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Northeast Fla., Jacksonville Business Briefs - Dec. 2009
ALACHUA COUNTY — The state Inspector General’s Office is investigating five loans and loan guarantees issued in Alachua County by the state-funded Florida Black Business Support Corp. The Gainesville Sun broke the story that loans went to Gainesville businessman Mortlake Nembhard, who was a member of the corporation’s oversight board; to the daughter of a board member; to an Alachua County commissioner; and two other connected businessmen who had little or no equity as collateral.
GAINESVILLE — The U.S. Department of Labor awarded Gainesville’s non-profit Florida Institute for Workforce Innovation a $1-million grant to train at-risk young people with job skills, including green building. The students will help build energy-efficient homes for Habitat for Humanity and other organizations. Those who complete the 10-month program will even be eligible to receive a car from The Dignity Project.
JACKSONVILLE — Staffing firm MPS Group was acquired by Zurich-based Adecco, the biggest staffing company in the world with operations in 60 countries. Adecco paid $13.80 a share, or about $1.3 billion. MPS is one of Jacksonville’s largest companies, and No. 27 on Florida Trend’s list of public companies based in the state.
» Freight-railroad operator RailAmerica sold 22 million shares on its first day of trading at a price below its expected $16- to $18-range. Like other rail companies, RailAmerica has struggled with falling volume; revenue declined 19% in the first half of the year.
» Morris Publishing Group, owner of Jacksonville’s Florida Times-Union and a dozen other newspapers, sold controlling interested in billboard giant Fairway Outdoor Advertising and continued to work to restructure its $415 million in debt. The publishing company also got another extension on two semi-annual interest bond payments of $10 million that it has put off since earlier this year.
» The University of North Florida unveiled its most ambitious fund-raising campaign yet, “The Power of Transformation,” with a $110-million goal. UNF raised half of that in a “quiet period” leading up to the public portion of the campaign, which will last for the next three years.
» Regency Centers is taking its outdoor water conservation initiative companywide after achieving 30% water savings in a pilot project. The Jacksonville-based shopping center company installed “smart” irrigation controllers in 36 shopping centers a year ago. Now, smart controllers are going in 54 more centers, including 11 in Florida, 17 in California and 17 in Texas.
 Florida Black Bear Scenic Byway’s designation as a National Scenic Byway will help keep bears safe. |
» The city, Marion County and the local Economic Development Corp. announced plans for a business park at Ocala International Airport with 121 acres of mixed-use commercial land, 444 acres of distribution/industrial land and 113 acres of flex space aimed at aviation-related businesses. Local government ramped up the project amid several corporate shutdowns that have driven unemployment past 13%. The city is funding a connector route to State Road 40, as well as water, sewer, fiber optic and electric infrastructure.
PONTE VEDRA BEACH — The state Department of Financial Services put Ponte Vedra-based American Keystone Insurance Co. into receivership because the company didn’t have enough funds to buy reinsurance. The company will be liquidated. Regulators said it “was in an impaired state due to insufficient funds to pay private reinsurers and the Florida Hurricane Catastrophe Fund.”
ST. AUGUSTINE — The University of North Florida’s Small Business Development Center opened a St. Augustine branch in partnership with St. Johns County. The branch will be staffed full time and serve businesses throughout the county.
