Boone County Watchdog

Monday, September 30, 2013

Boone voters might have a say on $12M for Irene Road I-90 exit - Rockford, IL - Rockford Register Star

This seems highly unlikely to me. The closest scheduled election is the March primary and much of the decision regarding tollway exits must be done soon.—BILL PYSSON

That’s why Ward is pushing for an advisory referendum. Before the city and county commit to spending millions on this project, she said, leaders should make sure their constituents are willing to do whatever it takes to foot the bill.

“It’s time that we really go back and ask the people what they think. It’s time that we start listening to the majority of the people rather than a handful.”

Click on the following for the complete article: Boone voters might have a say on $12M for Irene Road I-90 exit - Rockford, IL - Rockford Register Star

Sunday, September 29, 2013

Local daily’s parent, GateHouse, files for bankruptcy | The Rock River Times

By Brandon Reid
Senior Assistant Editor

GateHouse Media Inc., debt-riddled parent company of local daily newspaper the Rockford Register Star, has filed for Chapter 11 bankruptcy, the company announced Sept. 27.

Following is part of a press release issued by the company:

Concurrently with the bankruptcy filing, GateHouse filed and requested confirmation of a joint prepackaged plan of reorganization.

GateHouse announced on September 11, 2013, that it had entered into a plan support agreement with the administrative agent and certain lenders under its 2007 secured credit facility, including certain affiliates of GateHouse, which contemplated a comprehensive restructuring of approximately $1.2 billion of debt scheduled to come due in August 2014.

According to Michael Reed, director and chief executive officer, the bankruptcy filing was a strategic decision to facilitate this restructuring, and not a reflection of any operational difficulties on the part of GateHouse.

“We have complied with and are current with all our obligations,” he said, “but with the challenges facing our industry and the impending maturity of our secured debt next year, we needed to be proactive in exploring options to restructure our debt, recapitalize, and position ourselves for future growth. The prepackaged plan proposes a ‘balance-sheet restructuring,’ by which GateHouse will emerge from bankruptcy with much less debt on its balance sheet, but with its business operations completely intact. Upon emergence, we will be under common ownership with Local Media Group, a company with a strong community media presence and performance that operates eight daily community newspapers and thirteen weeklies. Joining with Local Media Group will be an important step in growing our business and will contribute to our future success as the pre-eminent source for locally focused content, covering and serving our subscribers, advertisers and customers through print, online and other digital products, including mobile applications.”

Pursuant to its plan support agreement, GateHouse solicited votes on the plan over the past week from holders of claims under its 2007 secured credit facility and certain related interest rate swaps. The plan was accepted by the only impaired class of creditors entitled to vote on it. Specifically, 79 out of the 80 holders of secured debt entitled to vote holding an aggregate amount of $1,199,317,153 (representing 99.99% of the total secured debt) voted to accept the plan. No creditors voted to reject the plan.

Pension, trade and all other unsecured creditors of GateHouse would not be impaired under the prepackaged plan, and their votes were not solicited. GateHouse’s common stock would be canceled under the plan, and holders of secured debt would have the option of receiving a cash distribution equal to 40% of their claims, or stock in New Media Investment Group Inc., a new holding company that will own GateHouse and Local Media Group.

GateHouse, which operates in 330 markets across 21 states, intends to continue to operate its business without interruption as a “debtor-in-possession” under the jurisdiction of the bankruptcy court. According to Reed, GateHouse has sufficient cash to operate during the chapter 11 process and does not need, nor does it intend to obtain, debtor-in-possession financing.

“We don’t believe our customers, vendors, or employees will notice any change on our day-to-day operations as a result of the bankruptcy,” he said. “From an operational standpoint, it’s business as usual.”

Houlihan Lokey Capital Inc. is acting as financial advisor to GateHouse, and Young Conaway Stargatt & Taylor, LLP is acting as its legal counsel. Additional information is available at GateHouse’s restructuring website at http://dm.epiq11.com/gatehousemedia.

GateHouse publishes nearly 90 daily and 265 weekly newspapers and employs about 4,100 people across 21 states. The company was delisted from the New York Stock Exchange in 2008. Stock was trading at 3 cents per share May 14, opened at 4.7 cents per share Sept. 4, and was trading at 5.8 cents Sept. 4. The stock was down to 2.6 cents per share Sept. 5.

The Rockford Register Star was sold by its previous parent, Gannett Co., Inc., to GateHouse as part of a $410 million deal April 12, 2007. The deal also included the GateHouse purchase of three other Gannett daily newspapers — the Norwich (Conn.) Bulletin, the Observer-Dispatch in Utica, N.Y., and The Herald-Dispatch in Huntington, W. Va. At the time of the purchase, GateHouse’s stock was trading at about $21 per share. The Freeport Journal-Standard is also owned by GateHouse.

Posted Sept. 27,

The above is taken from: Local daily’s parent, GateHouse, files for bankruptcy | The Rock River Times

Rock River Valley needs to take a lesson on jobs from the ’80s - Rockford, IL - Rockford Register Star

By Alex Gary

RRSTAR.COM

According to census estimates, Winnebago County is believed to have lost 3,000 residents from 2010 to 2012, and Boone County has shrunk by 200. Chicago and its suburbs are growing. Cook County has gained more than 30,000 people the past two years; Kane and DuPage counties have added more than 16,000.

The fact that the Rockford area has lost population after an economic downturn is not unique. In the 1980s, when the local jobless rate reached 20 percent, the area’s population took a significant hit.

The Rockford School District closed 16 schools between 1981 and 1987, and the Harlem School District closed two.

Eventually, the population trends turned positive. Podemski believes that will happen this time, too.

