Financial life in a big town

Liberty Property Trust looked to its existing client base to find the first tenant for Round Up Business Park, just one month after acquiring the Northwest Houston industrial property.

Medco Medical Supply will take 46,000 square feet in Round Up, which represents a 72 percent increase over its current amount of space. Medco leases 27,000 square feet at Liberty’s Legacy Center Business Park, also in Northwest Houston.

Medco will move to the 12-acre Round Up Business Park in December.

Round Up consists of two buildings at 10301 and 10305 Round Up Lane near North Sam Houston Parkway that contain nearly 228,000 square feet of space business card. The project was empty when Liberty bought it from developer Caldwell Cos. in July.

Liberty (NYSE: LRY) owns more than 4 million square feet of industrial space in the Houston area. The Malvern, Pa.-based real estate investment trust has 78 million square feet in its nationwide portfolio of industrial buildings.

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A state appeals court has ruled that Westfield Galleria at Roseville’s policy limiting shoppers’ conversations with strangers about potentially controversial topics such as religion and politics is a restriction of free speech.

The 3rd District Court of Appeal in Sacramento decided that the mall’s rules regarding such conversations and another rule that prohibits shoppers from wearing clothes with religious or political messages are unconstitutionally vague and restrictive of free speech.

The case involves a youth pastor who was arrested in 2007 at the Galleria after talking to two other shoppers about his religious beliefs. The shoppers agreed to the conversation. However, a store employee who overheard the conversation that Matthew Snatchko was having with the shoppers complained and called the mall’s security guards. Charges were later dropped, but the Pacific Justice Institute sued, challenging the Galleria’s policy.

Galleria owner Westfield LLC is disappointed by the ruling and considering legal options, a spokeswoman said.

“Westfield has spent considerable time and effort, including working with legal counsel, to adopt reasonable rules governing conduct in our shopping centers,” spokeswoman Catharine Dickey wrote in an e-mail. “These rules protect our tenants and the thousands of customers at the mall each day by ensuring a safe and secure shopping, dining and entertainment environment while recognizing the requirements of California law. In particular, the rules recognize the right of the public to engage in expressive activity in our common areas, subject to reasonable time, place and manner restrictions as required by California law. These rules and procedures are, and have been, applied on a content-neutral basis for hundreds of individuals and organizations in our shopping centers each year.”

Westfield will consider appealing to the California Supreme Court, she said.

The appeals court decided that Snatchko could collect damages and attorneys’ fees. The trial court is responsible for implementing the appeals court ruling.

“We are very pleased with this landmark ruling by the California Court of Appeal that vindicates the right to engage in casual conversations about faith without fear of being arrested,” Brad Dacus, Pacific Justice Institute president, said in a news release. “This is a great victory for free speech and common sense.”

Timothy Smith, a Pacific Justice Institute affiliate attorney who is with the Sacramento law firm of McKinley & Smith, served as lead counsel for Snatchko pro bono.

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In a desperate attempt to fill a $70 million budget hole, Newark’s mayor is taking a chainsaw to the town’s budget — even going so far as to cut toilet paper from the 2010 budget.

"Every single contract that does not go to the core function of our city in providing safe streets, providing fire protection, or other things to keep our city afloat will now be cut," Mayor Cory Booker said during an emergency press conference Wednesday.

The reductions include not buying toilet paper for city offices, cutting the work week to four days for non-uniformed city workers, which is equivalent to a 20% pay cut, scrapping city holiday decorations, and closing city pools. These extreme measures, most of which will take effect beginning in August, are expected to save the city between $10 million and $15 million.

The city came to this impasse after the city council deferred a vote to create a Municipal Utilities Authority, a key component of Booker’s method of balancing the budget no fax cash advance. Because Newark could issue bonds on the Authority, it would have cash inflow to cover the immediate deficit. Without that infusion, the mayor said they can’t make ends meet.

