Business

Saturday, November 7, 2009

Three businesses found in violation of liquor laws

SPRINGFIELD – Three Champaign County businesses were found to have violated liquor control laws in October.

The businesses were among almost 100 visited by representatives of the Illinois Liquor Control Commission last month.

Friday, November 6, 2009

United Way lending shelter a hand

CHAMPAIGN – The United Way of Champaign County is providing an emergency payment of $18,000 to the parent organization of A Woman's Place to allow the organization to remain in operation.

Economic group seeks support for Olympian Drive project

CHAMPAIGN – The Champaign County Economic Development Corp. plans to try to marshal more support for the eastward extension of Olympian Drive to U.S. 45.

Waldenbooks in Danville mall scheduled to close

DANVILLE – The Waldenbooks at the Village Mall is one of 200 mall-based Waldenbooks stores that the Borders chain plans to close, according to an announcement Thursday.

The Borders Group intends to close the stores in January, although the list of stores is not final and is subject to change, pending finalization of agreements in coming weeks, according to the company's news release posted on its Web site Thursday.

Open house to address southeast Urbana outages

URBANA – AmerenIP officials will have an open house next week to address outage concerns for residents of southeast Urbana.

Ameren spokesman Leigh Morris said the event will be from 4 to 6 p.m. Nov. 10 at the Stone Creek Church, 2502 S. Race St., U. Utility officials will be available to talk to residents one-on-one about reliability issues or other questions, he said.

October saw state's tax revenue continue to fall

SPRINGFIELD – Tax revenue to state government continued to tumble in October, a report by the Illinois Commission on Government Forecasting and Accountability says.

Overall state tax-source revenue declined 10.5 percent, continuing a trend that began more than a year ago. The steepest drop continues to be in sales tax collections, which were down 15 percent, or $90 million, from the October 2008 collections. The $515 million in sales tax revenue last month is the lowest amount in seven years. The state had $505 million in sales tax revenue in October 2002.

Carle Arbours gets new name

SAVOY – The new owner of the Carle Arbours continuing care center has renamed it the Champaign-Urbana Regional Rehab Center.

The new name was effective Wednesday, along with the change of ownership from the Carle Foundation to Florida-based Traditions Management.

Burger King on Prospect reopens

CHAMPAIGN – The Burger King at 2110 N. Prospect Ave., C, has reopened.

The restaurant closed Tuesday afternoon following a fire.

Jobless rate tops 10% for first time since '83

WASHINGTON (AP) – The unemployment rate has surpassed 10 percent for the first time since 1983 – and is likely to go higher.

Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.

Thursday, November 5, 2009

Urbana critics wary of proposed Carle merger

URBANA – Urbana Mayor Laurel Prussing said she can't fully support a proposed merger of Carle Foundation Hospital and Carle Clinic until she's certain it won't heap an unfair burden on local taxpayers. And it's not enough for Carle to promise Urbana and other local governments that it will make payments in lieu of taxes on clinic properties that could one day become tax-exempt.

Burger King on Prospect reopens after fire

CHAMPAIGN — The Burger King at 2110 N. Prospect Ave., C, has reopened following a fire there earlier this week.

New jobless claims drop; productivity climbs

WASHINGTON (AP) – The number of newly laid-off workers filing claims for unemployment benefits last week fell to the lowest level in 10 months, evidence that job cuts are easing as the economy slowly heals.

Still, companies are reluctant to hire and economists expect the unemployment rate will tick up to 9.9 percent when October's figure is reported Friday. The jobless rate hit a 26-year high of 9.8 percent in September.

Congress set to clear aid to jobless, homebuyers

WASHINGTON (AP) – The House is poised to send the White House a bill extending aid to over a million people in danger of exhausting jobless benefits and additional tax credits for prospective homebuyers crucial to rejuvenating the housing market.

The $24 billion package also contains tax credits aimed at struggling businesses. The House is scheduled to vote on the legislation Thursday, a day after the Senate passed it 98-0.

