Saturday Night: A fair sky with a low in the low 50s (40s away from the city)
Sunday: Mostly sunny and even warmer. An afternoon high in the mid/upper 70s.
Partly sunny and near 80 by Monday. This trend continues ... More...
A Brief History of East Ridge Economic Development
By Richard Cook from our partners at East Ridge News Online:
The announcement that Bass Pro Shop plans to build an 85,000 square-foot retail store on land adjacent to Camp Jordan created tremendous excitement in East Ridge.
Since 2008 city officials have tried to pump new economic life into the city by a number of means. Most have fallen flat, as evidenced by a proposed water park on Ringgold Road. Some have succeeded, like the opening of Speedway later this month on the corner of Ringgold Road and Tombras Avenue.
Here is a brief timeline of some of the events leading up to the Bass Pro Shop announcement on Monday, June 9.
2008 _ Under Mayor Mike Steele's administration, it is announced that a developer out of Birmingham plans to build a water park on Ringgold Road near Spring Creek. Ground is broken at the site where the Dollar General Store now stands. For several months there is anticipation about the construction, but the development falls flat.
Steele explained last week that the developer, David Mays, had a financial backer in Birmingham who passed away during the initial stages of development. When the financial backer died, so did the project.
Discussions about economic development continued, officials said. However, the "Great Recession" put the brakes on businesses expanding to new sites.
Mayor Brent Lambert said he was at a Chamber of Commerce board meeting and a budget line item was brought up about economic development. "Well, there's none to speak of," Lambert said the chairman of the committee stated. "Talk about stagnation. That's where we were."
2009 _ Elected officials included a $50,000 line item in the fiscal year 2009-10 budget. The money would be used to hire a full-time employee who would work to bring new businesses into the city. The position was never filled, however. Reviewing minutes from those years show that the money earmarked under the city's administration department was spent in part to augment the salary of an administrative assistant for the city manager.
2010 _ In April, city officials fly to Springfield, Missouri to speak with Johnny Morris, the founder of Bass Pro Shops. Officials are attempting to convince Morris that the site of the old K-Mart and Sears Essential building on South Terrace should be considered for his business to expand into the Southeast Tennessee market.
Steele said at that time that city officials had been informed by another developer that Bass Pro was looking in the area. However, during this time the Cumberland River overflowed its banks in Nashville inundating retail stores in the area, including Bass Pro. "Discussions sidetracked and blew up," Steele said.
Also in this year, the city announced that it was interested in acquiring the building and property that once housed the Hungry Fisherman restaurant. That effort fell through after vandals looted the building destroying mechanical systems in the building.
In April of this year, officials with Wolftever Development obtained an option to purchase America's Best Value Inn on Camp Jordan Drive.
In August, Steele said he was approached by Wolftever Development with the idea of acquiring more than 30 acres of state property on Camp Jordan Drive adjacent to Fire Hall No. 2. In order for this to happen, city officials would have to appear before a Department of Transportation committee to plead its case.
Initially, TDOT was not in favor of designating the land as surplus and allowing the city to purchase it, officials said. The proposal was being slow-walked through the state bureaucracy, officials said.
Rep. Vince Dean persuaded Commissioner Paul Deggs to take another meeting with East Ridge officials. Newly-sworn Mayor Brent Lambert, then-City Attorney John Anderson, Rep. Dean, Vice Mayor Larry Sewell and the principals from Wolftever Development met with Deggs in Room 103 of the War Memorial Building.
This time, the state had a more favorable attitude toward the land being declared as surplus, clearing the way to sell it to the city.
"We needed a real shot in the arm and acquiring this land would provide that," Mayor Lambert said.
2011 _ The parcel of land at Exit 1 moves through a subcommittee and on to committee to be declared "surplus." A survey must be done before any sale can be made, officials said. It takes about a year for that process to be completed.
During this time, the state legislature is considering a bill called the Border Region Retail Tourism Development Act. It's aim is to "increase tourism and the competitiveness of this state with bordering states," according to TCA 7-40-102. "It empowers local governments to encourage the development of 'extraordinary' retail or tourism facilities, including shopping, recreational, and other activities."
East Ridge officials meet with state officials to explore the idea of qualifying to participate in development under the "Border Region Act."
The legislation was geared toward helping businesses in upper East Tennessee, the home of Lt. Governor Ron Ramsey. Sen. Bo Watson sponsored the bill in the Tennessee Senate.
"We looked at this and said this is astonishing at what can be done," said Anderson. "This type of funding mechanism is how Nashville funded Titans Stadium."
