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BayWalk wants more time
Management of the BayWalk retail and entertainment complex has asked the St. Petersburg City Council for more time to sign new tenants. Tampa-based Ciminelli Real Estate Services of Florida has overseen BayWalk operations since the property went into foreclosure last year.
At issue is whether the city should let Ciminelli control BayWalk's sidewalks in an attempt to minimize loitering by local teens and protesters. Past problems led several tenants to vacate space at BayWalk, which is now only 20% occupied.
Tom McGeachy, Ciminelli managing principal, told council members the firm is close to signing several new tenants that will provide an improved mix of retail and restaurants to the 10-year-old complex.
Innisbrook losses widen
Financial losses at Innisbrook Resort and Golf Club in Palm Harbor widened over the past year, reflecting similar conditions in the national hospitality market. Salamander Innisbrook LLC posted a net loss of $8.1 million in 2009, following $6.9 million in red ink the prior year.
Revenue at Innisbrook last year totaled $33.1 million, down 5% from $35 million in 2008, Salamander stated in a Securities and Exchange Commission filing. The company noted its financial performance was also impacted by renovations and additions over the last two years.
Salamander, which is controlled by Black Entertainment Television co-founder Sheila Johnson, bought Innisbrook in 2007 for $35 million. Johnson has since invested almost as much into improvements to the 72-hole resort.
Bank heavy in munis
Bank of Tampa is identified as one of the largest banks nationwide to invest in municipal bonds last year. The bank was ranked No. 390 on a 500-bank list compiled by The Bond Buyer and was among seven Florida banks on the trade journal's list.
The list stated that Bank of Tampa held $51.9 million in muni bonds as of Dec. 31. President Bill West said the portfolio reflects its client base, which generally seeks safer investments.
Arthrex sues rival
Naples-based surgical equipment maker Arthrex sued Parcus Medical in federal court for allegedly misappropriating trade secrets, Arthrex officials announced.
Parcus is a Wisconsin-based company formed by Mark Brunsvold, a mechanical engineer who sold his earlier company to Arthrex and became an employee before leaving and starting Parcus. Brunsvold declined to comment.
Arthrex is alleging that Parcus intentionally caused former employees to divulge trade secrets and breach their confidentiality agreements. In addition, Arthrex alleges that Parcus interfered with Arthrex' existing business relationships.
Arthrex makes equipment for orthopedic surgeons and posted revenues of $800 million in 2009.
Bank starts offering
After several unsuccessful attempts, Bank of Florida recently launched a secondary stock offering to raise $71.8 million.
The offering, underwritten by Kendrick Pierce at 85 cents per share (symbol: BOFL), is designed to raise capital for the Naples-based company's three subsidiary banks. The banks operate under the name Bank of Florida in Tampa, Naples and Fort Lauderdale.
Bank of Florida says if the offering is unsuccessful, regulators may close the subsidiaries for being inadequately capitalized.
Permits up slightly
Builders in Lee County pulled permits for the construction of 51 single-family homes in March, more than double the 20 they pulled in the same month a year ago.
It was a rare year-over-year increase. The value of the homes for which permits were pulled in March was $9.8 million, or an average of $192,000, according to the Lee County Department of Community Development.
County faces allegations
Two groups already suing Sarasota County for allegedly negotiating outside open records laws with the Baltimore Orioles over spring training sites have brought a new allegation: Bid rigging.
The groups claim that in the effort to woo the Orioles from Fort Lauderdale, county officials allowed the company that eventually won a contract to write some of the language in the request for proposal forms. In an amendment filed in the case, attorneys for the groups, Sarasota Citizens for Responsible Government and Citizens for Sunshine, claim that the county's procurement code forbids that type of contact.
A county official says it's not unusual for the county to seek help in writing certain proposal requests because companies generally have more experience in the minutiae of the matter, the official said.
Sarasota names mayor
The city of Sarasota officially named Kelly Kirschner as mayor. The April 15 appointment follows a decades-long custom in the city whereby the vice mayor gets to serve as mayor for a year. The city's mayor is a City Commissioner and isn't elected separately by voters. The position is mostly ceremonial.
Kirschner succeeds Dick Clapp as mayor. Kirschner's father, Kerry Kirschner, was mayor of Sarasota in the late 1980s. The elder Kirschner now runs the Argus Foundation in Sarasota.
Districts propose cuts
Sarasota and Manatee school officials are seeking ways to cut a combined $25 million from their respective annual budgets.
The proposed cuts in Sarasota County, for about $14 million, come one month after voters approved the continuation of a property tax that will add $40 million to the district's annual budget. Most of those tax funds go to teacher salaries and raises, while potential cuts will come in a variety of other areas, including middle school sports programs and custodial services.
Manatee County school district officials are also discussing where and how much to cut due to a projected $10 million shortfall in funding from the tentative state budget.
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