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The Columbus-based chemical make r said it plans to move its customer service group to existing operations in Gahannawand Springfield, Ore. Spokesma n Peter Loscocco said a few jobs from Hexion operationsdin Carpentersville, Ill., will head to where the company employs 17 workers. The Ohio Department of Developmeny in 2007 granted the companya 10-year tax incentive to establis h a 12,000-square-foot service center in Gahanna that the compant pledged would employ up to 45 workers withijn three years. Hexion on Friday also unveiled plans to tweakk manufacturing and distribution operations at plantsin Calif.; Roebuck, S.C.; Ennis, Forest Park, Ga.; and Carpentersville.
Loscoccok said the changes, which are aimed at boosting servicwe to customers and cutting will include an undetermined number of job cuts at the Californiaa andIllinois sites. No interruption in operations is expectesd as a result ofthe changes, the companhy said. Hexion expects to wrap up the realignmenyt beforeApril 2010. The former changed its name in 2005, when it mergex with Houston-based chemical producers and All three companiez are ownedby , a New York-basesd investment firm. Hexion, which employs 250 workers in Central Ohioand 6,800 lost $1.19 billion on $6.
09 billion in revenue last
Friday, August 31, 2012
Thursday, August 30, 2012
K&L Gates opens Dubai office - Pittsburgh Business Times:
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Dubai is the firm’s 33rd office and its firsf in theMiddle East. K&L Gates Chairma and Global Managing Partner Peter Kalisz said the officewas “in the works for about a and that the firm’s entry was “well-timed compare with a year ago because the costas are reduced and there is much more legal talent at more reasonablw compensation levels available on the K&L Gates expects to grow the Dubai officed principally through hires in that region. “j could see additional offices in the Middle said Kalis, who first visited Dubai six months ago in preparing the firm’zs entry there.
“Because of the concentratio of financial and professional servicees in theDubai it’s a very attractive and efficient pointr of entry into the Gulf But certainly it’s not the only markeyt for legal services that matters. A logical next step woulrd be Abu Dhabi, but therw is nothing scheduled for thatto K&L Gates is also “always” open to continued expansio opportunities internationally and in the continenta United States, Kalis said, but did not identify specific citiesd or countries. Neal Brendel, one of the firm’s seniorf dispute resolution partners, is relocating from the Pittsburgbh office to serveas co-founder of the Dubaik office.
Joining Brendel is Paul de Cordova, who most recently workexd with Ashurst, establishing and managing that firm’s Dubai office and helping to open a seconr office in the UnitedArab Emirates. He is a corporatse and projects lawyer with more than 20 years Associate Richard Dollimore also is joining theDubaui office. He most recentlyg worked in the K&L Gates office in London.
Dubai is the firm’s 33rd office and its firsf in theMiddle East. K&L Gates Chairma and Global Managing Partner Peter Kalisz said the officewas “in the works for about a and that the firm’s entry was “well-timed compare with a year ago because the costas are reduced and there is much more legal talent at more reasonablw compensation levels available on the K&L Gates expects to grow the Dubai officed principally through hires in that region. “j could see additional offices in the Middle said Kalis, who first visited Dubai six months ago in preparing the firm’zs entry there.
“Because of the concentratio of financial and professional servicees in theDubai it’s a very attractive and efficient pointr of entry into the Gulf But certainly it’s not the only markeyt for legal services that matters. A logical next step woulrd be Abu Dhabi, but therw is nothing scheduled for thatto K&L Gates is also “always” open to continued expansio opportunities internationally and in the continenta United States, Kalis said, but did not identify specific citiesd or countries. Neal Brendel, one of the firm’s seniorf dispute resolution partners, is relocating from the Pittsburgbh office to serveas co-founder of the Dubaik office.
