20110801-NEWS--1-NAT-CCI-CL_-- 7/29/2011 4:36 PM Page 1

$2.00/AUGUST 1 - 7, 2011

IT collaboration sparks interest

By CHUCK SODER OneCommunity is offering to [email protected] NE Ohio governments warm to shared extend its super-fast fiber-optic network to the offices of cities and Scot Rourke long has dreamed services amid mounting budget pressures counties that put together propos- of a day when governments all als showing a serious commitment across Northeast Ohio would work number of cities and counties in However, his organization — a to sharing IT resources and putting together to become highly efficient the region are showing a willing- Cleveland-based nonprofit that them to good use. digital machines. ness to share software, hardware offers high-speed Internet access The nonprofit plans to use $15 Only now are many area govern- and even staff members who know and information technology ser- million to connect 200 government ments starting to embrace the how to use the technology. vices to area governments and sites and 600 other nonprofit institu- idea. The attitude shift is far from nonprofits — might be able to per- tions to its bigger fiber-optic Driven largely by falling tax complete, said Mr. Rourke, who is suade a few more communities to network, which is undergoing a receipts and rising costs, a growing president of OneCommunity. join the cause. See IT Page 17 STEVE BENNETT Country club surfaces in talks on AG JOBSOHIO expansion BOSS MEANS Crocker Park neighbor may be on firm’s radar BUSINESS By STAN BULLARD [email protected] Mark Kvamme sees momentum Crocker Park, the sprawling mixed-use center in Westlake, has building behind state’s shops, restaurants, offices and apart- ments on its 75-acre grounds. How- economic development efforts ever, a deal announced in May to add American Greetings Corp.’s headquarters to the mix appears to By JAY MILLER be triggering a quest for land at adja- [email protected] cent Lakewood Country Club. A forest on the private country e’s only been in Ohio seven club’s northeast corner brushes months setting up Gov. John against open land on the southwest Kasich’s JobsOhio, the nonprofit edge of Crocker Park that American vehicle for the governor’s job Hcreation push, but Mark Kvamme already Greetings picked as the destination for its new home. Word of interest in is working on JobsOhio 2.0. the country club’s land came out The Silicon Valley entrepreneur said at during a June 18 meeting of West- a meet-and-greet swing through North- lake’s planning commission. east Ohio last Thursday, July 28, that he Residents of the Wyndgate Club expects legislation to be introduced in the condominiums, which abut Crocker state Legislature in the next few weeks that See CROCKER Page 6 will fill in the details of how the new non- profit will work with the state Department of Development. ONLINE While by giving the bill the “2.0” suffix he’s implying a new and improved ver- Sports chat goes live sion, Mr. Kvamme said businesses and the economic development community won’t Crain’s last Thursday launched see big changes in the way the state pack- the first of a periodic online chat ages its incentives to businesses. feature, at which readers can com- See KVAMME Page 6 ment on topics, from sports to news. Watch for the next edition on MARC GOLUB www.CrainsCleveland.com. Mark Kvamme, who is leading Ohio’s economic development efforts at JobsOhio, says he is confident the nonprofit will help generate new business activity in the state.

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2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011 COMING NEXT WEEK WHAT A DIFFERENCE A YEAR MAKES Ohio was one of 29 states to see unemployment rise in June, which offered fur- Northeast Ohio HR pros ther confirmation that the economic recovery — never all that hot — is faltering. are hitting the mark The state’s jobless rate was 8.8%, up from 8.6% in May. Nonetheless, Ohio’s job market has improved markedly since June 2010, when unemployment was 700 W. St. Clair Ave., Suite 310, 10.1%. In the past year, Ohio’s nonfarm payroll employment has grown by a net Cleveland, OH 44113-1230 Crain’s identifies and profiles some of 72,400 positions to 5.095 million. Here are categories that have fared best: Phone: (216) 522-1383 of the top human resources pro- Fax: (216) 694-4264 www.crainscleveland.com fessionals in Northeast Ohio. Read Job category Jobs gained, June ’10-June ’11 Publisher/editorial director: Education and health services 33,200 about 33 of them in our first Brian D. Tucker ([email protected]) Archer Awards section. Leisure and hospitality 25,170 Editor: Mark Dodosh ([email protected]) Professional/business services 17,300 Managing editor: REGULAR FEATURES Scott Suttell ([email protected]) Durable goods manufacturing 10,400 Sections editor: Amy Ann Stoessel ([email protected]) Best of the Blogs...... 19 Going Places...... 10 Trade/transportation/utilities 6,200 Assistant editors: Big Issue...... 8 Letters ...... 9 Construction 4,800 Joel Hammond ([email protected]) Classified ...... 18 List: Largest law Sports Other financial services 4,700 Kathy Carr ([email protected]) Editorial ...... 8 firms ...... 14-16 Marketing and food From the Publisher ...... 8 Reporters’ Notebook ....19 SOURCE: OHIO DEPARTMENT OF JOB AND FAMILY SERVICES; JFS.OHIO.GOV Senior reporter: Stan Bullard ([email protected]) Real estate and construction Reporters: Jay Miller ([email protected]) Government Chuck Soder ([email protected]) Technology June 2011 May 2011 May 2011 February 2011 Dan Shingler ([email protected]) Manufacturing Tim Magaw ([email protected]) Health care & education has acquired Michelle Park ([email protected]) a portfolio company of Finance Research editor: Deborah W. Hillyer ([email protected])

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AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 3 AND A REGION REJOICED: BROWNS OPEN TRAINING CAMP Small banks A FAST see raising RETURN FOR FANS capital as Early sales reports from Browns, rehab tool secondary market show no ill Facing higher regulator, investor effects from 132-day lockout expectations, locals get to work

By JOEL HAMMOND By MICHELLE PARK [email protected] [email protected]

leveland Browns players and staff mem- Those aiming to invest in a community bank need not bers weren’t the only ones in a holding look beyond Northeast Ohio to find willing takers. pattern during the recently ended lock- Liberty Bank in Beachwood is at the tail end of a $5 out imposed in March by NFL owners. million capital-raising effort, and Middlefield Banc CFans, too, sat on the sidelines, with uncertain- Corp. is in the process of raising $25 million in capital. ty over the start of the season and wariness to Central Federal Corp. of Fairlawn also has signaled that make an investment in tickets prevailing. it’s after more capital, though But like enthusiastic players who returned to details of its plans are scant. Berea last week for training camp, fans quickly Attempts by community RAISE UP! banks to raise more capital are flocking back. More banks — are occurring with greater Various reports from the secondary ticket including several area frequency nationwide, in- market show little apparent fallout from the community institutions dustry insiders say. league’s 132-day work stoppage. To wit: — are raising capital to ■ “What you’re seeing is the According to Joellen Ferrer, a spokes- appease regulators and tip of the arrow,” said Jeff woman for San Francisco-based StubHub, NFL investors. Quayle, senior vice presi- sales last Monday, July 25 — when NFL players Examples: dent and general counsel for agreed to a deal with the owners — were double ■ Liberty Bank: Com- the Ohio Bankers League. the normal daily average, in terms of volume pleting a $5 million round “You’re seeing the start of and total gross sales. ■ Middlefield Banc ■ what I expect to be a three- TiqIQ, an online aggregator of many web- Corp.: In the process of to five-year trend.” based secondary sources, said ticket prices were raising $25 million The current capital- up 22.7%, to $186.62, for the 2011 season. ■ Central Federal ■ raising activity is more than And Ticketmaster reported sales on its Corp.: Undisclosed what occurs in a typical secondary marketplace, NFL Ticket Exchange, amount rose 332% last Monday over the previous day year, said Charlie Crowley, and were up 294% over the week prior. who helps banks raise cap- It’s happening in Cleveland, too, and in a big ital as managing director of Paragon Capital Group LLC way. SeatGeek, a local aggregator in the mold of in Mayfield Heights. From 2000 to 2008, there was far TiqIQ, said 12% more tickets were sold in three less activity, Mr. Crowley said, because the industry for days last week than the entire three-month period the most part was profitable and banks were accumulating after the NFL released its schedule on April 19. ZUMA WORLDWIDE PHOTOS capital through retained earnings. In other words, what lockout? Welcome sight: Browns tight end Evan Moore catches a pass over cornerback Joe “In many cases, they were worried about becoming It’s a marked change from business activity Haden during training camp last August. After the lockout imposed by NFL overcapitalized, which sounds strange these days,” Mr. before a new collective bargaining agreement owners was lifted last Monday, the Browns were scheduled to begin training camp Crowley said. was reached. yesterday in Berea. Moore said last week he’d re-sign with the Browns; Haden, Today, after a wrenching period of losses, regulators See TICKETS Page 10 last year’s No. 7 overall draft pick, excelled as a rookie. See CAPITAL Page 17

THE WEEK IN QUOTES INSIGHT “We want to preserve “We’re a part of our history and her- Akron, and (The Local outfit racing to first mobile wallet itage, but prepare our World Golf Champi- campus for the onships-Bridgestone SparkBase says Paycloud system offers advantage over Google, others future.” Invitational) is a part By CHUCK SODER The thing the big-name of September, Mr. Hardman said. — Donna Thomas, a Baldwin- of Akron.We feel we [email protected] companies don’t have, Mr. A SparkBase “street team” will Wallace College trustee and Hardman said, is Spark- patrol the city’s First and Main retail chair of the board’s building and need to have a pres- If SparkBase Inc. is to Base’s network: More district telling shoppers with grounds committee. Page 7 win the super-competitive than 120 independent ser- iPhones or Androids to download ence there.” race to turn the world’s vice organizations (ISOs) the Paycloud software. — FirstEnergy Corp. spokesman smart phones into wal- already resell the compa- Those who do sign up could use Todd Schneider. Page 9 lets, it will need an army. ny’s existing processing their phones to find and sign Fortunately, it has one. Hardman services to retailers, who up for loyalty programs from par- The Cleveland company will need to install new ticipating merchants, including “It has changed the “When you have a in September plans to start rolling technology before they start taking several in the First and Main area. out a new product designed to mobile payments. They then could make purchases, perception and reality small landlord like allow smart phones to replace gift Those organizations, who work receive discounts and put money of the street.” me, you can’t compete cards, loyalty cards and — eventu- through 22,000 individual agents, on electronic gift cards by holding ally — credit and debit cards. can’t wait to get their hands on their phones in front of sensors — David Browning, managing with the big guys. Douglas Hardman, CEO of the Paycloud, Mr. Hardman said. connected to standard credit card director of CB Richard Ellis’s gift and loyalty card processing “Our ISOs have been clamoring processors. Cleveland office, regarding This gives us the Euclid Avenue updates. Page 11 firm, argues that the Paycloud to sell this for a long time,” he said. SparkBase aims to have Paycloud benefit of buying in system will be less expensive and SparkBase was scheduled to sensors installed in several cities easier to deploy than competing start a three-week pilot program before year’s end, Mr. Hardman bulk.” systems under development by involving several Chicago mer- said. Though merchants at first — Jerome Schmelzer, owner of companies such as Google and a chants on July 30, and it plans to only will be able to accept loyalty 120 suites on Lake Avenue and consortium set up by AT&T, Verizon begin a national rollout with a and gift card-style transactions at the Pointe at Gateway. Page and T-Mobile USA. launch in Hudson before the end See NETWORK Page 7 12 20110801-NEWS--4-NAT-CCI-CL_-- 7/29/2011 3:01 PM Page 1

4 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011 Small companies could benefit from InvestOhio; some wary of effectiveness

