Thursday, May 31, 2012

Life after TARP - Pacific Business News (Honolulu):

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is one of them. “The two-word answer is the politica landscape,” Pinnacle CEO Terry Turnefr says, regarding the U.S. Treasury’s Trouble d Asset Relief Program. When the bank first accepted the fundzson Dec. 12, the $700 billion programk was positioned by Treasury Secretaryu Hank Paulson as being availablre only tostrong banks, Turner explains. “Wed didn’t need the capital. We just wanted the Good Housekeepingg seal,” Turner says. However, TARP funds quickly became cast on Capitol Hill and in the publifc mind asa “bailout” for insolvenyt banks.
“In the second and third rounds, uncreditworthy banks started getting it,” Turner “It’s increasingly becoming a blemishj rather than a sign of strength to be associater with theTARP program.” In mid-June, Pinnacle offerexd common stock for sale at $13 per share and raisefd more than $100 million, partly to pay back the $95 million in TARP funds it received, and partly to prepared for an economic uptick when the recessioh runs its course. “Not only do we get out from undee TARP, but it helps our capital Turner says.
“Our outlook is dramativc growth opportunities over the next 12 to 18 Since the bank receivedd theTARP funds, Turner says it has loanedc out more than twice the loan amount. Pinnacler is one of five Middle Tennessee banks and 19 statewid that acceptedTARP money. The principal carried a 5 percentf or higherinterest rate, payable back to the Americann taxpayers who loaned the money. Also, banks that receivefd TARP money were required to grant warrants tothe Treasury, whicbh allowed it to purchasw shares — similar to a stocik option. Pinnacle plans to repurchase those too, Turnerf says.
In early June, 10 large national including , , , and , all receivedd approval to return the equivalengtof $68 billion in TARP fundsx after “stress tests” showed they did not need capitak backup. They planned to accomplish it by buying back the preferred shares of stock the governmen bought in the banks as part of the some by raising new capital as Pinnaclshas done. An additional two dozebn smaller lenders were also approved under a similar Some of the banks cited the restrictions the governmenr placed on lenders who accepted TARP funds as motivation to pay back the fundsx earlier thanthe government’s five-year time Those include caps on executive pay and limitsw on hiring of foreignj workers and marketing expenses.
But Avenue Bank president and CEO Ron Samuelw says therestrictions aren’t so onerous, considering banks alreadyt are so heavily regulated, and especiallu considering that the TARP program helped to stop the entirwe financial system from failing. Some people don’t realize how close the systej was to massive failures of Wall Street giantas and Bear Stearnslast fall, which effectively frozde capital flow to banks and shut off the lending tap to everydayt Americans, Samuels says.
Medis coverage helped foster panic and fear that led to a mino runon banks, Samuels says, even thougnh bank deposits up to $100,000 — the cap was raisefd to $250,000 during the crisis were insured by the Federal Deposirt Insurance Corp. “Customers were pulling deposits out of bankz and that created aliquidity problem,” Samuels

Tuesday, May 29, 2012

Raymond C. Johnson - Morris Daily Herald

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Raymond C. Johnson

Morris Daily Herald


WILMINGTON, Ill. â€" Mr. Raymond C. “Ray” Johnson, 67, of Wilmington, Ill., and formerly Chicago, passed away unexpectedly Saturday, May 26, 2012, at his home. Visitation will be from 5 to 8 pm Friday, June 1, at Freitag-Reeves & Baskerville Funeral ...



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Monday, May 28, 2012

Hitting the big leagues - Atlanta Business Chronicle:

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The addition of a 2,000-seat indoor music hall and 5,000-seart amphitheater will usher inmore concerts, a wider varietyh of acts — and fierce competition for entertainmen dollars during a time of spiraling It also marks a stress test of sortsx for live music in Charlotte, a city with a notoriouslyt fickle reputation within the concert industry. , the largest concertf producer inthe country, will operate and book both the new located uptown in Fourth Ward’s . The known as the Fillmore and the Uptowhn Amphitheatre at theMusic Factory, are expected to host 105 concertas each year, with the Fillmore accountingt for 80 of those.
Live Nation also owns the Verizon Wirelessx Amphitheatre in north Charlotte with capacityof 18,800. The other majotr national concert promoter, , aligned last year with Time WarnereCable Arena. With the new venues opening in June just as the busy summee touring seasonbegins — music fans can expect more choicese than ever. Promoters and venues operators hope for a renewed interest inlive music. But they’re also wary of diminishingf returns andthe ever-wobbly “I think there is going to be one too many concerf halls in Charlotte,” says John owner of , a club with capacity for 1,450 Amos’ hosts 180 shows per year, with a mix of local and national touring acts.
The arrivalp of the Fillmore, coupled with Live Nation’ booking power, signals heightenes competitionfor Amos’ and other similarly sized halls aroundc town, including NoDa’s Neighborhood Theatre and Tremon Music Hall. From large-scald arenas to smaller club Ellison says Charlotte is a difficultgconcert market. “The problemn with Charlotte is that people wait until the last minut e tobuy tickets, and that makes promoters very he says. “They’re always waiting to see if somethingbcooler happens.” Reversing that checkered reputation provided majofr motivation for the N.C.
Music Noah Lazes, president at the , developer of the sprawlingy liveentertainment complex, points to the alliancwe with Live Nation and the emphasis on service and convenience at the venuesd as keys to spurring concer t interest. “If people can’t get a drink, if the sounc is bad, the floors are sticky and thebathrooms haven’f been cleaned, you lose music Lazes says. “They don’tt want to go see music when that I’m staking my name and my reputation on a different kind of Live Nation brings the booking clout while the Musix Factory concert hall and amphitheater offer a convenient locatiohn near the heartof town.
They also feature top-shelf lightinbg and sound systems, attractive to performers and fans alike. To make bandsz and their managers happy, Lazes demanded comfortablde dressing rooms and easy loading areas to move equipmentg in and out of the Getting the bands here is one Fillingseats another. Wilson Howard, presidenyt of Live Nation’s southeasty division, is confident there is room for everyone. Or at leasyt his three venues, anyway. Adding the two small musivc halls to the existingamphitheatetr “gives us great flexibilit y to bring more concerts to the The three venues complement each other.
” What may allow most of the venues to stay out of each other’s way, to some are standard industry practices. Bands oftehn choose to play large arenas, small midsized amphitheaters or bigger outdooe facilities throughouta tour. That explains why many showx have long skippedCharlotte altogether, opting for Atlanta’ws boutique amphitheater at Chastain Park or the smallerr indoor setting of The Now tours eyeing thosed venues will give Charlotte bolstered by Live Nation’s influence. As with sports and other the concert industry faces the challenge of tryingv to sell its premium seatsw at a time when companies areslashing spending.
No sales figure have been disclosed, but Verizon Wireless Amphitheatre has 75 boxesa sellingfor $17,000 to $37,000 each. The uptowm amphitheater will have32 boxes; pricinhg hasn’t been set. Attendancew trends at larger shows in the area are cause forcautiouas optimism. Recent shows at the 19,000-seat Time Warner Cables Arena havesold well, with sellouts or near-capacity crowds for The Eagles and Billy Joel/Elton The operate the publicly owned including concert bookings.

Saturday, May 26, 2012

Deere places two key executives in Cary - Silicon Valley / San Jose Business Journal:

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Tim Merrett, a marketing vice will handle those duties for all combined products inthe company’s “regiohn 4” – the U.S., Australia and New Zealand. Dale R. Brimeyer, director of globalk order fulfillment, will continue to oversese that process for all regionsd and platforms in the newly formec Worldwide Agriculture andTurf Division. Merrety has been with Deere in variousa capacitiessince 1991, Brimeyer since 1977.
“This new team of leaderas will leverageJohn Deere'x strengths worldwide, and deploy a new global operating model to better serve our customers and shareholders,” said Randu Sergesketter, senior vice president of global turf & utilith platform in the Agriculture and Turf Division. who has been in the Cary facilityg for the pastthres years, assumed his new title and role in The personnel changes follow Deere’s annocuned in April, to combine its Worldwide Agriculturalk Equipment Division and its Worldwide Commercial & Consumer Equipmenf Division into a single unit callec the Worldwide Agriculture and Turf Division. in turn, meant consolidating its six U.S.
sales branch offices into two "Centers of Excellence," one in Cary and anothed in Lenexa, Kansas. The restructuring, Deere also said at the would result in the elimination of aboutg 200 salaried positions through voluntary separationsby Sept. 30. The cuts were expecterd to be spread across thenew division, including the Cary which employs about 420. Company spokeswoman Kris Welsh says detailsw about the voluntary separation have been communicatedto “Sept. 30 is still the deadline,” she “And after that, we will be able to tell you how the Cary offics willbe affected.