Click on the following for more details: Rock River Valley needs to take a lesson on jobs from the ’80s - Rockford, IL - Rockford Register Star

Saturday, September 28, 2013

Quarry special use request passes county zoning board test | Belvidere Daily Republican

Plote attorney Warren Fuller of South Barrington explained the county board had approved an ordinance allowing gravel pits to exist only on industrially zoned land. Plote filed suit, challenging the ordinance and the settlement agreement was reached in court.

That background also answered the recurring question of why the Plote operation never went through an initial special use process, which would have included public hearings. Fuller said the settlement agreement was the special use permit.

But he had no answer to another recurring question: why Plote didn’t renew its special use permit three years ago, which also was part of the court

Read the entire piece by clicking on the following: Quarry special use request passes county zoning board test | Belvidere Daily Republican

Boone County real estate transactions recorded Sept. 17-23 | Belvidere Daily Republican

Written by Administrator

BOONE COUNTY – Following is a list of the Boone County real estate transactions recorded during Sept. 17-23.

Recorded Sept. 17

9284 Centerville Road, Capron, $180,000, Jeffrey A. Swanson to Jorge Zendejas.

1615 Danesfield Dr., Belvidere, $152,000, Federal Home Loan Mortgage Corp. to Lucio Chaidez.

805 W. 12^th St., Belvidere, $35,426, Secretary of HUD to Rosa C. Barrientos.

20152 Free Church Road, Caledonia, $360,400, Archie R. and Leila L. Linn, Jr. to Mary B. Kasper.

308 Marquette Dr., SW, Poplar Grove, $68,800, Judicial Sales Corp. to Secretary of HUD.

Recorded Sept. 18

14770 Front St., Caledonia, $58,500, Federal National Mortgage Assoc. to Joseph T. Lettier and Michelle C. Lettier.

339 Rockton Road, Roscoe, $200,000, Elena G. Hoeflich to John R. and Diana Schultz.

1080 W. Jackson St., Belvidere, $80,000, David W. Cross, trustee, to Katherine Veley.

1008 Grover St., Belvidere, $28,500, Federal National Mortgage Assoc. to Rigoberto Medina Rojas.

922 Fremont St., Belvidere, $77,000, Steven J. Martenson and Janet L. Martenson to Joel Gonzalez, Jr.

514 Constitution Dr. SW, Poplar Grove, $56,000, Secretary of HUD to Jeffrey D. Coticchio.

1654 Danesfield Dr., Belvidere, $84,000, Secretary of HUD to Serafin Moreno.

22980 Burr Oak Road, Harvard, $245,000, David Sullivan to Neil and Jane Crouch.

715 East Ave., Belvidere, $35,000, Pedro Davila to Dickerson Investments, LP.

204 Hastings Way SW, Poplar Grove, $37,500, Deutsche Bank to Peter A. Patterson.

977 Natalie Way, Belvidere, $155,000, Bank of America to Bradley D. Hayes.

111 Liverpool Dr. SE, Poplar Grove, $42,900, Judicial Sales Corp. to Secretary of HUD.

1106 Ruby St., Belvidere, $41,399, Deutsche Bank National Trust Co. to James E. Trevathan Jr. and Barbara Trevathan.

104 Bree Dr., Poplar Grove, $110,251, H&R Block Bank to Eric L. Chastain.

5621 Rustic Waters Dr., Belvidere, $178,000, Joe Contarino Inc DBA Contry Homes of IL to Adam D. Brooke A. Stark.

409 Franklin St., Belvidere, $31,000, Luke Lykken to Steinbis Properties LLC.

Recorded Sept. 19

2419 Winfield Lane, Belvidere, $110,000, Secretary of HUD to Paul Joseph Dote.

724 N. Main St., Belvidere, $28,000, Blackhawk Bank to Dickerson Investments, LP.

Recorded Sept. 20

11785 Coon Trail Road, Harvard, $350,000, Katherine L. Webster, trustee, to Michael F. Sujak and Heidi Sujak.

7370 IL Rt. 173, Poplar Grove, 75,000, Dale E. Worley Sr. to T10 Unison Site Management LLC.

1507 Dawngate Dr., Belvidere, $115,000, Wendee Anagostpoulos to Matthew P. Cox.

4482 Deer Valley Close, Belvidere, $380,000, Vivian Wierman, trustee, to Nicholas T. Hengles.

Recorded Sept. 23

1112 9^th Ave., Belvidere, $130,000, Bobby J. Wilson, trustee, to Bobby J. Wilson and Mary J. Wilson.

639 W. 6^th St., Belvidere, $76,000, Christina M. Jones to Sheryl K. Carlton.

2780 Newbury Lane, Caledonia, $416,950, Paul D. Johnson and Karen L. Johnson to Ronald Joseph McGuire and Adrea Beth McGuire.

516 W. 6^th St., Belvidere, $67,000, William Pruitt and Judi Pruitt, trustees, to Rebecca A. Spears.

9002 US Rt. 20, Garden Prairie, $58,000, Nanette C. Hesseltin to Cecilio Rubalcava.

Boone County real estate transactions recorded Sept. 17-23 | Belvidere Daily Republican

Boone County Board member faces DUI charge

BELVIDERE — A Boone County Board member has been charged for driving under the influence of alcohol.

District 3 member Chris Berner is also being charged with a registration light violation, disregarding a traffic control light and improper traffic lane usage, according to court records. He was arrested last weekend.

Berner did not immediately return calls.

His next court hearing is scheduled for 8:30 a.m. Oct. 24.

Check back to rrstar.com or pick up Saturday’s edition of the Register Star for more information