Weekly Roundup: March 8-12

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Catch up on this week’s top business news here. For daily information, subscribe to our free newsletter, Gulfshore Business Daily, and find archived newsletters at GulfshoreBusiness.com.

 

Friday, March 5

Video courtesy of WINK News

LEE COUNTY, STORES DISTRIBUTING VACCINE SAY THEY CAN HANDLE INLUX OF APPOINTMENTS

So far, only 8.5% of Floridians are fully vaccinated, but can Florida counties and pharmacies handle the influx of vaccines proposed to be available for every adult by the end of May? While no formal plan exists to ramp up vaccination efforts in Lee County, commissioners, the Florida Health Department in Lee County, Winn-Dixie, Walmart and Publix all said they can handle more shots when they get more vaccine. About 100,000 in Lee County have been fully vaccinated. Assuming everyone wants a shot, Lee County has about 500,000 more adults to vaccinate. County leaders say the old airport vaccination site can administer 10,000 doses a day, WINK News reports.

 

Stimulus checks being printed. Credit: WINK News

Thursday, March 4

CALCULATE VALUE OF THIRD ROUND OF STIMULUS PAYMENTS

The third round of stimulus check payments is due out soon now that the COVID-19 relief bill is on its way to the Senate. Lawmakers are hoping to pass it by March 14 before federal unemployment benefits expire. You can look forward to a check if your adjusted gross income is less than $75,000, if you file as a married couple and make less than $150,000 a year, and if you claim any dependents, no matter their age. If you make more than the amounts listed, you may still qualify for a payment. To check if you do, and how much, there’s a helpful tool from investment company Grow that calculates your income, filing status and dependents, WINK News reports.

 

Wednesday, March 3

HERTZ REACHES RESTRUCTURING MILESTONE, FILES REORGANIZATION PLAN

Hertz Global Holdings Inc. has reached a key milestone in the company’s Chapter 11 process by filing its proposed plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court, the Estero-based company announced Tuesday. The plan proposes that Knighthead Capital Management LLC and Certares Opportunities LLC and their affiliates will serve as the plan sponsors and will commit to invest up to $4.2 billion to purchase up to 100% and not less than a majority of the common stock of the reorganized Hertz. If consummated, the proposed investment — together with a new $1 billion first-lien financing, a new $1.5 billion revolving credit facility and a new asset-backed securitization facility to finance Hertz’s U.S. vehicle fleet — will provide the basis for the proposed plan and the funding needed for Hertz to complete its financial restructuring and emerge from Chapter 11 in early to mid-summer. The equity investment will take the form of a direct purchase of up to about $2.3 billion of common equity of reorganized Hertz, together with a commitment to backstop a rights offering for up to about $1.9 billion of common equity in the reorganized Hertz, which will be made available to unsecured creditors as part of the plan. The proposed plan is subject to court approval and due diligence.

 

Tuesday, March 2

One Naples rendering courtesy Stock Development

COLLIER COUNTY COMMISSIONERS AMEND LAND-USE PLAN TO ALLOW ONE NAPLES DEVELOPMENT IN NORTH NAPLES

After a marathon special meeting Monday, Collier County commissioners voted 4-1 to amend the county’s growth management plan and rezone property to allow construction of One Naples, a high-rise condominium mixed-use development with a parking garage, restaurants and some retail/office space on the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive in North Naples. The public hearing, which began at 9 a.m. and stretched until after 8:30 p.m., featured testimony on both sides of an emotionally charged issue. “This is the most controversial and probably the most important issue we’ve had before us for many, many years,” Commission Chair Penny Taylor said before voting against the project because county staff was blindsided by 11th-hour changes presented by Naples-based Stock Development. The developer reduced its proposal to two 12-story towers with a total of 140 residences over a two-story parking garage. The developer also announced Monday that it was purchasing DaRuMa Japanese Steakhouse & Sushi Lounge, which had been a holdout in the center of One Naples. Stock plans to convert the 30-year-old restaurant into green space in the 6-acre development. Speaking out against the overall project were individuals and community groups such as Save Vanderbilt Beach, which oppose it because of compatibility reasons involving density, height and traffic concerns. 

 

Monday, March 1

Video courtesy of WINK News

MORE FLORIDIANS WILL BE ELIGIBLE FOR COVID-19 VACCINE SOON, GOVERNOR SAYS

More people will be eligible for a coronavirus vaccine this month, Gov. Ron DeSantis announced as the state will likely lower the age restrictions in March. DeSantis said he wants seniors 65 and older who want a vaccine to get the vaccine first, but he said he plans to lower the age to 60 some time this month. This comes after DeSantis’ earlier announcement that teachers and law enforcement officers would be able to get vaccinated at federal sites. Meanwhile, dozens of seniors in Lee County received their first dose last week after the weather-delayed vaccine shipments for a week, WINK News reports.

 

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