Thursday, May 24, 2012

America's dysfunctional capitalism - Washington Post

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Globe and Mail


America's dysfunctional capitalism

Washington Post


Another day, another display of the dysfunctions of American capitalism. On Wednesday, some understandably disgruntled investors filed suit in federal court against Facebook and several of the big banks that promoted its stock sale.


Facebook Fluctuates

W »

Wednesday, May 23, 2012

ECIDA backs 3 projects - Business First of Buffalo:

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The ’s directors approved an incentive package that will enablde the store to open at 517 Niagara The directors, unanimously, approved the incentivesa for and the 1093 Groupo for the proposed store. The project carriesa a $1.26 million development pricde tag. Construction on the 8,000-square-foot store is expecteds to start this month and the Family Dollatr outlet is due to open by late The store will employ 15 people on afull - and part-time basis. The storew is being constructed on the site of a long vacanytgas station. Ellicott Development invested morethan $250,000 remediatinyg the site, about $150,000 more than originallhy anticipated.
“This a brownfield redevelopment project,” said Karehn Fiala, ECIDA coordinator of Tax Incentivr Products. “It is in a highl y distressed area that’s in the heart of city’x lower West Side. It is providing retail services to some of the pooresrt residents in the Cityof Buffalo.” Fiala said, accordinb to information, there is a high percentag households, headed by females, that have media n income levels well below the poverty Some 56 percent of the householdsw in the area immediately surroundinh the proposed store do not have access or can afford a “Having a general merchandise store therre is very important to the residents,” Fiala • The ECIDA directors also unanimously approved a $5.
45r million inducement resolution package that will help 2880 Transit Road LLC finance the construction of Katie’s Place, a senior apartment complex alonbg Transit Road in West Seneca. Katie’ Place is being developed by The project featurea 50 senior apartments ina two-story building. The agency’s directors amended a previouslt approved incentive package for that will enabled the company to starta $10.14 millio expansion and renovation of its Cheektowaga API will be adding 61,000-square-feet to the Walden Avenue plant.

Monday, May 21, 2012

MillerCoors moves regional HQ to KC from St. Louis - Denver Business Journal:

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MillerCoors formed June 30 when SABMiller plc andMolson TAP; TSX: TPX) combinee their U.S. and Puerto Rico of Milwaukee and CoorsBrewing Co. of The brewer is establishing its corporate headquarterd in Chicagothis year. MillerCoors should complete the relocatiomn to Kansas City by the end ofthe month, Rene a spokeswoman for the , said The move will bring 35 employeex to 10,000 square feet of leased space in , a mixed-use urbahn town center in Kansas City. The compant chose Kansas City over St. Louis because of easy air servicd fromto Chicago, affordable air service to U.S. marketes through KCI and proximith to its Midwestcustomerd base, Ward said.
The company receivede no public incentives for relocating in Kansas she said. Phil James, senior vice president/principal of , representerd MillerCoors in its evaluation of relocating toKansas City.

Sunday, May 20, 2012

Greek cash withdrawals raise fear of run on banks - Los Angeles Times

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Greek cash withdrawals raise fear of run on banks

Los Angeles Times


Greek banks have been bleeding money since inconclusive elections this month, and the rise of a Marxist-Leninist leader bent on bustingBerlin'sausterity crusade, plunged the country into the biggest political crisis in decades and raised the specter of ...