New crop of homebuyers to get tax credit

WASHINGTON (AP) – Buying a home is about to get cheaper for a whole new crop of homebuyers – $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

October sales offer relief to merchants

NEW YORK (AP) – Consumers, enticed by cooler weather, early holiday discounts and an improving economy, spent a little more in October, handing the retail industry its second consecutive sales gain after more than a year of declines.

Even affluent shoppers, who had been tight with their purses since the financial meltdown last year, spent more for designer duds.

Groundbreaking set for Parkland's diesel center

CHAMPAIGN – Parkland College is about to break ground on a diesel center that's part of a program where 100 percent of students get a job.

The groundbreaking ceremony for Parkland College's new Diesel Technology Addition will take place from 10 to 11 a.m. Friday at the campus's Tony Noel Agriculture Technology Applications Center.

Wednesday, November 4, 2009

Fed likely to keep key interest rate at record low

WASHINGTON (AP) – Faced with lurking dangers to the budding recovery, Federal Reserve policymakers are sure to leave a key interest rate at a record low to entice Americans to spend more and help the economic turnaround gain traction.

The economy started to grow again last quarter for the first time in more than a year, although there are uncertainties about the strength and staying power of the recovery, especially after government supports are removed.

Germany fumes over GM ditching Opel sale

BERLIN (AP) – Germany's politicians fumed with anger and Opel workers canceled cost concessions and readied walkouts after General Motors Co. abandoned the sale of its European subsidiary to parts maker Magna International and Russian lender Sberbank.

Klaus Franz, Adam Opel GmbH's top employee representative, called it a "black day" and said workers would start brief work stoppages Thursday.

First Busey chairman comments on stock price drop

CHAMPAIGN – The price of First Busey stock fell below $4 a share after the Champaign-based bank holding company announced a $284 million quarterly loss last week.

But First Busey Chairman Van Dukeman said he believes the price drop was related more to investors being less confident about the economy.

Tuesday, November 3, 2009

Only 2 of 11 area banks reported losses in 3rd quarter

Of 11 area banking companies with publicly traded stock, only two – First Busey Corp. and Regions Financial – reported net losses for the quarter that ended Sept. 30.

Eight others announced profitable quarters, and one has yet to report.

Stanley sees cost savings in Black & Decker deal

CHICAGO (AP) – Tool makers Stanley Works and Black & Decker Corp. are betting that together they can wring out more profit and better position themselves for a housing market recovery than they could apart.

Battered by the housing slump and economic recession, two of the industry's most iconic brands are now merging. Stanley Works on Monday agreed to pay $3.46 billion for rival Black & Decker in an all-stock deal that will create the nation's largest tool maker.

Factory orders rise 0.9% in September

WASHINGTON (AP) – Orders to U.S. factories rebounded in September, helped by strength in autos, heavy machinery and military aircraft.

UI flash index's big increase is its first in two years

URBANA – The University of Illinois flash index rose substantially for the first time in two years, but a UI economist said it's too early to tell whether the recession is ending.

The index rose from 90 in September to 90.7 in October, said economist J. Fred Giertz, who compiles the index for the UI's Institute of Government and Public Affairs.

New Paxton facility hopes to foster imaginativeness

PAXTON – Paige Price wants the Paxton area to boost its creativity level.

That is why the Arizona State University alumnus is opening The Art Vault, 106 N. Market St., as a venue for area residents to paint, craft, sculpt, write, get a message or even have a psychic reading.

Buffett's Berkshire buys Burlington Northern

NEW YORK (AP) – Making a $34 billion bet on the future of the U.S. economy, Warren Buffett's Berkshire Hathaway Inc. on Tuesday agreed to buy Burlington Northern Santa Fe Corp.

"Berkshire's $34 billion investment in BNSF is a huge bet on that company, CEO Matt Rose and his team, and the railroad industry," Buffett said in a statement.

