FOR IMMEDIATE RELEASE For more information, contact:
Shannon Hurt 812/422-2111
November 30, 2010
PRESS RELEASE
THE ARTS COUNCIL OF SOUTHWESTERN INDIANA IS PREPARING FOR AN ART EXHIBITION OF THE WORK OF SIX KENTUCKY ARTISTS IN THE BOWER-SUHRHEINRICH FOUNDATION GALLERY.
“Six Painted Ladies,†aka: Iris Gentry, Susie Rideout, Marka Kroeger and Cathe Hedgespeth of Henderson, Sandy Barry of Clay and Jan Frazier of Owensboro have been painting together for quite some time. They meet regularly in their homes and studios to drink coffee, paint, and share what they know about art as well as comment on what they like and what they don’t like about one another’s work. Harrowing? Yes, but always productive and always a pleasure. They work in a variety of media but oil and watercolor dominates and their subject matter ranges from abstract, still life, landscapes and plein air paintings to an occasional portrait.
The result of these work sessions has been some interesting area art exhibits, such as the one, titled “Six Painted Ladies,†that opens Tuesday, December 7, from 4:00 – 6:00 p.m. in the Bower-Suhrheinrich Foundation Gallery in downtown Evansville.
Each artist will have several pieces in the exhibit at 318 Main Street, which will be on display through January 12, 2011. The Gallery is open Monday through Friday from 9:00 a.m. to 5:00 p.m.
I returned this week from the Indiana Trade Mission to Japan headed by Governor Mitch Daniels, where Governor Daniels and I met with key partner companies including Toyota, Aisin Seiki, Toyota Boshoku, and Toyota Industries. In addition to the above meetings, I was fortunate to participate with Governor Daniels in a private luncheon with Tomikazu Fukuda, Governor of Tochigi Prefecture – Indiana’s sister Japanese state.
During the meetings, Governor Daniels delivered a powerful message about how Indiana and Southwest Indiana are the perfect business locations. Demonstrating to Japanese business how Southwest Indiana works as one economic region opened their eyes to the investment possibilities.
Over the next three weeks, the Coalition will be engaged in discussions on some of the most important economic development projects we’ve worked on since our formation. The tenor of these discussions will tell us a great deal about which direction the economy is pointing. Our sincere hope is that an announcement or two will come from those talks. Stay tuned.
President Joe Vezzoso expressed disappointment that the Vanderburgh County Council could not be convinced that the ball field project at the Robert’s Stadium site was worth going forward with. The Bureau needs to move on and transfer their deposits of into accounts where they can earn the greatest return. A Recommendation was made to deposit the money into Trust Indiana which is a State program that allows local units of government (e.g. counties, municipalities, school corporations, townships, and other units of local government) as well as the State of Indiana to invest in a common pool of investment assets that preserves the principal of the public’s funds, remains highly liquid, and maximizes the return on the investment. A second recommendation was to keep the deposits local. Currently deposits are at Integra, Fifth Third and Old National Bank. The board decided to keep the money local and to add the Bank of Evansville to their roster, which currently has the highest rate of return. The trustee will do this, insuring that the deposits will not exceed the maximum federally insured amounts.
David Dunn reported that the Bureau was on the Vanderburgh County Council Agenda in error and he will withdraw the project from Council till they have more support and will evaluate that level of support after the first of the year. He reported that by the failure to pursue the bond issue for the ball field project during 2010, they lost $4.8 to $6.2 million in reduced interest charges over a 25 year period and that the Build America stimulus money that will expire at the end of this year. He reported that they had worked on this project for seven years and countless hours. He said that the ball fields would have brought money in to the hospitality business but was caught up in politics.
Joe Vezzoso said that the money in the budget could be used to reduce the Inn Keepers tax. If nothing is done it will cost the City $400,000 per year to maintain Roberts Stadium, he would like to see a strip mall go in there. He said he doesn’t know if he will be in the Bureau next year but doesn’t think they should go out for a project like this unless they have the support of the public and the Vanderburgh County Commissioner and Council.
Bob Whitehouse reported that the hotels have had an extremely good year. He said he has met with the Jehovah Witnesses and that they are coming to town to talk about their convention, and they have some concerns.
The first draft of a four page brochure for the Arena has been completed. Members recommended that pictures be included showing configurations for basketball, concerts, and conventions. The bureau will seek the approval of John Kish, Evansville Arena Project Manager, before going forward with publication.
