December Denton Business Chronicle 2010 by Denton Media Company

2 Denton Business Chronicle

Dec. 10

Enterprising Voices

Value investors love volatility “I’d be a bum on the street with a tin cup if the markets were always efficient.” — Warren Buffett

his has been a very volatile year for investors. While 2008 and 2009 witnessed violent swings in the market, these were largely one-way moves. This year, however, the markets have yo-yoed up, down, up, down and repeated a couple more times. You may recall the massive rally off the 2009 lows began to fizzle out early this year as fears over Greek debt worried investors. Then springtime seemed to put a bounce in everyone’s step. But just as the May flowers began to bloom, our European friends popped out from around the corner and a “flash crash” sent the Dow Jones Industrial Average down more than 1,000 points in just seven minutes. By July, much of the May and June fears began to wane. But the summer doldrums took their toll on investors again in August. Intriguingly, several sentiment indicators my business partner and I monitor showed investors were more pessimistic in August than during the 2009 lows. Fear was widespread again, but the economy was actually on much more sound footing and opportunities abounded. We put

Jonathon FITE | a lot of money to work during this period. Eventually the markets rallied — but things remain fragile. Most portfolio managers and many individual investors have had a terrible year. This volatility has put strategies that worked well in the ’80s and ’90s to the test. But a few have delivered a compelling return. As Mr. Buffett explained above, volatility creates opportunities for those who are ready to exploit it. Over the last three months, this column has discussed various methods for assessing the value of a business. Using these methods in 2010, my hedge fund was “all in” three separate times, with large cash buffers in between. How did this occur? During this year’s downward volatility, huge opportunities were created to buy wonderful businesses at attractive prices. During the upswings, the prices of several companies rose to their fair value, at which time we exited our once-cheap invest-

ments. But this volatility created other opportunities as well. Sometimes, as a value investor, you set your sights on a wonderful business. You spend time analyzing its prospects and developing a conservative view of its intrinsic value. Then you set your desired entry price — and wait. Hopefully, during a moment of volatility, someone else’s fear will turn into your perfect buying opportunity. But what if after all that effort, even during the throes of high volatility, your target never gets quite cheap enough? Do you throw your hands up in disgust and move on? In our fund, we have found a better way. Sometimes, the best way to reap the fruits of your labor (your analysis), is to exploit options volatility. Quick disclaimer: Options can be fraught with risk and should not be entered into if you don’t know what you are doing. But for those who do their homework, they may prove very useful. There are two types of options: calls and puts. When buying an option, you are buying the right, but not an obligation, to either purchase (in the case of a call) or sell (in the case of a put) a stock at a specified price sometime in the future. If investors are bullish, they might buy a call, hoping to cash in as stock prices run higher. When

investors are scared and think prices will continue to fall, they might buy a put to limit their losses on the downside. Typically, options are priced based on esoteric inputs, which have nothing to do with the underlying value of the business to which the options are tied. Interestingly, the most common pricing mechanism, called the Black-Scholes pricing model, uses a measure of volatility to determine the price of an option. Therefore, as volatility increases, and people get more scared, options get very expensive. As a value investor, I tend not to be too interested in buying calls because of the time constraints associated with the option. While my analysis may be spot on — I may know something is cheap and I expect the price to rise — I have to predict when the market will correctly value my business to make money on my call. I would rather buy a stock I think is cheap and patiently wait for the market to turn to my way of thinking. This way, time is on my side. As a value investor, I also tend not to buy puts. When people are scared they rush to buy puts, which act as insurance for their portfolios. This is like trying to buy flood insurance in New Orleans after Katrina hit. This put-based insurance becomes

very expensive. Even if my portfolio has declined in price, I would rather spend the money I have buying more businesses that are cheap, rather than spend my money on something that is expensive. But, what if the businesses I want to buy are not cheap enough. While I don’t like to buy things that are expensive, selling things that are expensive is interesting. If puts get expensive when people are scared, one of the things I consider in my fund is selling high-priced puts to other investors who are irrationally scared. For example, let’s say you wanted to buy Coca-Cola and after all your deep-value analysis you think it is worth somewhere between $95 and $100 per share. Being a good value investor, you want to buy this with a big margin of safety, say half-off. So, if Coca-Cola ever falls to well below $50, you will snatch it up. Unfortunately, even with all the volatility this year, Coca-Cola barely reached $50. Is all lost? No. One thing you could do is look at the put-options for CocaCola. During the pangs of panic, someone may have looked at their portfolio, and afraid it would continue to fall, been willing to buy a put to limit their potential losses. This could have been a great opportunity for those selling this expensive insurance. For example, let’s say FITE | CONTINUED ON PAGE 4

Career Advancement Local registered dietitian Kathy King received a 2010 Medallion Award from the American Dietetic Association in early November. King received the recognition for her outstanding service and leadership in the ADA and the dietetics profession, according to a news release. King has been an ADA member since 1970 and became one

of the first registered dietitians to consult with a professional sports team, the Denver Broncos, said the release. She has written books about her field, including The Entrepreneurial Nutritionist and The Competitive Edge: Advanced Marketing for Dietetics Professionals. She coedited the textbook Nutrition Thera py: Advanced Counseling

Skills. King is a member of the Lake Cities Chamber of Commerce. She and seven other dietetics professionals were given 2010 Medallion Awards during the ADA's Food and Nutrition Conference and Expo in Boston. I Matt Gohlke and Jody Horton with Gohlke Pools were selected

Gohlke

Horton

to present a seminar at the International Pool, Spa and Patio Expo held Oct. 31 through

Nov. 5 at the Mandalay Bay Convention Center in Las Vegas. Gohlke called the expo a "must-attend event" that introduces his industry to the latest in pool, spa and backyard trends. The annual conference attracted nearly 10,000 attendees and included educational seminars and more than 430 manufacturers' exhibits.

Contents |

December 2010

Calendar of Events Altrusa International Inc. of Denton meets for its monthly dinner and program at Vigne Wine Shop & Delicatessen, 222 W. Hickory St., Suite 103. Cost is $10 per person. Call 940-3875031 for reservations. Tuesday, Jan. 25, 6:30 p.m.

American Association of University Women, Denton Branch meets at Fremaux’s Metropolitan Catering, 932 W. University Dr. For more information, visit www.aauwdenton.org. Wednesday, Feb. 2, 6 p.m.

Association of Business Contingency Planners, North Texas Chapter has its monthly luncheon at at Boy Scout sof America, 1325 W. Walnut Hill Lane in Irving. Cost is $35 per person. Tuesday, Jan. 4, noon

Index December 2010 | Vol. 6, No. 10 Publisher: Bill Patterson The contents of this free publication are copyrighted by Denton Publishing Company, 2010, a subsidiary of A.H. Belo Corp. (www.ahbelo.com, NYSE symbol: AHC), with all rights reserved. Reproduction or use, without permission, of editorial or graphic content in any manner is prohibited. Denton Business Chronicle is published monthly by Denton Publishing Company, 314 E. Hickory St., Denton, TX 76201. E-mail: drc@dentonrc.com

On the cover: One of Schlumberger’s Houston-area drilling sites is shown. The company received a tax break to set up a maintenance facility in Denton. Bloomberg News file photo

Who to contact Dawn Cobb Managing Editor 940-566-6879 | dcobb@dentonrc.com

Sandra Hammond Advertising Director 940-566-6820 | shammond@dentonrc.com

Shawn Reneau Advertising Manager 940-566-6843 | sreneau@dentonrc.com

Aubrey Chamber of Commerce meets at the Prairie House Restaurant at 10001 E. U.S. Highway 380 in Cross Roads. Cost is $12 per person. Reservations are required. Call 940-365-9781 or e-mail chamber@aubreycoc.org. Wednesday, Jan. 19, 11:30 a.m.

Coffee Club and Investment Perspective hosted by Quinn McColly of Edward Jones will meet at 2925 Country Club Road, Suite 101A in Denton. Call 940-382-0280.

Golden Triangle Parliamentarians, serving the communities of Flower Mound, Lewisville and Denton, meets at Double Oak Town Hall, 320 Waketon Road. Contact Kathy Blair at 972-971-2367 or bkblair@ tx.rr.com.

Denton Black Chamber of Commerce meets at the Denton Housing Authority, 1225 Wilson St. Tuesday, Jan. 11, 6 p.m.

Denton League of United Latin American Citizens No. 4366 meets at El Chaparral Grille, 324 E McKinney St.

Friday, Dec. 31, 7:45 a.m. Friday, Jan. 7, 7:45 a.m.

Home Builders Association of Greater Dallas, Greater Denton Division has its monthly meeting and luncheon at the Prairie House restaurant, 10001 U.S. Highway 380 in Cross Roads. Cost is $15 for associates and builders with reservations and $18 for walk-ins. Call 940-3830853.

North Texas Society for Human Resource Management meets at Grand Traditions, 2816 Church Drive in Corinth. RSVP to Regina Wright at rwright@ dentonisd.org. For more information, visit www.northtexas shrm.org.

Tuesday, Jan. 25, 11:30 a.m.