Sunday, November 1, 2009

Carle clinic/hospital merger: The sale -- and the tax

URBANA – The chief executives of Carle Clinic and Carle Foundation Hospital know it's bound to be a touchy subject when they start talking about a merger that could one day take a big chunk of Carle property out of the local tax base.

And, for anyone wondering about how big a financial hit the cities, the schools, the parks and other taxing districts would take if Carle Clinic properties one day become tax-exempt, here's the deal:

Ad Club gone, but student chapter, new design group carry on

CHAMPAIGN – Changes in the advertising business helped lead to the demise of the Ad Club of Champaign-Urbana.

The decades-old club – most recently known as the American Advertising Federation of Central Illinois – dismantled itself at summer's end after not getting enough volunteers.

For businesswoman, creativity at heart of consulting

URBANA – The dean leaned back in his chair and looked at the student who had come to his office seeking advice on transferring into the University of Illinois' engineering school.

"Have you considered home economics?" he asked.

It's Your Business: More than a taste of food news

All right, foodies. Today's column is devoted to businesses that cater to those of us who love to eat.

Got a hankering for a falafel sandwich? Holy land Mediterranean Grill, 705 N. Neil St., C, opened last week in what was previously known as Jack's Grill.

Saturday, October 31, 2009

Inspectors taking look at mold problems at Eagle Creek

SPRINGFIELD – It will be at least two more months until companies are able to bid to acquire the mold-infested Eagle Creek Resort and Conference Center on Lake Shelbyville.

The Illinois Department of Natural Resources had planned to open requests for proposals to operate the 138-room resort on Nov. 10. But on Friday the agency moved the deadline to Jan. 15, citing the need to complete an assessment of the mold damage at the resort.

Friday, October 30, 2009

Bankruptcy judge OKs CIB's reorganization plan

CHAMPAIGN – Central Illinois Bank's parent company has received approval from bankruptcy court for a prepackaged plan of reorganization under Chapter 11 of the bankruptcy code.

As a result, CIB Marine Bancshares should be able to emerge from Chapter 11 bankruptcy by year's end, said John Hickey Jr., the company's chairman and CEO.

Several downtown Danville activities scheduled

DANVILLE – An open house held by Downtown Danville Inc. and hosted by Vermilion County Title provided lots of information for, and discussion by, downtown business owners.

Dana Schaumburg, DDI executive director, said several activities are planned for the downtown, and she hopes businesses will either stay open for them or participate in them.

Wednesday, October 28, 2009

Ex-Chanute area earns designation as foreign trade zone

RANTOUL – Rantoul has a new incentive to offer businesses now that part of the former Chanute Air Force Base has been designated a subzone of the Peoria foreign trade zone.

Companies can make use of the subzone to defer, reduce or eliminate customs duties on products coming in from abroad.

First Busey suffers $283.7 million loss in third quarter

CHAMPAIGN – As was forewarned a month ago, First Busey Corp. reported a massive net loss for the third quarter but indicated the worst may be over.

The parent company of Busey Bank on Tuesday reported a net loss of $283.7 million, or $7.92 per share, for the quarter that ended Sept. 30.

Volunteers sought to help people complete tax forms

DANVILLE – AARP is seeking volunteers in the Danville area to help middle- and low-income taxpayers complete their federal and state income tax forms for 2009.

Volunteers will assist with preparing and electronic filing of tax returns. Training is free, and volunteers are asked to serve a minimum of three hours per week from Feb. 1 through April 15.

Tuesday, October 27, 2009

PowerWorld grows without help of venture capital

CHAMPAIGN – Mark Laufenberg's company has more than 600 customers in at least 57 countries around the world.

But the president of Champaign-based PowerWorld Corp. said his company wouldn't be a good candidate for venture capital.

First Busey loss for 3rd quarter: $283 million

CHAMPAIGN — As forewarned a month ago, First Busey Corp. reported a massive net loss for the third quarter, but indicated the worst may be over.