While he accepts the council’s decision, Booker said that the move leaves Newark without a budget and "an incredible financial issue."

"If the council chooses to rely on a tax increase to fill this budget hole, our homeowners will receive an entire year’s worth of that tax increase in the fourth quarter — people will see tax bills into the thousands," Booker warned.

He added that raising property taxes will likely result in massive foreclosure rates, which is unacceptable.

Booker said he is making the severe cutbacks "to avoid a tax shock to our city." 

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AirTran Airways plans to expand its Caribbean service to Punta Cana, Dominican Republic.

Punta Cana will mark the fifth Caribbean destination the Orlando-based low-cost airline offers service to, including Aruba and Cancun, Mexico; Montego Bay, Jamaica; and Nassau/Paradise Island, Bahamas.

Roundtrip, nonstop flights between Hartsfield-Jackson Atlanta International Airport and Punta Cana International Airport will be conducted twice weekly beginning Feb. 16, 2011.

Connections to Punta Cana will be available from more than 40 cities throughout the AirTran Airways network via Atlanta, including Orlando, New York, Washington, Boston, Baltimore, Milwaukee and others.

“Punta Cana is a very popular vacation destination, and we are happy to offer our passengers the chance to explore such a beautiful area beginning this winter,” said Kevin Healy, AirTran Airways’ senior vice president of marketing and planning. “Our new flights to Punta Cana represent the next phase of our growth strategy in the Caribbean.”

AirTran Airways has been flying to Punta Cana since 2008 using chartered service.

AirTran Airways is a subsidiary of AirTran Holdings Inc. (NYSE: AAI) and a Fortune 1000 company.

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New York’s The Lung Cancer Research Foundation will donate $25,000 for studies at the Translational Genomics Research Institute as a result of its first Strides for Life event in Arizona.

The 3-mile run-walk and children’s dash are modeled after the foundation’s longstanding event in New York. Because of its success, the foundation already has scheduled a second annual Arizona fundraiser at the same site, Tempe Arts Park, for April 10, 2011.

Laurie Carson, founder and president of the foundation, said she is thrilled with the 175 participants.

Her foundation provides funding nationally for lung cancer research. Lung cancer is the leading cause of cancer death worldwide, killing 1.3 million people each year. The problem, she said, is there is no practical way to screen for lung cancer.

As a result, nearly 75 percent of patients are diagnosed with advanced-stage disease, leaving few options for treatment payday advances.

The National Cancer Institute estimates that nearly 220,000 new cases of lung cancer will be diagnosed this year in the U.S., where more than 159,000 people will die from the disease.

Michael Bassoff, president of TGen Foundation, said the $25,000 immediately will be applied to support TGen’s lung cancer research.

“The gift from LCRF will support scientific research in an area that affects more cancer patients than any other type of cancer,” he said.

This $25,000 award follows a $75,000 award that LCRF gave TGen last year to conduct scientific investigations.

For more: www.lungfund.org and www.tgen.org.

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Suburban Journals publisher Tom Wiley is leaving the company to be publisher of the New Haven Register and senior publisher of the Journal Register Co.’s Connecticut media group.

The Suburban Journals is a subsidiary of Lee Enterprises Inc., based in Davenport, Iowa. Lee also owns the St. Louis Post-Dispatch.

Wiley was named publisher of the Journals in February, replacing Bob Williams when he became publisher of The Southern Illinoisan in Carbondale, also a Lee subsidiary.

"This is a fantastic opportunity for Tom," said Kevin Mowbray, president and publisher of the St. Louis Post-Dispatch. "His innovation, energy and creativity have helped us launch new products and improve existing ones."

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The global spotlight is still on the Pittsburgh region, with domestic and international delegations and media visiting regularly to see firsthand Pittsburgh’s transformation and to learn about rebuilding an economy and revitalizing the environment.