By MICHELLE PARK [email protected] MORE ABOUT INVESTOHIO The state’s new InvestOhio ploy the investment within six Rick Brindisi speaks from experi- credit is aimed at encouraging months for one or more delineated ence when he says there’s a need to small business investments. The purposes, including real property, incentivize business investment. program affords investors a 10% intangible personal property — such The president of SmartShopper Ohio tax credit if they invest up as patents and copyrights — and Electronics LLC in Valley View to $10 million in small business compensation for new employees thought his search for a $2 million and hold the investment for at for whom the enterprise is withholding investment would have netted least two years. income tax. the money in six months. It’s been ■ 10, and he’s empty-handed. ■ Who’s eligible: Eligible investors When: Any investments made “It was a little surprising,” Mr. are individuals, estates or trusts sub- on or after July 1, 2011, are applica- Brindisi said. “We’ve talked to firms ject to tax, or pass-through entities. ble. Tax credits are applied after a in Cleveland, we’ve talked to firms They must invest in companies that two-year holding period, though the across the country and pretty much have more than 50% of their full- holding period increases to five heard the same story: ‘Too small. time-equivalent employees in Ohio or years on July 1, 2013. Too small.’” have 50 employees in Ohio. Enter- ■ Dollar signs: The state has set So Mr. Brindisi is among those prises also must have sales of $10 aside $100 million for the program. We Buy and Loan on who applaud the state’s new Invest- million or less and/or assets of $50 ■ Quotable: “The more out-of-the- Ohio credit, aimed at encouraging million or less. box styles of incentives that our Luxury Watches small business investments up to ■ What: Qualifying investors can state can have, the more our state $10 million. invest up to $10 million every bienni- can differentiate itself.” — David Rolex, Cartier, Vacheron “This is hopefully filling that niche um. Recipient businesses must de- Sobochan, principal with Cohen & Co. that there’s definitely a need for,” he Constantin, Patek Philippe said. “I think it’s definitely a step in the right direction.” here. $1 million for someone investing While those in business agree Mark D. Kvamme, the interim $10 million. But Ms. Gries sees a $10,000 – $250,000 there’s a need for encouraging small chief investment officer for Jobs- need for clarifying certain guide- Patek Philippe business investment, particularly in Ohio who worked to develop the lines, such as defining what consti- Ref. 3970 18k Yellow Gold these economic times, some are credit, says there’s potential for tutes an Ohio employee, and she Third Generation Checks or wires done same day. › doubtful the tax credit alone will InvestOhio to create some 30,000 worries that it’s not realistic to Gi`mXk\#:feÔ[\ek`Xc#Xe[;`jZi\\k%@ prompt investment. jobs. That could mean it generates require any business to deploy $10 n`ccZfd\kfpfli_fd\fif]ÔZ\#fipfl Approved in the state budget and as much in taxes as the tax credit million in six months. officially law as of Oct. 1, InvestOhio may come to mine – k_\Z_f`Z\`jpflij% waives, he noted. JumpStart, which assists and affords investors a 10% Ohio tax While Ron Cohen, partner emer- invests in startups in Northeast › credit if they invest up to $10 million itus of Cleveland CPA firm Cohen & Ohio, is a nonprofit, which means it 9Xebi\]\i\eZ\jXmX`cXYc\lgfei\hl\jk% in small business and hold the Co., “admires and respects” the won’t benefit from the tax credit. investment for at least two years. (On effort, he’s among those who doubt “It’s another arrow in the quiver executiveloans.com July 1, 2013, the required hold period InvestOhio actually will generate for the state to help companies e becomes five years.) investment. attract investment,” Ms. Gries said. :XccA`dD%›:\cc1 )(- /*,%.)0- Big enough? “My problem with this is virtually “I think the incentives are needed. I C`Z\ej\[#9fe[\[#Xe[@ejli\[›GXne9ifb\iC`Z\ej\G9%(''-('%'') nobody is going to invest in a com- don’t think that the economy, at Creating jobs is a primary goal pany because they will get a 10% least in this geography, has recov- credit for their investment,” after a ered enough so that money is freely two-year wait, said Mr. Cohen, who flowing.” has consulted with local companies Some in the investment world for more than a decade. “Ten also noted that the required percent is not a big incentive to do hold period offers no immediate anything.” benefit to investors. Only after the NORTHERN TRUST Mr. Cohen also believes the credit required hold period is the tax will be an “administrative night- credit applied. is pleased to announce the appointment of mare,” particularly because there’s But, Mr. Kvamme said, “We wanted a requirement that the investment to make sure that this was a true recipients deploy an amount equal investment, not people trying to RICHARD J. RADKE III to the investment in six months’ game the system.” time. That, he anticipates, means There is potential for the Invest- dollars will need to be tracked. Ohio tax credit to make investing in Mr. Cohen would rather see the Ohio more attractive than in other state focus its attention on incen- states, said David Sobochan, principal tivizing bank financing. with Cohen & Co. “I think the real problem compa- “The more out-of-the-box styles nies are having today is not new of incentives that our state can investment; it’s access to capital have, the more our state can differ- through traditional sources,” he entiate itself,” he said. said. “For growing businesses, start- It’s tough to tell right away what up businesses, they can’t get money impact InvestOhio will have, said unless they’re just immensely prof- Adam J. Conrad, vice president of itable and can prove themselves to Rockwood Equity Partners, a Richard is a vice president and wealth strategist working closely the banks. (Banks) are not making Beachwood private equity firm with our team of trust officers, portfolio managers, investment officers loans that are not slam dunks.” actively seeking to make additional investments. His firm, he noted, will and private bankers to anticipate and fulfill the needs of affluent Out of the box want to better understand the families and institutions. But Mr. Kvamme calls the specifics. InvestOhio credit a “significant “I think it certainly helps,” Mr. With more than $684 billion under management, Northern Trust has been credit.” He’s unaware of a larger Conrad said. “While we invest providing unrivaled wealth management service to clients for 121 years. one offered by the state. across the nation, something like Lynn-Ann Gries, chief investment this could increase our interest in officer for JumpStart Inc., agrees, investing in Ohio versus other 200 Public SquarešSuite 1950šClevelandš216-357-2400 noting the credit could total up to states.” ■

Volume 32, Number 31 Crain’s Cleveland Business (ISSN 0197-2375) is published weekly, except for com- bined issues on the fourth week of May and fifth week of May, the fourth week of June and first week of July, the third week of December and fourth week of December at 700 West St. Clair Ave., Suite 310, Cleveland, OH 44113-1230. Copyright © 2011 by Crain Communications Inc. Periodicals postage paid at Cleveland, Ohio, Wealth & Investment Management | Trust & Estate Services | Private Banking | Family Office Services and at additional mailing offices. Price per copy: $2.00. POSTMASTER: Send address changes to Crain’s Cleveland Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Michigan 48207-2912. 1-877- northerntrust.com 824-9373.

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AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 5 Survey of Medina businesses shows widespread expansion

34 in 2009. deals, which she wouldn’t discuss seeing is slowed by a dearth of Economic development officials in Portage, further, are in the works. qualified workers, according to the ‘Things … are looking up’ survey by its economic development Geauga counties note uptick in investments Portage County also is seeing ex- Upbeat in Geauga, too corporation. Thirty-one of 78 Medina pansion. Diana Fierle, executive as- In Geauga County, the Geauga County companies that responded By JAY MILLER Of the 61 Medina County busi- sistant at the Portage Development Growth Partnership also found reason to questions about their work forces [email protected] nesses that either have expanded or Board, wrote in an email that “we have for optimism. said they had difficulty recruiting have expansion plans, 32 were far a ways to go, but things definitely are The young organization — which for some particular positions, an Businesses not growing, not enough along to put a dollar figure looking up for Portage County.” was founded last September — only increase over the 23 that had work investing? on their plans. Those firms told the The development board is a new recently completed a survey of its force problems in the 2010 survey. Not in Medina County. county’s nonprofit economic devel- nonprofit. It contracted in January small membership. “There are specific skills that are A recently completed survey by the opment group that they will spend with the Portage County commis- “In a survey we did back in the difficult to find and I think, talking Medina County Economic Develop- $32 million in 2011, either adding new sioners to take over economic devel- late spring, about one-third of our with my development colleagues, ment Corp. indicates that 72% of space or adding new equipment. opment work for the county. It is in the members plan some sort of major it’s probably true throughout the the 85 businesses surveyed this Manufacturers, health care tech process of hiring a new president. capital investment or meaningful region,” Ms. Dentler said. “Certain spring are expanding in one way or companies and durable goods The development board’s invest- expansion and about two-thirds are skilled production labors is a prob- another. Those projects will add 430 producers account for 41% of the ment summary has five projects on going to hire somebody over the lem, such as welders, machinists, jobs this year — a 14% increase at the growth, but Bethany Dentler, the its board for 2011 so far, projecting course of the next six months,” said maintenance workers and tool and companies reporting — in a county organization’s executive director, $34.8 million in new investment and Frank Samuel, the organization’s die makers.” that already has low unemployment. said some of the expansion is by 306 jobs. Statistically, that’s small president. “That was still positive Ms. Dentler said part of the problem Medina County’s unemployment in retailers and providers of profes- potatoes compared with 2010. But on the whole; I didn’t expect two- is that younger people aren’t learning June was 7.0%, according to state data. sional services. last year’s $92.4 million in new thirds to be hiring.” the trades to replace retiring, older Statewide unemployment was 9.2%. “We’re seeing continual activity investment and 305 jobs included Twenty-seven of the organization’s workers. So the county has begun a Less comprehensive surveys in even through the recession,” Ms. two unusual boosts — a $42 million 40 members participated in the training program to fill that pipeline. two of the other smaller counties in Dentler said. “(Companies) are having expansion of the Northeast Ohio survey, Mr. Samuel said. One thing surveyors didn’t hear the region — Geauga and Portage — great years; they’re having record Medical University campus in The Geauga Growth Partnership, was grumbling about raising capital, suggest that business is improving years, so we’re seeing very definite Rootstown and a $47.4 million which received startup money from Ms. Dentler said. there, too. Those two counties and signs of optimism.” growth spurt by Automated Pack- the Lake-Geauga Fund of the Cleve- “A lot of the companies have Medina County each have fewer than In 2010, 51 companies also reported aging Systems Inc. in Streetsboro. land Foundation, is helping busi- conserved over the recession and 100,000 workers. expansion plans. That was up from For the three years from 2007 to nesses link up with government and they’re doing a lot of self-financing,” 2009, the development board’s private programs to fund their growth. she said. “Interestingly enough, this predecessor booked six new expan- year over previous years I didn’t sions totaling $31.9 million. In need of the right people hear complaints about lack of capital Local small manufacturers Ms. Fieri said six more expansion The growth Medina County is from the banks.” ■ report growing confidence By DAN SHINGLER four said they were “very” confident. While old magazines are a [email protected] No one ventured into the realms of “not very” or “highly” confident. Economists in New York can give As for their own recent sales, only collectible, in your business’s you a national view of the economy, one of 18 respondents said revenues the Federal Reserve Bank in Cleve- this year were below expectations, land takes the pulse of a region and while eight said sales had exceeded waiting area they just collect dust. groups like the Precision Metal- their expectations and nine said forming Association in Indepen- they were coming in as expected. dence track the strength of their Trevor Stohr, vice president of industries. But you might not get a Conveyor & Caster/Equipment for better perspective on pure local Industry in Cleveland, was one manufacturing than the one offered respondent who reported strong by the Cleveland Industrial Distrib- sales this year. He said his company utors Association. sells casters that other manufacturers And the group of 30 local companies put on their own products, as well is pretty upbeat when it comes to as conveyor systems and other fac- the business volumes they expect to tory automation equipment. see out of the area’s manufacturers. “The big dollar projects, like big The companies aren’t large; they warehouse expansions, big in-plant typically have just more than 20 expansions and conveyor systems, employees, and most have annual in 2010 (customers) really clamped sales of less than $10 million. But as a down and companies weren’t putting group, they sell almost $250 million $100,000 into their warehouses or Get TV and Wi-FiWi Fi togetherg for about worth of products to area manufac- manufacturing plants,” he said. turers each year and employ nearly “Now, they’ve released a lot of those 500 people. And they say they are a projects and they’re moving forward.” pretty good barometer of the local As a result, Conveyor & Caster $19 A WEEK. manufacturing economy. was one of 11 respondents reporting “Right now, I think our people are they will expand in the next one to pretty confident,” said Michael Resch, three years. It already has been president of Automated Valve & hiring and is up to 34 employees, Equipment Co. in Cleveland and Mr. Stohr said. the group’s president. “We’re seeing “We let go three people in 2009 a rebound in manufacturing here, and 2010,” he said. “Since then, though, and our people are confident that we’ve hired five new people.” their customers need them and rely Mr. Resch said he’s not surprised on them.” most of his members plan to expand, Make your waiting area worth the wait. Members of the group sell equip- if not in the next three years, at least ment, raw materials, tools, controls, in the next five. Indeed, he said he For more information and other package options call 1-866-791-2688 parts and supplies to a variety of was more surprised to see five or visit www.waitingroomupgrade.com. industries, Mr. Resch said. As a members who say they won’t. result, they have a good handle on “As a business person, I know I whether manufacturing is picking have to grow my business,” Mr. .ƤDQU@KHCTMSHKSNMDVBNLLDQBH@KRTARBQHADQRNE"NW .ƤDQU@KHCTMSHKSNMDVBNLLDQBH@KRTARBQHADQRNE"NW!TRHMDRR,@M@FDC6H %!TRHMDRR,@M@FDC6H %H@MCNQ"NW!TRHMDRR35HM"NMMDBSHBTS H@MCNQ"NW!TRHMDRR35HM"NMMDBSHBTS  up or slowing down. Resch said. 1GNCD(RK@MCNQ"KDUDK@MC .'"NW VHQDC RDQUHBD@AKDKNB@SHNMR ,HMHLTL XD@QRDQUHBDBNMSQ@BSQDPTHQDC -DVRTARBQHADQRNE When Mr. Resch surveyed Cleve- Most of the group’s members are "NW!TRHMDRR,@M@FDC6H %H@MCNQSGDENKKNVHMF"NW!TRHMDRR35RDQUHBDRNMSGDOQHL@QXNTSKDSNMKX2S@QSDQ  CU@MBDC35  land Industrial Distributors Associ- growing. That heartens people like @MC-DVR@MC%HM@MBD3HDQVHKKQDBDHUD6H %HRDQUHBDENQʙ ODQLNMSG@MC35RDQUHBDENQʙ ODQLNMSG NQʙ ODQ VDDJ .ƤDQCNDRMNSHMBKTCDHMRS@KK@SHNM BNMRSQTBSHNM HMRHCDVHQHMF TR@FD DPTHOLDMS @OOKHB@AKDS@WDR RTQBG@QFDRNQEDDR  M ation’s members in June, they were Gary Davis, president of Aetna Plas- '#35RDS@MC'#QDBDHUDQNQ"@AKD" 1#3,@QDQDPTHQDCSNQDBDHUD"NW'#RDQUHBD '#35RDSR@MCNSGDQBTRSNLDQ NVMDCCDUHBDR fairly upbeat about both their tics Corp. in Cleveland, as well as a DPTHOODCVHSG@"@AKD" 1#L@XQDPTHQD@CHFHS@KRDS SNOQDBDHUDQHMNQCDQSNQDBDHUD@KKOQNFQ@LLHMFNOSHNMRNƤDQDCAX"NW current sales and future prospects. past president of the group and a #HFHS@K"@AKD2, -TLADQNECHFHS@KNTSKDSRL@XADKHLHSDC  KKOQNFQ@LLHMF@MCOQHBHMF@QDRTAIDBSSNBG@MFD /QNFQ@LLHMFL@X For instance, when asked about current member. 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6 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011 Crocker: Country club borders center Kvamme: Jobs czar continued from PAGE 1 American Greetings’ new head- that it is premature to comment. Park on Crocker Road, turned out at quarters, stores on the first floors of He would not answer when asked the planning commission meeting the company’s proposed buildings, whether a transaction might incor- hopes to elevate to inquire about a rumored deal to added apartments and required porate part, most or all of the club’s add land at Lakewood Country parking garages. 100-plus acres, which back up to Club to Crocker Park. The residents Nancy Lesic, a spokeswoman Crocker Park. vociferously complained about the for American Greetings in its site Building on golf course land isn’t state’s attractiveness prospect of six- and seven-story search, said she would ask the card unusual these days. Oakwood office buildings near their condos, maker if it is in talks with the coun- Country Club in Cleveland Heights continued from PAGE 1 They will know the key industries in while other parts of Crocker Park try club. She did not provide a and South Euclid currently is “Pretty much it’s going to stay the the state and can connect young are no more than five stories high. response by 2 p.m. last Thursday. undergoing redevelopment as a same for next biennium,” he said companies to the right financial and Steve Rubin, chief operating offi- American Greetings spokes- big-box shopping center on its during an interview at LineStream technology partners. cer of Stark Enterprises Inc., which woman Patrice Sadd did not return South Euclid side. Technologies, a startup developing “All a VC does is three things, and co-developed Crocker Park with a call by 2 p.m. last Thursday. However, members of Lakewood energy-saving manufacturing con- this is what we want to do at Jobs- members of the Carney family, told Robert Parry, Westlake planning Country Club may be able to sell a trols technology. “But things will Ohio,” he said. “First, helping them the planning commission that there director, said Crocker Park execu- piece of the property yet keep most change after that.” find people. (Second), connecting were negotiations under way with tives often have referred to expand- of it in service for duffers, tennis Mr. Kvamme is a venture capitalist them with people in the state with the golf course. However, Mr. ing on part of the country club’s players, swimmers and their families. wooed to Ohio by Gov. Kasich, who different capabilities and then, Rubin said the land talks had nothing property if the need arose. He said it Cuyahoga County land records he met a decade ago. He will be the three, for lack of a better term, figur- to do with plans the city is consid- is his understanding talks are be- show Lakewood Country Club owns $1-a-year head of JobsOhio. ing out how we can give them an ering for Crocker Park’s third phase, tween American Greetings and the a vacant, 10-acre parcel abutting The nonprofit is Gov. Kasich’s idea, advantage in the state of Ohio that which would include American club, but the city has received noth- Crocker Park and Wyndgate; that a way to accelerate job creation by they couldn’t get anywhere else.” Greetings’ headquarters. ing formal concerning club land. land is held under a separate parcel moving economic development out He said JobsOhio will evaluate In a phone interview with Crain’s A veteran real estate negotiator is number from another eight parcels of the state’s sometimes slow-mov- itself and the deals it makes on three last Thursday, July 28, Mr. Rubin at the country club’s helm to pursue that hold the rest of the club’s land ing bureaucracy into the more flex- metrics: net new jobs, net new cap- said the developer is not negotiating its interests, whether it is negotiating and a picture-postcard white club- ible, more nimble private sector. ital investment and net return on with the country club, but that with the global corporation or house overlooking a pond. Mr. Kvamme said most of the investment for the state. American Greetings is doing so. developer Robert L. Stark’s forces. Westlake was anointed as the existing package of incentive pro- It’s that last measurement — return Mr. Rubin declined to comment Albert Adams, a partner at the new home for American Greetings grams will remain in place. on investment — that Mr. Kvamme on those talks or why the card maker Baker Hostetler law firm, is presi- and its 2,000 employees here after “We cannot upset the apple cart described as calculating the poten- would pursue ground outside dent of Lakewood Country Club, the company conducted a search right now,” he said. “We have some tial growth in taxes a business might Crocker Park. However, Mr. Rubin which dates to 1921 and has a street for a new headquarters that included things that are working, and we generate if it reaches its potential said Crocker Park has adequate address of 2163 Bradley Road. Mr. suburban Chicago as well as multiple can’t drop the ball.” and then subtracting the cost of the ■ land to satisfy city requirements for Adams said in a phone interview locations in Northeast Ohio. But he believes the state must tax credit or other incentive. dramatically change the business “No. 1 is jobs. But the more jobs climate in Ohio so it eventually can there are the more taxes” are gener- attract businesses even without ated, he said. financial incentives. He said his goal, which he believes “Name a company that’s been a he can demonstrate can happen huge success that was started (in soon, will be to attract companies to Ohio) in the last 10 years, 15 years,” Ohio without financial incentives he said. “We don’t have that here.” and solely because of the business Then he rattled off the names of climate in the state. some of the home-run businesses of recent years that cropped up else- Making it work where, including online successes As for existing programs, Mr. Facebook, LinkedIn and Groupon, Kvamme won’t be changing much an online coupon service. “Chicago right away. has Groupon, that’s 7,000 new “Many of the programs are working,” employees,” he said. he said, citing the Third Frontier He nonetheless offered some and other programs that have been words of encouragement for his new investing in research and develop- colleagues in Columbus who are ment. “Those seeds were planted in trying to figure out where they stand the late 1990s, early 2000s, and in this new regime. “I’ve met some we’re starting to see many of those very accomplished people (in state companies really prosper. government) who have their hearts in “The only frustration is that the right places,” Mr. Kvamme said. sometimes decisions are made for Take-action kind of guy political reasons and not because it’s the right decision,” he said. “We His visit to LineStream was in saw a company today that’s been many ways a demonstration of the here 10 years and they’re starting to way Mr. Kvamme envisions Jobs- hit escape velocity. That’s exciting.” Ohio helping new businesses. Mr. Kvamme also answered some After listening to president David big questions on the minds of eco- Neundorfer, marketing vice presi- nomic development professionals, dent Matt Zilli and Jonathan Murray, such as, how will they bring their managing partner of Early Stage deals to the state, and who do they Partners, a LineStream investor, Mr. call to get answers? Kvamme started asking questions Mr. Kvamme said the Columbus about the technology and potential office of JobsOhio will be small, no clients. He then started suggesting more than 50 people. As a result, people he knows in the venture capital most of those questions will be community to whom Mr. Neundorfer answered by the network of regional and Mr. Zilli should be talking. offices that the state is currently “When did you have your (first) building. In Northeast Ohio, that pilot (running)? … When did you regional office will be housed with sign the agreement? … Six months Team NEO, the regional nonprofit after the demonstrable pilot is that works to attract new businesses. unbelievable,” Mr. Kvamme kept Those offices, he said, likely will poking and probing. “You should be able to give companies and local contact Chris at … I’ll do a shame- mayors and economic development less plug for you.” officials the green light on deals up While he wasn’t ready to unveil to an as-yet undetermined thresh- JobsOhio 2.0, he has settled on the old. In many cases, a state board broad mission of the nonprofit. may still need to give final approval. “I really want to focus on compa- “There will be issues and pot- nies that are going to move the nee- holes along the way, absolutely, but dle and hire tons of people,” he said. we’ll work through it,” he said. Mr. Kvamme said he wants the And he offered LineStream’s Mr. organization to have specialists who Neundorfer and Mr. Zilli a last bit of think like venture capitalists, who advice: “You’re hitting the long ball. offer knowledge and insight beyond Don’t sell the company until it’s whatever dollars they might bring. worth a billion dollars.” ■ 20110801-NEWS--7-NAT-CCI-CL_-- 7/28/2011 2:35 PM Page 1

AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 7 Retiring B-W president has robust agenda for final year Richard Durst launches expanded parking options. “We are going to take a 200-plus-year-old school and do we pay for it?’” Ms. Thomas said. A large portion of the green space embrace the next generation of students and what The Collaborative Inc., a Toledo- multi-pronged campus will be between the college’s recre- based architecture and capital ation center and student union — they’re learning. We want to ... prepare our campus for planning firm, worked with B-W on improvement project the current site of the old Loomis the future.” the master plan. Philip Enderle, a Elementary School, which B-W campus planner and landscape – Donna Thomas, trustee, Baldwin-Wallace College bought in 1985; it now houses architect at the firm, agreed the By TIMOTHY MAGAW mathematics and computer sci- plan was feasible. [email protected] ences programs. Part of the plan B-W trustee and chair of the board’s focuses on entrepreneurship oppor- “We have done more ambitious includes closing two nearby roads, building and grounds committee. tunities for students. master plans, but I think for B-W, Mr. Durst said the plan also will Facing his last year as president of Jacobs and East Grand streets, to Counting the cost this is where they want to be,” Mr. Baldwin-Wallace College in Berea, make way for the space. serve as a guide for discussions Enderle said. “It’s a plan that fits Richard Durst has no plans to ease Slated to begin construction in with donors, who ponied up more Aside from the welcome center, their ambitions of who they want to into retirement quietly. Instead, he’ll October, the first component of the than $97 million during a recently Mr. Durst said the order in which be and fits who they are.” kick off a big campus investment master plan is a 10,000-square-foot closed fundraising campaign that the projects are completed de- Although the plan was developed project that could cost as much as welcome center to house the financed other major construction pends largely on which ones on Mr. Durst’s watch, Ms. Thomas $78 million over the next 10 years. school’s admissions staff. The projects. donors choose to back financially. said trustees aren’t overly con- “Unfortunately, this is not just a building, which trustees are naming For one, a $20 million upgrade of However, he was quick to add that cerned the college’s next president year where I can put my feet up,” after Mr. Durst and his wife, Karen, the college’s conservatory of music while the price tag of the plan is would abandon the plan. However, said Mr. Durst, who announced in will be located in the heart of cam- — which doubled the size of the considerable, it’s well within B-W’s she said it might be difficult for a March that the 2011-2012 school pus off Tressel Street and serve facility and added space for class- means. new president to join in the midst year would be his last at the college. as the entry point for prospective rooms, practice rooms and re- Regarding the cost of the plan, of a significant campus overhaul. “My job is to get this plan under students. hearsal space — is scheduled to be Ms. Thomas noted that B-W “It may offer a bit of a challenge way.” “We are going to take a 200-plus- completed in August. trustees “didn’t want to set the bar for a new president, but it’s a very The new master plan calls for a year-old school and embrace the Other construction projects in- so high we couldn’t pay for it and attractive time for a new presi- $32 million upgrade to the school’s next generation of students and cluded a 90,000-square-foot project couldn’t raise funds for it. dent,” she said. “The college has a aging student union; a new, $3.5 what they’re learning. … We want to enhance the college’s sciences “Every time it got to somewhat of strong financial history. We are million welcome center; 200,000 to preserve our history and her- facilities and a 27,000-square-foot a Disney World-like campus, Presi- solid in that regard, and we have a square feet of new green space; itage, but prepare our campus for building to house the Center for dent Durst reined everybody in, plan that’s been developed and additional academic buildings and the future,” said Donna Thomas, a Innovation and Growth, which and said ‘That’s beautiful, but how embraced by the community.” ■

picked Paycloud over a handful of other technologies for its creative Network: System makes retailers’ marketing easier use of cloud computing, its security and, most of all, its ability to generate continued from PAGE 3 goal when he started looking for sons why Merrell Sheehan is excited point of sale,” Mr. Sheehan said. revenue for the resellers that belong through the system, Paycloud investments was just to expand about Paycloud. The Electronic Transactions Asso- to the association, said Thomas should be able to process credit and SparkBase’s existing business, Mr. Sheehan, vice president of ciation likes Paycloud, too. The Goldsmith, communications director debit card payments soon, he said. investors were quick to jump in product development for Electronic Washington, D.C.-based trade group for the group. Doing so would require SparkBase to when he requested more money for Merchant Systems, one of the com- in May awarded SparkBase its 2011 “This is something that our guys form partnerships with companies Paycloud, he said. panies that resells SparkBase’s ser- Technology Innovation Award. Judges can sell,” Mr. Goldsmith said. ■ such as Visa and MasterCard, which The system will give merchants vices, said the Independence-based it is working on. an easy way to market themselves firm will encourage its agents to “We want to have this be the to people who may be unfamiliar feature Paycloud prominently. industry play for mobile wallets,” with them, while also helping the SparkBase will charge resellers a few Mr. Hardman said. stores send deals to existing cus- dollars per month for each mer- tomers, Mr. Hardman said. Plus, the chant that uses Paycloud. Outgrowing the home base only hardware a merchant needs to Mr. Sheehan, too, expects Pay- Don’t ignore the install is a sensor, which will cost SparkBase raised $725,000 in cloud to be cheaper than competing them $50 if resellers follow Spark- systems. Companies would need to equity financing to fund the launch Base’s suggested price, he said. By of Paycloud while raising another spend roughly $500 to upgrade an comparison, the technology that existing terminal or buy a new one $2.2 million to ramp up its existing Google and the consortium of wire- loyalty and gift card processing designed to work with the near-field less carriers plan to use requires communication technology that business, Mr. Hardman said. The that both the phones and the credit company raised the money from competitors employ. SparkBase will ! card terminals be equipped with SNORE use a version of that technology North Coast Angel Fund of Mayfield special chips. Heights; Ohio TechAngels of Colum- called Zoosh, which communicates through sound waves. Snoring can be a symptom of sleep apnea, a condition bus; Blue Olive Partners LLC, which With a name like Zoosh … is a group of four individuals based “A lot of the other solutions … involving temporary lapses in breathing that can contribute in Northeast Ohio; and more than 40 Those advantages are a few rea- require a complete upgrade at the to a wide range of health issues. other individuals. Revenue from the company’s Sleep apnea: Why At-Home Sleep existing business has grown five-fold Apnea Testing? over the past year, thanks in part to t
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plans to hire more than 12 additional sessions throughout the year. Students enrolled being involved assistance employees over the next three to six in the program receive an iPad furnished with in a motor vehicle months, he added. e-books as well as a one-week study abroad trip For more information or to to China. Ursuline’s accelerated MBA program accident The expansion has forced Spark- schedule Montefiore’s new is also offered in a one-year format through Source: American Association for Base, which is based in Tyler Village Respiratory Care, 2011 At-Home Sleep Apnea Testing evening courses that meet once a week for five and Therapy Program, call in Cleveland’s Midtown neighbor- weeks and some that are entirely online. hood, to rent space from nearby 216.910.2540. interactive marketing firm DigiKnow Learn more about these options at Ursuline’s Not a Inc., even though SparkBase dou- Number Night on August 11, 5:30 – 8:30 PM at the bled the size of its office to 7,500 College’s Mullen Academic Building. RSVP at 440 square feet over the past year, Mr. 646 8119 or ursuline.edu. Hardman said. The company plans to expand its footprint soon, likely within the Tyler ursuline.edu/mba Village complex. “The paint wasn’t dry and already 440 646 8119 Montefiore’s Mandel Rehab Pavilion | One David N. Myers Parkway we were out of space,” he said. Beachwood, OH 44122 | montefiorecare.org Though Mr. Hardman’s original 20110801-NEWS--8-NAT-CCI-CL_-- 7/28/2011 4:38 PM Page 1

