ENGEL

Jan. 26 Aquesta Bank is back in the black. CEO Jim Engel said the bank's unaudited operating income for the fourth quarter of 2011 was $78,000 compared to net income of $2,000 for the same quarter of 2010. Net interest income for the fourth quarter of 2011 increased to $1.8 million from $1.6 million. The increase was largely due to improved net interest margins, but loan volume declined amidst a weak economy. At the same time, Aquesta had set aside a total of $1.8 million in loan loss reserves at the end of 2011, compared to $1.2 million set aside at the end of 2010.

Engel said Aquesta has hunkered down because of the economy. 

"We had a rough patch in the third quarter and really decided to reduce our cost structure. We took a hard look at our loan portfolio to see if they are all priced correctly," Engel said, explaining that the bank is prepared for slow growth in 2012 and 2013.

TARTE	PERDUE	McCRORY

Jan. 26 Cornelius Mayor Jeff Tarte says the fact that Gov. Bev Perdue will not seek re-election throws a whole new light on former Charlotte Mayor Pat McCrory’s plans to run for governor. “She was a slam dunk to beat,” Tarte said, explaining that the incumbent Democrat has “significant problems she has to deal with which will take her attention away from running, prevent her from being able to focus on her re-election campaign.” Tarte, who plans to run for newly created N.C. Senate District 41, said McCrory will have to alter his campaign strategy to run against a Democrat who is likely to be more popular than Perdue. “He has been preparing to run against Perdue,” Tarte said, “so it will take homework to redirect his campaign message.” Among the most feared Dems in the wings: N.C. Attorney General Roy Cooper who was ultimately responsible for dismissing the case against the Duke University lacrosse team players, declaring them “innoncent” and victims of a rush to judgment.

FOR TEXT OF PERDUE'S LETTER SAYING SHE WILL NOT RUN, PRESS THE FULL STORY LINK

Jan. 24 The head of strategic planning for Norfolk & Southern has let the NC Department of Transportation know that the railroad has grave concerns about plans for the $452 million Red Line from Charlotte to Mooresville near the Lowe's corporate campus.

"As I explained in our meeting, Norfolk Southern is concerned that the proposed Red Line project may now be fundamentally incompatible with Norfolk Southern's potential future use of the line and our ability to grow our business in North Carolina," John Edwards, general director of passenger policy and strategic planning, said in a letter to Paul Morris, the deputy secretary of the NC Transportation Department.

That NorfolkSouthern has serious doubts that freight and passenger service can co-exist calls into question the validity of the process, Cornelius Mayor Pro Tem Lynette Rinker said. 

TARTE

POINT: "It is difficult to understand why NS was not contacted sooner to bring them in as a partner in the development of the rail line.  As we don't know where NS will come out in their analysis of the line, we are going to continue our fact finding and analysis albeit with some additional concern as to the depth of the plan's development."
--Cornelius Mayor Jeff Tarte

GILROY

COUNTERPOINT: "Utterly unbelievable! Iredell County Chairman’s description of all this as “cockamamie”, “insane”, and a “fairy tale” are proven even more accurate… NC DOT should be utterly ashamed for this waste of time and money. We need to widen I-77 and seriously plan and develop a 21st century rapid bus transit system."
--Dave Gilroy, Cornelius Town Commissioner

Excerpts from Jan. 16 Letter from John Edwards, Norfolk Southern's general director of strategic planning, to Paul Morris, deputy secretary of transit for the NC Transportation Department:

"As I explained in our meeting, Norfolk Southern is concerned that the proposed
Red Line project may now be fundamentally incompatible with Norfolk Southern's
potential future use of the line and our ability to grow our business in North Carolina."

"Current publicity and discussions indicate that Norfolk Southern has agreed to,
endorsed, or otherwise has consented to the proposed Red Line project, which is
simply not the case.There has been a significant change in the use of the North Carolina mainline between Charlotte and Raleigh that may require the 0 Line to be used as an alternative through-freight route."

To read the entire letter click here.

Neighbors at Jetton and Brigadoon were up in arms Monday night

Jan. 24 Property rights in a multimillion-dollar neighborhood on Jetton Road collided with the concept of adequate compensation for a lost use Monday night at Town Hall. Steve and Lisa Haimbaugh rent their $1.2 million home on Jetton Road for $5,000 a week in the summer, generating $50,000-plus a year in revenue.

It violates the town’s vacation rental ordinance, but it allows the Haimbaughs to make their mortgage payment. Paul Duke, whose $1.975 million home is next door, asked that the town uphold the ordinance vacation rental ban, which would force the Haimbaugh’s close down what amounts to a bed and breakfast in February, when a three-year grace period comes to an end.

Mr. and Mrs. Haimbaugh asked the town for a 30-year extension because they wanted the rental income from the property to cover their investment.

ANERALLA

Jan. 21 N.C. Senate hopeful John Aneralla, a conservative Republican who has lined up endorsements from Cornelius Town Commissioners Lynette Rinker, Chuck Travis and Dave Gilroy, reports that he has $30,000—$4,000 of his own—in his campaign treasury. He has also hired GOP consultant Andy Yates to help run his campaign, which is focused at this point on fundraising and winning the primary May 8. His opponent right now: Cornelius Mayor Jeff Tarte who has lent $50,000 to his own campaign for newly created District 41 in the state senate. Yates has worked on Robin Hayes' successful re-election campaign for U.S. Congress, as well as races for governor, county commissioner and district court judge.

Town to Mr. Harlan: Tear down that wall

A war of words and wills is under way in downtown Cornelius.

Property owner Ralph Harlan, the owner of a  commercial building at 21314 Catawba, says the town is taking a hard-line approach to his efforts to restore the brick building to the way it was when Cornelius was becoming a bustling mill town.