SCORE, the Service Corps of Retired Executives, offers free management counseling for prospective new business owners or existing businesses in trouble. Confidential, one-hour counseling sessions are available by appointment every Wednesday at South Branch Library, 3228 Teasley Lane. To make an appointment, call 940-3498752.

Krum Chamber of Commerce has a general meeting at Krum City Hall, 102 W. McCart St. Thursday, Jan. 6, 6:30 p.m.

Lake Cities Chamber of Commerce meets for coffee at Corinth City Hall, 3300 Corinth Parkway; at Hilton Homewood Suites, 2907 Shoreline Drive in Denton; and at Re/Max Lake Cities, 3960 FM2181, Suite 100, in Hickory Creek. Wednesday, Dec. 29, 7:15 a.m.

Thursday, Dec. 23, 11:30 a.m.

Wednesday, Dec. 22, 9 a.m. Wednesday, Dec. 29, 9 a.m. Wednesday, Jan. 5, 9 a.m. Wednesday, Jan. 12, 9 a.m.

in Hickory Creek Wednesday, Jan. 5, 7:15 a.m. in Denton Wednesday, Jan. 12, 7:15 a.m. in Corinth

Lake Cities Netweavers business networking group meets at the IHOP restaurant off Interstate 35E in Hickory Creek. Cost is $12 and includes breakfast. For more information, e-mail info@lcnetweavers.com.

Small Business Breakfast meeting sponsored by the North Central Texas College Small Business Development Center at the Denton Chamber of Commerce building. A light breakfast is provided. Call 940-380-1849. Tuesday, Jan. 11, 7:15 a.m.

Thursday, Dec. 16, 8 a.m.

Please tell us about your event or

Thursday, Dec. 23, 8 a.m.

meeting by e-mailing Karina Ramírez

Thursday, Jan. 6, 8 a.m.

at kramirez@dentonrc.com, by fax at

Thursday, Jan. 13, 8 a.m.

Saturday, Jan. 15, 8:30 a.m.

Denton Planning and Zoning Commission meets in the council chambers at City Hall, 215 E. McKinney St.

Friday, Dec. 17, 7:45 a.m. Friday, Dec. 24, 7:45 a.m.

Tuesday, Dec. 28, 7 p.m.

Thursday, Dec. 16, 2010, 9 a.m. Thursday, Jan. 20, 2011, 9 a.m.

NMC Networking Group meets at Le Peep, 1345 S. Loop 288. For more information, e-mail stucker@apostleradio.org. Breakfast is optional.

940-566-6888; or by mail to DBC Calendar, Denton Record-Chronicle,

NAACP, Denton County Chapter meets at the Denton Housing Authority, 1225 Wilson St.

314 E. Hickory St., Denton, TX 76201. She also can be reached at 940-5666878.

Thursday, Jan. 13, 7 p.m.

Wednesday, Jan. 5, 6:30 p.m. Wednesday, Jan. 19, 6:30 p.m.

Check out the Denton Business Chronicle online at dentonrc.com/businesschronicle

Denton Business Chronicle

Dec. 10

4 Denton Business Chronicle

Dec. 10

Enterprising Voices

Resolutions for the new year

very other year, about this time, we scurry around developing and submitting resolutions to our board of directors to confirm Denton Chamber of Commerce needs and issues that may be addressed by the Texas Legislature. The regular session of the Legislature normally convenes in odd-numbered years for 140 days. The 82nd session will formally convene on Jan. 11 in Austin. One of our key positions so far is support of public-private partnerships, and the concept of managed lanes, to help expedite expansion of Interstate 35E from Interstate 635 (LBJ Freeway) in Dallas to U.S. Highway 380 in Denton. We also hewed a stance on redistricting.

Chuck CARPENTER | This particular resolution requests that the Legislature provide for additional elective representation reflecting the population growth in the Denton area as reported by the 2010 census, an enumeration that must be conducted every 10 years. We want to retain district boundaries that reflect current elective representation for our U.S. congressional seat, state senator and state representative

seats. In other words, we want to protect against city and/or county population shifts to districts not contiguous with, or of like interests to, the Denton area. Between now and the start of the session, our board will consider possible backing for public and higher education budgetary requests, the agendas of the Dallas Area Chambers Legislative Coalition and the Texas Economic Development Council. We will coordinate the articulation of these positions as part of Denton County Day in Austin, scheduled for Feb. 21-22. CHUCK CARPENTER is the president of the Denton Chamber of Commerce. He can be reached at 940-362-9693 or dcoc@denton-chamber.org.

MAZDA 2010 CLEARANCE 2010 Stock MAZDA3 – 15 MAZDA6 – 10 MAZDA CX-7 – 27 MAZDA CX-9 – 22 MAZDA5 – 2

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FITE | CONTINUED FROM PAGE 2

someone was willing to pay $2.50 for the $50 put that expires two months from now. Clearly someone was freaked out that Coca-Cola may fall into the $40 range. On the other hand, in this example, you think CocaCola is a screaming buy around $50, and someone is willing to pay you to buy it. If your analysis is correct, then when the option date rolls around, one of two things happens: 1. Either Coca-Cola is below $50 and you are forced to buy it (because you sold the put) or 2. Coca-Cola is above $50 and the insurance you sold (the put) expires worthless. In scenario No. 1, someone paid you to buy something you wanted to buy anyway, effectively lowering your cost basis from $50 to $47.50. In scenario No. 2, you never bought the shares but were paid 5 percent ($2.50

divided by 50 equals 5 percent) for two months of this insurance. On an annualized basis, that is 30 percent — a pretty decent return for doing something you wanted to do anyway! The key to all of this is to ground your analysis in a conservative estimate of the intrinsic value of the businesses you want to own. Hopefully, bouts of volatility will drag stocks of these businesses down to a price where they are cheap enough to buy. But sometimes, when the price is close, but not quite cheap enough, selling expensive puts may be a lucrative alternative. The key is to realize volatility — and market inefficiencies — are the friend of the true value investor. JONATHON FITE is a Managing Partner of KMF Investments, a hedge fund based in Denton. Comments may be sent to fite.dbc@gmail.com.

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Enterprising Voices

Denton Business Chronicle

2010 was business year to remember

Dec. 10

uring the past 12 months, the city has been privileged to make some significant announcements and celebrate long-overdue economic development projects. This year’s good news included: I Target Corp. will construct a 400,000-square-foot distribution center on Airport Road next spring. The center will bring 115 jobs. I The international oil and gas services company Schlumberger Ltd. purchased a portion of Granite Point Business Park and will open its new regional maintenance facility in spring. I Sam’s Club and Walmart held their grand openings at Rayzor Ranch Marketplace — bringing 700 jobs and serving as catalyst for the rest of Rayzor Ranch development. By the way, Sam’s and Walmart officials reported that their stores beat all internal records for grand openings! I Allegiance Hillview LP officially partnered with RED Development LLC to complete the Rayzor Ranch development. RED Development has an excellent reputation and extensive experience in retail development. I Foundation Management Services opened its 43,000square-foot office and training center. I The Downtown Implementation Plan was adopted by City Council. Short-

LINDA RATLIFF | term projects are completed and/or under way. I New restaurants and businesses sprung up downtown — including Ramen Republic and the Hickory Street Lofts development with apartments upstairs and Weinberger’s Delicatessen downstairs. Announcements heralded the coming of Chef Tim Love’s Love Shack and Mellow Mushroom downtown. I Beth Marie’s OldFashioned Ice Cream and Soda Fountain received statewide recognition by being named Best Business at the Texas Downtown Association’s 2010 President’s Awards Program. Overall, 2010 was a great year. With the passenger rail line coming and more businesses lined up for construction, 2011 looks very promising as well. LINDA RATLIFF is the director of economic development for the city of Denton. She can be reached at 940-3497774. Her e-mail address is linda.ratliff@cityofdenton. com.

YOU FEEL 30. TOO BAD YOUR

KNEE FEELS 130.

Out with the old you, in with the new one. At Texas Health Presbyterian Hospital Denton, we offer a wide range of joint replacement procedures. The physicians on the medical staff offer advanced joint care and surgical procedures, including minimally invasive surgeries. With a focus on education, wellness and rehab, our goal is to offer a high level of care with the shortest hospital stay and quickest recovery time. Complete care for knees, hips and shoulders.

NORTEX MEDICAL CLAIMS “We Cure Billing Headaches” Electronic & Paper Claim Filing Office: 903-892-8195 Owner: Donna Scarborough

For more information, call 1-877-THR-Well or visit us online at TexasHealth.org/DentonJoints. LO

6 Denton Business Chronicle

Dec. 10

Business Mixers Classic Mazda Chrysler Jeep Dodge

Lake Cities Chamber of Commerce RIGHT: Stephanie Stephens, left, and Melinda Alston attend a Lake Cities Chamber of Commerce networking mixer on Nov. 2 at PointBank in Corinth. BELOW: Some of the mixer’s attendants are pictured at the Nov. 2 event at PointBank.