8 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011

PUBLISHER/EDITORIAL DIRECTOR: Brian D.Tucker ([email protected]) EDITOR: Mark Dodosh ([email protected]) MANAGING EDITOR: Scott Suttell ([email protected]) OPINION Aye, captain illiam Friedman, the man who has captained the ship for the last year at the Cleveland-Cuyahoga County Port Authority, has set on a proper course a maritimeW agency that was in danger of running itself aground as it chased the overly ambitious plans of his predecessor. It now remains to be seen whether Mr. Friedman can deliver the key elements of the Port Authority’s latest strategic plan. The plan Mr. Friedman will shepherd is based on a simple premise: The Port of Cleveland has the FROM THE PUBLISHER capacity to handle far more cargo than it does at present, and it’s up to port officials to bring more tonnage over its docks. Point of view? Here’s ours on Page 1 It’s a common-sense plan that is the polar opposite of the fantasy spun by Adam Wasserman, who was e apparently touched a few reporter started with a “point of view,” I staying right where we are at the corner the Port Authority’s CEO for three years. Mr. nerves with our July 11, Page can only say that’s exactly how every story of West Sixth and St. Clair. After all, when Wasserman spoke of turning the Port of Cleveland One piece on the Historic in every publication begins. Reporters we moved our offices here, we were into a megaport that would serve as an alternative Warehouse District, judging notice trends, or changes, that deserve across from a porn shop on one corner byW the letters we’ve received. notice. Our reporters discuss their ideas and a homeless shelter on another. We to busy East Coast seaports. All it would take is 20 Last week’s letter from Downtown with the editors, then begin the fact- believed in this neighborhood then, just years and a half-billion dollars to make it happen. Cleveland Alliance boss Joe Marinucci gathering process. Sometimes that as we do now. The Port Authority board bought what Mr. might have been the most thoughtful, process leads them to a different story; I don’t think anyone can answer as yet Wasserman was selling, at least long enough for the citing the big differences between sometimes it doesn’t. It’s then how the district and the other downtown boss to assemble a staff to pursue his vision. the Flats of the 1980s and the BRIAN the responsibility of the editors entertainment spots will be affected by However, the enormity of the financial commitment Warehouse District of today. TUCKER to make sure the story is fair, the new casino and convention center/ required for a new, bigger port eventually caused And there are many, to be sure, balanced and accurate, and this medical mart projects. What I do know, various board members to mutiny against Mr. starting with the fact that the story was just that. though, is that downtown Cleveland Wasserman, who abruptly resigned in late 2009. Warehouse District — where As to the story taking the finally has a critical mass of restaurants In contrast to the empire-building Mr. Wasserman, Crain’s offices have been for entire front page, that’s simply and nightclubs catering to a broad scale the pragmatic Mr. Friedman recognizes that money more than two decades — has a the decision of the editors who of visitors, and it’s poised for redevelop- healthy mix of offices, housing, compare it to all other stories ment that could be far broader than is a precious commodity at the port. The agency’s restaurants and nightclubs. done for that week’s issue. And the construction boom of the 90s when maritime business, he recently told Crain’s editorial But I need to answer directly about the headline — well, I we built the new baseball, football and board, “is not on a sustainable path right now.” some of the criticisms raised by can only say that some people basketball facilities, the rock hall and the He’d like to see its docks pay their own way, so that the letter writers. might have thought it was more positive science center. money from the Cuyahoga County tax levy dedicated First, we didn’t design the cover to sell than negative. Shootings and late-night Yes, I see no problem in the fact that to the Port Authority wouldn’t be siphoned off for more newspapers. Our success centers fights gave all of us vested in the neigh- our newspaper highlighted the successes operating funds. Instead, those dollars could help on annual subscriptions, paid by those borhood reason for concern. as well as the challenges facing the Ware- support a long-term bond issue, the proceeds of who want our business news and analysis The DCA, Mayor Jackson, Councilman house District as this new order evolves. which could be used for investments such as on a weekly basis; our newsstand sales Joe Cimperman, the police and local It will keep everyone working to ensure are modest. business owners have responded fabu- that it remains a great, and enduring, upgrading the port’s cargo handling equipment and Next, to the writer who said our lously, and Crain’s has no qualms about Cleveland success story. ■ restoring bulkheads along the Cuyahoga River to maintain that waterway as a navigable channel for cargo ships. THE BIG ISSUE Port officials realize that serving as a guardian of the Cuyahoga would boost the agency’s relevance, Given the recent demise of Borders, do you think the days of the physical bookstore are numbered? If so, how do which could help convince taxpayers to continue to you feel about that? support the port when its levy comes up for renewal next year. But we also agree with Mr. Friedman when he talks about the strong link between the environmental health of the river and its economic health, and how “it’s the right thing in terms of pub- lic policy” for his agency to keep watch over both. The challenge for Mr. Friedman and staff in executing their strategic plan will be to win more business for the port. If they fail, it won’t be for a lack of trying. They’re busy spreading the word to shippers that the port isn’t going anywhere and is eager for their KATIE BATAILLE JAY PIERCE CHRISTINA MOSS JON ZAGORSKI business. They’re exploring the potential for a new Cleveland Cleveland Akron Cleveland container cargo route that would bring goods I think, unfortunately, they are Yes, but I hope it would help I don’t think so. The business I definitely feel like it’s going chiefly shipped from northern Europe to Cleveland numbered. I personally like some of the smaller book- might not be as good as in the away. The e-book readers are via Montreal. And they’re talking up a cargo ferry going into a bookstore and stores and specialty shops past, but I don’t think they’ll go huge. … As more and more service that would shuttle from a Canadian port on having a book in my hands … come back. … But I think a lot away completely. technology advances, there’s rather than seeing it on the of that customer base will go less of a need for paper, it Lake Erie to Cleveland. screen. online. seems like. We give a hearty “aye” to Capt. Friedman’s efforts. ➤➤ Let us know what you think. Vote in our online poll at www.CrainsCleveland.com 20110801-NEWS--9-NAT-CCI-CL_-- 7/28/2011 2:23 PM Page 1

AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 9

Indiana toll road lacks exit strategy The Sky Quest Travel Experience: ◆ Relaxing travel with no waiting in lines, no carrier delays ■ I just finished your July 18, Page letter to the editor in your July 25 is- AIR CHARTER SERVICE ◆ AIRCRAFT MANAGEMENT A flight that departs on YOUR schedule One story on the possible selling of the LETTERS sue with the comment, “I never read ◆ A private aircraft with a crew you know and trust Ohio Turnpike and how the Indiana Crain’s.” Wow, that must hurt, guys. ◆ Substantial savings over jet card programs Turnpike’s sale relate. So, the locals avoid the pike, as do Especially if it were true. ◆ One-way flights available with NO repositioning fee As a businessman who travels via business travelers if possible. And if Personally, I find it difficult to be- the pikes to Elkhart and South Bend, that’s the case in Indiana, I can’t lieve because Mr. Rains — with part- SAFETY ◆ SERVICE ◆ CONVENIENCE I can offer an explanation why imagine it not happening here. ner John Carney — is a prime down- the usage of the Indiana Turnpike is My guess is that usage of Ohio Route town and area real estate developer. down. 2 and Interstate 90 will dramatically Bragging about not reading Crain’s You can’t get off the Indiana Pike! increase. Looks like just another (and thus Stan Bullard’s real estate Its automated systems cause massive quick cash deal that’s good for the coverage) would be like telling the back jams at the gates. Either the short term. world you want to remain ignorant. easy pass won’t register or the Barry B. Beeler I don’t think Mr. Rains had that in machine won’t take the bills. And Olmsted Falls mind. Maybe he just wasn’t thinking Northern Ohio’s Premier Air Charter Company when it does work, it’s at a snail’s — just venting. pace. And, God help you, if you have He really likes us to give it a $10 or $20 because you’ll Roldo Bartimole 216-362-9904 www.FlySkyQuest.com [email protected] get your change in dollar coins. ■ Developer Robert Rains began a Cleveland

DEVELOPMENT OPPORTUNITIES Bridgestone commitment offers leverage The Crossroads of Northern Ohio

Valley Tournament officials view land extensions from 480 Independence hospitality supporters

77 oad By JOEL HAMMOND

[email protected] 77

Pro sports teams often talk of wanting Rockside R as much certainty as possible. It’s why they push so hard to grow their season ticket ranks, or in the absence of that, why many — including 2YHU$FUHVRI/DQG$YDLODEOHIRU'HYHORSPHQW the Browns, Indians and Cavaliers — ,QGHSHQGHQFHDQG9DOOH\9LHZ2KLR have gotten creative with partial =RQLQJYDULHVE\SDUFHOVIURPFRPPHUFLDOKRWHORI¿FHWRUHVLGHQWLDO season ticket plans and other incen- tives. )RUPRUHLQIRUPDWLRQSOHDVHFRQWDFW 7+20$6.*867$)621_ The same goes for golf, in the form ZZZWKRPDVJXVWDIVRQ#RPFOHFRP of long-term commitments from ICON SMI '$1,(//6&+,$8-'_ sponsors, and it has worked for the ZZZGDQLHOVFKLDX#RPFOHFRP World Golf Championships-Bridge- Rory McIlroy, who won the U.S. Open in June by eight shots, this week will play stone Invitational. at Firestone Country Club for the third time. His best finish is a tie for ninth. Don Padgett, executive director of the tournament — set for this week organization, the PGA Tour — through on the South Course of Firestone its own events and those on the Country Club in Akron — said last Nationwide and Champions tours — week that after tiremaker and fledgling gave $120 million to over 3,000 char- North Coast Community Homes golf equipment producer Bridge- ities nationwide last year. stone renewed its sponsorship of the The Bridgestone, though, this year Home Sweet Homes event in 2009, “almost all” of the expanded its charitable outreach by tournament’s top hospitality sup- offering area organizations — Mr. An Evening At Hickory Lane Farms porters committed through 2014. Padgett said over 40 were involved It’s a luxury some other tourna- — the ability to sell $20 single-round Hosted by: Benefit Co-Chairs: ments on tour haven’t had. tickets and keep 75% of the proceeds. Tony and Lenora Petrarca Peter and Ellie Brodhead “Bridgestone’s commitment helped The other 25% goes back to the us a great deal,” Mr. Padgett said. Akron, Canton and Cleveland chap- Thank You To Our Supporters! “We took that to our biggest hospi- ters of The First Tee, a group that tality clients and said, ‘We’re inter- promotes the sport to youth. Presenting Sponsor ested in having you commit as well.’” “We saw it as a way to increase The Rick Osborne Family Mr. Padgett said that group was a attendance; the more people at the Orwell Natural Gas Company, John D Oil & Gas Company, mix of local and national companies. course, the better,” Mr. Padgett said. Orwell-Trumbull Pipeline, Cobra Pipeline As a World Golf Championships “And it’s a way to help great non- Gold Grand Patron event, the tournament is broadcast profits.” Peter and Ellie Brodhead worldwide, and it draws an exclusive * * * * Chemical Solvents, Inc. field of only about 80 players, with FROM THE HALL: The NFL’s Jainco International, Inc. no cut. (Players can qualify by being inability to settle its labor dispute Susan and John Turben Foundation in the top 50 of the Official World cost Canton the league’s annual Hall of Fame Game, which was scheduled Platinum Patron Golf Ranking, winning a worldwide Developers Diversified Realty event since last year’s tournament or for Aug. 7 at Fawcett Stadium and Ronald D. Holman, II, Esq. and Susan E. Stephens, M.D. by playing on the last-played Ryder would have pitted the Chicago Bears KeyBank Cup team.) against the St. Louis Rams. And it Dennis and Kim Lansdowne Akron-based FirstEnergy Corp. appears the Bridgestone might Stephen and Gail McPeake was one of those corporate sponsors benefit. PNC Bank Primus Capital Partners VI to re-up; with two years left on a five- The Hall of Fame enshrinement Spangenberg Shibley & Liber LLP Saturday, September 17 year hospitality agreement it signed weekend will be cut short after in 2007, the utility renewed for five Saturday’s induction ceremony. The Gold Patron Hickory Lane Farms more years last year. The company Bridgestone in 2007 was moved up Barry and Ann Klein hosts clients in one of the villas dot- to the first weekend in August, which Moskal Gross Orchosky, Inc. 5:30 p.m. to Midnight ting the fairways of Firestone South. it shared with the Hall of Fame Omni Property Companies Prince and Izant Co. “It’s an opportunity to entertain festivities. Barbara S. Rosenthal, Esq. our valued customers,” FirstEnergy After the NFL’s preseason opener SS&G Financial Services, Inc. spokesman Todd Schneider said. officially was canceled, Mr. Padgett Taft Stettinius & Hollister LLP Special Thanks To For additional information The O’Brien Law Firm LLC The Antonucci Family “We’re a part of Akron, and the tour- said he’d heard from Hall of Fame Classic Auto Group www.HomeSweetHomesNCCH.org nament is a part of Akron. We feel we officials that “a good contingent” Ulmer & Berne LLP Steve and Judy Williams need to have a presence there.” of those with tickets for Sunday’s Developing homes for people with disabilities * * * * game was interested in shifting their (List In Formation) MORE TO CHARITIES: A tax-exempt Sunday plans to Firestone. ■ 20110801-NEWS--10-NAT-CCI-CL_-- 7/28/2011 2:22 PM Page 1