Credit Union 1 president: Acquisition 'a great opportunity'

RANTOUL – At a time when two area financial institutions have been burned by branching into distant markets, Credit Union 1 is enthusiastically extending its operations far afield.

The Rantoul-based credit union has agreed to acquire the assets of Cumorah Credit Union, which has two offices each in Las Vegas and Henderson, Nev.

Title-service owner wins Danville Rotary honor

DANVILLE – People of Vermilion County are used to seeing Pat O'Shaughnessy heading a United Way campaign, chairing the Festival of Trees or, a few years ago, recruiting volunteers for the Balloon Classic, but he really does have an 8-to-5 job.

O'Shaughnessy was honored on Monday as the Danville Rotary Club's 2009 Vocational Service Person of the Year, and was asked to talk about himself and his career.

Sunday, October 25, 2009

It's Your Business: Popcorn shop is bursting in flavors

Kettle corn in the wintertime?

Somebody hide this column from my son.

Popped Bliss, a new popcorn shop that opened last week in Champaign, sells kettle corn, caramel popcorn and other treats. The owners, Ajza Anderson and her husband, Alven Allison, are the same folks behind Cool Bliss, the seasonal Hawaiian Ice cart that was set up on South Neil Street.

St. Louis-based firm acquires Ace Court Reporting

CHAMPAIGN – St. Louis-based Midwest Litigation Services has acquired Ace Court Reporting in Champaign.

Ace Court Reporting was founded by Holly Ringstrom and Susan Randolph. The office will remain at 201 W. Springfield Ave., C, and Ringstrom and Randolph will remain with the firm, said Mary Gaal, operations manager at Midwest Litigation Services.

Semiconductor wafer-maker expanding manufacturing

CHAMPAIGN – Nine years after Quesnell Hartmann and Dave Ahmari started a high-tech company in Champaign, it turned out pretty much as they expected.

It just took longer to get there than they imagined.

Along the way, the founders of EpiWorks had to deal with fallout from the "tech bubble," 9/11 and last year's collapse of the financial markets.

"We didn't expect to have so many large things happen in a handful of years," said Ahmari, the company's executive vice president for business development.

"There are so many things that can affect a business that are out of your control," he said. "You have to take into account how much craziness can happen."

Saturday, October 24, 2009

Engineering firm, bank now call downtown home

CHAMPAIGN – Downtown Champaign is welcoming two new companies to its business district.

On Monday, the engineering firm Clark Dietz will move into the ground floor of the Church Street Square building at Church and Randolph Streets. And earlier this week, First Bank opened a branch in the former Great Impasta restaurant at 114 W. Church St.

County sees rise in home sales, dip in median price

More homes were sold in Champaign County last month compared with a year ago, but they sold at a lower price.

The median sales price for homes, including condos, sold in Champaign County in September was $135,500, down about 16 percent from September 2008, when the median price was $162,061, according to the Illinois Association of Realtors.

Bill would protect those who lost their dealerships

DANVILLE – Legislation aimed at helping Illinois automobile dealers that lost a franchise because of manufacturer reorganization moves to the state Senate next week.

The bill, sponsored by state Rep. Bill Black, R-Danville, shot through the House with extraordinary speed in the first week of the fall veto session. It was heard in a committee on Oct. 14 and passed the full House, 115-0, the next day.

Friday, October 23, 2009

Area's unemployment situation improved in September

The unemployment rate in six of 11 East Central Illinois counties went down in September, the state Department of Employment Security reported.

That was a switch from August, when the unemployment rate went up in every area county save one.

Two companies share promising plans for future

URBANA – It's been a difficult year for many businesses, but two local companies said Thursday they won't let that stand in their way.

The chief executive officer of Champaign-based EpiWorks outlined his company's plan to expand into solar technologies, and the founder of iCyt Mission Technology introduced a new piece of cell-sorting equipment the company plans to distribute internationally.

Thursday, October 22, 2009

Carle Foundation Hospital offers to buy Carle Clinic

URBANA – Carle Foundation Hospital has offered to purchase Carle Clinic and its subsidiary, Health Alliance Medical Plans, for $250 million, according to documents filed with the state this week.