Classic Mazda Chrysler Jeep Dodge held its seventh annual Chili CookOff and chamber mixer on Nov. 4. The cook-off attracted 17 entries and about 300 attendees. Winners of Classic Mazda's seventh annual Chili Cook-Off were Jane Williams, left, who earned second place and a $300 cash prize; Vicki Blackburn, who won third place and $200; and J.W. Goin, who won first place and $500.

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Vital Statistics

Business Mixers

LIENS

Denton Business Chronicle

Del Taco opening

The following liens were posted in November at the Denton County Clerkâ&#x20AC;&#x2122;s office.

Dec. 10

STATE TAX LIENS NAME/ADDRESS TYPE Kevin R. Capps, Operation Cut Lawn and Tree Services, P.O. Box 1191, Argyle Administrative Life Care Solutions LLC, 4703 Piedmonte Court, Argyle Unemployment taxes, interest taxes and other charges Randy Burnworth, 3024 Augusta Drive, Apt. C, Denton Limited sales, excise and use tax Sylvester Watts, 1652 Flagstone Lane, Little Elm International Fuel Tax Agreement

AMOUNT $3,261.00 $1,798.10 $1,237.50 $182.19

REC. DATE 11/12/2010 11/01/2010 11/15/2010 11/15/2010

Limited Sales, Excise and Use Tax Limited Sales, Excise and Use Tax Limited Sales, Excise and Use Tax Franchise Tax Mixed Beverage Gross Receipts Tax

$21,788.30 $1,091.32 $148.53 $4,288.50 $7,376.93

11/10/2010 11/03/2010 11/03/2010 11/03/2010 11/10/2010

1040 1040 1040 1040 1040 1040 941 1040 1040 1040 1040 1040 940, 941 1040 1040 1040

$9,294.87 $9,093.57 $14,247.71 $30,406.04 $36,932.26 $5,961.01 $19,397.68 $15,540.71 $40,905.28 $4,958.77 $54,187.80 $13,331.87 $17,735.67 $52,227.93 $240,612.42 $1,425.41

11/22/2010 11/22/2010 11/22/2010 11/02/2010 11/22/2010 11/02/2010 11/22/2010 11/02/2010 11/16/2010 11/01/2010 11/22/2010 11/16/2010 11/01/2010 11/09/2010 11/02/2010 11/22/2010

RELEASE OF STATE TAX LIENS G&M Contracts, Inc., 1216 N. Saint Charles Ave., Pilot Point Manuel Perez, 324 E. McKinney St., Suite 102, Denton Rebbekah M. Fleck, P.O. Box 248, Aubrey Ronjon Publishing Inc., P.O. Box 403, Aubrey Southwestern Tavern and Grill, 115 S. Elm St., Denton

FEDERAL TAX LIENS Adolfo A. Lopez, 1563 Chivalry Lane, Little Elm Beverly And Worley Stewart, 2320 Harvest Moon Lane, Sanger Catherine And Karl Lynch, 3505 Montecito Drive, Denton Curtis D. Sparlin, 609 S. Third St., Sanger Dean C. Layh, 1705 W. University Drive, Denton Donna G. Darling, 4181 Silver Dome Road, Lot 17, Denton Dsc Mmg Inc., 2220 San Jacinto Blvd., Suite 110, Denton Edward A. Blythe And Christine N. Beck, 4251 FM2181, Suites 230 & 332, Corinth Eric And Sharonda Ransom, 2624 Pine Trail Drive, Little Elm Fruncine Stubblefield, 608 Tennyson Trail, Denton Hee And Myong Choi, 1718 Post Oak Drive, Corinth Hugo R. Morales, 2602 S. Mayhill Road, Trailer 14, Denton Ironclad Designs Inc., 7212 FM2450, Sanger Jaime Velaquez, 605 Lamp Post Road, Little Elm James And Karla Watland, 11761 Massey Road, Pilot Point James M. Flint, 1104 Autumn Oak Drive, Denton

| CONTINUED ON PAGE 8

Courtesy photo

Denton City Council member Charlye Heggins, center, cuts the ribbon at the grand opening celebration of Del Taco on Nov. 16. She is joined by officials from Del Taco, from left: Vicky Malave, Stephanie Sproull, CC Baeza, Andrea Rivers, Kevin Pope, Brandon Drewitz and John Druse.

F GRAP REE HIC D ESIG wi th ful l purch wrap ase.

8 Denton Business Chronicle

Dec. 10

Vital Statistics OIL AND GAS LISTINGS

| CONTINUED FROM PAGE 7

The following oil and gas reports for the month of November were posted by oilandgasreports.com LLC, P.O. Box 1540, Corpus Christi, TX 78403. For more information, visit www.oilandgasreports.com.

DENTON COUNTY

Total Depth: 8595'

Lease:: Shifflett Family “A” Unit Operator: Burlington Res O&G Co. Location: 176-acre unit, R.D. Westcott Survey, A-1338; 6 miles NW of Krum Field: East Newark (Barnett Shale) Total Depth: 8522'

Lease: DCCO “4” Graham Heirs Operator: Devon Energy Production Co. LP Location: 2747.26-acre unit, A.E. Pulen Survey, A-1057; 2.5 miles W of Justin Field: East Newark (Barnett Shale) Total Depth: 7828'

Lease: Shifflett Family “A” Unit Operator: Burlington Res O&G Co. Location: 176-acre unit, R.D. Westcott Survey, A-1338; 6 miles NW of Krum Field: East Newark (Barnett Shale) Total Depth: 8514'

Lease: O.T. Finlayson Estate Operator: Devon Energy Production Co. LP Location: 352-acre unit, W. Wallace Sur, A-1405; 6.07 miles SW of Justin Field: East Newark (Barnett Shale) Total Depth: 7438'

Lease: Jean Young Operator: Burlington Resources O&G Co, LP Location: 540.95-acre unit, S. Winfrey Survey, A-1319; 2.9 miles N of Ponder Field: East Newark (Barnett Shale) Total Depth: 8594'

Lease: Krum Joint Venture Operator: Burlington Resources O&G Co. LP Location: 254.63-acre lease, BBB&C RR Co. Survey, A167; 3.8 miles W of Krum Field: East Newark (Barnett Shale) Total Depth: 9000'

Lease: Anderson “B” Unit Operator: Burlington Resources O&G Co. LP Location: 322.4-acre unit, E. Pizano Survey, A-991; 1.5 miles N of Ponder Field: East Newark (Barnett Shale) Total Depth: 8499'

Lease: DCCO “4” Anna McCurdy G. Operator: Devon Energy Production Co. LP Location: 2747.26-acre unit, W.C. Brookfield Survey, A34; 4 miles NW of Justin Total Depth: 7881'

FEDERAL TAX LIENS NAME/ADDRESS Joan C. Marshall, 1441 Puerto Lago Drive, Little Elm Joe And Traci Ramirez, 1089 Roadrunner Road, Bartonville Joe Ramirez, 1089 Roadrunne4 Road, Bartonville Johnathan I. Hagen, Linda Y. Winans, P.O. Box 612, Sanger Lightning Bear Productions LLC, 2220 San Jacinto Blvd., Suite 305, Denton Martin Miller, M&M Sports, 718 Hercules Lane, Suite 0, Denton Matthew and Michelle Boswell, 1607 Sunrise Bay Point, Little Elm Michael G. Kellat, P.O. Box 721, Argyle Michael J. Diveronica, 6505 Shoreline Drive, Little Elm

TYPE 1040, 6672 1040 Civp 1040 1065, 941 940, 941 1040 1040 1040

AMOUNT $47,195.46 $4,460.86 $70,264.30 $4,290.57 $9,636.26 $69,554.67 $32,995.45 $3,631.32 $13,418.33

REC. DATE 11/16/2010 11/09/2010 11/09/2010 11/02/2010 11/09/2010 11/02/2010 11/02/2010 11/16/2010 11/01/2010

| CONTINUED ON PAGE 9

Lease: Atkinson Operator: Devon Energy Production Co., LP Location: 145.02-acre unit, J.F. Gilbert Survey, A-495; 4 miles NW of Haslet Field: East Newark (Barnett Shale) Total Depth: 7409' Lease: DCCO “4” Anna McCurdy G. Operator: Devon Energy Production Co., LP Location: 2747.26-acre unit, W.C. Brookfield Sur, A-34; 4 miles NW of Justin Field: East Newark (Barnett Shale) Total Depth: 7876' Lease: DCCO “4” Anna McCurdy G Operator: Devon Energy Production Co., LP Location: 2747.26-acre unit, W.C. Brookfield Sur, A-34; 4 miles NW of Justin Field: East Newark (Barnett Shale) Total Depth: 7925' Lease: Cummings “C” West Operator: Williams Prod. Gulf Coast, LP Location: 185.48-acre unit, MEP&P RR Co., Survey No. 62, A-1462; 5 miles NW of Flower Mound Field: East Newark (Barnett Shale) Total Depth: 8240' Lease: Wright “A” Operator: Williams Prod. Gulf Coast, LP Location: 138.6-acre unit, N. George Survey, A-477; 1.6 miles SE of Argyle Field: East Newark (Barnett Shale) Total Depth: 8493' Lease: James Lochhead Unit Operator: Burlington Resources O&G Co. LP Location: 319.13-acre unit, R.D. Westcott Survey, A1338; 6 miles NW of Krum Field: East Newark (Barnett Shale)

