Des Moines Business Record Daily

March 8, 2004 In association with WHO-TV 13-www.whotv.com

More downtown projects

The Des Moines City Council will vote tonight on two projects that would bring more parking and additional rental housing to downtown.

The city has been working on a deal with Employers Mutual Casualty Co. for the insurer to build two eight-level parking garages - one for its employees and one that the city would acquire through a lease-purchase agreement. Under the proposal, the city would demolish its existing garage at Eighth and Mulberry streets and then sell the block to EMC for construction of the new garages.

The deal would allow EMC to replace surface parking it will lose from selling two nearby surface parking lots to Wells Fargo Financial for its downtown expansion, and provide EMC employees with covered parking directly across the street from their building.

The city garage would provide primary parking for tenants of the Financial Center as well as the Midland and Fleming buildings. EMC's board of directors is expected to approve the contract when it meets Wednesday.

The city will also consider providing a $1.1 million loan for a developer to convert the Kirkwood Civic Center Hotel into residential apartment units. Joe Coppola, a principalin the investment group that owns the hotel, said the developer it has chosen, Metro Engineers Inc. of Omaha, will completely gut the interior of the hotel from the third through 12th floors to build at least 63 one- and two-bedroom apartments. Coppola said he plans for the units to rent at market rates, from $850 to $1,100 per month. Construction on what's estimated to be a one-year project could begin by early summer, Coppola said.

The $13.1 million project would be the first in Des Moines for the Omaha-based developer.

Meredith report

Merrill Lynch is raising its price objective for Meredith Corp., the Des Moines-based publisher of Better Homes and Gardens, by $2 to $56 per share according to Merrill Lynch analyst Karl Choi's recent report on the Meredith, "A Well-Mapped Out Growth Strategy." Meredith affirmed the current earnings estimate of 62 cents per share for the fiscal third quarter and $2.09 for fiscal year 2004. In January, Meredith had affirmed an estimate of 61 cents forthe third quarter, and $2.07 for the year. There could be "an upside" to the estimates, Choi wrote, in part because "we are only projecting a small increase in political spending in 2002, although MDP's stations have improved their ratings and increased news programming during that period." Meredith stock rose 36 cents to $51.52 in midday trading and has risen 34 percent in the last 12 months.

Ticker

Dorothy Roberts, a Northwestern University Law School professor, will present "Feminism, Racial Justice and Child Welfare Policy" at 7:30 p.m. tonight in Bulldog Theater in the Olmsted Center, 29th Street and University Avenue. Her speech is free and open to the public. For more information, call (515) 271-4586.
The Hawkeye chapter of the International Association of Administrative Professionals will hold a networking reception to welcome prospective members from 5:30 p.m. to 7:15 p.m. March 10 at the Crystal Tree Restaurant, 6111 Fleur Drive. For more information, contact Lori Bevington at 248-3882.
Drake University's chapter of Students of the Academy of Pharmacy will provide free diabetes screenings from 2 to 6 p.m. March 12, at the Walgreen Drug Store at 3030 University Ave. Fasting for eight hours prior to the screening is suggested. For more information, call (515) 279-2261.
Correction: The Venture Network of Iowa forum March 11 will be Web cast for the first time. It willalso be broadcast on the Iowa Communications Network.

LOCAL NEWS compiled by the news staff of WHO-TV 13.

WHO Top Stories

A Warren County teenager is being charged with killing his stepfather this morning after fighting over livestock. John Campbell, 62, had been missing since Friday afternoon. Search crew found his body in a wooded area about a quarter of a mile away from his family's home in Warren County. Prosecutors say Bradley Hancock, 16, shot Campbell to death Friday afternoon after the two argued over a family horse. Hancock will be arraigned at the Warren County Courthouse later today.

Vice president Dick Cheney is in town today campaigning for Stan Thompson, a congressional candidate in Iowa's third district. Cheney and his wife, Lynne, are set to appear at a luncheon at the Embassy Suites on the River. If you'd like to attend, you can purchase tickets, at $250 each, by calling (515) 956-3403, Ext. 247.

Twenty Iowa National Guard soldiers return from Afghanistan today. A welcome-home ceremony will be held in Knoxville. The 3654th Maintenance Company is wrapping up a year of active duty. The entire unit will return to Iowa at a later date.

WHO Weather Forecast

Des Moines Weather: Today, a high of 54 with sunshine and a slight breeze. Tomorrow expect more of the same. On Wednesday, we could see rain in the afternoon.

DAILY STOCK UPDATE