10 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011 Tickets: Browns avoid other teams’ struggles GOING PLACES

continued from PAGE 3 potential work stoppage. Fueled in week went on. JOB CHANGES Mark Klang, president of ticket part by a $19 upper-deck corner ARCHITECTURE brokerage Amazing Tickets in May- ticket, of which the team sold out, One by one field Heights, said his NFL traffic those season-ticket sales got off to a Now come single-game sales, a TDA ARCHITECTURE: Linda W. was almost nonexistent after April 19 great start, Mr. Ross said. “very important event,” Mr. Ross Bayer to director of business — a time when Browns tickets usu- The Browns also kept in place a said, as they fill out the seats not development. ally are most in demand — until unique program they instituted last accounted for through full-season mid-July, when rumblings of an year, through which former season- or partial-season packages. Team CONSTRUCTION Bayer Zahoranski Alvarado end to the lockout began surfacing. ticket holders could rejoin the fray officials expect to sell out all eight RUHLIN CO.: Rich Zahoranski to He estimated his Browns sales were without repaying for a personal seat regular-season home games at the estimator; Cheryl Alvarado to down 90% to 95% in that period license. Those PSLs, common in the 73,200-seat stadium, Mr. Ross said, administrative assistant; Dan Paulsen compared with the like time frame NFL, must be bought by any new thus avoiding local television black- to project engineer. last year. season-ticket holder for the right to outs. The Browns averaged 66,116 “We had to say on our website, purchase tickets for each game. fans per game last season, but man- FINANCE ‘These games might not be played’ They’re required in all sections of aged to avoid blackouts through or ‘These dates might change’ in Browns Stadium except for the Dawg different partnerships covering HUNTINGTON NATIONAL BANK: selling during the lockout,” Mr. Pound — in the east end zone — remaining tickets. Tom Cirincione to senior portfolio and range from $375 to $1,500. Mr. Ross said little would change manager, Private Financial Group — Klang said. “Football is the one Paulsen Mueller Evans sport where people travel into But like Amazing Tickets and in the number of tickets available Investments; Mike Coyne to business town, book hotels and flights. The other secondary sources, the team’s for single-game purchases and banker. uncertainty scared people.” sales activity stagnated during the group sales, which last year was Yet after the players voted to dog days of the lockout, which around 5,000. FINANCIAL SERVICE approve the owners’ proposed settle- started March 12. During that time, It’s a far cry from the plight of some BROCKMAN, COATS, GEDELIAN & ment, Mr. Klang said his company the team mostly worked on renewing other NFL teams, such as Jack- CO.: Maria Liossis to tax supervisor. saw a big spike in business in the existing season-ticket holders’ plans; sonville, which in mid-July posted a CARD, PALMER, SIBBISON & CO.: next 48 hours. the effort has paid off, according to chart on its website breaking down Matthew T. Krupa to supervisor. The Browns, too, anticipated a Mr. Ross, who said the Browns are its sales goals: The Jaguars at that MELCAP PARTNERS: Kevin Bader pickup and quickly mobilized for ahead of last year’s 90% pace in point reported only 32,536 season- Downs Thompson Afflerbach their single-game sales, which season ticket renewals. ticket holders for 67,000-seat Ever- to analyst. launched Saturday. “And we heard from some account Bank Field. Elsewhere, the Tampa Bay RETIREMENT SOLUTIONS: Alexander Jim Ross, the team’s senior vice holders who said, ‘I’m in, but not Buccaneers and Oakland Raiders Drake to associate financial consul- president of business development, until the labor issues are resolved,’” filled only 75% and 73% of their tant. said the Browns began offering Mr. Ross said last Tuesday, July 26, respective capacities last season. WESTERN RESERVE PARTNERS: season tickets in February, earlier so the team was expecting to lock in “We’re very fortunate to have a Matthew J. Mueller to vice president; ■ than in years past, to get ahead of a more season-ticket packages as last great fan base,” Mr. Ross said. Erin E. Evans to marketing manager; Courtney S. Downs to analyst.

HEALTH CARE Carlson Lukens Smith AKRON GENERAL HEALTH SYSTEM: Dr. Thomas R. Thompson to chairman, director of sales. The 2011 Department of Orthopaedic Surgery. ELIZA JENNINGS SENIOR CARE BOARDS NETWORK: Dr. Jayantilal Bhimani Archer to medical director, Eliza Jennings at AMERICAN COLLEGE OF Home. EMERGENCY PHYSICIANS, OHIO CHAPTER: Dr. Thomas Lukens HOSPITALITY (MetroHealth) to president; Dr. Awards Michael Smith (MetroHealth) to MORTON’S THE STEAKHOUSE president-elect. Achievements in Human Resources CLEVELAND: Denise Afflerbach to assistant manager. AMERICAN MARKETING ASSOCIA- TION CLEVELAND: Jeff Staats to INSURANCE president; Krystyl Paterson to president-elect; Patty DelMonico to HYLANT GROUP: Michele Stine to secretary. Meet NE Ohio’s Leading HR Professionals regional human resource generalist. EPILEPSY ASSOCIATION: Amy Georgalis to president; Kathleen LEGAL Sanniti to vice president; Anthony Awards & Networking Gala FANGER & ASSOCIATES LLC: Smits to secretary; Peter Nelson to Elizabeth K. Sheard and Deborah treasurer. Wednesday, August 17 l 5:30 - 8:30pm Zaccaro Hoffman to associates. NORTHEAST OHIO REGIONAL SEWER DISTRICT: Darnell Brown LaCentre, Westlake MANUFACTURING (City of Cleveland) to president; EATON CORP.: Harold Jones to Ronald D. Sulik to vice president; senior vice president, Environment, Mayor Dean DePiero to secretary. Health and Safety. WILLIAM J. AND DOROTHY K. ENERGY FOCUS INC.: Mark J. O’NEILL FOUNDATION: William J. Plush to vice president, finance, CFO. O’Neill Jr. to trustee emeritus. YOUNG AUDIENCES: Katie Solender MARKETING to chairperson; Chris Cwiklinski to HR EXECUTIVE INNOVATION LIFETIME CITIZENSHIP AWARD RISING STAR AWARD OF THE YEAR AWARD ACHIEVEMENT SWEENEY: James B. Sweeney to vice chairperson, development; AWARD CEO. Andrew Koonce to vice president, TRIAD COMMUNICATIONS/NEXT education; Ann Kent to secretary. Join us! Ticket and finalist information: LEVEL INTERACTIVE: Michael Carlson to graphic designer. AWARDS www.CrainsCleveland.com/ArcherTix RETAIL AMERICAN COLLEGE OF HEALTH- CARE EXECUTIVES: Nancy M. SAKS FIFTH AVENUE BEACHWOOD: Tinsley (University Hospitals Case Presented by: Mai Moore to director of marketing. Medical Center) received the Senior- SERVICE Level Healthcare Executive Regent’s Award; Erin M. Roush (University DAVEY TREE EXPERT CO.: John Hospitals) received the Early Career Kusnier to ecological services project Healthcare Executive Regent’s Award. developer and NEPA team lead, Davey Sponsored by: Resource Group. RETIREMENT MEDDATA: Brenda N. Brown to director of compliance audits and NORTHEAST OHIO ADOPTION education; Barb Astler to vice SERVICES: Kathy Franz, associate president, human resources. director, after 22 years of service.

TECHNOLOGY Send information for Going Places to EXCHANGEBASE: Alex Lunato to [email protected]. 20110801-NEWS--11-NAT-CCI-CL_-- 7/28/2011 2:24 PM Page 1

AUGUST 1 - 7, 2011 CRAIN’S CLEVELAND BUSINESS 11

INSIDE 12 APARTMENT ASSOCIATION FINDS POWER IN NUMBERS. REAL ESTATE 668 EUCLID AVE. BEFORE AFTER

EUCLID AVENUE’S RENAISSANCE

By STAN BULLARD a report for a stakeholder group became the East Fourth Neighbor- [email protected] arguing that a 43% office vacancy hood, a restaurant and entertain- rate highlighted the need to trans- ment venue developed by MRN Ltd. Character, location o appreciate today’s Euclid form the avenue’s buildings from Fast forward to today. Avenue between Public office use to apartments. Old MRN’s East 4th project has have made downtown Square and Cleveland buildings have a character lacking spilled onto Euclid with two loft State University, consider in newer suburbs, he said, that apartment buildings, the House of Tconditions in 1994. could make the city distinctive. Blues, Holiday Inn Express and artery an ideal spot At that time, realty insiders “There were some guys trying to several eateries. Other developers called that stretch of downtown do some things on East Fourth Street have transformed the Old Arcade, for rejuvenation “the dead zone.” between Euclid and Prospect, but as well as the Euclid and Colonial That year, Willis Boyer, a Cleve- little else was going on,” Mr. Boyer arcades, to hotels. Five other office land real estate developer, produced recalled recently of what later See AVENUE Page 13 COWELL & HUBBARD BEFORE AFTER

A realty affiliate of PlayhouseSquare in 2007 acquired the Cowell & Hubbard Building, the former home of a famed downtown jewelry store. After a $9 million renovation, the commercial building at 1305 Euclid Ave. on its second floor houses The Kent State University Cleveland Urban Design Collaborative, which plans to foster a design district on Euclid. Chef Zachary Bruell recently announced plans to open an eatery there — Cowell & Hubbard Co. — named for the jewelry store. 20110801-NEWS--12-NAT-CCI-CL_-- 7/28/2011 2:24 PM Page 1

12 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011 REAL ESTATE Allegro Realty repositions renovated space Apartment group’s By STAN BULLARD to those on Euclid as part of a [email protected] plan to use the space as a restaurant site. purchasing plan he first time that Mr. Hutchinson said Damon Taseff, a prin- Allegro is now negotiating cipal at Allegro Realty with prospective restaura- renders efficiencies Advisors, saw the cor- teurs. The terra cotta front of Tporate realty consultants’ new the building, which was pock- By STAN BULLARD Formerly, NOAA provided group downtown home, he found marked with thousands of [email protected] purchasing for refuse removal, but that the second-floor walls of holes, also was restored in the consolidation in the trash hauling the onetime Morse Graphic renovation, which received ommercial real estate industry limited the trade group’s Arts Building resembled relics financial assistance from the types pride themselves on ability to be effective, he said. of an R-rated graffiti party. city of Cleveland’s vacant their independence. That Even though these are good times Now, after a $2 million properties initiative. often earns them the nick- for the apartment industry — project that transformed the Allegro Realty Advisors’ sleek interior at its new home Allegro’s investment is not Cname of being lone wolves. occupancies are nearly 96% in the building at 1938 Euclid Ave., at 1938 Euclid Ave. once was a canvas for graffiti. lost on the neighborhood. However, a group purchasing region, NOAA estimates — saving the second floor is a cutting- Rockette Richardson, execu- plan operated by the Northeast money remains important. edge corporate environment, from from an upswing in values as CSU tive director of the Campus District Ohio Apartment Association shows As Northeast Ohio is considered wood floors to work stations and a finished multiple buildings that since local development corporation, said: the benefits of being part of a herd a low-rent market compared to lobby that performs multiple duties, have transformed that part of Euclid “Allegro took a building that had — and a very big herd — when it other regions, watching costs is as a location for the firm’s kitchen as the city’s Campus District. been in a state of transition for many comes to cutting expenses. crucial here because profit mar- area and center for networking “You always want to be near new years and turned it into an asset on The trade group launched its gins for landlords are narrower. parties. (Hidden behind a stainless investments,” Mr. Taseff said. the street. The design is marvelous.” group purchasing in 2007, and it Jerome Schmelzer, an advertising steel appliance cover is a surprise: Allegro also needed to move Moreover, she said it is encour- now annually buys about $50 mil- man who owns a total of 120 suites Allegro’s own refrigerated keg.) because it needed room to expand, aging for the college neighborhood lion of various products for its on Lake Avenue on the West Side The process that led Allegro to Mr. Hutchinson said. Its 10-person to win a vote of confidence from a members, according to Ralph Mc- and at the Pointe at Gateway down- the downtown headquarters was staff now occupies 5,000 square feet company that could have put its Greevy, executive vice president of town, calls watching expenses “the the same type of search it does for from 3,000 it had in the suburbs. offices anywhere in the region. the association, which has about nature of the business” here. its clients, said Allegro CEO George In the meantime, Allegro reposi- The property investment is mildly 600 members who own about Moreover, he adds, “When you Hutchinson, after it decided its tioned the structure in several ways contradictory with Allegro’s 175,000 rental units in the region. have a small landlord like me, you former Independence office no — for itself and the neighborhood. principles and branding. Allegro is He estimates half its members par- can’t compete with the big guys with longer met its needs. First, it installed new retail tenants dedicated to serving as a tenant ticipate in purchasing in some way thousands of apartments for deals. “We wanted ease of access for — a Moe’s Southwest Grill and representative, with its only duty to to serve about 100,000 units. This gives us the benefit of buying in our clients, so we needed easy high- Euclid Avenue’s second Jimmy get the best deal for its tenants. As Natural gas buying through IGS bulk.” way access,” Mr. Hutchinson said. John’s sandwich shop — on the first such, Allegro eschews property Energy, NOAA’s first foray into group Mr. Schmelzer estimated he “We wanted an enjoyable working floor to cater to the campus crowd. listings or taking an ownership purchasing, has accounted for about saves $15,000 yearly on energy environment to attract young peo- To maximize space for the retailers, interest in buildings where its $300 million in spending through the costs. He said that’s significant ple to work with us. We also wanted Allegro shut the building’s original clients might want to locate that program’s history, Mr. McGreevy because utility bills are such an to be downtown, where you can see Euclid stairway. Thanks to CSU’s might color a realty broker’s advice. said, and it has been as much as expense, particularly at his family- people you need to see and net- demolition of an adjoining building However, Mr. Hutchinson said, $35 million in a single year. owned Edgewater Manor in Cleve- work when you go to lunch.” to create a link from campus to the Allegro restricted the investment by The purchasing program now, land, where tenants pay natural Mr. Taseff said the firm decided in nearby Wolstein Center, Allegro was its principals solely to the head- through various vendors, covers gas as part of their rent. 2009 to buy the formerly bedraggled able to install its second-floor en- quarters building. most things a small or large apart- Even some owners of large port- commercial building across from trance on the west side of the building. “We know and appreciate real ment owner might need, including folios, who may have sophisticated Cleveland State University. Allegro The rear of the building’s first estate,” Mr. Hutchinson said, “so electricity. For example, owners purchasing departments because ■ knew the property might benefit floor also got huge windows similar we did this project for ourselves.” get discount rates for paint and of their scale and buying power, carpet through the Sherwin- find the NOAA program useful. Williams Co. that amounted to Doug Price, CEO of Willoughby- about $2 million last year. based K&D Group, buys in bulk That’s a lot of paint and floor anyway because the firm owns coverings, but Mr. McGreevy has no 12,000 units in the region. Many One firm. estimate for the volume of materials vendors in NOAA’s purchasing acquired. program are the same that K&D Other programs cover cleaning uses, he said. However, Mr. Price Many solutions for supplies, liability insurance, resi- noted that because of NOAA’s group dent screening and payroll. The program and still larger numbers of newest is pest control, through customers, vendors have more real estate professionals. Orkin. The program only goes into incentive to resolve problems for areas where it can provide a ser- apartment owners when disputes Reminger’s Real Estate Practice Group understands the complex legal vice to members, he said. develop. ■ issues surrounding real property transactions and real estate litigation. Whether you require nimble transactional assistance, skilled dispute resolution, or just practical advice, you can feel confident that an experienced firm well-versed in all facets of real estate is in your corner.

Contact a Real Estate Law Practice Group member for more information.