Lease: TCU-Blakley “C” (Sa) Operator: Devon Energy Production Co. LP Location: 2196.36-acre unit, G. Overton Sur, A-972; 2 miles SW of Haslet Field: East Newark (Barnett Shale) Total Depth: N/A Lease: TCU-Blakley “C” (Sa) Operator: Devon Energy Production Co. LP Location: 1632.473-acre unit, G. Overton Sur, A-972; 2 miles SW of Haslet Field: East Newark (Barnett Shale) Total Depth: 7433' Lease: Krum Joint Venture Operator: Burlington Resources O&G Co. EOG Location: 254.63-acre lease, BBB&C RR Co. Survey, A167; 3.8 miles W of Krum Field: East Newark (Barnett Shale) Total Depth: 9000' Lease: DCCO. “4” Anna McCurdy G Operator: Devon Energy Production Co. EOG Location: 2747.26-acre unit, W.C. Brookfield Survey, A34; 4 miles NW of Justin Field: East Newark (Barnett Shale) Total Depth: 7881' Lease: TCU-Blakley “C” (Sa) Operator: Devon Energy Production Co. EOG Location: 2196.36-acre unit, G. Overton Sur, A-972; 2 miles SW of Haslet Field: East Newark (Barnett Shale) Total Depth: N/A Lease: TCU-Blakley “C” (Sa) Operator: Devon Energy Production Co. EOG Location: 1632.473-acre unit, G. Overton Sur, A-972; 2 miles SW of Haslet

| CONTINUED ON PAGE 9

Remember the Reason for the Season. Jesus is our Savior. LO

Gainesville, TX References Available st631@ntin.net LO

Vital Statistics OIL AND GAS LISTINGS

| CONTINUED FROM PAGE 8

FEDERAL TAX LIENS NAME/ADDRESS Michael N. Petro, 1200 First Drive, Sanger Michael P. Miller, 9920 Cherry Hill Lane, Aubrey Moises Lopez, 3211 Fairview Lane, Corinth North Texas Family Medicine And Lisa L. Houk, 1340 N. U.S. Highway 377, Suite 110, Pilot Point Olga and Richard Lund, 6003 Northview Court, Aubrey Party Animals Carriage Services Inc., 4774 Jackson Road, Krum Peter and Daisy Grayson, 2501 Craig Lane, Denton Phillip R. Kimes, 3045 Bella Vista Lane, Little Elm Pick A Pizza Buffet Inc., 26735 W. U.S. Highway 380, Suite 130, Aubrey Randall Boyd, 123 N. Elm St., Denton Richard and Josephine Lawrence, 1135 Rockgate Road, Argyle Richard Lawrence, 1135 Rockgate Road, Argyle Richard S. Herrington, P.O. Box 309665, Denton Robert and Becky Slusarski, 108 Stephen Drive, Sanger Rolando J. Mat, 1279 Willow Lane, Denton Sampson Homes Corp., 11761 Massey Road, Pilot Point Sherri G. Randolph, 10409 Friendship Road, Pilot Point Sonja G. Van Petten, 1505 Carrigan Lane, Denton Steven and Ellen Malone, 1004 Stonecrest Road, Argyle Stromboli Cafe LLC, 517 S. Locust St., Denton Sue C. McKinnie, 800 Lakeshore Drive, Little Elm Tommy N. Thompson, 2313 Loon Lake Road, Denton True Joy Pools, Inc., 5002 S. Stemmons Freeway, Lake Dallas William O. Boatright, 453 N. Sierra Trail, Pilot Point

TYPE 1040 1040 1040 941 1040 1120, 941 1040 940, 941 941 940, 941 1040 Civp 1040 1040 1040 Civp Civp 1040 1040 940, 941 1040 Civp 941 1040

AMOUNT $38,936.66 $21,388.81 $5,407.27 $1,184.50 $14,132.86 $8,029.33 $35,240.60 $16,169.06 $5,012.80 $87,233.31 $16,195.27 $47,809.30 $11,336.21 $8,236.28 $37,436.94 $5,656.50 $17,900.12 $6,953.13 $59,783.35 $22,059.62 $25,779.29 $27,876.81 $25,451.09 $9,255.52

REC. DATE 11/02/2010 11/09/2010 11/01/2010 11/01/2010 11/16/2010 11/01/2010 11/22/2010 11/02/2010 11/09/2010 11/22/2010 11/22/2010 11/22/2010 11/09/2010 11/09/2010 11/16/2010 11/09/2010 11/09/2010 11/16/2010 11/09/2010 11/02/2010 11/09/2010 11/22/2010 11/09/2010 11/09/2010

1040 1040 941 1040 1040 941 1040 1040 940 1040 6721, 940, 941 1040 1040 941

$546.14 $5,118.00 $7,587.31 $1,416.75 $534.93 $11,545.96 $25,953.86 $40,935.90 $60.09 $10,672.77 $6,520.37 $38,067.37 $40,360.51 $780

11/09/2010 11/09/2010 11/09/2010 11/09/2010 11/09/2010 11/16/2010 11/16/2010 11/16/2010 11/16/2010 11/22/2010 11/22/2010 11/22/2010 11/22/2010 11/22/2010

RELEASE FEDERAL TAX LIENS Alan W. and Constance S. Williams, 2321 Kingston Terrace, Denton Don McClure, 5310 Princess Court, Lake Dallas Full Plate LLC, 900 Avenue C, Suite A, Denton Jose T. Chavez and M. Ceja Alcaraz, 8827 Holyday Lane, Argyle Jose T. Chavez and M. Ceja Alcaraz, 8827 Holyday Lane, Argyle Kimberly Berry, 225 Betcham St., Lake Dallas, Alvin and Tamra Crosson, 6315 Lone Star Lane, Aubrey Jeanette Patterson, 2901 Aurora Mist Drive, Little Elm Pardee Enterprises Inc., 2436 Interstate 35E, Suite 376, Denton Brannon C. and Tammy M. Wiltse, 1017 James Price Court, Bartonville Bryan Anderson, 9851 Old Stoney Road , Ponder Doyce L. and Phyllis L. Stout, 6260 Crow Wright Road, Sanger Douglas M. Hall, 2300 Brazos Drive, Corinth Sleep Specialties Ltd., 3600 Leeds Court, Corinth

| CONTINUED FROM PAGE 8

COOKE COUNTY

Lease: Dangelmayr “A” Operator: EOG Resources, Inc. Location: 3345.11-acre unit, SP/RR Co. /W. A. Jamison Survey No.16, A-1390; 6.6 miles SW of Muenster Field: East Newark (Barnett Shale) Total Depth: 8530'

Lease: Lightning Operator: Chaparral Energy, LLC Location: 440.5-acre lease, F. Wikderson Survey, A1148; 1.7 miles NW of Sivells Bend Field: Wildcat Total Depth: 9200'

Lease: Dangelmayr “A” Operator: EOG Resources, Inc. Location: 3345.11-acre unit, J.D. Lowe Survey, A-1207; 7.3 miles SW of Muenster Field: East Newark (Barnett Shale) Total Depth: 8672'

Lease: DMW Unit Operator: EOG Resources, Inc. Location: 214.25-acre unit, J.M. Wilson Survey, A-1168; 7.1 miles NW of Rosston Field: East Newark (Barnett Shale) Total Depth: 9000’

Lease: DKZ Unit Operator: EOG Resources, Inc. Location: 159.87-acre unit, G.W. Kimbrell Survey, A1636; 7 miles SW of Muenster Field: East Newark (Barnett Shale) Total Depth: 8470'

Lease: DMW Unit Operator: EOG Resources, Inc. Location: 214.25-acre unit, J.M. Wilson Survey, A-1168; 7.1 miles NW of Rosston Field: East Newark (Barnett Shale) Total Depth: 9000'

Lease: DKZ Unit Operator: EOG Resources, Inc. Location: 159.87-acre unit, T.F. Barnhill Survey, A-1626; 6.8 miles SW of Muenster Field: East Newark (Barnett Shale) Total Depth: 8434'

Lease: Ward Operator: Chaparral Energy, LLC Location: 40-acre unit, Hrs. M. J. Eason Survey, A-346; 0.2 miles SW of Sivells Bend Field: Wildcat Total Depth: 9200'

Lease: DKZ Unit Operator: EOG Resources, Inc. Location: 159.87-acre unit, T.P. Barnhill Survey, A-1626; 7 miles SW of Muenster Field: East Newark (Barnett Shale) Total Depth: 8507'

Lease: Dangelmayr “A” Operator: EOG Resources, Inc. Location: 3345.11-acre unit, SP/RR Co. / G. N. Rice Survey No.16, A-1666; 6.5 Miles SW of Muenster Field: East Newark (Barnett Shale) Total Depth: 8534'

Lease: DKZ Unit Operator: EOG Resources, Inc. Location: 159.87-acre unit, T.F. Barnhill Survey, A-1626; 6.8 miles SW of Muenster