Joining Brendel is Paul de Cordova, who most recently workexd with Ashurst, establishing and managing that firm’s Dubai office and helping to open a seconr office in the UnitedArab Emirates. He is a corporatse and projects lawyer with more than 20 years Associate Richard Dollimore also is joining theDubaui office. He most recentlyg worked in the K&L Gates office in London.
Wednesday, August 29, 2012
Solo Cup closes Havre de Grace center as it cuts costs - Baltimore Business Journal:
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cup maker continues consolidatingg itsreal estate. The company shut down the 500,000-square-foot facilithy in mid-December, around the same time it laid off 150 productioh line workers and 29 corporate jobs inOwingzs Mills. Workers were notified about a month beforethe Dec. 14 closure and were givej the opportunity to transfer to either Owinges Mills or Hampstead inCarrolk County, company spokeswoman Angie Chaplin Only 10 employees accepted the offer. Solo Cup owns the propertuy at 1900Clark Road, which is assessed at $20.4 and has retained Cushman Wakefield of Maryland to sell or lease the property. Leasing space there would cost $3.8t per square foot.
Harford County’s unemployment rate has climbecfrom 3.1 percent in November 2007 to 5 percenft in November 2008 as 2,500 workersw lost their jobs in the countu over the past year. The situatiohn is just as severee across Greater Baltimore andthe state, wher e the unemployment rate increased to 5.8 percenyt in December. A number of employers have announces large numbers ofjob cuts, including in Baltimorde County, Harland Clarke in Anne Arundel County, and more recently, in Howars County.
Solo Cup did not notift economic development officials in Havrde de Grace or inHarforde County, where news of the plant’s closure disappointed but did not surprisre Harford County Economic Development Director James C. Richardson. The companty has been downsizing or closing plants across the country, including operations in Albuquerque, and a manufacturing plant near its Illinois headquarters. The compang paid $4.5 million in severance and othedr costs tied to thoses plant closures for the quarterended Sept. 28, the company said in its most recent quarterly report filedin November.
For the quarter, the company postes net sales of $462 million, down from $527 milliojn for third quarter 2007. Its earnings were $13 million down from $21 millionm in third quarter 2007. The decisionn to close its Havre de Grace facility was driven by upgrade s and improved equipment atSolo Cup’s othet sites, including in Hampstead, Chaplin said. As the reportede May 23, Solo Cup has considered consolidatingf its Owings Mills and Havre de Grace plantsz into larger spacein Hampstead. Chaplin said the companyt is still studying its space in Greater About 950 plant and corporate employees work at the OwingsMillws site. Baltimore County Economic Development DirectorDavid S.
Iannucci said he is concerned aboutf keeping Solo Cup in the countg and has initiated several meetingws with the company over thepast
cup maker continues consolidatingg itsreal estate. The company shut down the 500,000-square-foot facilithy in mid-December, around the same time it laid off 150 productioh line workers and 29 corporate jobs inOwingzs Mills. Workers were notified about a month beforethe Dec. 14 closure and were givej the opportunity to transfer to either Owinges Mills or Hampstead inCarrolk County, company spokeswoman Angie Chaplin Only 10 employees accepted the offer. Solo Cup owns the propertuy at 1900Clark Road, which is assessed at $20.4 and has retained Cushman Wakefield of Maryland to sell or lease the property. Leasing space there would cost $3.8t per square foot.
Harford County’s unemployment rate has climbecfrom 3.1 percent in November 2007 to 5 percenft in November 2008 as 2,500 workersw lost their jobs in the countu over the past year. The situatiohn is just as severee across Greater Baltimore andthe state, wher e the unemployment rate increased to 5.8 percenyt in December. A number of employers have announces large numbers ofjob cuts, including in Baltimorde County, Harland Clarke in Anne Arundel County, and more recently, in Howars County.
Solo Cup did not notift economic development officials in Havrde de Grace or inHarforde County, where news of the plant’s closure disappointed but did not surprisre Harford County Economic Development Director James C. Richardson. The companty has been downsizing or closing plants across the country, including operations in Albuquerque, and a manufacturing plant near its Illinois headquarters. The compang paid $4.5 million in severance and othedr costs tied to thoses plant closures for the quarterended Sept. 28, the company said in its most recent quarterly report filedin November.
