U.S. Bancorp to Open Loan Office Here
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20121203-NEWS--0001-NAT-CCI-CD_-- 11/30/2012 5:30 PM Page 1 ® www.crainsdetroit.com Vol. 28, No. 50 DECEMBER 3 – 9, 2012 $2 a copy; $59 a year ©Entire contents copyright 2012 by Crain Communications Inc. All rights reserved Page 3 Utilities don’t want meddling U.S. Bancorp with renewable-energy rules There’s more than the score to open loan to consider, Pistons say Inside office here Where might Dave, Chuck the Freak land? Page 5 Ex-Comerica exec Focus: Tax Law Michigan director BY TOM HENDERSON ‘Cliff’ threat looms over CRAIN’S DETROIT BUSINESS decisions U.S. Bancorp, one of the largest bank holding on estates, companies in the United States, is opening a commercial loan office in Southeast Michigan capital gains, and aspires to be one of the top three commer- Page 9 cial lenders in the state in five years. The Minneapolis-based bank has hired James Hilmer, a former Comerica Inc. executive and longtime investment banker with Detroit- based W.Y. Campbell & Co., as director and rela- tionship manager of the Michigan region. U.S. Bancorp also has hired Tom Hammer, a former vice president of corporate banking for LaSalle ANDREW TEMPLETON/CRAIN’S DETROIT BUSINESS Bank before it was bought by Bank of America, to President Mike Score says Hantz Farms already has cleared tons of trash from the site of its 3-acre demonstration tree farm at Mt. Elliott Street and Brimson Avenue. oversee commercial lending in Grand Rapids. They also will focus on municipal finance This Just In and public and corporate bond issues. “We are serious about this. We think Michi- Sun Communities acquires gan is a great market, and we’re there for the four developments Hantz near 1st rung See U.S. Bancorp, Page 25 Sun Communities Inc., a Southfield-based real estate investment trust that oper- ates and owns 171 communi- Bill aims to keep ties, has acquired four Michi- on tree farm climb gan manufactured-housing communities with 1,996 sites from Washington Township- City Council could vote next week on sale of lots biz from seeking based Rudgate Communities for $71.1 million. BY CHAD HALCOM a development agreement to sell more than Through the deal, complet- CRAIN’S DETROIT BUSINESS 1,500 city-owned lots, or about 140 acres, for ed Nov. 14, Sun (NYSE: SUI) nearly $520,000 at $300 per lot to subsidiary online passwords assumed $15.4 million in One day, Hantz Farms LLC could be a model Hantz Woodlands LLC. The site is on the lower mortgage debt secured by the of reinvention for Detroit and other aging east side, between Van Dyke and St. Jean BY CHRIS GAUTZ communities and paid $55.7 cities. Or it could be yet an- Street and Jefferson and Mack avenues. CAPITOL CORRESPONDENT million in cash. other discarded idea lost to Even if the sale is approved, the develop- Sun also entered into a history. ment agreement calls for Hantz to meet cer- Submitting an application, a résumé and a $21.7 million mortgage loan Either way, it will be a tain milestones, such as demolishing at least few references used to be enough, but some with a third-party lender, se- study in patience. 50 of the 111 homes in the area that are unfit businesses have begun asking job applicants to cured by one of the commu- Four years after owner for occupation. The demolitions must occur turn over passwords to their Facebook, Twitter nities, and acquired all the John Hantz of Southfield- within two years, or a “reverter” clause re- or personal email accounts, as well. seller-owned manufactured based Hantz Group Inc. incor- turns the lots to city ownership. Groups opposing that kind of job applicant homes in the communities, porated the urban farming After four years — if the company is still in probing have the practice well on its way to be- promissory notes and install- business and hired Mike compliance with all city-imposed conditions ing banned in Michigan with privacy-protect- ment sale contracts for an ad- Score as president, the com- — it has an option to acquire an additional 180 ing legislation. Hantz ditional $6 million, the com- pany awaits a public hear- acres within a mile of the original purchase House Bill 5523, sponsored by Rep. Aric Nes- pany said in an 8K filing with ing next week on what could be its first site. All told, Score said, demolition costs on bitt, R-Lawton, would outlaw the practice of em- the U.S. Securities and Ex- chance to generate revenue as a mixed hard- the lower east side property will top $1.8 mil- ployers requiring prospective hires to turn change Commission. wood timber farm. — Sherri Welch The Detroit City Council could vote Dec. 11 on See Farm, Page 23 See