Field: East Newark (Barnett Shale) Total Depth: 7433'

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10 Vital Statistics

Denton Business Chronicle

Dec. 10

OIL AND GAS LISTINGS

Operator: Swan PC, LP Location: 360.66-acre unit, TE&L Co. Survey No.2723, A719; 3 miles E of Barton Chapel Field: Jack County Regular Total Depth: 5592'

5 Miles SE of Jacksboro Field: East Newark (Barnett Shale) Total Depth: 6390'

miles NE of Sunset Field: East Newark (Barnett Shale) Total Depth: 9000'

Lease: Sewell “A” Operator: DTE Gas Resources, Inc. Location: 2049.84-acre unit, B.F. Terry Sur, A-846; 1 Mile NE of Jacksboro Field: JMG MAG (Miss) Total Depth: 5760'

Lease: Donald “E” Unit Operator: EOG Resources, Inc. Location: 89.81-acre unit, Titus CSL Survey, A-730; 8.4 miles SE of Bowie Field: East Newark (Barnett Shale) Total Depth: 9000'

Lease: Stamper-Fowler Operator: DTE Gas Resources, LLC Location: 886.60-acre unit, J.E. Hopkins Sur, A-254; 5 miles S of Jacksboro Field: JMG MAG (Miss) Total Depth: 5704'

Lease: Morris “B” Unit Operator: EOG Resources, Inc. Location: 96.16-acre unit, Titus CSL Survey, A-730; 5.3 miles NE of Sunset Field: East Newark (Barnett Shale) Total Depth: 9000'

Lease: E.M. Craft Operator: Swan PC, EOG Location: 360.66-acre unit, TE&L Co. Survey No.2723, A719; 3 miles E of Barton Chapel Field: Jack County Regular Total Depth: 5601'

Lease: Morris “C” Unit Operator: EOG Resources, Inc. Location: 95.59-acre unit, Titus CSL Survey, A-730; 5.5 miles NE of Sunset Field: East Newark (Barnett Shale) Total Depth: 9000' Lease: Vogel “B” Unit Operator: EOG Resources, Inc. Location: 181.52-acre unit, J. Jones Survey, A-395; 5.8 miles NE of Forestburg Field: East Newark (Barnett Shale) Total Depth: 9000'

| CONTINUED FROM PAGE 9

GRAYSON COUNTY

Field: East Newark Total Depth: 8445'

Lease: Perry Walker Operator: BLS Production Co., Inc. Location: 105-acre lease, C. Quillen Survey, A-989 Field: Se. Collinsville (3950' Sand) Total Depth: 4000'

Lease: Coca Cola Operator: DTE Gas Resources, Inc. Location: 4732.9-acre unit, D.M. Fulton Survey, A-223; 5 miles SE of Jacksboro Field: East Newark (Barnett Shale) Total Depth: 6390'

Lease: Davis Unit Operator: Jetta Operating Company, Inc. Location: 800-acre unit, Block 2 3, J. Dale/ Univ. League No. 11, A-380; 13 miles W of Sherman Field: Big Mineral Creek (Viola) Total Depth: 8500'

Lease: Sewell “A” Operator: DTE Gas Resources, Inc. Location: 2049.84-acre unit, B.F. Terry Sur, A-846; 1 mile NE of Jacksboro Field: JMG MAG (Miss) Total Depth: 5760'

JACK COUNTY

Lease: Stamper-Fowler Operator: DTE Gas Resources, LLC Location: 886.60-acre unit, J.E. Hopkins Sur, A-254; 5 miles S of Jacksboro Field: JMG MAG (Miss) Total Depth: 5704'

MONTAGUE COUNTY

Lease: E.M. Craft Operator: Swan PC, LP Location: 360.66-acre unit, TE&L Co. Survey No. 2723, A-719; 3 miles E of Barton Chapel Field: Jack County Regular Total Depth: 5601'

Lease: Callison “A” Unit Operator: EOG Resources, Inc. Location: 81.27-acre unit, S.C. Callison Survey, A-125; 6.5 miles NE of Sunset Field: East Newark (Barnett Shale) Total Depth: 9000'

Lease: Coca Cola Operator: DTE Gas Resources, Inc. Location: 4732.9-acre unit, D.M. Fulton Survey, A-223;

Lease: Deen Ranch “A” Unit Operator: EOG Resources, Inc. Location: 100.46-acre unit, Titus CSL Survey, A-730; 6.2

Lease: Gaedke “A” Unit Operator: EOG Resources, Inc. Location: 116.12-acre unit, P. Moore Survey, A-657; 1.2 miles NW of Rosston Field: East Newark (Barnett Shale) Total Depth: 9000' Lease: Gaedke “A” Unit Operator: EOG Resources, Inc. Location: 116.12-acre unit, P. Moore Survey, A-657; 1.2 miles NW of Rosston Field: East Newark (Barnett Shale) Total Depth: 9000' Lease: Settle “D” Unit Operator: EOG Resources, Inc. Location: 147.21-acre unit, S. Dillingham Survey, A-324; 3.5 miles NW of Rosston Field: East Newark (Barnett Shale) Total Depth: 9000' Operator: EOG Resources, Inc. Lease: Dangelmayr “A” Location: 3345.11-acre unit, SP/RR Co. /W.A. Jamison Survey No. 16, A-1390; 6.6 miles SW of Muenster Field: East Newark (Barnett Shale) Total Depth: 8538'

Lease: E.L. Haag “2” Operator: Best Petroleum Exploration, Inc. Location: 128.4-acre unit, N.P. Overby, A-452; 7 miles W of Jacksboro Field: Dearing (Caddo) Total Depth: 5431' Lease: Oates Operator: Breck Operating Corporation Location: 40-acre unit, J.J. Gholson Lot “19” Survey, A229; 3.9 miles N of Gibtown Field: Franklin (Strawn) Total Depth: 5474' Lease: E.M. Craft

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12 Cover Story

Denton Business Chronicle

Dec. 10

Business review 2010

DRC file photo

The A-train bridge over Loop 288 near Colorado Boulevard is shown under construction in September.

By Dawn Cobb

This was a quieter year for business growth in Denton, but not as quiet as around the country. With higher than normal unemployment and foreclosures, the year was difficult for a number of people. Dentonâ&#x20AC;&#x2122;s jobless rate, which hit 6.3 percent in October, was still far below the state and national averages and shows improvement as the year nears an end. Foreclosures, particularly residential foreclosures, remain high in Denton County as compared to neighboring counties, but officials say it is a continua-

tion of an ongoing trend that some hope will begin to decline in 2012. Foreclosures are considered a lagging indicator of a troubled economy, lasting long after recovery has begun. For Denton and surrounding communities, gas drilling has continued, though at a less hectic pace. However, concerns about drilling amid housing developments and within communities continues to increase as residents and officials take

steps to create boundaries or set limits to decrease the potential for harmful effects on the environment and for people. On the retail front, 2010 started with challenges but ended on a higher note. Golden Triangle Mall stepped out of foreclosure to come under the management of The Weitzman Group and Cencor Realty Services. A smattering of restaurants announced intentions to open

next year, particularly around the Hickory Street corridor where construction has been ongoing in anticipation of the Denton County Transportation Authorityâ&#x20AC;&#x2122;s A-train, scheduled to be in service by the middle of 2011. From burger joints to sandwich shops, eateries are eyeing Dentonâ&#x20AC;&#x2122;s growing population and eclectic mix of more than 60,000 college students. Throughout Denton, a number of hotels were built and opened both on the north and south boundaries, increasing the number of hotel rooms from 1,100 to 1,900, city offi-

cials say. Two major announcements brought good news to the Denton community. Schlumberger Ltd., a leading worldwide oil services company, plans to set up a centralized maintenance facility at a business park on Interstate 35W in south Denton, and Target Corp. will build a distribution center at the southeast corner of Corbin and Airport roads. The distribution center is initially expected to employ about 115 people with an average wage of $44,000 a year.

1-11

Denton Business Chronicle

Air testing conducted

The first round of air and water sampling around the Rayzor Ranch gas well site is complete, but residents are still raising money for tests that would show whether the drilling has any measurable environmental effects. “The key is to see, as time goes on, what variation occurs — if there is a variation,” said Alisa Rich, president of Wolf Eagle Environmental, an environmental firm based in Flower Mound. A group of neighbors and other contributors pooled money to hire Wolf Eagle to perform baseline tests around the Rayzor property at Bonnie Brae and Scripture streets in west Denton. Fort Worth-based Range Production Co. is drilling the first of up to five gas wells on a 3-acre site across the street from McKenna Park.

Dec. 10

1-16

Feb. foreclosures down

Residential foreclosure postings for the February auction were down 4 percent this year, as compared to last year, according to a report from Foreclosure Listing Service Inc. A total of 518 homes were posted for foreclosure, down from 540 posted in February 2009. Residential foreclosures in January hit a high of 689. 1-19

Tax deal revoked CROSS ROADS — Town leaders have revoked a $6.5 million tax-incentive agreement on a major retail development project after its developer filed for bankruptcy. Allegiance Crossroads had announced plans for a threephase, 470,000-square-foot shopping center east of Denton on U.S. Highway 380 in November 2007, two years after the Cross Roads Town Council agreed to award the tax incentives.