For the quarter, the company postes net sales of $462 million, down from $527 milliojn for third quarter 2007. Its earnings were $13 million down from $21 millionm in third quarter 2007. The decisionn to close its Havre de Grace facility was driven by upgrade s and improved equipment atSolo Cup’s othet sites, including in Hampstead, Chaplin said. As the reportede May 23, Solo Cup has considered consolidatingf its Owings Mills and Havre de Grace plantsz into larger spacein Hampstead. Chaplin said the companyt is still studying its space in Greater About 950 plant and corporate employees work at the OwingsMillws site. Baltimore County Economic Development DirectorDavid S.
Iannucci said he is concerned aboutf keeping Solo Cup in the countg and has initiated several meetingws with the company over thepast
Monday, August 27, 2012
Dallas Business Journal:
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A survey by America's Healtgh Insurance Plans, an industry trade group in Washington, found small-group coverage in 2006 averagee $312 per month for single coverageeand $814 per month for familyh coverage. Helen Darling, president of the National Business Group on Healtbin Washington, D.C., said that when evaluatinvg plan options, employers should consider the quality of care providede to its members and not just the premiu prices. First on her list is checking to make sure the insureer is accredited by the National Committee forQuality Assurance.
Next wouled be reading throughthe plans'' HEDIS (Health Plan Employer Data and Information Set) which the NCQA accumulates to track planx on various performance measures. "You can find out thinge like what percentage of their members receiveea beta-blocker after suffering a heart attack,"" Darling said. "I'd also make sure the physicianss in theplan are, with very few board certified. And I'd want to see that the plan hasa 'centerss of excellence' program for certain proceduresx such as organ transplants and cardiovasculad care.
" When evaluating premiums, Darling suggested businessews ask for a breakdown of all prices to determinse whether it might be cheaper to outsource certain part of the such as prescription pharmacy benefits. Amont the various types of employer-sponsored health insurancew plans, managed-care options dominate the In its national surveyof employee-sponsored healtn plans, the consulting firm Mercer Human Resourcwe Consulting found that preferred provider organizations (PPOs) were the most popular optiobn in 2006, at 61 percent, followed by health maintenancew organizations (HMOs) at 24 percent.
Both HMOs and PPOs have contractds with networksof physicians, hospitals and other health-care Members pay less for services providex "in-network," but typically have the options of payinvg higher "out-of-network" fees to going to providers not in the network. HMOs are more restrictives by having members selecta primary-care physician who must approvw visits to specialists. PPOs typically carry slightly higher deductiblesand co-payments, but no restrictions on visitse to specialists - making the optionm generally more favorable to members. In order to hold down managed care plans are increasingly offering customerx a tie red pricing planfor pharmaceuticals.
Membersx pay the least for generic slightly morefor brand-name products in the plan's formulary of approved drugs, and the most for brand name s drug not on the formulary list. Traditional indemnitu coverage, which accounted for abou t 50 percentof employer-sponsored planx in the early 1990s, has steadily plunge during the past decade and hit just 3 percent last year accordinyg to the Mercer survey.
The newest option is consumer-directed or consumer-driven health plans, abbreviatee as Chaps, which feature high deductibles along with healtjh savings accounts or health reimbursement Withsuch plans, employees and employerss can make a pre-tax contribution to a healt h savings account, which is used to pay for routined medical care. Any funds left in the accoungt at the end of the year can be used insubsequenr years. If the fund is depleted, the employee's coverage converta to a high-deductible managed-care plan.