In August, a group representing East Ridge met with the Tennessee Commissioner of Revenue to apply and hopefully qualify under the Border Region Act. Bristol and Kingsport follow suit.
2012 _ In March, the appraisal for the state-owned land at Exit 1 is completed. It is appraised at about $127,000. The city sells the land to Wolftever for about $150,000. That figure includes expenses the city incurred in buying it from the state.
Wolftever's John Healy said that in initial meetings with city officials, he told them that the entire site would have to be raised. This would cost a great deal of money and that the developers would need help in shouldering the financial burden.
Healy said that Wolftever went through dozens of renditions of how the property could be developed. The truth, he said, was that the money wasn't there to do it.
"When we bought it, at that time the city didn't agree to put any money into the deal," Healy said. "All along out intention has been to never flip the property but to develop it.
"The major thing to happen was the Border Region Act," he continued. This deal would not have happened without Border Region, period."
The Border Region Act passes the legislature and East Ridge, Bristol and Kingsport are the only three cities in Tennessee to qualify under the the legislation.
2013 _ Developers timber the site and clear the land at the site. Healy said that Wolftever did not have the approval to fall trees on state-owned land bordering I-75. He said the value in that land is the "visibility of 100,000 vehicles a day driving up and down the interstate."
Healy said that from the beginning Bass Pro Shops was the number one choice for a tenant at the Exit 1 site. Non-disclosure agreements prohibited Wolftever representatives from discussing any deals, Healy said.
2014 _ Wolftever got permission from TDOT to cut the trees along I-75, giving any potential tenant the valuable visibility it desired. Healy said the inability to clear the TDOT land kept the project from moving forward. Once that was done, things began to move fast.
In a special called meeting on June 6, the council passed a resolution pledging $5 million to "provide financial assistance and incentives" to move forward with the development at Exit 1.
The city had previously established an Industrial Development Board. The board was a requirement under the Border Region Act, officials said.
On June 9, the board met for the first time in the training room at City Hall. As the members of the new board were walking into the meeting, it was announced through a press release from Bass Pro Shops that it would build a new store at Exit 1.
Rep. Dean may have said it best: "It's not government's place to create jobs. It's government's job to create an environment where businesses would want to locate. This shows that the council can work together. That, to me, is more vital than anything.
"(Bass Pro Shops) is the triggering event," he continued. "The big bang is still yet to come."
More Business News
Last Update on October 24, 2014 17:58 GMT
NEW HOME SALES
WASHINGTON (AP) -- U.S. sales of new homes were essentially flat in September, after the government sharply revised downward what was initially an August surge in buying.
The Commerce Department says new-home sales edged up 0.2 percent last month to a seasonally adjusted annual rate of 467,000. The report also revised down the August sales rate to 466,000 from 504,000.
The pace of sales for newly built homes has improved a mere 1.7 percent so far this year compared to 2013. Only the South has experienced gains in buying year-to-date.
Housing has struggled to fully rebound since the recession ended more than five years ago. Many potential buyers lack the savings and strong credit history needed to afford a home, causing them to rent or remain in their existing houses instead of upgrading.
DEARBORN, Mich. (AP) -- Ford's net income dropped 34 percent to $835 million in the third quarter, dragged down by the cost of launching its new F-150 pickup.
The company closed its Dearborn truck plant for five weeks during the quarter and cut back on truck sales in order to preserve inventories while it readies the new aluminum-sided truck. That hurt pretax profits in North America, which fell 39 percent to $1.4 billion.
Ford earned 21 cents per share, down from 31 cents in the July-September period a year ago. Without one-time items, including separation costs in Europe, Ford earned 24 cents. That beat Wall Street's expectation of 19 cents, according to analysts polled by FactSet.
Revenue fell 2.5 percent to $34.9 billion, better than the forecast of $33.7 billion.
ATLANTA (AP) -- UPS is expecting an 11 percent jump in December shipments as the holiday shopping season heats up.
UPS recently announced that it would hire up to 95,000 people to handle the tremendous volume. That's up from last year when the Atlanta company initially planned to hire 55,000 seasonal workers. Major U.S. shipping companies were overwhelmed by a shift in American shopping habits, namely the success of Amazon.com. with its free shipping, and UPS was forced to hire an additional 30,000 people.
United Parcel Service Inc. also maintained its guidance Friday for 2014 adjusted earnings between $4.90 and $5 per share. Analysts polled by FactSet predict $4.95 per share.