DRC file photo

A gas well drilling platform stands at Rayzor Ranch on Jan. 8. day about the proposed redevelopment of the Fry Street area, the company behind the proposal is preparing to draw up new plans for a mixed-use development. The new plans for a combined retail and residential development took shape at Wednesday night’s meeting at Denton City Hall as community members expressed concerns over a preliminary plan presented to city officials last month. 2-2

City pushes master plan City leaders are looking to finally push to implement a 2002 downtown master plan, a city consultant said Monday. City staff members are working with a consultant, Jacobs Engineering Group Inc., to finish the study and draft the related codes ahead of an expected council vote in mid-April. 2-4

1-28

Fry St. plans outlined After a public hearing Wednes-

Rayzor retail being built Developers for the Rayzor Ranch mixed-use development

are starting construction on a Sam’s Club and Denton’s second Walmart. The long-awaited stores will add more than 321,000 square feet of retail space to the anticipated development expected to open this fall. 2-7

Sally Beauty profits up Denton’s Sally Beauty Holdings Inc.’s reported a rise in profit for the first quarter of 2010. Company officials said in a news release they credited the 63 percent increase to higher revenues and margins across segments. 2-12

Guaranty conversion BBVA Compass completed its conversion of Guaranty Bank, creating the 15th largest U.S. commercial bank. BBVA Compass purchased the banking operations of Guaranty Bank from the Federal Deposit Insurance Corporation (FDIC) in August 2009.

2-14

2-21

Cafe Garibaldi reopens

Cycle Center relocates

Restaurant owner Ada W. Fort re-opened Cafe Garibaldi late in January. Located at its previous spot on 1813 North Elm Street, Fort said she decided to bring back her restaurant from Justin after much customer request.

Cycle Center of Denton will move to a new expanded location at 521 Acme St. and U.S. Highway 377, one block west of Interstate 35, at the end of March. The project, which will include more areas like a conference room, administrative offices and a wide showroom, has been under construction since October. The building also will have a children’s area, a lounge as well as a shipping and receiving room. Six televisions around the showroom as well as other amenities are planned to enhance the customers’ experience. Kimric Construction of Aubrey is serving as general contractor and C2D of Denton as the designer of the new store.

2-18

Fry St. plans revised Officials with The Dinerstein Cos., a Houston-based real estate and development firm discussed their plans to unveil revised plans for a new Fry Street project that would bring retail shops along with apartments to a mostly vacant block bordering the University of North Texas. Revised plans presented during the meeting included 9,700 square feet of ground-level retail space, an outdoor patio and some wider sidewalks along with the apartments and parking garage.

2-28

Curtis, Northstar merge Tony Clark, president and | CONTINUED ON PAGE 14

| CONTINUED FROM PAGE 13

Denton Business CEO of Northstar Bank, recently Chronicle announced that the bank’s mort-

Dec. 10

gage division has merged with Curtis Mortgage, which has been in Denton since 1999. The new division will be known as Northstar Bank Mortgage, and will be located at 3111 Unicorn Lake Blvd., Suite 120. 3-2

Krum historic building KRUM — About two dozen people gathered Monday night to watch as First United Bank signed over its downtown buildings to the city of Krum and the Krum Society of Historic Preservation. The deed-signing was the final step in an effort begun nearly two years ago by John Thompson, president of First United Bank of Krum, to turn over the three buildings at the corner of FM156 and FM1173 to the city. Mayor Terri Wilson thanked Thompson and other bank representatives as she handed over a check for $1 — the city’s second and final installment on the $2 purchase price.

vacant block located on Denton’s Fry Street during a work session of the Denton City Council. Council members questioned some details of the project, including its effect on traffic, but raised no major objections. The meeting was the council’s first look at the project, which would sit on a roughly 4.5-acre block bordered by Fry, Hickory, Welch and Oak streets.

4-16

Denton Airport honored Denton Airport was named Reliever Airport of the Year out of a field of 21 such airports in the state by Texas Department of Transportation (TxDOT) at the 28th annual Texas Aviation Conference this week. The award was given in

recognition of Denton Airport’s business growth and facility expansions, said David Fulton, director of the Texas Department of Transportation’s aviation division. 4-23

Commercial postings up

ings in Denton County increased 44 percent for the first five months of the year, and that trend likely will continue, according to date released by Foreclosure Listing Service Inc. The Dallas-Fort Worth area — including Denton County — experienced a 63 percent

Commercial foreclosure post-

| CONTINUED ON PAGE 15

3-11

Range expands drilling Range Resources plans to drill at least two more natural gas wells at the Rayzor Ranch development in west Denton, a company official said. Drilling is complete on the first well on a 3-acre site near the corner of Bonnie Brae and Scripture streets. The company plans to drill and fracture the second and third wells back to back starting in about two weeks, senior vice president Rodney Waller said in an interview. The Texas Railroad Commission has permitted up to five wells at the site.

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3-20 3-5

Jobless rate goes up Denton’s unemployment rate increased to 6.9 percent in January but remained lower than county, state and national figures, according to information released Thursday by the Texas Workforce Commission. The county unemployment rate increased to 7.8 percent in January. 3-8

El Fenix opens El Fenix officially opened Monday at the corner of Loop 288 and Interstate 35E. CEO and owner Mike Karns said he was excited to finally have the 6,200-square-foot restaurant open in Denton. 3-10

Fry plans updated again An official with Houstonbased Dinerstein Cos. presented the latest plans for the mostly

Results of air tests Independent air quality tests around the Rayzor Ranch gas well in Denton showed elevated levels of benzene and other harmful chemicals during several stages of the drilling process, according to results announced Friday. The tests found cancer-causing benzene and a host of sulfides above levels the state sets for safe short- and long-term exposure, along with elevated readings of methane, said Alisa Rich, president of Flower Mound-based Wolf Eagle Environmental, which performed the tests. 3-22

Sports bar opens Buffalo Wild Wings, a national chain of sports bars, opened at1400 S. Loop 288, Suite 110. With headquarters in Minneapolis, Minn., Buffalo Wild Wings is known for its 14 signature sauces.

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detailed standards for signs, landscaping and architecture. The approved housing plan will allow up to 1,800 multifamily units — up from the prior limit of 750. The developers — Scottsdale, Ariz.-based RED Development LLC and Irvingbased Allegiance Hillview LP — had asked for up to 2,150 multifamily units but lowered the number after facing opposition.

| CONTINUED FROM PAGE 14

increase in commercial foreclosure postings, with 536 more properties listed, according to the data. 4-24

DCTA OKs corridor deal

Denton County Transportation Authority officials’ approved the terms of the corridor agreement with Dallas Area Rapid Transit that will allow DCTA’s A-train passenger rail to operate in the rail corridor owned by DART. Under the terms of the agreement, DCTA will have full rights to operate and be responsible for any maintenance and any agreements between the railroad and any adjacent cities for a 20-year period, with one 20-year renewal option, while DART maintains ownership of the corridor.

Mall foreclosure

5-2

Peterbilt truck honored Local company Peterbilt Motors Co. received an award recognizing its Model 384 truck as the 2010 American Truck Dealers Commercial Truck of the Year. For a heavy-duty vehicle, the Model 384 was recognized for its fuel efficiency and designated as environmentally friendly by the Environmental Protection Agency’s SmartWay program. 5-4

Property values drop

The value of property in Denton County has dropped by a little more than $1 billion since last year, according to preliminary numbers from Denton Central Appraisal District. The appraisal district’s preliminary estimates value the property countywide at $54.4 billion, not including mineral property. 5-11

EPA issues warning DISH — With oil and gas extraction now a national enforcement priority, some energy companies in the Barnett Shale could soon face stiff penalties for operating outside federal rules, said Al Armendariz,

DRC file photo

Peterbilt Motors Co. employees celebrate the delivery and installation of the first PACCAR MX engine on June 10. Also this year, Peterbilt received the 2010 American Truck Dealers Commercial Truck of the Year award for its Model 384 truck. Region 6 director of the Environmental Protection Agency. Armendariz visited with residents from Denton, Wise and Tarrant counties at the beginning of the Dish Town Council’s regular meeting Monday night. He and other federal environmental officials are on a two-day tour of the area — planned before the Gulf of Mexico oil disaster — to look at trouble spots in the Barnett Shale. Armendariz told the crowd that he met recently with representatives from oil and gas producers and told them the agency expected them to deliver a plan within the next 30 days on how they would report all their emissions. 5-21

Drilling moratorium CORINTH — The City Council imposed a 120-day moratorium on new and amended drilling permits — as well as a moratorium on new natural gas pipeline facilities — during its regular meeting Thursday night. The moratorium will remain in place, with the possibility of a

two-month extension, until the council can revisit and revise its natural gas drilling and production pipeline ordinances. In addition, the council accepted a proposal by council member Bruce Hanson to appoint a five-member committee to tackle the revisions. 5-23

Chamber office opens Earlier this month, the Lake Cities Chamber of Commerce announced they opened their first permanent office space and hired its first Executive Director, Holly Deitrick, in late March. Deitrick, 26, has been an event planner and consultant in Denton with her own business, Something to Celebrate since 2008. Before starting her business she served as Special Events Coordinator for the City of Lake Dallas, a position she held for three years. The new office is located in the Lake Dallas ISD Support Services building at 104 Swisher Road (corner of Shady Shores & Swisher), room 105. The Lake Cities Chamber of Commerce can be reached at 940-497-3097.

