Daily Record Financial News &
THURSDAY, JANUARY 19, 2017
Vol. 104, No. 048 • oNe SectioN
‘I want to do some things and have some fun ‘
Bailey ready for next steps, not retirement
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Bakery and bar planned on Bay
By Marilyn Young Editor
BAILEY
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The former Dive Bar and adjacent tattoo parlor Downtown are slated for renovation into the Live Bakery and Bar. The Downtown Investment Authority approved a retail enhancement grant in December for the project at 327 and 331 E. Bay St. The CEO of that project has applied for a certificate of use for the business and the city is reviewing a permit for contractor Nialvi LLC to renovate space there. Owner John Ferra said Monday the bar area would offer seafood, such as oysters and crab legs, and operate more as a sports lounge. He expects to open about 4 p.m. and close late. The bakery side focuses on his mother Maria’s specialty. “My mother has been in the bakery business and we’ve been doing this for 20-something years,” he said. Ferra Bakery Inc. is based at 5570 Florida Mining Blvd. S. Ferra said he hopes to open in two or three months, but that depends on approvals and construction. According to the DIA staff report, the project will redevelop about 4,600 square feet of the first floor of the two-story buildings. It said Live Bakery is an offshoot of Maria’s Bakery, a Greek-based bakery established in 1996 by the Ferra family. MATHIS
Jim Bailey, publisher of the Daily Record for 41 years, sold the newspaper to Matt Walsh, CEO and owner of Observer Media Group Inc. Bailey, shown in 2012, remains on the paper’s masthead as publisher emeritus.
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Tuesday night brought a first for Jim Bailey. When his youngest daughter shared the dates for an upcoming event at Penn State University, Bailey didn’t hesitate. There was no checking his calendar, no assuming his wife, Donna, would handle the arrangements. Instead, he immediately sent a text to his daughter saying, “We’ll be there.” It was a good feeling, said Bailey, publisher of the Daily Record since 1975. One he’s planning to experience more often. Wednesday morning, Bailey gathered his staff to announce he had sold the 104-year-old family newspaper to Matt Walsh, CEO and owner of Observer Media Group Inc. in Sarasota. Over four decades, the third-generation owner piloted the Daily Record from hot type to computers, through good and bad economic times and into the internet age. It required long hours, including many nights of sleeping on a light table early in his career. Coupled with his staunch dedication to the community, Bailey routinely piled up 60 to 70 hours a week. “I don’t recall any time he was asked to participate and he turned anybody down,” said City Council member Bill Gulliford. “He’s a great asset.” Fourth Judicial Circuit Chief Judge Mark Mahon called him “an icon in our community.” Bailey said he will remain active in the city, including continuing as chair of the Downtown Investment Authority. He’ll also pursue business consulting and investment opportunities. It took finding the right buyer that would protect his family’s legacy for Bailey to make the decision to move on.
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Optimism for CSX after challenges
By Mark Basch Contributing Writer
Bailey presented legendary attorney Charles Towers Jr. with the Daily Record Lawyer of the Year award in 1989.
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Bailey and his wife, Donna, whom he described as a “real inspiration.”
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After a challenging 2016 when CSX Corp. worked to cut costs as freight volumes declined, Chairman and CEO Michael Ward is looking forward to the new year. “I’m feeling much more optimistic about what ‘17’s going to produce for us,” Ward said in an interview Wednesday after the Jacksonville-based railroad company’s fourth-quarter earnings report. His optimism includes the economic trends heading into 2017 and possible policy changes from the new presidential administration. CSX late Tuesday reported fourth-quarter earnings of 49 cents a share, a penny higher than the fourth quarter of 2015. However, the 2016 fourth quarter, which officially ended Dec. 30, was a week longer than the 2015 fourth quarter, and the extra week increased earnings by 3 cents a share. Ward said the extra week is a quirk in CSX’s fiscal calendar, which happens every CSX CONTINUED ON PAGE 2
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