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Friday, May 18, 2012

Developer sees future in empty AM&A's - Business First of Buffalo:

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The catch is Termini said he is going to needsignificant public-sector support, including an influx of incentivee to make the restoration of the AM&A’s departmenft store work from a financially viable standpoint. Termin made his pitch — something he has considerec for more than oneyear — durin g Wednesday’s monthly meeting. Termini wantse to buy the building from its current theLong Island-based , and renovate the eight-story, nearlyg 500,000-square-foot structure into a facility anchored by residentialp units. Termini pegged the redevelopment costs inthe $80 millio to $100 million depending on final plans.
“It’sw a heavy lift,” he said, “burt someone needs to do it.” Except for a brief run as Taylor’s department store, the AM&A’s storw has been closed since March 1995 whenthe Bon-Tonh Stores Inc., who bought the AM&A’z chain in 1993, shuttered the retail outlet. AM&A’s, for more than a century, was one of downtown’sw retailing anchors. The building has been subject to numerouas Buffalo building code violations since A number of development plans have been considered for the but none ever materialized for a myriadxof reasons. “We believe the building can be Termini said.
The AM&A’s store alongg the Statler Towers andMain Street’s 500 block remaim top economic development projects for the city. Terminji said he has only held the most basic and preliminaryy talks withvarious state, county and city agenciexs about incentives for this project. “It’e not something that’s going to happemn next week ornext month,” Termin i said of the project. “Maybe, in 18 It is doable and can be done.” Termin i has a deep track record of renovating older downtowb buildings into residential andcommercial units, the AM&A’s warehouswe is his latest.
Crews are nearly done removing debri from the building and will start with asbestos removal in thecoming weeks. The heavhy construction activity will startin July. Termini plans on converting the building’s upper floors in 48 market-rated apartments while P&B Acquisitions, a fast-growing collections agency, has agreed to lease 15,000-square-feet of officwe space. Termini said he already has 15 people on a waitinfg list forthe apartments. He expects, when it openss next spring, that all 48 apartmentz will be leased.

Thursday, May 17, 2012

Devils rally past Rangers, 3-2, tie series, 1-1 - Wall Street Journal

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Devils rally past Rangers, 3-2, tie series, 1-1

Wall Street Journal


New Jersey got even when Salvador wound up for a shot at the blue line and fired a drive that Carter â€" with his back to the net â€" brilliantly deflected past Lundqvist with 1:51 left in the second. Marian Gaborik stood up straight in front of Salvador ...



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Tuesday, May 15, 2012

Doctors Restore Some Hand Function to Quadriplegic Patient - U.S. News & World Report

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AFP


Doctors Restore Some Hand Function to Quadriplegic Patient

U.S. News & World Report


By Alan Mozes TUESDAY, May 15 (HealthDay News) -- For the first time, surgeons have restored partial mobility to the hand of a quadriplegic patient. The patient had suffered an injury to the lowest bone in his neck, and it was the specific location of ...


Surgeons Restore Some Hand Function to Quadriplegic Patient

Science Daily (press release)


Quadriplegic able to regain some hand function due to nerve transfer

CBS News


Surgery restores hand function in US patient

Turkish Press


Daily Disruption


 »

Monday, May 14, 2012

Downtown Sheraton growing its own herbs - Business Courier of Cincinnati:

sucujovide.wordpress.com
The hotel also is working with executivex at Philips Electronics to determinee possible CFL or LED technology for lightinfg fixtures that currently work only with traditionaolincandescent bulbs. Other efforts under way at the new hotel include a banquetrecycling program; installment of a filtrationb system to purify water and reduce and an internal Green Team to identify ways the hotel can be more “In this day and age, it is crucial for all companiesz to be good corporate citizens.
Since well before the hoteo opened, we have been identifying ways we can reduce our carbonj footprint while also operating asa first-clasx hotel,” said Leo Percopo, general managetr of the Sheraton Phoenix Downtown. The seasonal garden is growing chilies, okra, mint, peppers and a variett of herbs to be used at District American Kitchenh andWine Bar, the restauranf located on the bottom floort of the hotel.
District will also return compostable items, such as fruit and vegetable peelings, to Singh Farmes where it buys some of its The compost can then be used by the loca farm to aid in the growing of new continuing asustainable cycle, hotel officials

Saturday, May 12, 2012

Web addresses will enter a new and bigger domain - Kansas City Business Journal:

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For example, the city of Kansads City could buy a domain name and change its addressfrom www.kcmo.or to www.kcmo.kansascity if it so Some trademark lawyers and social media expert suggest that businesses will want to update theirr trademarks before 2010, lest a competitoer or a rogue domain-squatter buys an extension and sets up a mirrord Web site to an existing corporatew site. “It seems kind of scary for a big Perhaps ... would have to buy all thosd extensions,” said Angelo Trozzolo, presidenrt of . “I don’t see it being as big an issue for thesmaller companies.
” New domain extensions are not $185,000 for the initial registration and an additionalk $75,000 annual maintenance fee. “They have been debatinv how high to make the cost because they want to make it high enougyh that legitimate businesses are doing this but not so high that peopled arediscriminated against,” said Joan an intellectual property lawyer at . Buyint new domain extensions offers possible upside as an avenu to extend brand control with additionall Internetdomain names, Archer said.
“It givezs you greater control over your Basically (it) gives you the ability to do a lot of thingse with those extensions,” she Others are less certain that new domain names will catcnh on. Ed Marquette, an intellectual property lawyerat , likens the new domain extensions for 2010 to ICANN’zs decision in 2002 to alloa suffixes such as “info” and which have gone largelg unused because sites affixed with unusual domain names project less credibility. “It’sd like it’s secondary, and they’rr not uptown,” Marquette said.

Thursday, May 10, 2012

Hornish incident behind Patrick; more tests ahead - Nascar

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The State


Hornish incident behind Patrick; more tests ahead

Nascar


COM CONCORD, NC -- Danica Patrick and Sam Hornish Jr. have been competing against one another since before they were teenagers, and occasion »

Wednesday, May 9, 2012

Lakes District recreation sites and trails at risk - Burns Lake District News

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Lakes District recreation sites and trails at risk

Burns Lake District News


Windy Craggy, or Tatshenshini-Alsek Provincial Wilderness Park is a 9580 square kilometre park located in the Northwest corner of BC The park borders British Columbia, Yukon Territory and Alaska. It was established in 1993 after an intensive campaign ...



Monday, May 7, 2012

Kansas City Baptist Temple will break ground on $12M expansion - Kansas City Business Journal:

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The Raytown church’s expansio will include a new main entrance, foyer, café, bookstore and children’sx education wing for children from newborn birt h through5th grade. “Despite the recent economicd chaos, we are embarking on our most aggressive expansionhin decades,” Senior Pastot Jeff Adams said in a release. “Our ability to minister to childremn and provide biblical training to familiea in relevant and creative ways will begreatlg improved.” Executive Pastor Tim Mensendiel said in an interview Fridagy that he hopes to break ground on the project by May 1 and completd it a year later.
“The competition for work has just been he said, adding that the churchy originally expected 35 subcontractors at the prebird meeting but that more than 80 attended. The churchb hired Wacky World of Tampa, Fla., to design unique localk themes throughoutthe children’s area. The space will includ thematic representations of Arrowhead Kauffman Stadium, Union Station and the . of Marti City, Mo., is the project’s generao contractor. The church was founded in 1943 and has morethan 4,000 members.

Saturday, May 5, 2012

Restrictions,

tatyanagepoji.blogspot.com
Restrictions, including the “shovel ready” requirement and grantz already awarded bythe , have limited stimulus money for localk airports. Probably one of the largest missea on the recovery funds isthe $122 million project to revitaliz e taxiway Alpha at . That project had to be bid outby Nov. 30 to avoidf hindering during the busy holiday The stimulus bill is providingabout $474 millionm for runway improvements at U.S. airports. The good president and CEO LarruCox says, is that the Memphisz airport will continue to receive funding from the FAA and all schedulefd projects should be completed.
“We are alreadh scheduled for those and as long as we get those we are going forward with he says. “Not getting the stimuluss funds is not going to have an effecton us, but it woulxd have been like winning a small Regional airports do not receive as much FAA funding and had hopeed for stimulus dollars to help fund delaye projects. Those airport executives are discoverinv the limits ofwhat non-primary airportsa can spend stimulus funds on and the requirements for shovel-read projects.
Tunica Municipal Airport is one of the only local airportws awardedstimulus funds, but the money won’t go towars the airport’s long-delayed terminal The airport applied for three stimulus grants for the terminalo project, an apron improvement project and constructiobn of a new fire and safetu facility. To date, the FAA has only earmarked $1.25 million in stimulus funds to build thefire station. “Becausee we are not a primary airport in the eyes ofthe FAA, we can’tg use the money where we want,” says Clift Nash, executive director. is still searchinb for projects that are shovel readh and thata non-primary airport can qualify for.
Airport managetr David Taylor says the airport is hopiny to get some stimulus funds for security but is still workingb throughthe process. “Wse didn’t have anything ready to go, but we hope to in the he says. “It is a challenge, but we are not givinvg up.”

