Real Estate Daily News Buzz – SEPTEMBER 27, 2013

The Dow Jones industrial average rose 55.04 points to close at 15,328.30. The Standard & Poor’s 500 index rose 5.9 points to close at 1,698.67. The NASDAQ composite climbed 26.33 points to end at 3,787.43.

J.C. Penney Co. plans to sell up to 96.6 million shares of common stock in a public offering, the latest indication the chain is looking to shore up its cash reserves.
The beleaguered chain says that it will be using the proceeds from the offering for general corporate purposes. In a statement released after the regular markets closed, the Plano, Texas-based company said that it plans to sell 84 million shares of common stock. It is also granting the underwriter, Goldman Sachs, a 30-day option to purchase up to 12.6 million more shares in case of excess demand. Based on Thursday’s closing price of $10.42, the company would raise proceeds of more than $1 billion before expenses. Shares fell more than 5% in after-markets trading after the announcement.  Separately, Penney said in a filing with the Securities and Exchange Commission that its senior vice-president and controller Mark R. Sweeney left the company as of Friday.

NEW OIL DISCOVERY OFF NEWFOUNDLAND COULD YEILD 600 MILLION BARRELS
ST. JOHN’S, N.L. (The Canadian Press) – A Norwegian energy firm is estimating that an untapped oil field off Canada’s east coast contains between 300 and 600 million barrels of recoverable oil, making it one of the biggest discoveries in recent years. “We believe this has the potential to open a new region offshore,” Bard Glad Pedersen, director of communications for Statoil, said in a telephone interview Thursday. Calgary-based Husky Energy (TSX:HSE), another major producer in Newfoundland’s current offshore oilfields, is Statoil’s partner in the area, with a 35 per cent working interest in three discoveries. “Together, these discoveries confirm significant opportunity in the Flemish Pass Basin and could be developed in tandem,” Husky said in a statement Thursday. Statoil made the discovery in August in the Bay du Nord area while drilling in depths of about 1,100 meters of water about 500 kilometres northeast of St. John’s, N.L. Pedersen said the exploration well in the Flemish Pass Basin in the North Atlantic is the 12th largest oil discovery in the world in the past four years. However, the company is also cautioning that more work is required before it can say a project is going ahead.

EBAY TO BUY PAYMENTS COMPANY BRAINTREE FOR $800 MILION
E-commerce giant eBay Inc. reached a deal to buy online and mobile payments technology provider Braintree for $800 million in cash. The move comes as eBay’s PayPal unit works to evolve from its roots as an online payments provider, expanding its offline, mobile and online offerings to stores, restaurants and other business. Braintree’s payments technology is used by popular startups such as vacation rentals site Airbnb, cab-hailing app Uber and restaurant reservations site OpenTable. The company charges businesses a fee of 2.9% plus 30 cents per each transaction, and expects to process about $12 billion in payments this year.

TUCSON LAUNCHES SMALL BUSINESS ASSISTANCE LINE
The City of Tucson Office of Economic Initiatives announces the launch of the Small Business Assistance Line. The phone line has been created with a focus on Tucson’s small business entrepreneurs, acknowledging their value in our community’s economy and to strengthen their capability, survivability, and ultimate success. The phone line will help small and medium-sized businesses and entrepreneurs navigate the City’s departments, programs and personnel through a one-stop shop to allow them more time to focus on growing their business and less time calling city staff in different departments. The Small Business Assistance Line – 837-4100 – is available from 8 a.m. to 5 p.m., Monday through Friday, and is available in both English and Spanish.

TUCSON COUNCIL MOVES FORWARD ON RONSTADT CENTER
At their study session on Tuesday, M&C voted 5-2 to take the next step in a process that could transform the Ronstadt Transit Center downtown into a mixed-use transit hub. In February, the mayor and council directed the city staff to create a “development vision” for the center that would maintain it as a transit hub and allow for some mixed-use as well. Per direction from M&C, architect and urban planner Corky Poster was hired to formulate this vision. Poster presented his findings to the council Tuesday. Suggestions included urban open space, parking lots and grocery stores.

STATE ATTORNEY GENERAL SAYS TUCSON LACKS LEGAL AUTHORITY TO ENFORCE NEW FIREARMS ORDINANCES
Two new Tucson laws designed to help police deal with gun-related crimes are pre-empted by state law and unenforceable, says Arizona Attorney General Tom Horne. In a formal legal opinion, Horne said the Tucson City Council lacks the legal authority to allow police to request a breath sample from someone who has negligently discharged a firearm and appears intoxicated because of a state law barring cities from passing laws relating to the “discharge and use of firearms.” Horne also said Tucson cannot require people to report the loss or theft of a gun to police because it relates to the possession or transfer of firearms.

PANEL URGES FAA TO EASE RESTRICTIONS ON PASSENGER’S SMARTPHONES
A Federal Aviation Administration advisory committee recommended Thursday that airline passengers be allowed to use smartphones, tablets, e-readers and other personal electronic devices during takeoffs and landings, according to industry officials familiar with the committee’s deliberations. Under the recommendations, passengers would be able to use most devices, although some would have to be switched to airplane mode. Downloading data, surfing the Web and talking on the phone would still be prohibited. But people could still read e-books, listen to music, watch movies, play games and do work.

99 Cents Only Stores® Celebrate First Laveen, AZ Store Grand Opening on Thursday the 3rd of October – Westinghouse® 40″ Flat Screen TVs for Only 99 Cents Each to the First 9 Customers 
On Thursday, the 3rd of October at 8am, 99¢ Only Stores® will kick off the grand opening celebration of its very first Laveen store by selling Westinghouse® 40″ Flat Screen TVs for only 99 cents to the first nine customers in line! Plus, anyone in line by 7:45am will receive a raffle ticket for a chance to win the 10th Westinghouse® 40″ Flat Screen TV! The new Laveen store is located at 3610 West Baseline Road. The new store is approximately 11, 685 square feet and will feature a perishable food department, including produce, dairy and frozen foods.

GCU LAUNCHES TUTORING FOR ALHAMBRA STUDENTS IN PHOENIX
Grand Canyon University has launched a free tutoring program for students at nearby Alhambra High School in hopes of raising the math, reading skills and confidence of underperforming students at the Phoenix school. The groundbreaking program, dubbed the Learning Lounge because of its relaxed and inviting setting, is the centerpiece of the university’s K-12 Outreach Program, which developed after discussions between Brian Mueller, GCU’s president and CEO, and Kent Scribner, superintendent of the Phoenix Union High School District. The program is part of GCU’s continuing mission to help its neighbors — the people and businesses of its west Phoenix neighborhood — thrive and prosper.” Brian recognized Alhambra High as our hometown high school that we have to do something to help,” said Joe Veres, a former middle school principal who is director of K-12 outreach at GCU. ” He said, ‘We don’t want to be the strangers across the street, we want to be partners with them. We are a village raising a village.'” GCU has hired and trained 30 student tutors to work with underperforming high school students between 3-8 p.m. weekdays at the Learning Lounge, located in an office adjacent to the university. More tutors will be hired as the program expands, and other high schools will be invited to participate in the future. In early 2014, the Learning Lounge will move to the bottom floor of a new four-story classroom building being built on campus. Alhambra High, less than a half-mile west of GCU’s main campus, is home to 2,800 students. The Learning Lounge will initially target freshmen from Alhambra but is open to all students.