6-11

PACCAR MX engine The first Peterbilt Motors Co. truck equipped with the new PACCAR MX engine was delivered to Mark McClymonds, president of McClymonds Supply & Transit Co. Inc based in Portersville, Pa., who became the first customer. The company plans to purchase a total of 60 Peterbilt trucks outfitted with the new engines this year, McClymonds said. The delivery marks the end of a decade-long research and development phase to bring the lower-emission engines to the United States. Company officials say the effort has taken millions of dollars, more than 50 million test miles and 300,000 hours of testing. 6-17

Rayzor housing plan On Wednesday, Denton city council members approved the Rayzor Ranch’s developers request to replace an approved site plan for the project’s southern portion with a conceptual plan. They also passed more

The bank holding a $24.6 million lien against Golden Triangle Mall has opted to foreclose on the property, officials said. New York-based Feldman Mall Properties Inc. will continue to operate the 765,000square-foot mall until the property is sold, said Matt Ludemann, general manager of the mall. Feldman purchased Golden Triangle in 2006 for an estimated $40 million. The mall’s foreclosure posting was the highest-dollar posting in Denton County since November 2008, according to the Addisonbased Foreclosure Listing Services Inc. 6-19

Economy still troubled Indicators show the economy is recovering, but the effects of a troubled residential real estate market could linger for some time, officials said. The local unemployment rate improved slightly in May, as Texas employers added 43,600 jobs, according to data released Friday by the Texas Workforce Commission. Meanwhile, the number of residential foreclosure postings reached a seven-month high in Denton County, with 715 posted for July’s upcoming auction, according to information released Friday by Foreclosure Listing Service Inc. 6-21

Gas code revisions The Denton City Council met last week to discuss ongoing revisions of the city’s gas drilling | CONTINUED FROM PAGE 16

15 Denton Business Chronicle

Dec. 10

| CONTINUED FROM PAGE 15

Denton Business ordinance, which officials say are Chronicle vital to protecting residents

Dec. 10

from noise and pollution associated with urban gas production. A public hearing and vote on the first phase of changes is scheduled for July 20, after a summer council recess, meaning companies have a month to file permit applications under the current rules. 6-24

A-train hours slashed? Denton business and community leaders say the Denton County Transportation Authority’s proposed plan to slash night and weekend rail service from the A-train rail line schedule likely will stunt the city’s economic growth. The passenger rail line, which is scheduled to open next summer, had been touted for years as being the gateway to the proposed arts corridor on Hickory Street and has fueled recent business development in that area.

Fry St. improvements The Planning and Zoning Commission voted 6-1 in favor of amending the Fry Street overlay zoning district for Sterling Fry Street, a mixed-use development proposed for a 4.3-acre block bordered by Fry, Hickory, Welch and Oak streets. The project requires several amendments to the Fry Street overlay district — a set of zoning rules approved in 2000 to guide

redevelopment and preserve the character of a 12-acre area bordering the University of North Texas. For example, buildings in the district are limited to three stories and 45 feet in height, while the developer wants to build apartment buildings up to 55 feet tall and a parking garage up to 60 feet tall.

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Press companies merge Eagle Press merged with Wheeler Press last week, joining services and expertise to become the largest print shop in Denton, company officials said. The newly formed company, Eagle & Wheeler, will operate from Eagle Press’ 10,000square-foot building off Fort Worth Drive.

7-18

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Titus files Chapter 11 Denton-based Titus Transportation LP filed for bankruptcy earlier this month, with officials promising that the company would continue its hauling operations. The Chapter 11 bankruptcy, often referred to as a reorganization bankruptcy, will allow the company to continue its operations. 7/17

Jobless rate up slightly Denton’s unemployment rate rose by seven-tenths of a percentage point from 6.3 percent in May to 7.0 percent in June,

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Marketplace. The restaurant known for its extensive build-your-own-burrito buffet, plans to open by early September, said Charles Hodges, project manager for the development.

Denton City Council members took the first step toward forming a special tax district to pay for downtown improvements — one of the top recommendations in a recent study on ways to improve the downtown area. The council voted 7-0 to approve a “notice of intent” to create a tax increment financing district, or TIF, for about 400 properties in and around the downtown Square and central business district.

7-18

Tomato making return? A weed-filled vacant lot on Fry Street may soon be back in business — and with one of Denton’s most beloved, and missed, local eateries. Mike “Ski” Slusarski and his wife, Becky, the former owners of the Tomato, recently signed a letter of intent with Houstonbased developer The Dinerstein Cos. to lease about 900 square feet of restaurant space in the mixed-use development proposed for the lot. 7-28

Drawn into logo contest PROVIDENCE VILLAGE —

8-4

| CONTINUED FROM PAGE 16

Courtesy image/The Dinerstein Cos.

This artist’s rendering shows what the proposed Fry Street redevelopment project could look like from the corner of Fry and Hickory streets. The proposed layout of the Fry Street project includes a multilevel parking garage surrounded by four-story apartment buildings and ground-level retail shops. Residents of the newly incorporated Providence Village voted to host a contest for their town’s logo. Council member Ernie Law said that while they didn’t have a lot of specifics yet on the contest and requirements for a logo, town leaders felt it was an important step. The town must

differentiate itself from the homeowners association, Law said. 8-1

Historic bank merger Wells Fargo and Wachovia announced a historic merger and integrated their operations

in Texas. Wells Fargo now has more than 700 banking locations in Texas and has become the largest retail bank network in the state with more than 1,000 ATMs, a news release stated. The Wachovia Corp. merged with Wells Fargo & Co. in December 2008.

8-7

Alternative rail hours In response to public feedback, much of it critical, Denton County Transportation Authority officials have crafted four service options for the Atrain rail project. The proposals address the controversial topic of night and weekend service from Denton to | CONTINUED ON PAGE 18

Business Chronicle

Dec. 10

| CONTINUED FROM PAGE 17

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Libby, the Statue of Liberty mascot for Freebirds World Burrito, bursts out from behind one of the restaurant’s walls, with the letters “NT” behind her paying homage to the University of North Texas, on Aug. 15 at Rayzor Ranch Marketplace. implement a 2002 downtown master plan. The plan includes proposed standards for land use, parking, parks, architecture and streets in the downtown area. 8-20

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the council agreed to the extra time. 8-20

Foreclosures reach high Denton County reached a new high in residential foreclosure postings, with 1,972 homes posted for the third quarter of 2010, according to Addisonbased Foreclosure Listing Service Inc. The number of Denton County homes posted for foreclosure increased 10 percent from the second quarter this year, and was 13 percent higher than the third quarter of 2009. Tarrant County saw no increase in foreclosure postings over the previous quarter, while Collin County saw a 3 percent increase and Dallas County a 4 percent increase.

4,467 people looking for work. During the same period, the county’s unemployment rate increased by a tenth of a percentage point to 7.7 percent, with 27,591 people looking for work, according to data released Friday by the Texas Workforce Commission.

Jobless rate inches down Denton’s unemployment rate decreased by a tenth of a percentage point from 7.0 in June to 6.9 percent in July, with

A deeply divided Denton County Transportation Authority board agreed with a staff recommendation to discontinue city-to-city runs by the DCTA Access bus by Oct. 1, voting 6-5 in favor of the change. The move came after an analysis showed that the Access bus, which provides curb-tocurb transportation for seniors and people with disabilities, likely would cost the agency $1.7 million next year without the switch to “zone” service.

La Quinta opens

8-24 8-21

Access limits service

8-22

Officials with La Quinta Inn & Suites and Holiday Inn Express & Suites had a grand opening celebration with door prizes, tours and food and drinks on Tuesday. The hotels are located across from each other off University Drive and North Interstate 35. The La Quinta has been in operation for about a month and the Holiday Inn Express opened in November 2009.

Compressor site eyed Tulsa, Okla.-based Williams Production Co. confirmed Monday that affiliate company Mockingbird Pipeline LP had applied with Denton County for

8-27

DRC file photo

La Quinta Inn & Suites and Holiday Inn Express & Suites are located across from each other off University Drive and Interstate 35. a compressor site on 2 acres within the area Bartonville relinquished during a special meeting Sunday night. Williams spokesman Kelly Swan said the site was surrounded by land already leased for mineral development. Documents filed with the county Aug. 12 show the site is located just west of the intersection of Hawk Road and Red Rock Lane/Porter Road, which

is across the street from a private school. A site plan shows three gas compressors, three separators, a dehydrator and metering equipment. Compressors are used to maintain pressure in natural gas pipelines as gas is transported to market. Some of the highest emissions recorded by state and private inspectors have been at compression stations.

