Wednesday's Top Stories

WEDNESDAY, JAN. 21, 2009

AMELIA ISLAND:
Developer Buys Majority Share of Amelia Island Plantation

The majority share of Amelia Island Plantation is being sold to an Atlanta developer in a move that is expected to infuse cash for expansion of the resort. On Tuesday the Cooper family, which has owned the Amelia Island Co. for 31 years, signed a memorandum of understanding to sell 51% of the company to Redquartz Developments Atlanta. Redquartz will pay up to $60 million for the company over the next 18 months. The Cooper family will retain 49% ownership stake in the company. That infusion of cash is expected to help fund several planned capital projects, including an expansion of the Amelia Inn and a hotel at the Amelia River Golf Club. [Source: Florida Times-Union]

MIAMI:
Dolphins Sale Complete as Stephen Ross Becomes Majority Owner

Stephen Ross, who bought 50% of the Dolphins and Dolphin Stadium from Wayne Huizenga last February, on Tuesday closed on his purchase of an additional 45%. Ross now has the title of ''managing general partner,'' and Huizenga still has a 5% stake in the team and stadium. Total value of the deal: $1.1 billion. [Source: Miami Herald]

More on this topic from Florida Trend:

• Icon: Wayne Huizenga

MANATEE:
FPL Plans Solar Array

Florida Power & Light intends to tap into another source of energy at its Parrish power plant: sunshine. Florida's largest electric utility burns oil and natural gas at the plant off State Road 62. It is working on plans to erect solar panels on about 500 acres of the 9,500-acre property. The solar units would not add capacity to the 2,700-megawatt power plant but enable FPL to burn -- and buy -- less fossil fuel. [Source: Sarasota Herald-Tribune]

More on this topic from Florida Trend:

• Orlando Flexes Its Solar Muscles

Shares in Wells Fargo, Bank of America, SunTrust and Regions fall at least 24%. Read on ... [Source: St. Petersburg Times]

More on this topic from Florida Trend:

• At SunTrust, Fiscal Trumps Physical
• BOA's Liz Ferrer: Leadership Is Key
• Outlook 2009: Banking & Finance

ALSO AROUND FLORIDA:



› Piper Aircraft Laid Off 150 Workers [TC Palm]
Piper Aircraft Inc. has laid off 150 employees and will seek future installments of the $32 million incentive package from Indian River County and the state at an undisclosed later date. Piper CEO Jim Bass had more bad news: “If it gets worse, we may have to have more layoffs, but we hope we won’t have to do that,” Bass said in an interview.

› Lennar to Replace Bad Chinese Drywall in Homes [News-Press]
Residents inhabiting a dozen Southwest Florida homes are being relocated so the builder, Lennar Homes, can rip out Chinese drywall that corrodes interior fixtures and may cause long-term health hazards. Also: Drywall case expands

› Legislature Halts Funding for $7M Lake County Land Deal [Sentinel]
Florida lawmakers have temporarily suspended funding for the Florida Forever conservation land-buying program, putting $7 million earmarked to preserve a nearly 1,500-acre Lake County site on hold.

› UF Tracks Budget Cuts with Website [Gainesville Sun]
The site, budget.president.ufl.edu, includes announcements from UF President Bernie Machen and a question-and-answer section. Machen said last week that he's expecting cuts between $72 million and $75 million in the next academic year.

› Rail Firm CSX Reports Earnings Drop [Miami Herald]
Railroad operator CSX's fourth-quarter earnings sank 32% to $247 million, or 63 cents per share, from a year earlier, mostly due to a sizable writedown on the value of a resort the company owns.

› Missing Investor Kept N.Y. Disbarment a Secret [SP Times]
To pay off loan sharks, New York attorney Arthur G. Nadel violated a basic tenet of legal ethics — he dipped into an escrow account and took $50,000 that did not belong to him. That was in the late 1970s, and Nadel was subsequently disbarred for "dishonesty, fraud, deceit and misrepresentation." Also: A note about guilt and fear

› Candidates Lining Up to Replace Commissioner Mary McCarty [Post]
At least seven people have applied for or declared interest in the position vacated when the Palm Beach County commissioner resigned two weeks ago to face a federal corruption charge. Also: Dania Beach chooses Lake Worth official as new city manager

Go to page 2 for more stories ...

› Bill Could Make School Vouchers More Available [SP Times]
HB 453, filed by Rep. Will Weatherford, would shore up the state's corporate tax credit scholarship program by including insurance premium tax credits and some sales tax credits. Also: No drastic cuts in Flagler schools

› Scripps Promotes 2 Treasure Coast Executives [TC Palm]
Tom Weber, president and publisher, has been named chairman and publisher of Scripps Treasure Coast Newspapers. Bob Brunjes, vice president and advertising director, has been named president and general manager.
Also: HSN executive leaving to work for Barnes & Noble

› Office Vacancies Rise, Rental Rates Fall in Palm Beach County [Post]
The county's office vacancy rose to 22.8%, up from 19.6% in the third quarter and 15.3% in the fourth quarter of 2007. In 2005, the office vacancy rate was a mere 8%. Average office lease rates fell slightly to $19.55 a square foot.

› Lee County OKs Annexation Plan for Cities [News-Press]
Cape, Bonita and Fort Myers to reply within 60 days.

› Publix to Open Its 1,000th Store [Tampa Tribune]
Lakeland-based Publix expects to open the supermarket in St. Augustine on Feb. 5. Dignitaries from St. Johns County and the Florida Historical Society will attend ceremonies.

› Sansom Denies Wrongdoing [Tribune]
House Speaker Ray Sansom continued on Tuesday to insist that he did nothing wrong by accepting an unadvertised, $110,000 post at Northwest Florida State College after channeling an extra $25 million to the Niceville college.

› Orlando Leaders Among 4 to Join Citrus Hall of Fame [Sentinel]
Orlando citrus grower Jerry Chicone, a second-generation industry leader whose family through the decades became prominent downtown property owners and philanthropists, joins Polk County citrus magnate Ben Hill Griffin III and southwest Florida orange grower George Austin as the 2009 inductees into the Florida Citrus Hall of Fame.

› Bern's Sued Over Food-Themed Hotel Project [Tampa Tribune]
The consulting firm behind Bern's proposed food-themed luxury hotel has sued the restaurant, saying it's still owed about $380,000. Beck Development LLC sued Bern's Properties LLC and Bern's Steak House in Hillsborough County Circuit Court.

› Car Salespeople See Less Pay [Miami Herald]
Fourteen current and former car salespeople are suing Broward County dealer Rick Case Enterprises claiming their hourly income often fell below the federal minimum wage after automobile sales hit the skids. Rick Case, company president, said it has done nothing wrong.