Auto Dealer Layout Approved for Waterside

A Chattanooga planning panel on Monday approved a change to a provision that would allow a large expanse of undeveloped land in the Shallowford Road Waterside mixed-use project to be used for auto sales and repair.

Mike Price of MAP Engineers, representing PDB Development and GP & Napier Associates, said the action of the Chattanooga-Hamilton County Regional Planning Commission removes a condition on what is allowed at Waterside with respect to restricting water. ‘a car dealership.

“We think this property is being marketed, it’s something that should be licensed and that would work,” Price said. He declined to comment further.

Near Waterside Interstate-75 is the CarMax car dealership. Waterside owns an Embassy Suites hotel, a Ruth Chris steak house, a Publix outdoor store, REI and other retailers and offices.

Volkswagen and Conservation Fund help protect 1,500 acres

Volkswagen of America and The Conservation Fund have completed a multi-year effort to purchase, conserve and transfer approximately 1,500 acres of land to the US Forest Service for inclusion in the Cherokee National Forest.

Protecting the Land, which includes three separate parcels in the area near Volkswagen’s Chattanooga assembly plant, adds to statewide efforts to help preserve wildlife habitats and resources. cultural activities, improve water quality and provide additional access to recreation and environmental education to the community.

“We are proud of the environmental progress we have made with The Conservation Fund and believe this work is an integral part of our effort to give back to a community where more than 3,800 of our colleagues live,” said Hein Schafer, vice president senior product marketing. and strategy at Volkswagen of America.

The final disposal of the land is part of Volkswagen’s $ 1.25 million donation to the Conservation Fund. The conserved lands, located in Polk, Monroe and Cocke counties, are now open to the public and for recreation, including hunting, wildlife viewing and fishing.

Pinnacle Boosts Third Quarter Profits 23%

The parent company of Pinnacle Bank said on Tuesday that its third-quarter profits rose more than 23% despite a decline in the volume of loans from the Federal Paycheck Protection Program from a year ago.

Pinnacle Financial Partners Inc., the Nashville-based banking company that acquired the former CapitalMark Bank in Chattanooga in 2015, reported net income of $ 1.75 per share for the quarter ended September 30, 2021, compared to earnings net of $ 1.42 for the same quarter. period a year earlier.

“Despite the continuing uncertain economic climate, we continue to experience strong organic growth,” said Terry Turner, President and CEO of Pinnacle. “Our business model continued to serve us well in the third quarter.

Aggregate loans increased at an annualized rate of 2.8% for the quarter. After excluding the impact of the PPP cancellation and repayments of $ 664.2 million, other loans increased at an annualized rate of 15.3%.

“We successfully recruited 32 new revenue producers for our business during the third quarter, and our ongoing recruiting pipelines are as strong as I can remember,” said Turner. “We also remain very excited about our new markets, which include Atlanta, Huntsville and Birmingham, as well as our recent hires in the equipment finance and franchise lending segments.”

Turner said loan growth in 2022 with new markets is expected to grow to double-digit levels.

FDA clears electronic cigarettes for sale

For the first time, the Food and Drug Administration cleared an electronic cigarette on Tuesday, saying RJ Reynolds’ vaping device can help smokers reduce their consumption of conventional cigarettes.

Electronic cigarettes have been sold in the United States for over a decade with minimal government surveillance or research. Facing a legal deadline, the FDA has conducted a thorough review of vaping products to determine which ones should be allowed to remain on the market.

The agency said in September it had rejected applications for more than one million electronic cigarettes and related products, mainly because of their potential appeal to underage adolescents. But regulators have delayed making decisions on most of the major vaping companies, including market leader Juul, which is still pending.

Tuesday’s ruling only applies to Vuse’s Solo electronic cigarette and its tobacco-flavored nicotine cartridges. The agency said the company’s data shows that e-cigarettes help smokers significantly reduce their cigarette consumption.

Although the products can now be sold legally in the United States, the FDA has pointed out that they are neither safe nor “FDA approved” and that people who do not smoke should not use them.

Launched in 2013, Vuse Solo is a rechargeable metal device shaped like a traditional cigarette. The FDA said it rejected 10 other company requests for other flavored products, but did not disclose details. The agency is still reviewing the company’s request to sell a menthol-flavored nicotine formula.

“Today’s approvals are an important step in ensuring that all new tobacco products undergo pre-market scientific evaluation by the FDA,” said Mitch Zeller, director of the FDA’s Tobacco Center, in a statement.

Hasbro CEO dies at 58

Toy and entertainment company Hasbro has announced the passing of CEO and chairman Brian D. Goldner. He was 58 years old.

Tuesday’s announcement comes two days after the Pawtucket, Rhode Island-based company said Goldner was taking medical leave from his role as CEO, effective immediately. It was also announced at that time that Rich Stoddart, most recently the Independent Lead Director of Hasbro’s Board of Directors, had been appointed interim CEO.

The company did not give a cause of death, but Goldner revealed in August 2020 that he has been on cancer treatment since 2014. Goldner has been the CEO of Hasbro Inc. since 2008 and has served as its chairman since May 2015.

– Compiled by Dave Flessner

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