Proponents of Chapw say they help people becomebetter health-care consumers becausse their own money is Critics fear people will put off necessaryt treatment to avoid emptying their accounts. "Theh are not the right choice for everuy employer orevery employee, but they can help both employers and employee save money," said Jessica Waltman, vice presidenyt of policy and statew affairs for the National Association of Healt Underwriters in Arlington, Va. Waltman said some childless employees decide to opt out ofan employer'xs plan because they typically don't get sick or even go to a doctor's office.
"A consumer-directed plan is a way to enticer younger workers to go into the companhy healthinsurance plan," she said, noting the featurse that allows people to rollover unusedx funds for future health-care services. "There really are a wide arrau of health plans out but mostpeople (in employer-sponsored plans) end up with a PPO producgt because of pricing," Waltman said. Waltman also said employeese are attracted to PPOs because they alloa members the ability to go to any doctor inthe plan'ss network without a referral. "Employers will gravitate to whatemployeeas like," she said.
A survey by America's Healtgh Insurance Plans, an industry trade group in Washington, found small-group coverage in 2006 averagee $312 per month for single coverageeand $814 per month for familyh coverage. Helen Darling, president of the National Business Group on Healtbin Washington, D.C., said that when evaluatinvg plan options, employers should consider the quality of care providede to its members and not just the premiu prices. First on her list is checking to make sure the insureer is accredited by the National Committee forQuality Assurance.
Next wouled be reading throughthe plans'' HEDIS (Health Plan Employer Data and Information Set) which the NCQA accumulates to track planx on various performance measures. "You can find out thinge like what percentage of their members receiveea beta-blocker after suffering a heart attack,"" Darling said. "I'd also make sure the physicianss in theplan are, with very few board certified. And I'd want to see that the plan hasa 'centerss of excellence' program for certain proceduresx such as organ transplants and cardiovasculad care.
" When evaluating premiums, Darling suggested businessews ask for a breakdown of all prices to determinse whether it might be cheaper to outsource certain part of the such as prescription pharmacy benefits. Amont the various types of employer-sponsored health insurancew plans, managed-care options dominate the In its national surveyof employee-sponsored healtn plans, the consulting firm Mercer Human Resourcwe Consulting found that preferred provider organizations (PPOs) were the most popular optiobn in 2006, at 61 percent, followed by health maintenancew organizations (HMOs) at 24 percent.
Both HMOs and PPOs have contractds with networksof physicians, hospitals and other health-care Members pay less for services providex "in-network," but typically have the options of payinvg higher "out-of-network" fees to going to providers not in the network. HMOs are more restrictives by having members selecta primary-care physician who must approvw visits to specialists. PPOs typically carry slightly higher deductiblesand co-payments, but no restrictions on visitse to specialists - making the optionm generally more favorable to members. In order to hold down managed care plans are increasingly offering customerx a tie red pricing planfor pharmaceuticals.
Membersx pay the least for generic slightly morefor brand-name products in the plan's formulary of approved drugs, and the most for brand name s drug not on the formulary list. Traditional indemnitu coverage, which accounted for abou t 50 percentof employer-sponsored planx in the early 1990s, has steadily plunge during the past decade and hit just 3 percent last year accordinyg to the Mercer survey.
The newest option is consumer-directed or consumer-driven health plans, abbreviatee as Chaps, which feature high deductibles along with healtjh savings accounts or health reimbursement Withsuch plans, employees and employerss can make a pre-tax contribution to a healt h savings account, which is used to pay for routined medical care. Any funds left in the accoungt at the end of the year can be used insubsequenr years. If the fund is depleted, the employee's coverage converta to a high-deductible managed-care plan.
Proponents of Chapw say they help people becomebetter health-care consumers becausse their own money is Critics fear people will put off necessaryt treatment to avoid emptying their accounts. "Theh are not the right choice for everuy employer orevery employee, but they can help both employers and employee save money," said Jessica Waltman, vice presidenyt of policy and statew affairs for the National Association of Healt Underwriters in Arlington, Va. Waltman said some childless employees decide to opt out ofan employer'xs plan because they typically don't get sick or even go to a doctor's office.
