News Briefs

Published: August 12, 2009

Cudahy asks UW’s help to plan Iceport property’s future

The city of Cudahy is asking the University of Wisconsin to help create long-term development plans for the 31.2-acre Iceport property.

The city bought the site this summer at a foreclosure auction. It is having informal development talks with some companies, said Lara Fritts, city director of economic development. She declined to name the companies.

The city also is asking UW-Milwaukee and UW-Madison to have students propose site redevelopment plans as part of their classes, Fritts said.

Cudahy considers partnership to renovate 10 houses

The city of Cudahy is considering using $600,000 in tax incremental financing to have a community training organization renovate 10 houses.

Milwaukee Community Service Corps, which provides construction training to youths with troubled histories, offered to buy and renovate the houses if Cudahy pays for the construction work, said Lara Fritts, city director of economic development. The city is considering dedicating $600,000 for the construction work out of a TIF district that covers most of the city.

The houses would be resold and any profits would be returned to the city for future house renovations, she said. The city’s Community Development Authority on Tuesday held off on approving the proposal to get more information, she said.

Bondholders oppose Trump plan to retake casinos

Atlantic City, NJ (AP) — Bondholders who stand to lose their $1.25 billion investment are asking a bankruptcy court judge to block the planned sale of three Atlantic City casinos to Donald Trump, who once controlled them.

The bondholders filed a motion Tuesday asking Judge Judith Wizmur to block the $100 million offer from Trump and accept their offer of $175 million, plus $75 million from the sale of Trump Marina Hotel Casino to Richard Fields, a former protege of Trump.

Although the three casinos — Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina — bear Trump’s name, he has no role in running them or in the company that owns them, Trump Entertainment Resorts. He resigned as chairman just before the company filed for bankruptcy protection in February.

Last week, the Trump Entertainment board voted to let Trump, his daughter Ivanka and Beal Bank buy the company in a deal that would wipe out other creditors.

Donald Trump said Wednesday he is optimistic his deal will prevail.

Trump Entertainment officials said they were studying the bondholders’ motion and had no immediate comment.

Areva to buy wind turbine blade maker

Paris (AP) — Areva, a French state-owned nuclear engineering company, said Wednesday that it will buy PN Rotor GmbH, a German manufacturer of rotor blades for offshore wind turbines.

Jarret Adams, an Areva spokesman, said the company is not disclosing how much it plans to pay for the business, a unit of Prokon Nord Energiesysteme GmbH.

According to Areva, the acquisition is strategic and the worldwide offshore wind market is expanding rapidly, particularly in Europe.

Areva has ambitions “to become a major player in this rapidly growing sector,” according to a statement attributed to Anil Srivastava, CEO of Areva’s renewables business unit.

The acquisition is expected to close in the next months, Areva said.

Toll Bros. reports increase in signed contracts

Horsham, PA (AP) — Toll Brothers Inc. said 3 percent more homebuyers signed contracts in its fiscal third quarter, the first annual increase in four years.

The luxury homebuilder said Wednesday it sold 792 homes, generating $461.3 million in revenue for the three months ended July 31. Revenue was down 42 percent from the same period last year because home prices are declining and Toll has fewer communities around the country.

Compared with the second quarter, signed contracts soared 44 percent and only 9 percent of buyers backed out — the lowest cancellation rate in three years. Toll said demand was so robust the company has been able to scale back the incentives it offered to get buyers in the door.

Other major builders — including D.R. Horton Inc., Pulte Homes Inc. and Centex Corp. — recently reported better earnings for the first half of the year.

Still, Toll expects to write down the value of its communities, land and joint ventures by $90 million to $160 million in the third quarter.

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