The Evansville Tennis Association appeared seeking support for improvements of the tennis courts at Wesselman Park. Currently there are three courts there. They have estimated the cost of adding new courts would be $630,000 for the courts and $150,000 for lighting. They have a five year lease with the Parks Department for 7.2 acres which gives them permission to build and improve. This project would create a shortfall of 35 parking spaces which could be added elsewhere later. None of the new courts would be enclosed at this time. There are nine indoor courts in the Evansville area. Major tournaments require indoor courts. The Women’s Circuit sponsored by the Women’s Hospital has been the best tournament in the region. The Tennis Association has invested three quarter of a million dollars over the past five years. At this time they do not have the full support of the County Council but want the full support of the Evansville Convention and Visitors Bureau. Deaconess has agreed to sponsor the upcoming Tournament again.
Joe Vezzoso warned the Tennis Association that they will face the same resistance that the ECVB did with the ball fields, from the neighbors, the community, and the County Council. Currently there is a tender situation at Wesselman Park. The Bureau needs to bring tourism and they have the Inn Keepers support to put heads in beds.
After the meeting when asked by the City County Observer what balances were still outstanding from the ball field project, Bob Whitehouse said they do not share that information with him. David Dunn said there are outstanding bills for legal, design, etc., and that he doesn’t know what the balances are at present but hopes to have that at the next meeting on December 13 at 4 PM.
A City County Observer Mole has been told that the total of the balances are significant. We want to know how much is owed and to whom. Is it for architects, lay out, soil testing, landscape designs, attorney fees etc. We will continue to follow this story.
Today, UCI International, Inc. ( “UCIâ€) entered into an Agreement and Plan of Merger (the “Merger Agreementâ€) by and among UCI, Rank Group Limited (“Rank Groupâ€), and a newly formed affiliate of Rank Group, which affiliate will be merged with and into UCI (the “Mergerâ€), with UCI continuing as the surviving corporation and an affiliate of Rank Group.
Subject to the terms and conditions of the Merger Agreement, Rank Group or its affiliate will acquire all of the outstanding shares of capital stock and other equity interests in UCI for a payment of $375 million. In addition, the acquirer will assume the net indebtedness of UCI and its subsidiaries, estimated to be approximately $605 million. In connection with the closing of the Merger, if requested by Rank Group, UCI may issue a notice of redemption for the Floating Rate Senior PIK Notes of UCI Due 2013 (the “Floating Rate Notesâ€) in accordance with the terms of the Floating Rate Notes and Section 3.01 of the indenture for the Floating Rate Notes. The Merger Agreement does not include any post-closing indemnification obligations or any provision for adjusting the amount payable to stockholders (whether for working capital or otherwise). The Merger and the Merger Agreement have been approved by the Board of Directors of UCI and stockholders of UCI holding a majority of total shares entitled to vote by all holders of Common Stock of UCI.
The parties to the Merger Agreement have made customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants by UCI to conduct its business in the ordinary course during the interim period between the execution of the Merger Agreement and consummation of the Merger. Consummation of the Merger is subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The Merger Agreement contains certain termination rights for both Rank Group and UCI. In the event of termination of the Merger Agreement under certain circumstances, Rank Group may be required to pay UCI a termination fee of $100 million.
The transaction is subject to certain regulatory approvals but is anticipated to close in Q1 2011.
About Rank Group
Rank Group is a New Zealand based private company which invests across a variety of industries and aims to build and grow leading global businesses, including Reynolds Group Holdings, one of the largest packaging companies in the world.
About UCI International, Inc.
UCI International, Inc. is among North America’s largest and most diversified companies servicing the vehicle replacement parts market. We supply a broad range of products to the automotive, trucking, marine, mining, construction, agricultural and industrial vehicle markets. Our customer base includes leading aftermarket companies as well as a diverse group of original equipment manufacturers.
The University of Florida today announced that it is embarking on a 1 Million square foot business incubation and business acceleration complex on a 40 acre site. The complex will be called Innovation Square and is projected to be instrumental in the creation of 3,000 plus jobs in the fields of research, health care, and green energy.
For a link to the University of Florida Innovation Square project please click the following.
Everybody knows about tooth decay, right? Those of us who are old enough remember the commercials that said, “Look, mom, no cavities!†But what is tooth decay exactly?
Tooth decay isn’t decay in the usual sense of the word. The tooth is not literally rotting away. Decay is actually losing a race.
The teeth harbor lots of bacteria. Lots! Tens of millions of them, and they double in number every few hours. You know that film that you can feel on your teeth when you wake up in the morning? It’s alive!
