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Port bonds graded 'A'
The Tampa Port Authority received an “A” grade on $136 million in revenue bonds by New York-based Fitch Ratings, along with a “stable” ratings outlook.
Fitch stated that financial operations at the Port of Tampa are supported by long-term leases and strong minimum annual guarantees along with an expanding revenue base, underscoring the authority's adaptability during the economic downturn.
While the port has historically relied on high-volume, low-value bulk cargoes such as phosphate and petroleum for the majority of its business, it has expanded its revenue mix over the last decade by including cruise activity and increased container operations.
Bank repaying TARP
Pinellas Park-based First Community Bank Corp. of America said it will pay the U.S. Department of the Treasury $7.2 million to repurchase stock issued under the federal Troubled Asset Relief Program. It will also repay 72% of its cash assets upon the bank's pending sale to Bradenton-based Community Bank & Co., which was announced in February and is expected to close this summer.
First Community issued 10,685 preferred shares and a warrant for 228,312 common shares when it received $10.7 million in TARP funds in December 2008. CBM Florida Holding Co. is paying $10 million for the bank, which will be dissolved with its investors receiving 27 to 35 cents per share.
Publix curbside
Lakeland-based Publix Super Markets declared its curbside grocery service a success after trial runs at stores in Tampa and Atlanta over the last seven months.
The Citrus Park location was part of the test, in which 80% of Publix shoppers who tried the online service became repeat customers. A majority of shoppers also indicated they were willing to pay the $7.99 service charge to be able to pick up groceries within five to 10 miles of their homes.
The service will expand to a second Atlanta store but no other additions are currently planned, a Publix spokeswoman said. Publix remains the dominant grocer in Florida with at least 35% market share.
Nurses join union
Registered nurses at Doctors Hospital of Sarasota approved a move to join a union in a 91 to 52 vote. The nurses, 200 in total, joined the National Nurses Organizing Committee-Florida.
Doctors is the 13th hospital in the state to join NNOC-Florida and the 10th hospital under the corporate management of Nashville-based Hospital Corp. of America. Registered nurses at Fawcett Memorial Hospital in Port Charlotte, another HCA hospital, joined the same union late last year.
The union is an affiliate of National Nurses United, which represents 160,000 registered nurses nationwide. The statewide organization represents 5,000 employees.
Developers propose project
Owners of a vacant former hotel in downtown Bradenton known as the Pink Palace seek $4 million in incentives from the city in a redevelopment project that could cost up to $15 million.
The 115-room hotel, built in the 1920s, has been vacant since 2005. A project to turn the landmark building into condos failed in the recession and the property fell into foreclosure in 2009.
The new owners, however, the Widewaters Group, told city officials they plan to renovate the building and bring in a national hotel flag to run it. The developers will officially present the project to the Downtown Development Authority March 22.
College reaches agreement
The State College of Florida signed an agreement with the U.S. Department of Education to repay more than $3 million in financial aid it gave to students in non-compliance of federal rules.
The Bradenton-based college will pay the government $3.18 million through June 2013. It will make the payments in installments.
The school, formerly Manatee Community College, awarded financial aid in the 2008-2009 school year to more than 1,900 students who weren't qualified.
Arthrex plans expansion
Reinhold Schmieding, founder of surgical-equipment manufacturer Arthrex, says he will announce plans soon to build a 160,000-square-foot facility, at an undisclosed location.
In a recent address to the state Legislature, Gov. Rick Scott says Naples-based Arthrex will hire 150 people every year for the next five years at a new facility.
Several areas are competing for the Arthrex jobs, including Lee and Collier counties. Schmieding says he will announce a decision within 30 days.
Privately held Arthrex is one of the largest companies on the Gulf Coast, with 1,000 employees in Naples and $1 billion in annual revenues forecasted this year.
ASG buys PS'Soft
Naples-based Allen Systems Group says it plans to acquire PS'Soft, part of BDNA Corp., with U.S. headquarters in Mountain View, Calif. Terms of the deal were not disclosed.
ASG helps big companies and organizations manage large amounts of data. The company, founded by Naples entrepreneur Arthur Allen, is privately held and has offices in 70 countries. Revenues totaled $267 million in 2009.
PS'Soft also provides software for data management in large companies, with emphasis on European customers.
Robb & Stucky liquidates
Fort Myers-based furniture retailer Robb & Stucky will conduct a going-out-of-business sale under a court-ordered liquidation. The firm filed for bankruptcy protection on Feb. 18, but failed to find a buyer.
Three firms are managing the sale of $90 million of inventory at the 20 Robb & Stucky stores in Florida, Texas, Arizona and Nevada. The three firms are Hudson Capital Partners, Hyperams and SPCI.
Business leaders pass
Two Lee County business leaders died recently.
Duane Swanson, 71, was the owner of Raymond Building Supply in Fort Myers. Swanson purchased the company in 1978 when he moved to the area from Indiana.
The company is a leading supplier of roof trusses and other housing-related materials.
Gerald Collins, 60, was the founder and president of Trico Ventures, a mergers and acquisition firm in Bonita Springs.
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