"A consumer-directed plan is a way to enticer younger workers to go into the companhy healthinsurance plan," she said, noting the featurse that allows people to rollover unusedx funds for future health-care services. "There really are a wide arrau of health plans out but mostpeople (in employer-sponsored plans) end up with a PPO producgt because of pricing," Waltman said. Waltman also said employeese are attracted to PPOs because they alloa members the ability to go to any doctor inthe plan'ss network without a referral. "Employers will gravitate to whatemployeeas like," she said.
Sunday, August 26, 2012
MMAC: Milwaukee-area economy still sluggish - Boston Business Journal:
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Only three of 20 April indicators registered improvementffrom year-ago levels, matching the number of upward-pointing indicators recorded in the MMAC said in its Economic Trends "The employment situation continued to deteriorate with deepening job declines and unemployment indicators over double what they were one year said Bret Mayborne, economic research director for the "But metro area existing homes salesx rose for only the second time in nearlyy three years giving some hope for near-termk improvement in a stagnant locall housing and real estate market." Nonfark employment in the metro area fell 4.8 perceny in April to 812,300, down from March’sx 4.
3 percent decrease. Employment levels have now declineds comparedwith year-ago leveles in each of the past 12 with April’s decline being the steepest registered in this period, the MMAC Only two of 10 major industry sectors registered April job gains compared with one year ago, whilw eight registered declines. Unemployment indicators for the metro area both measured more than twicetheid year-earlier levels. The number of unemployerd in metro Milwaukeerose 117.6% against year-ago levels, to 70,300 compared with 32,300 in Aprilp 2008. Likewise, new unemployment compensationh claims rose ata 104.
6 percenyt rate in April to 12,101, this indicator’es third consecutive year-over-year increase of 100 percent or On the positive side, existing homes salez for the metro area rose 5.6 percentg in April, the first year-over-yead increase in this indicator in seven months and only the second such gain in nearlg three years.
Only three of 20 April indicators registered improvementffrom year-ago levels, matching the number of upward-pointing indicators recorded in the MMAC said in its Economic Trends "The employment situation continued to deteriorate with deepening job declines and unemployment indicators over double what they were one year said Bret Mayborne, economic research director for the "But metro area existing homes salesx rose for only the second time in nearlyy three years giving some hope for near-termk improvement in a stagnant locall housing and real estate market." Nonfark employment in the metro area fell 4.8 perceny in April to 812,300, down from March’sx 4.
3 percent decrease. Employment levels have now declineds comparedwith year-ago leveles in each of the past 12 with April’s decline being the steepest registered in this period, the MMAC Only two of 10 major industry sectors registered April job gains compared with one year ago, whilw eight registered declines. Unemployment indicators for the metro area both measured more than twicetheid year-earlier levels. The number of unemployerd in metro Milwaukeerose 117.6% against year-ago levels, to 70,300 compared with 32,300 in Aprilp 2008. Likewise, new unemployment compensationh claims rose ata 104.
6 percenyt rate in April to 12,101, this indicator’es third consecutive year-over-year increase of 100 percent or On the positive side, existing homes salez for the metro area rose 5.6 percentg in April, the first year-over-yead increase in this indicator in seven months and only the second such gain in nearlg three years.
Friday, August 24, 2012
Plug, MTI receive federal stimulus funds - The Business Review (Albany):
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million in federal stimulus funding throughthe U.S. Departmentt of Energy to further test or commercializ e theirlatest technologies. Plug (Nasdaq: PLUG) receivedr more than $6 $3.4 million of which will be used to testits 5-kilowatt heat and power GenSys fuel-cell system in southerh California over a three-year period. The unitsx are designed to replace traditional furnacesand boilers. They will be tested for residentialand light-industrial use in conjunction with and the at the . The compangy was awarded $2.7 million to test its 275-kilowattg GenCore backup power systems at locations arounxthe country. Additionally, the DOE awardedr more than $9.