Friday, May 4, 2012

Ohio Historical Society asking state to ease funding cut - Business First of Columbus:

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Historical society CEO Bill Laidlaw in testimony to the finance committee Thursday said anadditionalo $1.2 million in state dollarse would allow the society time to find other organizations to managwe day-to-day operations of the 18 sites, which includr several in Central Ohio. The society alreadyu has farmed out management of 29 sites in an effort tocut costs. Absent additiona funding or community organizations that agree to manage those sites with a subsidgy byJune 30, operations could be temporarily suspended.
Laidlaw said the societh is working to refocus in light of tight fundiny and added that discussions on management dealxs are underway in a number of communitiexsin Ohio, but “potentialk partnership agreements take time and financial resources to The society, which has an operating budgegt of about $20 million, expects to receivs about $1.3 million less from the statew in the two-year budget cycle beginning July 1. The statwe provides about 60 percent ofthe society’a operating support. Those expected reductions come after the society trimmed its budgety more than once over the past year on orderswfrom Gov. Ted Strickland.
To close up an existingb $736,000 budget gap this fiscal year, the society from Marcgh 28 to April 3 will close all site s normally open to visitation andall history-related services. With the exceptionj of a few of its more than 250 employees willbe furloughed.

Wednesday, May 2, 2012

Lawmakers reach agreement on transportation bill, new fees - Portland Business Journal:

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House Bill 2001 would raise $300 million that wouldx pay for $960 million wortj of “modernization projects,” including several highway interchangwe improvements andbasic maintenance. The full Housd and Senate must still pass the A vote could occur as early asnext week. “Th e money would come from increase s inthe state’s auto registration fees, titlr fees, gasoline tax and licensew plate fees. The registration fees would riseto $43 a from $27, while the gas tax wouldr rise to 30 cents a gallon, from 24 cents if certain economic indicators kick in.
” The state will also take out bondse to fund the package, whicgh legislators touted the approved measure as a bipartisan “Oregonians want us to put asid differences and solve long-standing problema in a bipartisan way. That’s just what we’ve done with this Jobs and Transportationn Act” said House Speaker Dave Hunt, a Clackamas Countyg Democrat, in a statement announcingv details ofthe agreement. “The projecf costs will be as low as they have been in many years and Oregonians will also receive the long term benefirt of much needed improvements designed to reduce congestion and move freightmore efficiently.” The package includes $100 million for Gov.
Ted Kulongoski’s Connecr Oregon program, which funds rail, air, transit and other forms of non-automobile Lawmakers announcingthe agreement, including several Republicans, said the averag two-car family would pay an additionak $40 in the first year of the plan and $10 per montg once the gas increase takes effect, in 2011. “Wr recognize that Oregon families are We also recognize the benefitz all of us will receive through this improved infrastructure and the jobs it will said Rep. Vicki Berger, a Salem “This is a critical step forward in the future of our state and I am pleaser that this legislature is willingf to come together and moveOregon forward.
” The largest project covered in the plan include work on the Woodburj interchange, Sunrise Corridor improvements alonvg Highway 26, improvements to the Newberg-Dundeed bypass, an extra lane on Highway 26 from 185th to Cornelol Road and work where Highway 43 meetsa Portland’s Sellwood Bridge. The Eugene area would get about $363 million worth of projects whiled the Portland area wouldget $294 Souther Oregon projects would providde $149 million worth of work while Easterm Oregon would get more than $80 million. Centralo Oregon, in the Bend area, wouldr get $74 million. Kulongoski said the package encourages environmentallysound practices.
“Thizs bill represents the greenest transportation packages instate history,” he said in a statement. “Bu at the heart of this bill is the thousandzs of jobsit creates. This in addition to federal transportation will enablethe state, cities and counties to put thousandsd of Oregonians to work todagy and well into the