Green shoots of Spring? Bank reports 2012 profit
Another sign that Bend and Central Oregon are clawing out of a deep recession hole might be found in the recent 2012 earnings report for locally- based Bank of the Cascades.
In the depth of the economic curve the bank was under federal scrutiny of its reserves and required an infusion of investor capital from a major shareholder.
But for 2012 the Bend-based bank has reported net income of $6 million, including $1.3 million in the fourth quarter.
The profit is still far from the more than $35 million net in 2006 as the real estate bubble inflated along with the bank’s real estate loan portfolio. In 2010 the bottom line was more than $47 million in the red.
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Bend gets extension on UGB plan
“Kicking the can down the road” has become an overused turn of phrase with the rolling federal budget and deficit debate.
It could be argued the cliche applies to the City of Bend’s continuing effort to come up with an urban growth plan that satisfies state officials.
The city recently received a 4-year extension from the state Land Conservation and Development Commission to correct an earlier plan for expanding the urban growth boundary (UGB) by 8,500 acres, which the commission rejected in 2010.
Bend had pleaded with the LCDC that the additional time was necessary to synchronize the UGB update with long-term fixes to its water and sewer systems, both delayed by budget constraints and political considerations.
State land use law requires municipalities to develop 20-year plans to provide adequate acreage for growth. The state has previously maintained that Bend’s plan should have given greater consideration to undeveloped infill land within the existing UGB and that it lacked sufficient density to avoid urban sprawl.
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Lodging construction begins at Tetherow
After several years plagued by shifting multiple owners and a bad economy, construction could begin in April on lodging facilities that were part of the Tethereow golf-oriented resort’s original master plan.
A key investor-owner of the existing clubhouse and 18-hole links style golf course said initial construction would include two hotel buildings with 50 rooms, 24 in one and 26 in another. Altogether the state requires a minimum of 150 overnight rooms but Tetherow has received extensions from Deschutes County to meet that goal.
Chris Van der Velde, an owner of the Tetherow clubhouse and golf course along with about 100 lots, has been the key public face of Tetherow during a difficult few years.
His group is one of four with interest in various Tetherow components. They include publicly-traded iStar Financial of New York, Joe Weston of Portland and Virtual Realty Enterprises of St. Louis.
Tetherow was originally planned by Bend developer Don Bauhofer, who has relinquished much of his ownership. iStar now controls more than 150 unbuilt lots in the project which could include more than 350 residential homes.
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Up up and away...
After a lapse of several years it now appears that Central Oregon will again have nonstop daily roundtrip flights to the Los Angeles area.
Roberts Field and economic development officials announced March 25 that a goal of $350,000 had been collected in an effort to secure commercial flights by American Airlines.
The carrier had required the guarantee as a condition of beginning the Redmond to LA service, which would be the first to the Calfornia metropolis since Horizon Airlines ended the route in 2010 after four years.
While not yet assured, the fund raising is a major step. The $350,000 would be part of a $1.2 million package that includes marketing the route, guaranteeing revenue to offset expected early losses and waiver of airport landing fees. Of that $500,000 is from a federal Small Community Air Service Development grant.
American has yet to make an formal announcement of the service, rates or time of the flights. But service could begin for the critical summer tourist season if the airline moves ahead.
The region also has nonstop daily roundtrip flights to Portland, Seattle, San Francisco, Salt Lake City and Denver through Horizon, Delta and United Airlines or their affiliates.
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