Pictured from left to right, Akron top to bottom: Cincinnati -George S. Coakley (Co-Chair) Cleveland -Cynthia A. Lammert (Co-Chair) -Anthony M. Catanzarite Columbus -Andrew J. Dorman Sandusky -John Patrick -Brent S. Silverman Toledo -P. Michael Ward Youngstown -Jason D. Winter Ft. Mitchell Lexington Louisville

216.687.1311

Reminger.com Results. Period. 20110801-NEWS--13-NAT-CCI-CL_-- 7/28/2011 2:24 PM Page 1

AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 13 REAL ESTATE Avenue: More rejuvenation on tap continued from PAGE 11 but to assist qualified developers What do you look for buildings have become loft apart- with expertise if they need help. ments. Cleveland State University Similarly, Mr. Yablonsky said, in a law firm? has transformed the east end of adaptability in potential uses in the Euclid with new student housing planning stages aids renewing urban and other buildings. areas such as Euclid. Given the And yet, while Euclid Avenue has advent of the Holiday Inn Express, made significant progress, more Hyatt, Residence Inn and Wyndham work remains. hotels on Euclid, the planned hotels could allow the street to be marketed Bigger picture as the city’s hospitality district. Although dozens of outdated Meanwhile, a more dynamic Euclid commercial buildings have found street scene could allow other under- new uses or been demolished, a used buildings on Euclid or nearby study by CoStar, an online data to find fresh starts as apartments. service, reveals a 41% office ‘We’ll have to see’ vacancy rate on Euclid from Public Square to Cleveland State as of last Mr. Yablonsky and others point STAN BULLARD Monday, July 25, little below the to the unknown — but mostly posi- The WT Grant Building was outfitted 1994 figure used by Mr. Boyer. tive — factors that loom for down- for the WT Grant Loft Apartments, Effectively, as some older struc- town and could reshape Euclid. located on Euclid Avenue between tures got renovated, other buildings The Cleveland Convention Public Square and East Fourth Street. lost tenancy over the years to keep Center and Medical Mart will open the market standing in place — and mortar features. in 2013 in a city that has essentially though not worsening. The HealthLine also brought the had no downtown convention center Proven performance. For Mr. Boyer’s part, he believes region attention, such as an inter- for a decade. The new Horseshoe the weakness of the office market is national award from the Urban Casino Cleveland will also bring a a function of the weakness of the Land Institute trade group. new clientele to town early next year. regional economy — far larger in One shortcoming of the street “What will that market be?” Mr. scope than efforts to redo Euclid. has been eased due to dining estab- Yablonsky asked. “We’ll have to see.” David Browning, managing lishments taking positions in store- Ari Maron, a principal in MRN, director of CB Richard Ellis’s Cleve- fronts, though shopping-oriented sees plotting Euclid’s future more For nearly 80 years, Walter Haverfield attorneys have demonstrated a passion land office, said he knows the office retailers remain scarce. Indeed, simply. He said MRN is pursuing, for providing winning results. No one beats our track record for delivering statistics but considers the Euclid and close to signing, tenants to fill the several large storefronts became creative solutions designed to minimize business risk and maximize business updates a success: They help down- offices for nonprofits, the Wyse three empty storefronts it has left on opportunities. If this doesn’t sound like your current law firm, perhaps it’s town win tenants. “It has changed Advertising firm and others as anti- Euclid. It also is on the hunt for more the perception and reality of the dotes for retail weaknesses. office tenants for Rosetta Tower, 629 time to start looking for a new one. street,” Mr. Browning said. One of the surprises today is Euclid, named after new anchor ten- Tracey Nichols, Cleveland city dueling ideas, if not plans, for what ant Rosetta Marketing Group LLC. economic development director, said to do next on Euclid. “We’re targeting companies that the best way to size up Euclid is to Doug Price, CEO of Willoughby- want cool office space in an urban Cleveland | 216.781.1212 | www.walterhav.com look at how much progress the street based K&D Group, an apartment setting,” Mr. Maron said. “We see it has made, work that’s often accom- ownership concern, worries the city as the same thing as ever: Find out plished with city funds helping to will lose its hard-won momentum as how people want to do business ■ leverage other financial resources. a downtown residential market. He and build space for them.” Likewise, Thomas Yablonsky, said K&D’s Residences at 668, a $60 executive director of the Historic million makeover to 232 apartments Gateway Neighborhood local devel- of the onetime Taylor department opment corporation and vice presi- store and Atrium Office Plaza, has a dent of the Downtown Cleveland waiting list of more than 300 people. Alliance, says he tires of being “We’re in danger of stifling that asked, “When will Euclid happen?” because we don’t have quality new His answer: Euclid Avenue’s reju- product for young professionals,” venation not only is well under way, Mr. Price said. there’s more to come. For its part, K&D has revised its “It’s very different from what it plans for the Ameritrust complex, was then,” said Mr. Yablonsky, dropping a hotel component and Real Estate/Construction who in 1994 worked on downtown streamlining it to apartments and development at the former Greater John Funk, service retail. The proposal is Director of Cleveland Growth Association, now dependent on whether K&D gets to Real Estate Practice Greater Cleveland Partnership. renew its quest for the skyscraper; “It’s vastly improved,” he said, Cuyahoga County, which owns the pointing not only to people who visit complex, is studying its own office the Euclid corridor for entertainment needs before deciding whether to Property is as unique as its owner. Our clients benefit but to the increasing buzz among dispose of the skyscraper. from our depth of industry knowledge and our commit- developers — some from out of town — being created by the convention Too much room at the inns ment to offering personalized attention and insightful and casino projects. The other side of the outlook is solutions. The knowledge of a trusted advisor can make the difference What’s the next stop? that Mr. Price, whose firm owns between a strong or shaky foundation. Embassy Suites at Reserve Square on Joseph Marinucci, president East 12th Street, worries too many The Maloney + Novotny Real Estate Practice combines a wealth of and CEO of Downtown Cleveland hotel plans are afoot because of Alliance, said the increased anima- construction of an initial casino by experience with a passion for understanding the ever-changing land- tion at the street level is helpful. early next year and the Cleveland scape involved in property development, ownership and management. Moreover, he noted the $200 mil- Convention Center and Medical Mart. lion HealthLine, which links Public “The convention center should Square to East Cleveland with a bring the Cleveland hotel market to hybrid bus-rail transit system, has normal,” Mr. Price said. changed the street. The work also For example, JHB Hotel LLC, a had impacts he did not expect. Sandusky based investor group, is As businesses closed during the pursuing plans to convert the John two-year HealthLine project, Mr. Hartness Brown office building at Marinucci said the public response 1001-1101 Euclid to a 206-room and media coverage of it gave him a Westin Hotel. Work to remove fresh understanding of the street’s asbestos and demolish unneeded + Business Advisors and Certified Public Accountants importance in the region. Due to its parts of the property, Ms. Nichols history in the region’s early develop- said, recently started with a $3 + Cleveland 216.363.0100 + Canton 330.966.9400 + Elyria 440.323.3200 ment, it enjoys what he calls “origin million state grant, myth” status in Northeast Ohio’s Ms. Nichols said it is not the maloneynovotny.com collective psyche far beyond its bricks city’s role to dictate development 20110801-NEWS--14-NAT-CCI-CL_-- 7/28/2011 3:05 PM Page 1

14 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011 LARGEST LAW FIRMS

RANKED BY NUMBER OF LOCAL ATTORNEYS(1)

Salary for Firm Local Female Minority Worldwide associate hired Top local executive Rank Local address Phone/Web site attorneys Partners partners partners Associates Of counsel Staff attorneys from law school Offices Title

Jones Day Lyle G. Ganske 1 North Point, 901 Lakeside Ave., Cleveland 44114-1190 210 74 10 3 96 40 688 2,500 $145,000 35 partner-in-charge, (216) 586-3939/www.jonesday.com Cleveland Baker Hostetler(2) R. Steven Kestner, national 2 1900 E. Ninth St., Suite 3200, Cleveland 44114 188 104 24 2 43 13 413 757 $135,000 11 executive partner; Hewitt B. Shaw, (216) 621-0200/www.bakerlaw.com Cleveland office managing partner Calfee, Halter & Griswold LLP Brent D. Ballard 3 800 Superior Ave., Suite 1400, Cleveland 44114 140 74 15 1 36 11 285 157 NA 2 managing partner (216) 622-8200/www.calfee.com Thomas F. McKee, chairman

Squire, Sanders & Dempsey (US) LLP Frederick R. Nance, regional managing partner; David S. 4 127 Public Square, Suite 4900, Cleveland 44114 137 66 12 5 53 18 376 1,321 NA 36 Goodman, Cleveland managing (216) 479-8500/www.ssd.com partner Thompson Hine LLP James B. Aronoff 5 127 Public Square, Suite 3900, Cleveland 44114 128 60 48 6 13 15 330 367 NA 7 partner-in-charge, (216) 566-5500/www.thompsonhine.com Cleveland Ulmer & Berne LLP 6 1660 W. Second St., Suite 1100, Cleveland 44113 104 62 10 2 33 9 220 176 NA 4 Kip Reader (216) 583-7000/www.ulmer.com managing partner Benesch, Friedlander, Coplan & Aronoff LLP 7 200 Public Square, Suite 2300, Cleveland 44114 100 55 10 2 37 7 239 163 $110,000 7 Ira C. Kaplan (216) 363-4500/www.beneschlaw.com managing partner Tucker Ellis & West LLP 7 925 Euclid Ave., Suite 1150, Cleveland 44115 100 44 6 2 23 33 235 154 NA 5 Joseph Morford (216) 592-5000/www.tuckerellis.com managing partner Hahn Loeser & Parks LLP 9 200 Public Square, Suite 2800, Cleveland 44114 97 50 7 3 35 12 192 127 $105,000 6 Lawrence E. Oscar (216) 621-0150/www.hahnlaw.com managing partner, CEO Roetzel & Andress LPA Bradley A. Wright, Akron partner-in- 10 1375 E. Ninth St., 9th floor, Cleveland 44114 88 59 14 2 29 0 225 203 NA 12 charge; Douglas E. Spiker, (216) 623-0150/www.ralaw.com Cleveland partner-in-charge McDonald Hopkins LLC Carl J. Grassi, president 11 600 Superior Ave., E., Suite 2100, Cleveland 44114 85 49 2 0 29 7 159 137 NA 6 Shawn M. Riley (216) 348-5400/www.mcdonaldhopkins.com managing partner, Cleveland Reminger Co. LPA 12 101 Prospect Ave. W., Suite 1400, Cleveland 44115 81 67 14 2 12 2 205 118 NA 10 Stephen E. Walters (216) 687-1311/www.reminger.com CEO, president Brouse McDowell LPA Jeffrey T. Heintz, managing 13 388 S. Main St., Suite 500, Akron 44311 71 46 13 1 20 5 124 72 $83,000 3 partner; Joseph T. Dattilo, partner- (330) 535-5711/www.brouse.com in-charge, Cleveland office Buckingham, Doolittle & Burroughs LLP John P. Slagter 14 1375 E. Ninth St., Suite 1700, Cleveland 44114 64 43 7 2 16 5 138 78 NA 4 managing partner, (216) 621-5300/www.bdblaw.com president Frantz Ward LLP 15 2500 Key Center, Cleveland 44114 63 36 5 0 22 4 113 63 $115,000 1 Partnership (216) 515-1660/www.frantzward.com Gallagher Sharp 16 1501 Euclid Ave., 6th floor, Cleveland 44115 53 35 8 2 16 2 108 57 NA 3 Thomas E. Dover (216) 241-5310/www.gallaghersharp.com managing partner Vorys, Sater, Seymour and Pease LLP F. Daniel Balmert, managing 17 1375 E. Ninth St., Suite 2100, Cleveland 44114 52 17 2 0 19 9 83 349 $120,000 6 partner, Akron; Anthony J. O'Malley, (216) 479-6100/www.vorys.com managing partner, Cleveland Walter & Haverfield LLP 17 1301 E. Ninth St., Suite 3500, Cleveland 44114-1821 52 31 4 1 18 4 99 52 NA 1 Ralph E. Cascarilla (216) 781-1212/www.walterhav.com managing partner Weston Hurd LLP 17 1301 E. Ninth St., Suite 1900, Cleveland 44114 52 40 7 1 4 8 92 63 NA 4 Carolyn M. Cappel (216) 241-6602/www.westonhurd.com managing partner Taft Stettinius & Hollister LLP Stephen M. O'Bryan 20 200 Public Square, Suite 3500, Cleveland 44114 49 31 4 1 9 8 89 296 $105,000 7 partner-in-charge, (216) 241-2838/www.taftlaw.com Cleveland Krugliak, Wilkins, Griffiths & Dougherty Co. LPA 21 4775 Munson St. N.W., Canton 44718 45 32 3 0 13 0 62 45 NA 5 Terry A. Moore (330) 497-0700/www.kwgd.com managing director Weltman, Weinberg & Reis Co. LPA Alan H. Weinberg, 22 323 W. Lakeside Ave., Suite 200, Cleveland 44113 43 13 4 1 30 0 650 111 NA 10 managing partner (216) 685-1000/www.weltman.com Bob Weltman, senior partner Fay Sharpe LLP 23 1228 Euclid Ave., 5th floor, Cleveland 44115 41 20 4 1 17 4 88 41 $90,000 1 Management Committee (216) 363-9000/www.faysharpe.com Kohrman Jackson & Krantz PLL 24 1375 E. Ninth St., 20th floor, Cleveland 44114 40 24 6 0 15 1 61 40 $87,500 2 Marc C. Krantz (216) 696-8700/www.kjk.com managing partner Day Ketterer Ltd., Attorneys at Law 25 200 Market Ave., Suite 300, Canton 44702 36 26 2 0 6 4 70 36 NA 2 James R. Blake (330) 455-0173/www.day-ketterer.com managing attorney Pearne & Gordon LLP 25 1801 E. Ninth St., Suite 1200, Cleveland 44114 36 15 1 1 18 3 67 36 NA 1 NA (216) 579-1700/www.pearne.com Brennan, Manna & Diamond Lee S. Walko 27 75 E. Market St., Akron 44308 33 18 1 2 13 1 60 50 NA 3 Matthew A. Heinle (330) 253-5060/www.bmdllc.com co-managing members Buckley King LPA 28 600 Superior Ave., 1400 Fifth Third Center, Cleveland 44114 32 19 7 2 7 4 65 57 NA 7 Brent M. Buckley (216) 363-1400/www.buckleyking.com managing partner Cavitch Familo & Durkin 28 1300 E. Ninth St., 20th floor, Cleveland 44114 32 21 0 1 9 2 55 32 NA 2 Michael C. Cohan (216) 621-7860/www.cavitch.com president McCarthy, Lebit, Crystal & Liffman Co. LPA 30 101 W. Prospect Ave., Suite 1800, Cleveland 44115 31 20 2 0 8 3 58 31 $55,000 1 Kenneth B. Liffman (216) 696-1422/www.mccarthylebit.com managing principal Wickens, Herzer, Panza, Cook & Batista Co. 30 35765 Chester Road, Avon 44011 31 18 7 7 9 1 77 31 NA 1 David L. Herzer (440) 930-8000/www.wickenslaw.com president, CEO 20110801-NEWS--15-NAT-CCI-CL_-- 7/29/2011 9:46 AM Page 1

AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 15

Salary for Firm Local Female Minority Worldwide associate hired Top local executive Rank Local address Phone/Web site attorneys Partners partners partners Associates Of counsel Staff attorneys from law school Offices Title

Javitch Block & Rathbone LLC Bruce A. Block 32 1100 Superior Ave., 19th floor, Cleveland 44114 30 11 3 4 18 1 385 54 NA 7 Joel H. Rathbone (216) 623-0000/www.jbandr.com co-managing partners Mazanec, Raskin & Ryder Co. LPA 32 34305 Solon Road, Cleveland 44139 30 11 0 0 13 1 48 30 NA 2 John T. McLandrich (440) 248-7906/www.mrrlaw.com managing partner Wegman, Hessler & Vanderburg 32 6055 Rockside Woods, Suite 200, Independence 44131 30 14 2 0 13 1 56 30 NA 1 Keith A. Vanderburg (216) 642-3342/www.wegmanlaw.com managing partner Littler Mendelson P.C. 35 1100 Superior Ave., 20th Floor, Cleveland 44114 29 19 5 1 10 0 55 800 NA 51 Sue Marie Douglas (216) 696-7600/www.littler.com office managing shareholder Porter Wright Morris & Arthur LLP 36 925 Euclid Ave., Suite 1700, Cleveland 44115 28 17 7 0 10 1 42 275 $110,000 6 Hugh E. McKay (216) 443-9000/www.porterwright.com partner-in-charge Davis & Young 37 1200 Fifth Third Center, 600 Superior Ave., E., Cleveland 44114 27 16 2 0 5 6 57 27 NA 3 C. Richard McDonald (216) 348-1700/www.davisyoung.com managing partner Dworken & Bernstein Co. LPA 38 60 South Park Place, Painesville 44077 26 11 1 1 14 1 68 26 NA 2 Howard S. Rabb (440) 352-3391/www.dworkenlaw.com managing partner Critchfield, Critchfield & Johnston Ltd. 39 225 N. Market St., Wooster 44691 25 18 4 0 7 1 62 35 $70,000 4 Daniel H. Plumly (330) 264-4444/www.ccj.com managing member Stark & Knoll Co. LPA 39 3475 Ridgewood Road, Akron 44333 25 16 3 3 6 3 39 25 NA 1 John K. Krajewski (330) 376-3300/www.stark-knoll.com managing partner Roderick Linton Belfance LLP 41 One Cascade Plaza, 15th Floor, Akron 44308 24 10 1 0 9 5 50 NA NA NA William G. Chris (330) 434-3000/www.rlbllp.com partner Sutter, O'Connell & Farchione 42 1301 E. Ninth St., Suite 3600, Cleveland 44114 23 9 3 1 12 0 65 25 $90,000 2 Lawrence A. Sutter (216) 928-2200/www.sutter-law.com managing partner Ziegler Metzger & Miller LLP 42 925 Euclid Ave., Suite 2020, Cleveland 44115 23 9 0 0 14 1 39 23 NA 3 Richard T. Spotz Jr. (216) 781-5470/www.zieglermetzger.com managing partner Nicola, Gudbranson & Cooper LLC 44 25 W. Prospect Ave., Suite 1400, Cleveland 44115-1048 22 NA NA NA 6 3 34 NA NA NA Management Committee (216) 621-7227/www.nicola.com Turocy & Watson LLP 45 127 Public Square, Key Tower, 57th floor, Cleveland 44114 21 5 2 2 15 1 38 21 NA 3 Gregory Turocy (216) 696-8730/www.thepatentattorneys.com managing partner Fisher & Phillips LLP(3) 46 9150 S. Hills Blvd., Cleveland 44147 20 12 1 0 6 2 36 260 NA 25 Steven M. Nobil (440) 838-8800/www.laborlawyers.com managing partner See LIST Page 16

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16 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011 LARGEST LAW FIRMS

RANKED BY NUMBER OF LOCAL ATTORNEYS(1)

Firm Salary for Local address Local Female Minority Worldwide associate hired Top local executive Rank Phone/Web site attorneys Partners partners partners Associates Of counsel Staff attorneys from law school Offices Title

Meyers, Roman, Friedberg and Lewis 46 28601 Chagrin Blvd., Suite 500, Cleveland 44122 20 12 3 0 6 2 37 NA NA NA Anne L. Meyers (216) 831-0042/www.meyersroman.com managing partner Zashin & Rich Co. LPA Andrew A. Zashin 46 55 Public Square, 4th floor, Cleveland 44113 20 2 0 0 17 1 35 21 NA 2 Stephen S. Zashin (216) 696-4441/www.zrlaw.com co-managing partners Bonezzi Switzer Murphy Polito & Hupp Co. LPA 49 1300 E. Ninth St., Suite 1950, Cleveland 44114 17 14 2 0 3 0 41 17 $55,000 2 Steven J. Hupp (216) 875-2767/www.bsmph.com managing director Janik LLP 49 9200 South Hills Blvd., Suite 300, Cleveland 44147 17 5 2 0 9 3 28 20 $65,000 3 Steven G. Janik (440) 838-7600/www.janiklaw.com managing partner Ogletree, Deakins, Nash, Smoak & Stewart PC S. Dan Pace 49 127 Public Square, Cleveland 44114 17 9 1 0 5 3 33 550 NA 40 managing shareholder, (216) 241-6100/www.ogletreedeakins.com Cleveland Stumphauzer, O'Toole, McLaughlin, McGlamery & Loughman Co. LPA 49 5455 Detroit Road, Sheffield Village 44054 17 5 1 0 7 1 28 NA $85,000 NA Board of directors (440) 930-4001/www.sheffieldlaw.com Carlisle, McNellie, Rini, Kramer & Ulrich Co. LPA 53 24755 Chagrin Blvd., Suite 200, Cleveland 44122 15 5 1 0 10 0 81 15 $60,000 1 Management Committee (216) 360-7200/www.carlisle-law.com Kelley & Ferraro LLP 53 127 Public Square, Suite 2200, Cleveland 44114 15 5 0 0 8 0 60 14 NA 1 James L. Ferraro (216) 575-0777/www.kelley-ferraro.com managing partner

McGlinchey Stafford PLLC Mark Edelman, managing member, Cleveland 55 25550 Chagrin Blvd., Suite 406, Cleveland 44122 14 5 1 0 5 4 26 159 NA 10 Rodolfo J. Aguilar Jr. (216) 378-9905/www.mcglinchey.com managing member, firm Schneider, Smeltz, Ranney & LaFond PLL 55 1111 Superior Ave., Suite 1000, Cleveland 44114 14 10 2 0 3 1 28 14 NA 1 James D. Vail (216) 696-4200/www.ssrl.com managing partner

Source: Information is supplied by the companies unless footnoted. Crain's Cleveland Busi- ness does not independently verify the information and there is no guarantee these listings are complete or accurate. We welcome all responses to our lists and will include omitted in- formation or clarifications in coming issues. (1) Numbers as of June 1, 2011. (2) Starting salary for associates includes a $5,000 stipend. (3) Formerly Millisor & Nobil Co. LPA.

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AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 17 Capital: Process longer, IT: OneCommunity shepherds idea

continued from PAGE 1 “We’re way overcapacity said, noting that some communi- tougher for small banks $70 million expansion partly fi- ties may need to seek grants or other nanced by the American Recovery in Ohio because of our financing for projects. continued from PAGE 3 adversely classified assets and inad- and Reinvestment Act, Mr. Rourke fragmentation, with every Communities looking to collabo- and investors have higher expecta- equate earnings to augment capital. said. community duplicating rate also will need to build strong tions for capital levels. As a result, Reality check OneCommunity also plans to everything.” relationships with each other, given over the last 18 months, several seek philanthropic money so that how hard it can be for governments Northeast Ohio banks, including Larger, publicly traded banks can it can hire an executive tasked – William Currin, mayor, Hudson to give up control over services they other community banks such as Park raise money in the national market, with designing an IT vision for area provide, Mr. Kelley said. View Federal Savings and the region’s usually quickly and in large sums, governments and helping them capacity in local government, he “Technology is not the chal- largest players such as KeyCorp, Mr. Quayle said. Community banks achieve it. said. lenge,” Mr. Kelley said. “It’s about have gone to market to raise money tend to raise capital from local Hospitals and schools have been “We’re way overcapacity in Ohio people and relationships.” in what Mr. Crowley calls “part of markets, which means it’s in smaller faster to embrace IT innovation because of our fragmentation, with ‘It’s all the same stuff’ the ongoing rehabilitation of the amounts and takes longer. than governments, but the budget every community duplicating industry.” Community banks tend not to crunch many face is giving govern- everything,” said Mayor Currin, The state of Ohio has the capacity Two of the aforementioned local have as many, if any, institutional ments incentive to catch up, Mr. who is past chairman of the North- to provide several communities banks — Liberty Bank and Central investors, and in some cases have a Rourke said, noting that they could east Ohio Mayors and City Man- with email systems and computer Federal, which is the parent of tougher story to sell to investors save a lot of money and provide agers Association and co-chair of storage space, said Stu Davis, who CFBank — are after capital, in part, because “the problems were more better services by sharing IT re- the Regional Prosperity Initiative, in January became Ohio’s chief because regulators require it. pronounced,” Mr. Crowley said. sources. which aims to get governments in information officer. The state Some community banks that see Middlefield Banc began raising “We’re sure there are fantastic the region to collaborate more. should be able to offer more IT themselves as “long-term survivors” capital in 2010 and in February of returns somewhere in this,” he said. Budget pressures are helping services to cities and counties if it will raise capital to position them- this year filed paperwork anew can find the money to consolidate Near and far local governments overcome their selves to be an acquirer of other with the Securities and Exchange fear of change, Mayor Currin said. its servers into a single data center, banks, Mr. Quayle noted. And antic- Commission, changing some of the Among the governments that Though consolidations often are he added. ipating that larger banks will enter terms of its ongoing private place- have shown strong interest in sharing associated with layoffs, communi- Today, Cuyahoga County occa- the market soon, more community ment. For one, it lowered the IT services are Cuyahoga, Summit, ties that don’t want to send anyone sionally provides web development banks are deciding to go after capital amount it is seeking to raise to $25 Medina, Portage and Stark counties home can cut their staffs over time, services and Internet Protocol- now to avoid competing for invest- million from $30 million as a result as well as the cities of Akron, by attrition, he said. based phone technology to suburbs ments, he said. of the market outlook, said Jim Canton, Hudson, Richfield and Portage County also is considering within the county, but it could An imposition Heslop, executive vice president Tallmadge. writing a proposal to OneCommu- bring in more revenue by offering and chief operating officer. Hudson Mayor William Currin nity, said Brian Kelley, the county’s its IT services to more communi- Liberty Bank, which began a private “We’re the last on the food chain,” said his city, Tallmadge and Sum- chief information officer. It wouldn’t ties, said Jeff Mowry, who in April placement around June 1, is raising he said, noting that super-regional mit County are putting together a be the first time the county has shared became Cuyahoga County’s first capital to accommodate commer- banks have “a far easier time raising proposal for OneCommunity. The services with other governments, chief information officer. cial loan growth and to meet “new capital.” group already was working on he said, noting that its sheriff’s Bill Blausey reached the same capital standards imposed upon us” “As we went out, we’ve had some a plan to install fiber from Tall- department is about to start using conclusion while helping a task by the Office of the Comptroller of interest and we’ve had some in- madge to northern Summit County Kent State University’s computer- force put together a report on the the Currency, said Bill Valerian, the vestors,” Mr. Heslop said. “But as when it learned of OneCommunity’s aided dispatch system, which is state of the county’s IT system. Mr. bank’s chairman, president and we assessed the market and where effort. used by the campus police, the city Blausey, who is CIO of Eaton Corp., CEO. we were and wanted to go, we felt Local governments could save of Kent and the city of Aurora. a publicly traded manufacturing The regulator required Liberty ($25 million) was still realistic and money by pooling their purchasing Momentum for more collabora- company based in Cleveland, said Bank to raise capital by June 30. To more attainable.” power when buying big software tion is building because so many there are plenty of opportunities for achieve one of the required ratios — Mr. Heslop anticipates Middle- systems or by receiving IT support local governments face budget local governments to share soft- total capital versus total net risk- field Banc’s process will wrap up in from other area governments that pressures, Mr. Kelley said. ware, servers, networks and ser- weighted assets — Liberty Bank the next couple months, and he have extra capacity, Mayor Currin Those same pressures, however, vices. needed $750,000, Mr. Valerian said. expects the company to raise a sig- said. could derail collaboration plans “It’s all the same stuff in the back “That (amount) would only get to nificant portion of its goal. One of And there is plenty of extra that involve high upfront costs, he office,” Mr. Blausey said. ■ the newly imposed ratio,” he said. the company’s motivations for raising “It wouldn’t give us any capital for capital is a potential regulatory future growth.” change to capital standards, he said. So, the bank — which Mr. Valerian The company also plans to deploy said is profitable — set a goal to raise the capital to maximize shareholder $3 million to $5 million, of which it return, and buying other bank has raised more than $4.5 million. offices and other banks are “always It’s the third time since 2004 that options,” Mr. Heslop noted. Liberty Bank has raised capital. It “We’ve not been hesitant to do raised $5.5 million in 2004 and either one,” Mr. Heslop said, citing then $5.5 million in 2006, said Mr. Middlefield’s 2007 acquisition of Valerian, who knew this time “was- Emerald Bank in Dublin, Ohio. n’t going to be a walk in the park.” “People have this fear,” he said. More eager to lend? “Everybody thinks bankers are Mr. Crowley said he hopes banks stealing money from them, (that) over the next five years again will be they’re incompetent, bad news. able to generate most of their capital “So, when you’re out raising cap- internally through earnings, instead ital, you have to differentiate yourself,” of externally by raising capital. he said. “And that’s what we do.” Some banks in this region and Liberty Bank doesn’t buy millions of elsewhere that have raised capital dollars of securities with its capital, recently may have failed otherwise, Mr. Valerian said. It takes in cus- leading to a loss of jobs and restricted tomer deposits and lends money choice for consumers and business locally, and that’s the message the borrowers, Mr. Crowley noted. And bank works to disseminate, he said. more capital should translate into Eloise L. Mackus, CEO of Central more lending. Federal, confirmed that efforts “Every bank would love to make related to raising capital are ongoing, good quality loans, but to the extent but she wouldn’t disclose additional that their capital position is weak, information. we have had banks here and nation- According to a press release the ally that have been looking to limit company issued in July, its board is their growth just for the sake of “looking at a $15-$20 million capital keeping their capital ratios up,” Mr. raise … and other alternatives to Crowley said. improve capital ratios of the com- That’s the case with Liberty Bank, pany and CFBank.” which plans in the short term to add Should Central Federal fail to do $45 million in new loans in one year what regulators deem necessary, thanks to the added capital, Mr. dissolution or acquisition by another Valerian said. In the longer term, bank are identified as recourses in a over the next three to five years, the May 2011 cease-and-desist order goal is to grow the bank to $1 billion issued by the Office of Thrift Super- to $1.5 billion in total assets from its vision. The order states that a Jan. 3 current $217 million. Some of that examination found the bank to be growth likely would be via merger operating with an excessive level of or acquisition, Mr. Valerian said. ■ 20110801-NEWS--18-NAT-CCI-CL_-- 7/29/2011 1:29 PM Page 1