Harlan, who is doing the restoration work himself, has erected a plywood scaffold to shield pedestrians and cars from debris.

That’s where the battle of words and wills begins. The scaffold is turning into an eyesore, according to town officials.

TARTE

ANERALLA

Jan. 19 Cornelius Mayor Jeff Tarte is putting $50,000 of his own money into a campaign for newly created N.C. Senate District 41, which stretches from Cornelius to Matthews. Tarte, who said the money is a loan to the campaign, is in his third term as mayor of Cornelius.

He already has $75,000 in his treasury, as well as the apparent blessing of N.C. Speaker of the House Thom Tillis, a Cornelius resident. Tarte's campaign manager is Greg Wessling, a Cornelius resident, while Bill Dagit, a Cornelius CPA, is Tarte's campaign treasurer. Tarte said he is running so that he can take his experiences as Cornelius mayor—which featured a consultative, plan-oriented approach—and apply them in Raleigh. Among his focuses would be widening I-77 for the sake of the Lake Norman region; improvements to I-485 for the Matthews area; and education issues for everyone. Jim Duke, the head of the Peninsula Property Owners Association, is endorsing Tarte.

Tarte will be running in the GOP primary against John Aneralla, a conservative Republican who has already lined up an impressive list of endorsements, including Cornelius Mayor Pro Tem Lynette Rinker, current Cornelius Town Commissioners Chuck Travis and Dave Gilroy, as well as past Cornelius Town Commissioner Jim Bensman. Aneralla also has the endorsements of Huntersville Town Commissioners Melinda Bales, Charles Jeter, and Danny Phillips,  Mint Hill Mayor Pro-Tem Lloyd Austin, Mecklenburg County Commissioner Neil Cooksey (District 5), Mecklenburg County Commissioner Bill James (District 6), former Cornelius Town Commissioner Eddie McNeely, and former Davidson Town Commissioner Tim Dreffer.

One local elected official said the contest could be less than pleasant even though both Aneralla, who lives in Huntersville, and Tarte attend the same church in Davidson. Although Tarte is by no means a shoe-in, business leaders were already discussing who could be appointed mayor should Tarte win. Filing for the fall election starts Feb. 13 and runs through the 29th. Party primaries will be Tuesday, May 8. The general election is Tuesday, Nov. 6.

In front of Lake Norman officials, including Davidson Mayor John Woods and Bill Thunberg, executive director of the Lake Norman Transportation Commission, the Iredell board wants names of those who will build along the Red Line.
Jan. 17 Iredell County commissioners didn't derail the proposed Red Line at their Tuesday night board meeting. They just put a herd of cattle in front of the $452 million plan.

After a series of blunt arguments against the proposed commuter and freight service from Charlotte to southern Iredell County, they voted unanimously to withhold support for the "current draft business finance plan," saying "we believe the draft plan will lead to higher taxes for all citizens of Iredell, despite claims to the contrary."

The resolution said Iredell will reject all future Red Line proposals unless the consultants hired by the NC Department of Transportation produce the names of the corporations that will build along the proposed line.

Like Tonya Harding at a sportsmanship convention, the Red Line consultants promptly left the meeting room in Iredell County's historic government building, where "In God We Trust" is emblazoned in stone across the entryway.

"I can not in good conscience hold the taxpayers of Iredell County hostage. In the economic times we live in, I cannot see this as a good investment," said Renee Griffith, a member of the Iredell board. Commissioner Ken Robertson, who said he was "totally out" when it came to supporting the Red Line, declared that Iredell would likely be left holding the bag because it is at the terminus of the Red Line, and therefore most subject to cost over-runs.

He said the nature of commuter rail, coupled with Iredell's highly regarded school system, would bring young families, not jobs. The factories and office buildings that drive ratables would stay in Mecklenburg, Robertson said.

HENDERSON

The Red Line Regional Rail project requires buy-in from all the governments up and down the 25-mile line. Supporters say the line would spur development at each of the commuter stations from Huntersville to Mooresville, as well as "freight villages" that would enhance tax ratables from new manufacturing plants.

Asked if a thumbs-down from the Iredell County Commission meant "game over" for the Cornelius Mayor Jeff Tarte said: "Probably.  There are alternatives but they are difficult at best."

The Red Line, which would extend from Gateway Station near the center of Charlotte to Mount Mourne, near the Lowe's corporate headquarters in Mount Mourne, comes out of years of study and planning for growth. The Metropolitan Transit Commission established a task force in June 2010. With support from the N.C. Department of Transportation, the MTC has asked for intense study right now as well as public hearings, followed by votes up or down in the spring.

Jan. 16 Electric bills in parts of Cornelius served by ElectriCities will be recalculated for June, July, August and September of last year, with adjustments occurring in February, March, April, and May of this year. The adjustment will vary depending on whether a customer is residential or commercial as well as actual electric usage during the summer of 2011. ElectriCities expects billing adjustments to be in the $10 to $25 range a month for most residential customers. Of course, customers with larger usage during those summer months will see greater adjustments, said Craig Norfolk, who runs the electric systems in Cornelius and Huntersville on behalf of the local governments which own the systems.

David Stewart: Plans include parking underneath

By Reid Creager
Jan. 14 A real estate investment group says there are signs of progress in plans for a new building on the site of the former police department in downtown Cornelius. But what may be even more newsworthy is the methodical nature of the process, reflecting new economic realities.

In October, the Stewart Group got permission from the town board for a one-year development period for the proposed 15,000-square-foot site at the corner of Main Street and Catawba Avenue — meaning that actual construction can’t begin until the board OKs the building’s design, uses and how it fits in with nearby buildings. This project will differ from some others in the recent past, utilizing a more incremental approach.