PROCTER & GAMBLE-DURACELL
Procter & Gamble removes the batteries
CINCINNATI (AP) -- Procter & Gamble is removing the batteries and making Duracell a stand-alone company.
P&G, which acquired Duracell in 2005, announced earlier this year that it would shed more than half its brands around the globe over the next year or two.
If a split off occurs, P&G said that its shareholders would have the option of exchanging some, none or all of their P&G shares for shares of the newly formed Duracell company.
The Procter & Gamble Co., based in Cincinnati, said Friday that it is also considering a spinoff, sale or other options for Duracell.
CHARLOTTE, N.C. (AP) -- Chiquita shareholders have rejected plans to merge with Irish fruit importer Fyffes that would have made the world's largest banana supplier.
Chiquita Brands International Inc. said Friday that the shareholders didn't approve a revised transaction agreement between the two companies during a special shareholders meeting.
Chiquita said it now expects to enter talks with investment firm Safra Group and juice company Cutrale Group on their competing offer of $14.50 per share. Chiquita previously rejected buyout bids from the two Brazilian companies.
CHILD SEAT RECALL
DETROIT (AP) -- Evenflo is recalling more than 202,000 rear-facing infant seats because the buckles can become difficult to unlatch.
The recall affects Embrace 35/9999 models with an AmSafe QT1 buckle. Documents posted by U.S. safety regulators say that if the buckles don't release easily, it may be difficult to get a child out of the seat in an emergency.
The affected seats were made at various times from December 2011 through May of 2013.
Not all Embrace 35 models are covered by the recall. For others, the company will provide replacement buckles if requested by customers.
The recall comes after an investigation by the National Highway Traffic Safety Administration.
Owners with questions can call Evenflo at (800) 490-7591.
IOWA CITY, Iowa (AP) -- The founder of a popular brand of food for observant Muslims has been indicted on charges that he shipped beef to Malaysia and Indonesia that didn't meet those countries' import requirements.
A federal grand jury returned the indictment Thursday against Bill Aossey Jr., who founded the Midamar Corp. in 1974. The Cedar Rapids company grew into the leading U.S. halal brand, selling more than 200 products in the U.S. and abroad.
A 19-count indictment charges Aossey with directing employees to change labels and fabricate documents to make beef products appear that they originated from a slaughterhouse that met Malaysia and Indonesia's strict requirements. Halal meat is supposed to be killed in ritual slaughter.
Aossey's attorney called the indictment unfair Friday, saying the allegations were "a minor regulatory violation" at most.
NEW YORK (AP) -- NBCUniversal will pay $6.4 million to settle a class action lawsuit brought by unpaid interns who worked on "Saturday Night Live" and other shows who claim they are owed wages, according to court documents.
The interns claim NBCUniversal wrongly classified them as non-employees in an effort to avoid labor laws. NBCUniversal said in court documents that even though it is settling the suit, it denies the allegations and doesn't admit any wrongdoing.
The average amount that class-action members of the suit will receive is $505, although the main plaintiffs will receive more. The number of class members is capped at 8,975.
The interns had been seeking recovery of unpaid wages, attorneys' fees, interest and liquidated damages. The settlement still has to be approved by a judge. The lawsuit was filed in federal court in New York.
NBCUniversal is owned by Philadelphia-based cable provider Comcast Corp.
S&P upgrades Cyprus on commitment to bailout deal
NICOSIA, Cyprus (AP) -- Rating agency Standard & Poor's has given Cyprus a one-notch upgrade to its credit grade, raising it to B+.
The agency cited the country's commitment to the terms of its bailout program and better-than-expected economic growth. It also said the outlook for Cyprus is stable, with good economic progress offset by lingering challenges to its banking system, which is still burdened with a huge amount of bad loans.
LONDON (AP) -- Official figures show Britain's economic recovery is continuing, despite a gloomy global environment.
The Office for National Statistics said gross domestic product grew 0.7 percent in the three months through September compared with the previous three months. That is down slightly from a 0.9 percent quarterly rate in the April-June period but remains among the strongest growth rates among developed economies.
Compared with a year earlier, the economy was 3.0 percent larger.
Treasury Chief George Osborne says the figures show Britain "continues to lead the pack in an increasingly uncertain global economy."
Samuel Tombs, the senior U.K. economist for Capital Economics, says growth in Europe's third largest economy has become broader-based, though recent falls in stock markets, manufacturing surveys and eurozone growth have intensified concerns over the recovery.
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