18 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 1 - 7, 2011

by Vornado to sell off the bulk of the Merchandise Mart for about $1.2 Cleveland med mart developer pares back staff, operations billion. This year, Merchandise Mart has By RYAN ORI woman also would not say how turing announced earlier says in a statement, “The been retrenching. The company Crain’s Chicago Business many people work for Merchandise this year, Merchandise Mart, market has changed dra- handed back to a lender a property Mart. which at one time had matically over the last few in High Point, N.C., after being un- Merchandise Mart Properties Dave Johnson, spokesman for the operations in six markets, years and we have taken a able to restructure a loan. Inc.’s layoff of 50 employees last Cleveland Medical Mart and Con- is now focused on just fresh look at the business.” A New York showroom and office week came less than a week after vention Center declined to comment, three: Boston, Washington, The Merchandise Mart building was assigned to another Christopher Kennedy stepped referring a reporter to the Chicago D.C., and Chicago, where it “is now making changes division within Vornado, and the down as president and follows an office, where a spokeswoman de- owns the hulking structure to enhance our overall effi- real estate investment trust hopes to edict by its parent company to pare clined to speak about specific cuts. along the north bank of the Falanga ciency while also enabling cash out of 350 N. Orleans St., which back operations to just three cities. Mr. Kennedy, who announced Chicago River. us to better serve our is on the market. Merchandise Mart, a unit of New his resignation last month, may Mr. Kennedy, who spent 25 years tenants and exhibitors and their Mr. Roth disclosed plans to pare York-based Vornado Realty Trust have resigned rather than preside with the company once run by his customers,” he said. “These changes back the Merchandise Mart opera- that serves as developer for the over a business set to become grandfather, Joseph P. Kennedy, will improve how we go to market tion in an April 11 letter to share- Cleveland Medical Mart and Con- much smaller. Earlier this year, declined to comment, referring and help us build a better business. holders, noting that the unit had vention Center, confirmed the lay- Vornado chairman Steven Roth questions to the company spokes- Unfortunately, the changes will become less profitable. ■ offs, but a spokeswoman would not said he planned to “scale the (Mart) woman. He remains a consultant to result in the reduction of staff.” verify the number or specify where business back to its core.” the Merchandise Mart. Mr. Kennedy’s departure and the Crain’s Cleveland Business reporter the cuts took place. The spokes- As part of a little-noticed restruc- His successor, Mark Falanga, layoffs follow the collapse of a deal Jay Miller contributed to this report.

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AUGUST 1 - 7, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 19 THEINSIDER REPORTERS’ NOTEBOOK THEWEEK BEHIND THE NEWS WITH CRAIN’S WRITERS Come, buy our seats, Still going strong “That’s what the West Side Market did for JULY 25 - 31 us,” Mr. Campbell said. — Jay Miller except for you scalpers after 99 years ■ ■ The big story: Eighteen young health care Despite a pesky owners’ lockout of play- Sam McNulty, owner of various restau- Driven to ease th companies in Northeast Ohio raised a total of ers that many observers figure will cost at rants along West 25 Street in Cleveland’s the pain $50.2 million in venture capital during the first least part of the 2011-12 NBA season, the Ohio City neighborhood, recalls going to the ■ half of 2011, according to BioEnterprise Corp.’s Cleveland Cavaliers last Tuesday emailed West Side Market as a young boy and watching Progressive Insurance is fixing to make Midwest Health Care Venture Investment their “Insider” list, asking for $200 deposits his mother pick out a live chicken at a customers more comfortable at a generally Report. That’s an improvement over the $37 on partial-season ticket plans now that the poultry shop next door, then picking up the uncomfortable time. million raised during the first half of 2010 and NBA schedule is “set.” dressed bird at the end of their Saturday The Mayfield Village-based company the $31 million raised in the first half of 2009. A peculiar note — in big, blue type, but shopping trip. began in June an initiative to freshen up and Still, the total falls short of figures from previous not comic sans — greets visitors to that web- “It doesn’t get much fresher than that,” open more service centers, which serve drivers years: Health care startups in Northeast Ohio site: “Partial Plan purchases are available for Mr. McNulty said, making a point about the whose vehicles have been damaged. raised $60 million in the first half of 2008 and a the state of Ohio and surrounding area buyers allure of the 99-year-old, city-owned market As part of the initiative, the company is record-setting $199 million in the first half of only. Any purchases and the so-called Market District that is retrofitting its 54 centers in 25 states with 2007. The amount raised by health care companies made from an out of growing up around it. televisions and, on a case-by-case basis, throughout the Midwest dropped 23.5% to $315 region address will be Mr. McNulty was a panelist at a City Club computer kiosks and children’s play centers. million during the 2011 first half from $412 cancelled (sic) and your of Cleveland program last Tuesday, July 26, The improvements to the existing centers, million in the first six months of 2010. credit card will be re- highlighting the West Side Market, its role in including those in Akron, Mayfield Village funded. Thank you for building the vitality of the neighborhood around and Parma, should be completed over the Gives him time to think about it: your understanding.” it and its coming 100th anniversary in 2012. next year or two, according to Kelly Crowe, Robert J. Kassouf, president and owner of the Crain’s reported in Eric Wobser, executive director of Ohio senior controller in charge of the national Kassouf Co. of Cleveland, will serve 57 months May that a Cavs open City Inc., the neighborhood’s development service center expansion. in prison for his role in a bribery scheme that house at Quicken Loans nonprofit, described the West Side Market “Would they (potential customers) buy paid $600,000 to William B. Schatz, formerly Arena showed a bevy of seats available, as an incubator for small, artisan-style busi- insurance because we have a TV in our general counsel of the Northeast Ohio Regional many in prime, money-making locations. nesses that can grow into stand-alone busi- lobby? No, probably not,” Mr. Crowe acknowl- Sewer District. Mr. Kassouf, 62, pleaded guilty So, wouldn’t the Cavaliers want to grab all nesses in Ohio City and beyond. Mr. Wobser edged. However, accidents are traumatic, he last November to conspiracy to commit bribery the business they can? said he has seen 20 new businesses move said, and Progressive wants people’s time in federally financed programs. He also must Cavs spokesman Tad Carper said the into the Market District in the last two years spent in its service centers to be as conve- pay $682,000 in restitution. The payments were team has taken this same measure in the as part of $40 million in new investment in nient as possible. made between 2004 and 2007, at a time when past, in which it essentially vets customers the neighborhood. Progressive also is building new centers Kassouf Co. and three other contractors in a calling for season tickets or partial season One of those businesses is Campbell’s nationwide. Two already are under construc- joint venture were seeking a legal settlement for tickets. Now, he said, the Cavs are more Popcorn Shop, which is opening a shop on tion, and the company is in the process of claims against the sewer district. explicitly informing potential customers. Lorain Avenue across from the public market purchasing six other sites, Mr. Crowe said. “It’s a mechanism we’re using to try to after operating at the market since 2004. Jeff Each site employs roughly 10 people. A job well done: N. Mohan Reddy, dean of limit scalpers,” especially for high-profile Campbell, owner of the business, said the Mr. Crowe said he didn’t have a number Case Western Reserve University’s Weather- games, Mr. Carper said. “We want to preserve foot traffic through the West Side Market for how many new service centers will open, head School of Management, will step down as much direct-to-fan inventory as we can.” provided the impulse shoppers he needed but said the capital outlay for the project will from his administrative post — Joel Hammond to test and refine his snack creations. be significant. — Michelle Park and return to teaching full time when his term expires in June 2012. Mr. Reddy became the WHAT’S NEW BEST OF THE BLOGS school’s dean in December 2006 after serving four months Excerpts from recent blog entries on of research for the report’s author, the Global in an interim capacity. During CrainsCleveland.com Business Travel Association Foundation. his tenure, he helped redesign Forbes.com noted that the top 50 U.S. many of Weatherhead’s pro- Must not be hot enough markets are ranked two ways: by overall Reddy grams that had been outdated. travel tax burden (general sales tax and travel- He also brought a sense of here for Associated Estates related taxes combined), and by travel-related stability back to the school after years of revolving ■ Associated Estates Realty Corp. plans to taxes only. The report included separate leadership at Weatherhead. COMPANY: build a 104-unit luxury apartment complex data for central city and airport locations, as Swift in North Dallas, according to the Dallas the tax structures are often distinct. Busy week: Chart Industries Inc., which Filters Inc., Morning News. Cleveland was No. 7 on the list of U.S. makes equipment used in the production, storage The real estate investment trust destinations where travelers incur the and end-use of hydrocarbon and industrial gases, Oakwood based in Richmond Heights already highest total taxes in central city acquired a German company and secured a $40 Village owns an apartment complex — its only locations. Chicago had the highest million contract. The Garfield Heights company Texas property — next to the project taxes, followed, in order, by New said it entered into a definitive agreement to buy PRODUCT: site. The 1.5-acre property behind the York, Seattle, Boston, Kansas GOFA Gocher Fahrzeugbau, which makes and Glue-Free Del Frisco’s Double Eagle Steakhouse City, Mo., and Minneapolis. The maintains cryogenic and non-cryogenic mobile MiniCrimp is owned by a church and is one of lowest taxes for travelers are con- equipment, primarily in Europe. Separately, the last vacant lots in the area. centrated in Florida, with Chart said it was awarded a contract to provide filter ele- Plans Associated Estates has filed the top three spots going to brazed aluminum heat exchangers and other ments with the city of Dallas show the new Welcome to Cleveland! Fort Lauderdale, Fort My- equipment for a baseload liquefied natural gas building will have rental units Now pay up. ers and West Palm Beach. project in eastern Australia. Swift says its new filter elements aimed at constructed around a courtyard and the racing industry feature a fully swaged, or Bright idea: GE Lighting agreed to acquire parking garage, according to the Morning Credit unions a crimped, design, which eliminates epoxy News. Lightech, a privately held producer of advanced from their construction. Without epoxy, they bright spot in the lending fog lighting technology that is based near Tel Aviv, An Associated Estates spokesman told are compatible with all fuels, including ■ There’s at least one part of the small business Israel. GE Lighting did not disclose what it will the newspaper the REIT is not ready to methanol and nitro methane, Swift says. lending environment that seems pretty robust. pay for Lightech, which it said invents, designs publicize its project plans. The filter elements are made entirely of The Dayton Business Journal reported that and manufactures power supplies, such as drivers, stainless steel and “can easily withstand high small business lending by Ohio credit unions transformers and ballasts, for LED and low-voltage Visitors to Cleveland find temperatures (500° F) and high pressures was up 20% during the first quarter of the year. halogen lighting systems. (up to 300 PSID), Swift says. They are unaf- they have to pay up Ohio credit unions originated $28.4 fected by most corrosive fluids and can be ■ This and that: JumpStart Inc. agreed to People visiting Cleveland pay some of the million in business loans through March 31 cleaned and reused, according to the company. invest $250,000 in Segmint Inc., a Tallmadge highest travel-specific taxes in the country, of this year, up from $23.7 million during the “For years we’ve been asked by major filter company developing software meant to help according to a blog post from Forbes.com. like period of 2010, according to the Ohio manufacturers to supply elements that didn’t advertisers target consumers based on their The post was based on a new report, Credit Union League’s Quarterly Performance require epoxy bonding due to concerns spending habits. Segmint is expected to use the “Travel Taxes in the U.S.: The Best and Summary. Loans were originated by 101 about fuel or oil contamination,” said Ned investment to expand its business development Worst Cities to Visit,” which “found that taxes of Ohio’s 384 credit unions. Swift, president of Swift Filters, in a statement. efforts. … Monarch Teaching Technologies Inc. targeting travelers impose an average cost As of March 31, credit unions reported “These new designs address these issues of Shaker Heights received a $730,000 federal of 56% more than general sales taxes,” business loan balances outstanding of $386.6 while providing stronger construction, higher grant to further develop its software, which according to Forbes.com. Taxes on travel- million, 8.3% higher than the previous March. pressure and higher flow rates.” teachers use to create multimedia lessons for related services, called discriminatory travel “Ohio small businesses are in need of Mr. Swift said the filter elements are available students with autism. The money will be used to taxes, are for things such as staying at hotels, credit to help them sustain, grow, and create from racing filter manufacturers in different turn the video modeling elements in the soft- renting cars and eating in restaurants. jobs. Credit unions are in a strong position filter housing styles. ware system into more sophisticated tools. “The discriminatory sales tax is above to lend, and have embraced the need,” said For information, visit www.SwiftFilters.com. and beyond the general sales tax and is borne Paul Mercer, president of the Ohio Credit largely by travelers,” says Joe Bates, director Union League, in a statement. 20110801-NEWS--20-NAT-CCI-CL_-- 7/29/2011 11:23 AM Page 1

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