8-28

Labinal buying company Corinth-based Labinal Inc. recently entered into an agreement to purchase Harvard Custom Manufacturing Inc. Labinal, a company of the Safran group, provides electrical wiring systems for aviation, space and defense markets and Harvard, which provides manufacturing expertise and customer service excellence is based | CONTINUED ON PAGE 20

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Learning Express arrives Learning Express, a retailer of educational toys, has opened its first location in Denton County. The retailer leased 3,513 square feet of space at the Flower Mound Town Center, located at the southwest corner of FM1171 and FM2499, according to Ian Pierce, of developer the Weitzman Group. 9-4

Emissions models funded CORINTH — The City Council agreed to spend $4,000 of a $15,000 contingency fund on several natural gas emissions models, to be completed by Sage Environmental. Council members Bruce Hanson and Randy Gibbons, who serve on the committee, said the work should help the group as it rewrites the city’s drilling and production ordinances to protect the health, safety and welfare of residents. Hanson told the council that he’d learned that the Texas Commission on Environmental Quality recently proposed new rules for oil and gas production equipment. The rules, which were unveiled this week, should go into effect in February. | CONTINUED ON PAGE 21

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9-5

Residents speak out

Denton city leaders were bombarded with letters and emails opposing new natural gas drilling regulations in the days leading up to the July 21 vote, a Denton Record-Chronicle analysis found. The correspondence shows the extent to which residents of Robson Ranch, pushed by the developer of the south Denton retirement community, tried to lobby city leaders to exempt the development from new regulations.

Beth Marie’s at UNT A new location of Beth Marie’s Old Fashioned Ice Cream and Soda Fountain has opened at the University of North Texas. The ice cream shop serves 27 ice cream flavors, including Mean Green Pistachio, and will be a miniaturized version of the two Denton stores, said Ben Moses, one of the shop’s co-owners. The other Beth Marie’s locations serve up 65 flavors at a time. 9-12

Loop 288 bridge design

Denton residents may be able to influence the design of a planned pedestrian bridge across Loop 288 near Golden Triangle Mall. The city hosted a meeting at the Civic Center to gather feedback on the proposed bridge, which would allow people to walk, jog or ride bikes over Loop 288 along the Denton Branch Rail Trail. 9-16

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East Hickory Street was repaved and striped in September as part of the Downtown Implementation Plan. maintenance, remanufacturing and testing of equipment at the Denton location, he said. 9-22

Krum’s Amtrak depot The Krum economic development corporation has committed $35,000 to build an Amtrak rail depot in the city, if it can also obtain a federal matching grant. 9-24

Big plans for mall Cencor Realty Services and The Weitzman Group are overseeing Golden Triangle Mall with plans to revitalize the property and bring in more namebrand retailers. Jim Greenfield, Cencor’s senior vice president for property management in the Dallas-Fort Worth area, said the mall has a lot of potential and is already successful, citing its 97 percent occupancy rate and steady traffic. 9-26

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More parking downtown New parking spaces have been added to East Hickory Street, east of the downtown Denton Square. The street previously offered parallel parking spaces. Real estate broker Greg Johnson, who sits on the city’s downtown task force, called the change “a huge shot in the arm” for the growing entertainment district at Hickory and Industrial streets. The project was the first to come out of the city’s Downtown Implementation Plan, accepted by the City Council last month. 10-3

First United branch Officials with First United Bank and the Denton Chamber of Commerce celebrated the opening of the bank’s new branch, located at Rayzor Ranch Marketplace. The new branch, at 2730 W. University Drive, sits across from the Walmart Supercenter. The bank opened for business Sept. 13. 10-6

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Construction on a 20,000square-foot retail and office building at Interstate 35E and Mayhill Road will finish by the end of October, said Kenny Wu, an assistant manager at Jan’s Realty, the building’s listing agent. The building, called Mayhill Plaza, will be planned to suit lease needs and primarily will offer retail space.

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Denton Business Minnesota-based retailer will Chronicle build its proposed 400,000-

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10-7

10-10

Deli coming to Hickory Weinberger’s Delicatessen, a Grapevine eatery known for naming sandwiches after regional celebrities, will soon expand with the opening of its first franchise restaurant at 311 Hickory St. Dan Weinberger opened the restaurant in Grapevine in 2002.

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Which Wich? planned Which Wich?, a national sandwich chain, will be opening a location at Rayzor Ranch Marketplace, along with several other eateries — including Wingstop, Freebirds, Chick-filA, Whataburger, Baker Bros. and Yogurt Story. 10-11

Square mainstay closing Downtown Denton will soon say goodbye to Elements of Design, one of the mainstay retail shops on the south side of the Square. Owners Bob and Joanne Moses are in the process of closing their boutique, known for its

UNT research facility

Staff graphic

Sam’s Club previewed Sam’s Club members got a much-anticipated preview of the new Denton store Wednesday, on the eve of its full-blown opening. The 136,000-square-foot building at 2850 W. University Drive opened inside the new Rayzor Ranch Marketplace.

elegant home accessories, gifts, apparel and jewelry. The final day, which will take place sometime before the end of the year, has not yet been decided.

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Dec. 10

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The University of North Texas is slated to begin construction on a Nanofabrication Analysis and Research Facility next month at its Discovery Park. The $6.4 million project is being funded with a grant totaling more than $1 million from the National Science Foundation and approximately $5.4 million from the UNT system, according to university officials. The facility will allow researchers and students to break down materials and devices to determine the elements that make them most effective.

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from last month, according to a report released Thursday. 10-17

Red Pepper’s no more Red Pepper’s Chinese Restaurant & Club, on Interstate 35E near Lillian Miller Parkway, has closed its doors. A new owner has moved into the restaurant, which will reopen as Italia Cafe. 10-30

Women’s conference Women of all ages from all types of business backgrounds gathered at Texas Woman’s University on Friday for the first Women in Commerce Conference. The Denton Chamber of Commerce, Sally Beauty Supply LLC and TWU sponsored the conference. 10-31

Campus Park purchased

Earlier this month, officials with Marcus & Millichap Real Estate Investment Services announced the purchase of Campus Park, a 192-unit, 564bed student housing property near two universities. The 191,808-square-foot property was completed in 2000 and has four different floor plans, according to a news release. 11-1

Public access channel City staff has recommended that Denton City Council contract with the University of North Texas Mayborn School of Journalism to operate the Denton public access television channel, effective Jan. 1. Both the city’s cable television supervisor and a consultant evaluated proposals from the school and from Texas Filmmakers, a Denton nonprofit media and film organization, and recommended the UNT proposal during a council work session. 11-8

Restaurants popping up The area near the Square will

soon include a new pizza restaurant and a burger joint. Mellow Mushroom and Chef Tim Love’s Love Shack — both new to Denton but already operating in Fort Worth — will be opening on East Hickory Street in the coming year.

and well over the weekend during the historic area’s annual Holiday Open House. Joyce Bertelsen, owner of The Candy Store at 110B W. Oak St., said Sunday was particularly busy with a line waiting outside her door.

11-11

11-19

Two Steppin’ OKs fine

Expanded A-train hours

A Lake Dallas towing company has agreed to pay a $15,000 fine to settle an investigation into state rules violations. Two Steppin’ Towing had faced a fine of up to $63,000 for alleged violations of state towing and vehicle storage rules. As part of a settlement agreement made public Wednesday, the company admitted to violations including paperwork errors, charging excessive fees, and towing from a parking lot that lacked adequate tow-away signs.

Denton County Transportation Authority board members voted 10-2 on Thursday to approve expanded A-train service hours. The expanded service includes operation of the A-train until 11 p.m. on Fridays and midnight on Saturdays. Monday-through-Thursday service will end at 8:30 p.m. Rail service is scheduled to begin in June.

11-14

Clean-fuel trucks On Nov. 5, Peterbilt Motors Co. announced progress in efforts to become more environmentally friendly, with the purchase of 180 trucks to haul liquefied natural gas. The trucks are the clean-fuel models 386 and 367, purchased from Robert Transport, one of Canada’s largest trucking companies.

Foreclosures spike Denton County residential foreclosure postings totaled 7,428 this year, up 10 percent from 2009’s totals, according to a report from Foreclosure Listing Service Inc. The total breaks last year’s record of 6,763, according to Foreclosure Listing Service Inc. 11-20

Jobless rate steady Unemployment for October remained steady in Denton at 6.3 percent and increased only one-tenth of a percentage point countywide to 7.2 percent. 11-21

Grand Buffet closes Grand Buffet, located in the

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Denton’s Jet Works Air Center will be taking part in the Middle East Business Aviation show in Dubai for the first time this year. Jet Works delivered a Boeing 737-300 and three Boeing BBJs to owners in the Middle East and Indonesia after completing extensive interior upgrades. Recap compiled from staff reports in the Denton RecordChronicle. Staff writer Karina Ramírez contributed to this report. DAWN COBB can be reached at 940-566-6879.

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