All these bacteria—and there are dozens of species in the mouth, although only a significant few seem to be the prime movers in tooth decay—have one thing in common. They all need carbohydrates to survive. They must absorb sugars through their outer walls for nutrition. They then happily metabolize the sugars for energy, just like we do, and they excrete waste products, just like we do. The waste products that the bacteria excrete are highly acidic in nature. And if we allow enough bacteria to accumulate in one spot, the amount of acid they produce can dissolve tooth enamel.
Fortunately, we have saliva! The saliva is chock-full of calcium and phosphorus, so the teeth are constantly bathed in a mineral-rich fluid. These minerals are deposited into the areas of the enamel that the bacterial acids have dissolved, so the tooth re-hardens.
Now, the problem is, the bacteria dissolve the enamel a lot faster than the saliva can re-harden it.
Let’s say that I take a drink of soda—let’s make that Mountain Dew, which is the most decay producing soda—and rinse it around my teeth by swallowing. The bacteria there start to party down! That sugar goes right into them and they start chugging away like little factories, pumping out acid like crazy. If I don’t drink any more soda, the sugar from that one sip stays in the groove between my gums and teeth for about twenty minutes, and all the while, acids are dissolving my enamel. It will take my saliva an hour or so to re-harden the enamel I lost in that twenty minutes. But of course, I don’t wait an hour between sips of soda. A few minutes later, I take another sip. To the bacteria, that new sugar jolt is like a set of de-fib paddles—“Clear!†ZAP!—and away they go again. Okay, now I need two hours to remineralize. A minute later, another sip. Now, it’s three hours to recover. Get the idea? Eventually, enough enamel is dissolved that the saliva cannot catch up. That’s what tooth decay is. The tooth has lost the race to remineralize. The saliva is the tortoise and the bacteria are the hare. Only, this hare never sleeps. It always wins the race.
That’s why I cringe when I see those young check-out clerks in the grocery store with a half-empty Dew beside the cash register. I know that they’ve been sip-sip-sipping on it since the start of their shift. And I know that the next time they see their dentist, they’re likely going to have some decay.
Mountain Dew is by far the worst offender, as far as sodas go. Studies show that Dew dissolves enamel twice as fast as any other soft drink. And they can’t figure out why. It isn’t the acid. The pH (acidity factor) of Dew isn’t any different than other sodas. And it isn’t the sugar, because—brace yourself—diet Dew does it, too. So, because of the combination of ingredients or whatever it is, Dew and diet Dew are the most cavity producing sodas.
I know from experience. Whenever I see a young adult, say teens through mid-twenties, with lots of decay at the gumline, I ask, “Do you drink Mountain Dew?†And they all get that deer-in-the-headlights look, like I’m psychic or something. Usually, they say, “Oh, yeah, I drink it all the time.†Ask any dentist. There has even been some talk of officially calling rampant gumline decay in young people “Mountain Dew mouth.†I’m sure the Pepsi folks would love that.
So, what can you do to prevent decay? Limit sodas and high-carbohydrate snacks. Without fuel, the bacteria can’t do much. Brush and floss daily to keep bacterial colonies stirred up. This will reduce the acid in any one spot on the teeth. And use a fluoride toothpaste. Fluoride speeds up the remineralization process and creates a harder surface on the teeth. There are toothpastes available now that also have a high calcium content and that can help, too.
By the way, there is a worst-known food for causing cavities. It’s those super-sour jelly candies that kids like so much. The super-sour is Vitamin C, which is ascorbic acid (acid!) and the sticky jelly holds that acid deep in the grooves on the chewing surfaces of the teeth. What could be worse? Nothing!
My thanks to city council members Dan McGinn and Dan Adams for co-sponsoring a resolution which essentially states that everyone needs to put on the brakes regarding Roberts stadium and the CVB baseball fields.
This stand by some members of the city council opens up the possibility of a win-win for the CVB and the citizens of Evansville.
Those who want to have the new ball fields that the CVB is proposing are welcome to have them using land that is adjacent to Goebal Soccer Fields. It is still available for sale and the last figure I heard for the property was $1.2 million, a lesser figure than the one for razing of Roberts stadium.
Those who want Wesselman Park to remain the peaceful family park it now is and those neighbors who value a quiet home life may have that also.
This concept leaves the Roberts issue open for lots of possibilities. For example, Dr. Dan Adams of the City Council stated that Roberts could be used for a natatorium for swim meets for all the schools since high schools in the area need such a facility. This would be something that Mr. Bertram could back for his whole school system and not just one school, eg. a ball field for Bosse.