Danville bookstore closing Nov. 20

DANVILLE – A prominent downtown corner building will be vacant starting in December after the closure of the bookstore that is its tenant.

Dragon's Horde, the only store in the city specializing in used paperback books, new and used comic books and gaming supplies, plans to close Nov. 20.

Wednesday, October 21, 2009

First Busey Corp. shareholder meeting set for Dec. 2

CHAMPAIGN – First Busey Corp. raised $82.8 million in its public offering of common stock last month, the company reported in a recent filing with the Securities and Exchange Commission.

The Urbana-based bank holding company sold 20.7 million shares for $4 a share to raise that total, the report said.

Tuesday, October 20, 2009

AT&T building demolition bids to be opened today

DANVILLE – City officials will open bids today for the long-awaited demolition of the vacant and deteriorating AT&T building, as well as bids for the possible demolition of the upper deck of the two-story Walnut Street parking garage.

New convention bureau director selected

CHAMPAIGN – Jayne DeLuce thinks her new job as executive director of the Champaign County Convention & Visitors Bureau should fit her well.

DeLuce, who is scheduled to start Nov. 16, said she has a "passion" for the community, a marketing background and a career tied to tourism.

Sunday, October 18, 2009

Wet weather forcing farmers into timeout in the field

CHAMPAIGN – Too many rainy days are frustrating farmers and delaying the harvest this year.

But once crops are out of the field, it's possible this year's crop will be one of the biggest on record in East Central Illinois.

"We've had numerous harvest delays with the wet weather we've received over the past four weeks," said Roger Miller, general manager of Premier Cooperative, which has 23 elevators in Champaign, Vermilion, Piatt and Ford counties.

$5 million lien filed on still-incomplete M2 building

CHAMPAIGN – Several contractors are awaiting payment from a local development firm for work performed on the M2 building in downtown Champaign, prompting the contractors to file mechanics liens.

In addition to the liens, the sluggish economy and time-consuming repair rework have slowed the project's completion and hindered office and retail rentals.

It's Your Business: Nutrition store is new mall tenant

One of the newest tenants planned for Market Place Mall in Champaign is a nutritional supplement store.

Complete Nutrition will sell weight-loss and sports medicine products and general health items such as vitamins.

Saturday, October 17, 2009

State pauses its premium payments to Health Alliance

URBANA – The state of Illinois' financial condition has become so bad that officials have told Urbana-based Health Alliance Medical Plans that the company won't receive any more premium payments from the state until Dec. 10.

Health Alliance insures 78,600 active state employees and employee dependents, and was last paid by the state Aug. 26 for the July premium. The state's average monthly premium payment to Health Alliance is $33 million, spokeswoman Jane Hayes said.

Trucking firm moves service center to Arcola

DAYTON, OHIO – The trucking firm Dayton Freight relocated its Danville Service Center to Arcola this week, according to company officials.

Dayton Freight Lines Inc., founded in 1981, is a privately owned transportation company headquartered in Dayton, Ohio, that has 40 service centers in 11 Midwest states. The company has had a center in the Danville area for many years, most recently on Ross Lane in Tilton, according to Vicki Haugen, president of Vermilion Advantage, Vermilion County's economic development office.

Champaign hosting computing conferences

CHAMPAIGN – Two computing conferences are expected to draw a variety of attendees to Champaign-Urbana next week.

About 150 people are expected to attend the first High-Performance Computing Conference at the I-Hotel and Conference Center on Monday and Tuesday.

Thursday, October 15, 2009

Sports Publishing's old property going up for auction

CHAMPAIGN – The former Sports Publishing building on North Neil Street is one of 10 properties across Illinois and Indiana to be auctioned off Nov. 4 in Lisle.

The Chartwell Group, based in Park Ridge, plans to auction the properties at 2 p.m. that day at the Hilton Hotel in Lisle.