The Pittsburgh Symphony Orchestra and the Pittsburgh Regional Alliance have packed their bags – and their instruments – and have crossed the Atlantic, ready to put Pittsburgh on the world stage during the BNY Mellon 2010 European Tour. It’s an ideal time for the PRA to be traveling with the PSO, capitalizing on the global exposure Pittsburgh received during last year’s G-20 Summit and leveraging the orchestra as one of our region’s most acclaimed assets.

It’s also the inaugural leg of a PRA-led Pittsburgh World Tour 2010, a marketing initiative that begins with the PSO in Europe and will extend into the fall in Seoul and Shanghai.

Representatives of the PSO and the PRA, along with regional business leaders, such as BPL Global’s CEO Keith Schaefer, will be creating a conversation about Pittsburgh as a prime business investment destination.

The PRA’s vice president of international business investment, Suzi Pegg, will be traveling with the PSO, leading the PRA’s business investment activities in Basel, Frankfurt, Luxembourg, Paris and Prague. A native of Pittsburgh’s sister city in the U.K., Sheffield, Pegg has called Pittsburgh home since 2000.

Follow her entries from Europe this week on the Pittsburgh Business Times website. Pegg promises to offer perspective on Pittsburgh’s global positioning, post-G-20, as well as some lighter observations about life on the other side of the Atlantic.

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Retail sales posted the biggest single monthly gain on record in March, the seventh straight month of increases and a signal of rebounding consumer spending.

Sales tracker Thomson Reuters, which looks at monthly same-store sales for 28 chains, said Thursday that March sales increased 9.1% over last year, the biggest monthly gain since it began keeping records in 2000. Thomson had expected only a 6.3% increase.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailers’ performance.

"This is obviously a very strong showing," said Scott Hoyt, senior director of consumer economics at Moody’s Economy.com, "but it’s very much driven by special factors."

The chain stores received a boost in March from unusually warm weather, Easter shopping and improved consumer confidence, Thomson said in its report.

Hoyt also noted bad weather in February could have contributed to pent-up demand, and March enjoyed relatively easy comparisons over the year.

"The Easter calendar shift is a huge factor, and March’s gain will be at the expense of April’s figures," Hoyt said. "Many retailers and analysts say you should combine the two months for a true indicator of what’s going on, so we’ll have to see what happens next month."

Still, March’s report was welcome news for the retail industry, for which the recession has been marked by numerous store closings and the bankruptcy of entire chains such as Circuit City.

The data are also important to the overall recovery, as consumer spending fuels two-thirds of the economy. In a separate report last week, a research group’s report showed consumer confidence rose in March after a sharp drop the previous month.

Higher-end women’s apparel store The Limited (LTD, Fortune 500) handily beat expectations, reporting a 15% increase over the year. Thomson Reuters had predicted only a 6.8% jump.

Many teen clothing retailers also posted strong numbers. Aeropostale (ARO) had the strongest sales so far at a 19% increase, while Zumiez (ZUMZ) gained 13.2%.

But other teen apparel stores posted the biggest misses. That included the upscale Abercrombie & Fitch (ANF), which reported only a 5% increase, missing Thomson’s expectation of a 6.6% rise. Alternative clothing store Hot Topic (HOTT) reported the weakest sales, down 7.5%, but that was better than the predicted 11.2% drop.

In the luxury sector, department store chain Nordstrom posted a 16.8% same-store sales increase, versus expectations for a 10.6% gain.

BJ’s Wholesale (BJ, Fortune 500) reported the strongest increase among discounters, at 10.6%. Costco (COST, Fortune 500) saw a 10% jump, beating estimates of a 9.3% gain. 

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If you haven’t started your 2009 tax return, get going — and be ready to pay for help even if you haven’t before.

"Most people will need all the help they can get" this year, said Mildred Carter, senior federal tax analyst with tax publisher CCH, a Wolters Kluwer business. One big reason: The American Recovery and Reinvestment Act enacted by Congress in February 2009 contained more than 50 provisions affecting 2009 and 2010 tax returns, and some were changed again in November by the Worker, Homeownership and Business Assistance Act.