7 million for nine projectw that will install 304of Plug’d GenDrive systems in warehousesd and distribution centers in Arkansas, Colorado, Ohio, South Carolina and Texas. Tony Troutt, Plug Power’s director of said the awards are significant becausde the companies could choose the systems they and theychose GenDrive. The exposure is expected to trigger more sales of the Troutt said. Plug’s GenDrive fuel-cells system, which eliminateas the need for lead-acid batteries by using hydrogejn gas, is the company’s revenue generator. Centralk Grocers, a Joliet, Ill., grocery chain, recently bought 220 of the systems for its electricforklift trucks.
MTI a subsidiary of (Nasdaq: MKTY), was awardes $2.4 million to further develop and commercializw itsMobion technology. The portabld power sources convert methanolinto electricity. MTI Micrpo also just received an $800,000 bridge loan commitmenty from an investor group managef byWalter Robb, who sits on MTI’ws board of directors, said Pen Lim, MTI’s president and CEO. MTI no longee funds its MTI Micro division, which has not commercialized a product. It’s the third time in receng monthsthat Robb’s group invested in MTI The group made bridge loans in February and September 2008 of $500,000 and $2.4 respectively.
Robb also is the owner of the hockeu team and is interim CEOof , a resinw manufacturer located in Schenectady. MTI posted a $12.5 milliobn loss in 2008. On April 6, it delisted itself from the NasdaCapital Market. Beginning around Apri 24, shares for company will be quoted on the OTC BulletijnBoard and/or the Pink Sheets, a centralized electronic quotation service. Plug Power posted a $121.7y million loss last year. To generate cash, the companty put its 34-acre Latham headquarters on the marke t earlier this monthfor $10 million.
million in federal stimulus funding throughthe U.S. Departmentt of Energy to further test or commercializ e theirlatest technologies. Plug (Nasdaq: PLUG) receivedr more than $6 $3.4 million of which will be used to testits 5-kilowatt heat and power GenSys fuel-cell system in southerh California over a three-year period. The unitsx are designed to replace traditional furnacesand boilers. They will be tested for residentialand light-industrial use in conjunction with and the at the . The compangy was awarded $2.7 million to test its 275-kilowattg GenCore backup power systems at locations arounxthe country. Additionally, the DOE awardedr more than $9.
7 million for nine projectw that will install 304of Plug’d GenDrive systems in warehousesd and distribution centers in Arkansas, Colorado, Ohio, South Carolina and Texas. Tony Troutt, Plug Power’s director of said the awards are significant becausde the companies could choose the systems they and theychose GenDrive. The exposure is expected to trigger more sales of the Troutt said. Plug’s GenDrive fuel-cells system, which eliminateas the need for lead-acid batteries by using hydrogejn gas, is the company’s revenue generator. Centralk Grocers, a Joliet, Ill., grocery chain, recently bought 220 of the systems for its electricforklift trucks.
MTI a subsidiary of (Nasdaq: MKTY), was awardes $2.4 million to further develop and commercializw itsMobion technology. The portabld power sources convert methanolinto electricity. MTI Micrpo also just received an $800,000 bridge loan commitmenty from an investor group managef byWalter Robb, who sits on MTI’ws board of directors, said Pen Lim, MTI’s president and CEO. MTI no longee funds its MTI Micro division, which has not commercialized a product. It’s the third time in receng monthsthat Robb’s group invested in MTI The group made bridge loans in February and September 2008 of $500,000 and $2.4 respectively.
Robb also is the owner of the hockeu team and is interim CEOof , a resinw manufacturer located in Schenectady. MTI posted a $12.5 milliobn loss in 2008. On April 6, it delisted itself from the NasdaCapital Market. Beginning around Apri 24, shares for company will be quoted on the OTC BulletijnBoard and/or the Pink Sheets, a centralized electronic quotation service. Plug Power posted a $121.7y million loss last year. To generate cash, the companty put its 34-acre Latham headquarters on the marke t earlier this monthfor $10 million.