Wind energy students get massive learning tool

DANVILLE – Every college lab needs equipment for hands-on learning, but the wind energy program at Danville Area Community College has a much "taller" order to fill than most classrooms.

On Tuesday, a 145-foot wind turbine blade weighing 17,000 pounds was delivered to the DACC campus by a semitrailer truck stretching 173 feet in length.

Local Saturn dealership to turn focus to luxury imports

SAVOY – Saturn of Champaign County plans to sell used, high-end imports after the Saturn brand goes away, the general manager of the Savoy dealership said.

Among the brands the dealership plans to carry are Acura, Audi, BMW, Infiniti, Land Rover, Lexus, Mercedes and Porsche.

Tuesday, October 13, 2009

New tricks on horizon for old Dog n Suds space

CHAMPAIGN – Ron Hitch thinks he's found a new use for what was once the world's largest Dog n Suds restaurant.

The building, standing empty on Champaign's Town Center Boulevard since 2001, was recently purchased by Hitch, whose family operates Balloon Creations in Urbana.

Visitors bureau to hire new director by week's end

CHAMPAIGN – A new executive director for the Champaign County Convention & Visitors Bureau could be hired later this week, the chairman of the bureau's board of directors said Monday.

The three finalists included:

Sunday, October 11, 2009

It's Your Business: Women's clothing store to open

This fall, downtown Urbana will welcome a new business.

And it's not a lawyer's office or yoga studio.

The Wooden Hanger will feature new women's clothing made with fabrics such as organic cotton and bamboo.

Innovate Illinois: Cbana's small systems analyze gases

Two local companies are among 12 statewide finalists that will compete in the Innovate Illinois finals Nov. 10 in Chicago. Here's a closer look at Cbana Laboratories.

CHAMPAIGN – Rich Masel and Mark Shannon, the founders of Cbana Laboratories, have come up with small-scale systems that can detect pollutants, narcotics, even cancer.

Innovate Illinois: SFM helping electronics designers

Two local companies are among 12 statewide finalists that will compete in the Innovate Illinois finals Nov. 10 in Chicago. Here's a closer look at SFM Technology.

URBANA – Jamie Stori said it was a challenge to explain SFM Technology briefly, but clearly, to a panel of judges last month.

But he must have done OK, because the Urbana-based company was chosen as one of 12 statewide finalists in the annual Innovate Illinois competition.

News-Gazette publications, staffers win honors

PEORIA – The News-Gazette and News-Gazette Community Newspapers received several awards in statewide journalism competitions.

The News-Gazette was awarded the sweepstakes honor for the best journalism across all categories in the annual statewide contest sponsored by the Illinois Associated Press Editors Association.

Saturday, October 10, 2009

Exec wants extended, expanded home-buying incentives

CHAMPAIGN – The president of the Coldwell Banker Real Estate chain is pressing for the first-time home buyer credit to be extended and greatly expanded.

But Jim Gillespie said he doesn't know how successful the proposal will be because it could push up the federal deficit.

Receiver in foreclosure case plans for completion of project

CHAMPAIGN – The receiver for a Champaign condominium development plans to finish off buildings that have been started and find an investor to build out remaining units.

The Villas at Ashland Farm – located southwest of the intersection of Interstate Drive and Neil Street in north Champaign – was intended to have 60 units.

Friday, October 9, 2009

Close on house purchase by Nov. 30 to qualify for tax credit

URBANA – Therese Catanach hopes to get a tax credit of about $6,500 as a result of buying a home last month on East Park Street in Urbana.

The doctoral student at the University of Illinois moved to town from College Station, Texas, and decided she didn't want to rent any more.

Champaign County home sales rise for third month in a row

CHAMPAIGN – Home sales in the Champaign County area were up from a year ago for the third straight month, according to September statistics from the Champaign County Association of Realtors.

However, the rise in activity still seems to be fueled primarily by lower-priced homes – and the availability of the first-time homebuyer credit.