The result is a bunch of new deductions and credits (and tax forms and worksheets) that can lower your tax bill but make things more complicated. "The one certainty," Carter said, "is that whatever route you take, it’s best to start early."

If you hire a professional, go with know-how and experience. For referrals, ask your friends, business associates and your local or state certified public accountant and/or enrolled agent organizations.

If you opt for do-it-yourself software, go with a reputable name. TurboTax (www.turbotax.com), H&R Block at Home (www.hrblockathome.com) and TaxAct (www.TaxAct.com) offer quality products for returns of different levels of complexity. Many are free, particularly for simpler returns.

I’ve used TurboTax’s Home & Business for years and like it for its thorough yet plain-English interview questions. I also appreciate the "help" features — such as a free "Live Community" where other users and tax experts can answer questions — and the navigation options, including being able to see interview questions and related tax forms at the same time. Your choice of software may come down to individual preferences and the program that best fits your needs.

Even if you get help, it pays to be aware of significant tax law changes for 2009 returns. "Tax-return preparation is a chore, and the desire to take shortcuts is common," said Bob Scharin, senior tax analyst for the Tax & Accounting business of Thomson Reuters. "But make sure you take the time to check for tax breaks, and if you are using the services of a professional, ask questions and gather the information they will need to calculate the tax deductions and credits to which you are entitled."

Potential tax breaks are plentiful — for buying a car, a house, going to college, making your home energy-efficient or even holding a job (the latter is the new "Making Work Pay" credit).

But the devil is in the details, with many complex eligibility requirements and "phase-outs" that reduce or eliminate tax savings based on income.

One example: First-time home buyers may be entitled to a refundable tax credit of 10 percent of the purchase price, with a maximum credit of $8,000. In addition, for home purchases after Nov. 6, 2009, those who owned and lived in a home for at least five consecutive years out of the eight-year period preceding the purchase may be entitled to a credit of up to $6,500. The home buyer credit phases out for modified adjusted gross income of $75,000 to $95,000 for singles ($150,000 to $170,000 for joint filers) for purchases before Nov. 7, 2009, and $125,000 to $145,000 ($225,000 to $245,000 for joint filers) for purchases made after Nov. 6.

Get it?

But don’t despair. With a qualified professional or tax-preparation software — you can bet the pro will be using software — you don’t have to memorize all these details.

"Just know there are credits available," said Bob Meighan, vice president of TurboTax. "Don’t worry about the details; just put your numbers in."

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Medicine Shoppe and Medicap pharmacists in seven states sued Cardinal Health in federal court Tuesday, alleging the health care products distributor failed to make good on promises it made when it asked them to switch to a new franchise agreement.

The lawsuit filed in U.S. District Court in Columbus, Ohio, says franchise holders who agreed to the change offered in March 2009 are paying lower fees than others, while all are getting fewer supports and services from the Cardinal-owned Medicine Shoppe International Inc. and Medicap Pharmacies Inc. It says many who have the lower fees were charged "grossly unfair" penalties to switch from their old agreements.

Pharmacists want a return of penalties paid and for all franchisees to be charged the lower fees or be allowed to cancel their franchise agreements, said St free 3-in-1 credit report. Louis attorney David Harris, who represents the pharmacists. Plaintiffs include Medicine Shoppe franchisees in California, South Dakota and Kansas and Medicap franchisees in Pennsylvania, Idaho, Iowa and North Carolina.

Harris said the suit seeks class-action status and could include more than 600 franchises that account for $1 billion in drug sales for Cardinal. Most signed 20-year agreements.

Medicine Shoppe, which Cardinal acquired in 1995, had been based in Earth City but the pharmacy chain moved its headquarters to Dublin, Ohio, last year.

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