Passwords, Page 22 Reach the biggest and most infl uential audience ever with the largest print distribution in history, plus digital distribution to Crain’s readers. ISSUE DATE: Jan 21, 2013 • AD CLOSE EXTENDED: DEC. 10 Learn more at www.crainsdetroit.com/autoshow. NEWSPAPER 20121203-NEWS--0002-NAT-CCI-CD_-- 11/30/2012 4:31 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS December 3, 2012 MICHIGAN BRIEFS Dish on Dart: Expansion to add to develop a low-cost supercon- ducting wire for use by electric up to 325 workers near Lansing Detroit chamber chief preaches collaboration in W. Mich. utilities. The Associated Press re- In May, Crain’s Michigan Busi- ported that the Energy Depart- ness profiled the world’s largest The key to solving Michigan’s problems can be de- it is productive,” Baruah said. However, the divi- ment said such a wire would re- maker of foam cups — Mason- scribed in one word: collaboration. So said Sandy sion between cities and suburbs, black versus duce the cost of transmission based Dart Container Corp., which at Baruah, president of the Detroit Regional Chamber, in white, county versus county and east versus west lines, motors for wind turbines the time was just starting to digest a presentation last week in Grand Rapids. “continues to haunt us,” he said. and other electric devices and is its $1 billion acquisition of com- Baruah, who spoke at a breakfast event spon- Baruah lauded West Michigan for the strength of considered a potential — cliché petitor Solo Cup Co. Add to that a sored by the Seidman College of Business at Grand Val- its business institutions, the business community’s alert — “game-changing” technol- market becoming less fond of the ley State University, said the combination of the role in setting a regional agenda and the successful ogy. environmental challenges present- “nonpartisan” Gov. Rick Snyder, the state’s higher transformation of downtown Grand Rapids “into a Ⅲ A collaboration spearheaded ed by foam cups and dinnerware, education system, its hub of auto industry talent destination place.” by the Experience Grand Rapids visi- and it was clear that Dart had a and capabilities, and the portfolio of strong, Michi- But Baruah was far from Pollyannaish about the tors bureau has created a mobile full plate, so to speak. gan-based brands have the state pointed in the hard work the state faces. Getting people to work to- website that offers walkable tours In news last week of the cup-run- right direction. He also credited the electorate for gether is hindered by political divisions, he said. of downtown Grand Rapids using a neth-over variety, Dart announced its rejection last month of the ballot proposals, “We can only solve these challenges if we’re able to phone as your map and tour guide. it would add up to 325 workers and which he said would have taken the state back 50 talk to each other. That is an art, that is a skill that The tour is at grtagtour.org. spend $47 million to expand and years. our nation is losing. … We need to realize what Ⅲ Here’s news for those of you renovate its campus near Mason. “The collaboration and partnership between east we’re doing to ourselves.” who have a recent college graduate Dart, which employs about 1,100 in and west Michigan is not only real, it is genuine and — MiBiz sleeping in the room that by now mid-Michigan, plans to fill some was supposed to be your man cave, openings with Solo employees who Cooperative and Milwaukee-based sula, “in terms of better redun- the deal, Haworth will provide of- home office or walk-in closet: The will transfer from the Chicago area. We Energies plan to pump up to dancy and reliability,” The Min- fice furniture through December job market for grads will grow Dart will receive a $3 million per- $140 million into the coal-fired ing Journal in Marquette report- 2016 with four one-year renewal about 3 percent this school year, formance-based grant from the Presque Isle Power Plant in the Up- ed. options through December 2020, according to Michigan State Univer- Michigan Business Development Pro- per Peninsula. the Grand Rapids Business Jour- sity’s annual Recruiting Trends re- gram and a 12-year property tax Last year, We Energies said the port. abatement worth $5.2 million from nal reported. plant could be shut in 2017 or refit- Haworth wins $40M-per-year Growth is expected to be espe- Alaiedon Township, near Lansing. More than 55,000 government ted to be fueled by natural gas as cially strong for associate’s de- To receive the grant, Dart had to government furniture contract and nonprofit agencies are mem- the company looked to comply grees, which should see hiring rise demonstrate a need for funding bers of U.S.