Parkridge looks at building emergency care facility
Parkridge Medical Center wants to build a proposed emergency department building for its Parkridge Valley Adult and Senior campus off Courage Way.
The company is seeking to rezone 2.25 acres of adjacent property at 7416 Lee Highway and 2735 Silverdale Road from R-3 residential to R-4 special zone.
The building would be an addition to the existing acute care facility, according to the Chattanooga-Hamilton County Regional Planning Agency. The existing facility at 7351 Courage Way was rezoned from R-3 to R-4 in 1988.
Jamie Lawson of Parkridge Health System said Parkridge Medical Center is committed to supporting the health care needs of the growing communities it serves.
"To that end, we have filed for a change of zoning which will allow us to expand our emergency medicine department and offer emergency services on the existing Parkridge Valley Hospital adult and senior campus," he said.
NRC starts special investigation into Watts Bar equipment
The Nuclear Regulatory Commission has launched a special inspection into the how an excess amount of gas is in the residual heat removal system used to help shut down the reactors at TVA's Watts Bar Nuclear Power Plant near Spring City, Tenn.
Last month, TVA informed the NRC that calculation revisions had reduced the acceptable size of a void due to gases in the system. On April 21, the accumulated gas in the Unit 1 system was found to have exceeded the acceptable value, and on April 22, the same observation was made on Unit 2.
The NRC inspectors will review the sequence of events, drawings, calculations and acceptance criteria, walk down portions of the plant's systems, evaluate TVA's response and assess the adequacy of actions to address the causes of the issues. NRC spokesman Roger Hannah said the findings do not warrant having to shut down either of the Watts Bar units and a report on the onsite visit this week is expected by June.
The residual heat removal system is used to complete the plant's cooldown process at lower pressures and also provides important functions during certain accident scenarios. Both of the reactors at Watts Bar remain operating at full power,
Both units at Watts Bar Nuclear Plant continue to operate safely, while we monitor the performance of our multiple, redundant plant safety systems," TVA spokesman Jim Hopson said.
Chattanooga airport lands new website
Chattanooga Metropolitan Airport has a new website showcasing the ease of flying from the city, short wait times and nonstop flight options.
The new site, developed in partnership with Maycreate and Waterhouse Public Relations, makes it easy and fast for passengers and others to find flight status info, parking and checkpoint wait times, according to the airport.
"We needed a website that matched how easy it is to fly in and out of Chattanooga and that reflected the tech-savvy city where we live," said Terry Hart, the airport's president.
The website works seamlessly across multiple devices especially mobile, which is how the majority of travelers access sites.
"We are bringing a more modern look and feel to the site, more contemporary," said Brian May, president and executive creative director of Maycreate.
CBL issues bonds for $155 million
CBL Properties on Monday announced that the Chattanooga- based shopping center developer, along with its 50 percent joint venture partner, closed on a $155 million nonrecourse loan secured by CoolSprings Galleria in Nashville. CBL's share is $77.5 million.
The 10-year loan bears interest at a fixed rate of 4.839 percent, according to CBL.
Proceeds from the loan were used to retire an existing $97.7 million loan, which bore interest at a fixed rate of 6.98 percent and was scheduled to mature in June. CBL's share of nearly $29 million in excess proceeds will be immediately utilized to reduce outstanding balances on its unsecured lines of credit.
"This new financing secured by CoolSprings Galleria demonstrates the strength of our assets as well as our excellent access to long-term capital at attractive rates," said Farzana Khaleel, CBL's chief financial officer.
CBL owns CoolSprings Galleria in a 50/50 joint venture with TIAA and APG.
Marriott buys ILG for $4.7 billion
Marriott's timeshare business is buying rival ILG in a cash-and-stock deal valued at about $4.7 billion.
ILG has more than 250,000 owners in its Vistana Signature Experiences and Hyatt Vacation Ownership portfolios. The combined company will have the rights to develop, market and sell under the Hyatt Vacation Ownership programs.
The combined company will include approximately 650,000 owners and seven upscale and luxury brands.
ILG shareholders will receive $14.75 in cash and 0.165 shares of Marriott Vacations Worldwide stock for each ILG share.
Marriott Vacations Worldwide Corp. said Monday that its board will expand from eight to 10 members to include two ILG directors.
The deal is expected to close later this year.
Consumer spending rebounds in March
Americans boosted their spending by 0.4 percent in March, the best showing in three months. Meanwhile, a key gauge of inflation closely watched by the Federal Reserve rose at the fastest pace in more than a year.
The March increase in consumer spending followed two months of very weak readings with no gain in February and only a 0.2 percent increase in January, the Commerce Department reported Monday. The result is an encouraging sign that economic growth, which slowed in the first quarter, will accelerate in the current quarter.
Personal incomes advanced a moderate 0.3 percent in March, matching the February gain, but they have been growing strongly.
An inflation gauge tied to consumer spending advanced 1.9 percent in March compared to 12 months ago. That was the fastest pace since a similar 12-month gain of 1.9 percent in February 2017 and prompted some analysts to predict that the central bank will ultimately decide to raise rates four times this year to make sure inflation does not get out of hand. That would be up from three rate hikes last year.
"As the weaker dollar feeds through to stronger imported goods prices and wage pressures continue to build, we think inflation will rise above the Fed's 2 percent target later this year and trend gradually higher from there," said Michael Pearce, senior U.S. economist for Capital Economics.
Excel Boats plans plant in Ridgely, Tenn.
Excel Boat Company, LLC said Monday it will invest $9 million to establish a new manufacturing facility that will create nearly 200 jobs in Ridgely, Tenn., over the next five years.
Mountain View, Ark.-based boat maker manufactures a full line of high-end aluminum boats for outdoor recreational enthusiasts. The company will construct a 100,000-square-foot facility in Lake County in West Tennessee , including an office space, showroom and visitor area. Construction will begin in July 2018 and the facility is expected to be operational in the second quarter of 2019. Excel Boats will begin hiring in the third quarter of 2018.
"By establishing operations in Ridgely, we have a chance to make a huge difference in a community that truly wants us and deserves this Excel Boats manufacturing plant," Excel Boat Company CEO Glenn Foreman said.
At the Ridgely plant, Excel Boats will produce a new, expanded line of hunting, fishing and recreational boats. The company will also manufacture boat trailers, wiring harnesses, upholstery, bracing and other boating products for its dealership network.