Daily Record FINANCIAL NEWS &
WEDNESDAY, FEBRUARY 15, 2017
Vol. 104, No. 067 • Two SecTioNS
Vote to decide who will run CSX
35¢ www.jaxdailyrecord.com
Those shoes couldn’t help David Wingard jump fences ...
Shareholders to meet on takeover proposal
By Mark Basch Contributing Writer
Under pressure from a former rival CEO and unable to reach an agreement with him, CSX Corp. is going to let shareholders decide who should run the Jacksonvillebased railroad company. CSX announced late Tuesday it will hold a special meeting of shareholders on March 16 to let them vote on proposals made by former Canadian Pacific Railway Ltd. CEO Hunter Harrison to become CEO and install several new directors to the company’s board. The company’s stock price has jumped 30 percent since Harrison retired from Canadian Pacific a month ago and expressed interest in taking over. CSX said in a news release it has “closely observed the market reaction” to rumors about Harrison, who has a reputation for cutting costs and improving operations at railroads. Because of that, the company is calling the special meeting to be responsive to shareholders. The company has had discussions with Harrison and representatives of hedge fund Mantle Ridge, which is working with Harrison. CSX said it would consider CSX CONTINUED ON PAGE A-3
By Max Marbut Staff Writer After the issue simmered for nearly five years, then heated up for more than five weeks, City Council took only an hour Tuesday to debate and then expand the city’s human rights ordinance. By a 12-6 vote, council added protection against discrimination in employment, housing and public accommodation for the LGBT community. About two hours later, Mayor Lenny Curry sent the bill back to council without his signature, but with the message he would not veto the decision. After consulting with the general counsel, council President Lori Boyer declared the new law was in effect immediately. Council member Tommy Hazouri, who sponsored the bill in January along with Aaron Bowman and Jim Love, said the law won’t make Jacksonville a perfect city, but the vote was a step in the right direction. “Discrimination didn’t stop tonight, but we took a giant step forward,” he said. HRO
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But they led him to open an advertising firm in hometown
By Maggie FitzRoy Contributing Writer
Photos by Maggie FitzRoy
Council OKs expansion of city’s HRO
David Wingard
Items of significance on a bookshelf in Wingard’s office include a ball made of rubber bands from the company’s mail.
By the age of 8, David Wingard was already cultivating an interest in advertising. He paid close attention to TV commercials, admiring the creativity involved and became especially loyal to products with impressive packaging. One commercial for Zips shoes excited him so much that he begged his mother to buy him a pair, even though they had to drive all over Jacksonville to find them. In the commercial, the kid put the shoes on and all of
a sudden, Wingard said, “He was running fast and jumping over fences.” But when little David put on his “magical” shoes, nothing happened. He was disappointed, but also intrigued. It was then he realized “it was storytelling.” He learned another lesson as well: “It’s a letdown if the ad doesn’t live up to the promise.” Wingard always knew he wanted to pursue a career in advertising. In 2008, he launched Wingard Creative, as a one-man design shop. He now has a WORKSPACE CONT INUED ON PAGE A-7
Economic indicators favorable for 2017
It’s not your imagination. Retailers, restaurants, shopping centers, warehouses, apartments — especially apartments, it seems — and even some office buildings are coming out of the ground in Northeast Florida. In 2016, groundwork was laid for much of what you will see opened and operating by the end of this year. “Nearly all the relevant economic indicators are favorable,” said Colliers International Northeast Florida in its year-end 2016 Investment Research & Forecast Report. Those indicators, such as job and population growth, drive the economy and the need for commercial real estate development and investment.
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They remained strong last year and area real estate companies largely see a healthy 2017. In fact, Colliers found those indicators were on par or better than the last peak in 2008, before the economic crisis and the Great Recession of 2007-09 fully settled in. But is that cause for alarm? With 90 consecutive months of growth, Colliers
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reminds us the U.S. economy has experienced an expansion that is two years longer than the average since World War II. Colliers said some economists warn “the end is near.” But Colliers disagrees. It contends new development will be highly disciplined and localized, driven by tenant demand. “We are expecting a strong 2017,” it said. Other local commercial estate firms said much the same in their 2016 reports. Avison Young, CBRE, Cushman & Wakefield, JLL, NAI Hallmark Partners and other companies measure their data differently, but all found large pockets of strength and opportunity in Northeast Florida. MATHIS CONTINUED ON PAGE A-4
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