This and many other ideas are possibilities if Roberts remains standing and if a new engineering study is done, not to find out if high rigging concerts can be performed there as was done before, but to judge the building on structural soundness for other uses. For any future use a large portion of the back parking lot should be removed and planted with native trees to buffer the preserve. The floor should also be filled in to the level that would negate the constant pumping of water.
If Roberts is judged not sound and needs to be razed, then planting native plants to mesh with the park and preserve extending the park for everyone, not a special group, is the logical answer.
Mayor Weinzapfel has stated that he does not want a strip mall or the like there and it is safe to say that no one else does either. He also stated that the city has the money to raze the stadium, which will be a minimum of $1.5 million and probably more, especially with parking lot removal.
If we have this money available, then we have many options that can be placed on the table and not just to support the ball complex. Where was the information on this money before? Why was it held back only to be revealed when the mayor’s game plan was faltering? There is plenty of documentation available to show that the Mayor was engineering this ball complex from the start.
Also where was the city council on this? I have spoken with several members who were not wild about the ball fields being placed in Wesselman Park, although they could see them elsewhere for less money.
Please remember that Wesselman and Roberts are owned by the city and as such belong to you and me. I am not opposed to the ball fields. Just don’t put them in Wesselman. Let’s mate them with Goebel and develop a large, well managed sports area with room to grow and add to. What a wonderful opportunity to bring visitors to our city and to keep one of the most valuable assets of our city, Wesselman Park and Preserve, from being crowded in with more development.
We can all win with good planning and honest, open dialogue.
IS IT TRUE that the Thanksgiving holiday unlike many holidays was full of news that was for the most part set aside in favor of family, football, and food?…that this is a good thing?…that there are lots of good pieces of information in the IS IT TRUE columns that were posted on the during the Thanksgiving break and that we encourage you to have look at them today?
IS IT TRUE that there are now 713 days remaining in the two years that the EPA had given the City of Evansville to present an acceptable solution to the Combined Sewer Overflow problem?…..that this plan is an expensive and complex endeavor that needs immediate attention to avoid the embarrassment and expense of another round of fines?
IS IT TRUE that an MIT study of the positive effects of a small city park in Boston (see CCO article) are overwhelmingly supportive of such parks as a place to recharge during the work day?…that the maintenance costs reported are minimal?….that the Old National Bank recently listed the Main Street Park on the corner of Main and 4th Streets in Downtown Evansville for sale?….that this park is what banks term a “non-performing†asset?…that ONB doesn’t even own the entire park?….that the real prime location within the Main Street Park is owned by someone else?…that on most any summer day employees of downtown businesses including many from ONB can be seen during the lunch hour enjoying the park AND maybe just improving their productivity for the afternoon?….that a move is underway headed by a successful local business leader to KEEP THIS PARK A PARK?
IS IT TRUE that the City County Observer recognizes the value of urban greenscaping and encourages and supports the efforts of an Evansville business person to keep the Main Street Park in its present use?….that uniqueness sells cities and that a park directly on Main St. is perhaps the most unique and highest potential for any lot in Downtown Evansville?… that the park could use some upgrading, some maintenance, and some police presence?….that the beautiful gazebo has been a central location for lunchtime concerts, impromptu poetry readings, and even some weddings?….that with some brushing up and a good maintenance program the Main Street Park can be an island of oasis in Downtown Evansville?….that we may just need to call upon our friends at SMG to bring Joni Mitchell and Counting Crows to Evansville to do a duet of “Big Yellow Taxi†where the lines “They Took Paradise and Put up a Parking Lot†could become particularly appropriate?
IS IT TRUE that the City County Observer is pleased to hear the local insurance man Martin Woodruff is encouraged at the prospect of securing the financing to construct a Downtown Convention Hotel between the Arena and the Centre?….that we are pleased to hear that the parking lost from the demolition of the Executive Inn parking garage can be replaced by going underground as opposed to buying more land in adjacent lots at post Arena prices?….that we anxiously await the renderings and details from all three of the bidders of this rapidly approaching deadline to submit proposals?
Steven Lowell Smith, CPA, MBABy: Steven Lowell Smith
Evidence is mounting that high-income taxpayers will face higher taxes in the near future. Sweeping tax reforms enacted in 2001 and 2003 — which reduced tax rates on ordinary income, dividends, and capital gains for most U.S. taxpayers — are set to expire at the end of 2010, which means many Americans could face higher taxes starting in 2011.
