L3 property to be sold at auction
SARASOTA -- A 48-acre commercial property with 210,000 square feet of warehouse, office and manufacturing space is up for auction next week.
On Dec. 8, the National Auction Group of Gadsden, Ala., will auction a building at 100 Cattlemen Road best known as the home of L3 Aviation Recorders. L3 makes cockpit flight and data recorders for commercial aircraft.
According to Jonathan White, a spokesman for the auction company, the Los Angeles-based owner of the property has chosen to sell the 57-year-old building via an auction method under which the highest bidder will own the property at the end of the auction.
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Located just south of Fruitville Road, the property has been sold four times since 1991, peaking in 2006 when a buyer paid more than $15 million. The live auction will take place at Homewood Inn and Suites at 3470 Fruitville Road. Registration begins at 11 a.m. The auction begins at 1 p.m. For information about the auction interested parties can call 877-547-5560.
Commissioners laud Florida Enterprise Fund
MANATEE -- Four Manatee County Commissioners showed their support of Gov. Rick Scott's proposed reforms for Enterprise Florida, including the creation of the Florida Enterprise Fund.
Commissioners Betsy Benac, Vanessa Baugh, John Chappie and Carol Whitmore voted in favor of the proposal during Thursday's land-use meeting.
Among the proposals, which have been also endorsed by Enterprise Florida, are the creation of a $250 million competitive fund called the "Florida Enterprise Fund," making the fund a state trust fund to replace the existing escrow account and streamlining the state's approval process.
"Enterprise Florida has been integral to creating jobs in our community, such as Air Products," Benac said. "These reforms will continue to diversify our local economy, empower our small businesses and create even more great jobs."
U.S. and Europe markets slide after stimulus fails
NEW YORK -- Global markets sank Thursday after the European Central Bank announced stimulus plans that came up short of what investors had forecast. The bond market was especially roiled by the ECB's move. Bond prices in the United States and Europe fell sharply, and yields jumped.
The Dow Jones industrial average lost 252.01 points, or 1.4 percent, to 17,477.67. The Standard & Poor's 500 index fell 29.89 points, or 1.4 percent, to 2,049.62 and the Nasdaq composite fell 85.70 points, or 1.7 percent, to 5,037.53. The selling pushed the S&P 500 back into the red for 2015.
The ECB's stimulus plans, long awaited, came in with a thud on Thursday. The ECB announced a slight cut in one of its key interest rates in an attempt to stimulate lending and help a modest economic recovery. Investors had expected to see the ECB step up its monthly purchases of bonds as well.
-- Herald staff, wire reports