glendale firm to make batteries for plug-in vehicle. Glendale-based Johnson Controls Inc. plans to make batteries for a Ford Motor Co. plug-in hybrid electric vehicle that is to be introduced in 2012...

Delafield city planners reject big housing development - Public hearing raises issues among aldermen

Delafield city planners reject big housing development - Public hearing raises issues among aldermen. Last-minute changes in plans for a residential development rejected by the Plan Commission have raised philosophical issues about what role council members should play in the process of zoning and land-use approvals for development projects.. Last-minute...

St. Francis backs Stritch rezoning

St. Francis backs Stritch rezoning. University would spend $150 million to build new campus. St. Francis - Cardinal Stritch University took a major step Monday toward building a new campus for 1,700 students and 400 employees, winning votes before the Common Council for the rezoning of...

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