And beginning in 2013, single filers with modified adjusted gross incomes exceeding $200,000 ($250,000 for joint filers) will face a 3.8% Medicare unearned income tax on net investment income and a 0.9% Medicare payroll tax on earned income exceeding these thresholds.2
If you are concerned about how these and other potential taxes could affect you, the following ideas may position your portfolio to help reduce the effects of anticipated tax increases.
Take Gains Wisely
Through 2010, long-term capital gains will be taxed at a relatively low 15% maximum tax rate. With that in mind, you may want to evaluate your holdings that have appreciated. Also, this may be an opportune time to rebalance your portfolio if it has drifted from its target asset allocation. Asset allocation does not guarantee against investment loss; it is a method used to help manage investment risk.
Invest Efficiently
If your mutual fund gains are causing unintended tax consequences, it might be time to consider mutual funds that strive to control tax ramifications, usually through lower turnover. Tax-efficient mutual funds may begin to attract wider interest if the capital gains tax rate climbs as expected.
Opportunity to Convert
If you believe tax rates will continue to increase in the coming years, you may want to consider converting tax-deferred assets to a Roth IRA. Although there are income restrictions on contributing to a Roth IRA, there are no income restrictions on converting.
You must pay income taxes on tax-deferred assets converted to a Roth IRA, but qualified distributions of any future investment gains will be free of federal income tax.3 To qualify for a tax-free and penalty-free withdrawal of earnings (and assets converted to a Roth), Roth IRA distributions must meet the five-year holding requirement and take place after age 59½, or as a result of the owner’s death, disability, or a first-time home purchase ($10,000 lifetime maximum).
Mutual funds are sold only by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.
Understanding current tax rates is an important first step in understanding your tax situation.
Before you take any specific action, be sure to consult with your tax professional.
1) CNNMoney, May 4, 2010
2) Reuters, March 22, 2010
3) Income taxes are payable in the year of the Roth IRA conversion. For 2010 conversions only, the taxes can be deferred until 2011 and 2012, with half payable each year.
The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
5908 Berry Lane • Evansville, IN • 47710
Phone: 812-484-9338 • Fax: 812-402-5024
www.stevensmithfinancial.com • ssmith@fwg.com
Securities are offered through Financial West Group (FWG), Member FINRA, SIPC
2226 S. Airport Road W. #C, Traverse City, MI 49684
Steve Smith Financial and Financial West Group (FWG) are unaffiliated entities.
LaPorte-based Walsh Construction Co. will oversee the $103 million project, which is scheduled for completion in September 2012.
The new bridge is being partially funded with a $20 million federal grant, with Indiana and Kentucky paying the remainder.
Source: miltonmadisonbridge.com
News Release
Louisville, Ky. (November 12, 2010) – Preliminary activity is currently underway in staging areas near the site of the new U.S. 421 Milton-Madison Bridge, including archaeological activity and soil sampling. This initial work must be completed before construction can begin.
Project contractor, Walsh Construction Company, has begun setting up portable offices in a staging area along Jaycee Park in Madison, which will be used for the next two years during construction. The staging area will be used to house office space, construction equipment and materials.
Following construction, Walsh will restore the park to its existing condition or better, including, restored volleyball courts, a new picnic shelter, playground equipment, basketball goals and a new riverfront sidewalk on the north side of Vaughn Drive.
Workers began core drilling this week along the Milton riverfront to gather soil samples where temporary bridge ramps and piers will be constructed. That work will continue into next week.
Archeological surveying is expected to begin next week in Milton. Workers will use backhoes to excavate areas along the riverfront to determine the presence of possible artifacts and potential impact by the project.
The official project groundbreaking is scheduled for November 30.
The Milton-Madison (U.S. 421) Bridge Project is bi-state effort between The Indiana Department of Transportation (INDOT) and the Kentucky Transportation Cabinet (KYTC). The new bridge, which is expected to be open to traffic by September 15, 2012, will be constructed using two innovative methods: “superstructure replacement†and “truss sliding.†A new steel truss superstructure will be constructed on the existing bridge piers, which will be widened and rehabilitated. Once constructed atop temporary piers immediately downstream of the existing bridge, the new 3,181-foot truss will “slide†along steel rails, moving to its permanent location on the renovated existing piers. This innovative method reduces the originally anticipated 365-day construction-related bridge closure to just 10 days. For more information, visit www.MiltonMadisonBridge.com
