LOCAL BUSINESS
Winery proposed in Green
Ted Swaldo, owner of Gervasi Vineyard in Canton, has proposed buying the 16,000-square-foot Belden Lodge and more than eight acres in Green’s Southgate Park for a restaurant/winery.
The Green City Council on Tuesday is to hear a first reading of legislation concerning the sale of the property to Swaldo for $625,000. Council members are not expected to vote until later.
Earlier this year, the city was poised to sell the lodge and more than eight acres for $600,000 to chef Kent Welsh of Wilmot. Welsh envisioned a restaurant and banquet facility for the property off Mount Pleasant Road. That deal fell apart when investors backed out.
Gervasi Vineyard at 1700 55th St. NE, Canton, is a 55-acre property that includes The Bistro and villas for overnight stays.
Green has owned the Belden Lodge and the more than eight adjoining acres since 2006, purchasing it around the same time it acquired the roughly 200 surrounding acres to create what is now called Southgate Park, south of the city’s Boettler Park.
City officials decided to unload the lodge — at one time a residence — after determining that it would be costly to make upgrades necessary for the building to comply with fire codes and the Americans with Disabilities Act.
— Compiled by Katie Byard
Meeting date changed
Ferro Corp. (NYSE: FOE) announced that its shareholders meeting, originally scheduled for Wednesday, has been rescheduled to May 22.
The company is the object of a takeover offer from Fairlawn’s A. Schulman Inc. Ferro’s meeting will be at 9 a.m. at the Posnick Center of Innovative Technology, 7500 E. Pleasant Valley Road, Independence.
Goodyear plans public auction
Furniture, equipment and fixtures left over at Goodyear Tire & Rubber Co.’s old headquarters goes up for public auction on Wednesday. And it’s a lot of stuff — 2 million square feet, according to the auction company handling the event.
The public can do a walk-through of items from 8 a.m. to 4 p.m. Monday and Tuesday at the company’s former corporate headquarters on East Market Street.
Items include hundreds of portable cubicle work spaces, gym equipment, executive furniture, cafeteria and kitchen equipment, tables, microwave ovens, other office equipment, plus woodworking and sheet metal equipment.
The auction starts at 9 a.m. Wednesday in the Goodyear Theater in Goodyear Hall. Attendees will be seated and then bid on items pictured on the theater screen. Items will be sold in lots, a grouping or collection of items.
To look at a complete list of items, including pictures, go online to www.asset-sales.com.
STOCK MARKET
Treasury sells GM shares
The Treasury Department said in its April report to Congress that so far this year it has sold 58.4 million shares of General Motors stock and earned net proceeds of $1.6 billion.
At the end of April, Treasury had recovered about $30.7 billion of the $49.5 billion bailout it gave the Detroit automaker. That means that taxpayers are still $18.8 billion in the hole.
GM stock sold in April in a range of $27.52 to $30.84 per share. For the government to break even on its investment, the remaining stock would have to sell for more than double the April high. On Friday GM shares closed at $31.42, down 23 cents.
RETAIL
Sears to begin leasing goods
For those financially strapped shoppers who can’t wait for layaway, Sears has another option.
Sears Holdings Corp. is launching a program at its namesake department stores that will allow shoppers unable to qualify for credit to lease such big purchases as electronics, home appliances, furniture and mattresses.
The program, which was tested last September in 10 stores, is being rolled out to all 900 stores starting this week. Sears is launching the program with leasing service WhyNotLeaseIt.
The new service comes as the Hoffman Estates, Ill.-based retailer, which also operates Kmart, is trying to turn itself around after years of weak sales.
Candidates won’t be subjected to a credit check, but to qualify, they must be 18 years old, earn a minimum of $1,000 a month and have a Social Security or tax identification number when applying.
Customers make the first lease payment at the stores, followed by monthly or biweekly payments made electronically. The merchandise has to cost at least $280, and how much customers can lease will depend on income.
Compiled from staff and wire reports