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4/16/2010
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$1.50/APRIL 19 - 25, 2010
Vol. 31, No. 16
INSIDE Get your geek on Local colleges are reporting significant increases in the numbers of students who are seeking degrees in the STEM fields, or science, technology, engineering and math. These areas provide scholarship as well as career opportunities. Read Shannon Mortland’s story on Page 3.
Wind farm in uncharted waters Before offshore turbine project gets green light, task force first must navigate through red tape By CHUCK SODER csoder@crain.com
The group led by Cuyahoga County that plans to put wind turbines in Lake Erie can’t disturb the birds. Or the fish. Or the boaters.
And they can’t overload the electric grid. Or ruin the scenery. Or tick off an Indian tribe. Or destroy the remains of a shipwreck. The Great Lakes Energy Development Task Force has less than two years to address all those concerns
“We’re offering many of the same entrées, but we’re changing our menu to give customers more choices and smaller plates with lower price points.” – Jonathan Bennett (below), executive chef, Moxie
and more if its plan to build North America’s first offshore wind farm is to stay on schedule. The project has a few advantages that should make some parts of the permitting process easier. But cutting through all the red tape will take time, given that offshore wind turbines are new to this continent, said attorney Dave Nash, who is working with the task force. “We’re trying to do something that
has never been done before,” said Mr. Nash, a partner with McMahon Degulis LLP, which has offices in Cleveland and Columbus. The task force, through a nonprofit it formed called the Lake Erie Energy Development Corp., or LEEDCo, aims by the end of May to choose a developer that would build a handful of wind turbines in the lake, a few miles north of the See WIND Page 6
Credit unions become beneficiaries of economy as asset levels increase Fiscally conscious consumers seek better interest rates
WILLIAM BECK PHOTOGRAPHY
By ARIELLE KASS akass@crain.com
EATERIES SPICE IT UP New concepts and menus pepper restaurant scene as businesses adjust to diners’ consumption habits, economic realities By KATHY AMES CARR kcarr@crain.com
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recession that has left a bad taste in the mouths of consumers is leading to a period of adjustment on the local restaurant scene. In an economy where many people have fewer discretionary dollars to dish out, some restaurants are switching up their menus
or undergoing physical makeovers to adjust to changing dining habits, while others are cashing out altogether. However, a hearty few are using a time of suffering for some establishments to expand their empires. Among the eateries changing with the times is Moxie in Beachwood, where executive chef Jonathan Bennett today, April 19, will unveil the See FOOD Page 12
Northeast Ohio’s credit unions and those statewide have experienced substantial growth over the past two years as consumers continue their flight to safety — and to better interest rates. As of the end of 2009, Ohio credit unions had seen a 19% increase in assets and a 13% increase in lending over Dec. 31, 2007, along with membership numbers that were up just over 1%. Ohio Credit Union League spokesman Patrick Harris said membership numbers had not increased in five years. The average Ohio credit union had more than 6,700 members, $51.8 million in assets and $31.7 million in loans at the end of 2009. In 2007, the average credit union boasted 6,090 members, $39.8 million in assets and $25.6 million in loans. In Northeast Ohio, at least a dozen credit unions saw their assets grow more than 10% as of Dec. 31, 2009, from Dec. 31, 2008, with five posting increases of more than 20%. Pete Grimm, president of Medina County Federal Credit Union, which saw its assets increase 11% over the course of 2009, said while membership at the credit union grew 3% or 4% last year, much of the deposit growth came from existing members who made new deposits. Mr. Grimm said credit unions tend to offer better rates than banks and the rest of the market, so members who
CREDIT UNION ASSETS These credit unions had the highest percentage of asset growth for the 12 months ended Dec. 31, 2009: ■ 1: Century Federal Credit Union: 28.9% ■ 1: Stark Federal Credit Union: 28.9% ■ 3: CSE Federal Credit Union: 22.2% ■ 4: St. Paul Croatian Federal Credit Union: 22.0% ■ 5: Vacationland Federal Credit Union: 20.9% *Associated School Employees Credit Union grew 117.8% because of two mergers. SOURCE: MARCH 15 CRAIN’S LIST
have paid attention to their finances have a greater incentive to keep funds there instead of at a bank. Medina County Federal Credit Union intentionally has kept itself from growing its deposits more quickly in order to keep from pushing its reserves too low, Mr. Grimm said, although he could attract even more new members, and new deposits from old members, if he tried by raising his rates. “We don’t want to grow way too fast if we’re not lending it,” Mr. Grimm said. Kevin J. Ralofsky, CEO of VacationLand Federal Credit Union in Sandusky, said he has been lending conservatively for the past 18 See ASSETS Page 18
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FINANCE College, credit card debt strap students amid dismal economy, employment outlook ■ Page 15 PLUS: ESTATE TAX RATE ■ IRAS ■ & MORE
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