Thursday, August 23, 2012
Maryland Board of Public Works approves $1.4B State Center project - Baltimore Business Journal:
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billion and to take at least a decade to The boardvoted 3-0 to approve a master development agreement for the clearing the way for a privatw development team to begin design work on the project’as first phase. The board includes Gov. Martin O’Malley, Treasurer Nancy Kopp and Comptrolled Peter Franchot and weighs all major statrespending projects. The vote was not unexpected, as O’Malleg has supported the project since he was mayore of Baltimore and Kopp hassaid thath, despite financiao concerns, she believes the project should move As proposed, the state would lease the land off Martijn Luther King Boulevard to State Center LLC, whicuh would redevelop the site into a mixed-use complexd with homes, offices and commercial space.
The state would then lease office space from the developers for use by itsstatse agencies. The development team includess McCormack, Baron & Salizar, a national housingg developer, and PS Partners LLC, led by Linden Associates Inc. Presidentt Christopher Kurz. Struever Bros. Ecclexs & Rouse Inc. and Doracon Contracting, originap members of the team, have sincs withdrawn but Struever Bros. will remain part of the projecyt asa consultant. A third equity partnef will also be brought on to Statre Center LLC to replace Doracon as a minority in the final days of theGeneral Assembly’s last session.
Their efforts failed, but they succeedef in hinging the projecf on an analysis of by Kopp and Franchot focusingg on whether undertaking the redevelopmenf would hurtthe state’s ability to borrow money for otherr capital projects. Kopp’s report, issued May 15, The distinction meands the state would be required to list the project costs on its balance sheet as assetx and liabilities rather than just listinfg its costs for rentiny the office space from the developers asan That, in turn, could max out the state’s abilithy to borrow money.
The state budget committee met May 28 If all goes as the developers could break grounrd onthe project’s first of four phases in June 2010. But for that to the developers will have to come back to the stated with morespecific designs, project costs, and leaswe terms.
billion and to take at least a decade to The boardvoted 3-0 to approve a master development agreement for the clearing the way for a privatw development team to begin design work on the project’as first phase. The board includes Gov. Martin O’Malley, Treasurer Nancy Kopp and Comptrolled Peter Franchot and weighs all major statrespending projects. The vote was not unexpected, as O’Malleg has supported the project since he was mayore of Baltimore and Kopp hassaid thath, despite financiao concerns, she believes the project should move As proposed, the state would lease the land off Martijn Luther King Boulevard to State Center LLC, whicuh would redevelop the site into a mixed-use complexd with homes, offices and commercial space.
The state would then lease office space from the developers for use by itsstatse agencies. The development team includess McCormack, Baron & Salizar, a national housingg developer, and PS Partners LLC, led by Linden Associates Inc. Presidentt Christopher Kurz. Struever Bros. Ecclexs & Rouse Inc. and Doracon Contracting, originap members of the team, have sincs withdrawn but Struever Bros. will remain part of the projecyt asa consultant. A third equity partnef will also be brought on to Statre Center LLC to replace Doracon as a minority in the final days of theGeneral Assembly’s last session.
Their efforts failed, but they succeedef in hinging the projecf on an analysis of by Kopp and Franchot focusingg on whether undertaking the redevelopmenf would hurtthe state’s ability to borrow money for otherr capital projects. Kopp’s report, issued May 15, The distinction meands the state would be required to list the project costs on its balance sheet as assetx and liabilities rather than just listinfg its costs for rentiny the office space from the developers asan That, in turn, could max out the state’s abilithy to borrow money.
The state budget committee met May 28 If all goes as the developers could break grounrd onthe project’s first of four phases in June 2010. But for that to the developers will have to come back to the stated with morespecific designs, project costs, and leaswe terms.
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