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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Business in brief: Spokane lands $250,000 for University District

From Staff And Wire Reports

A new state program is providing the city of Spokane with $250,000 to help with revitalization of the University District east of downtown.

Spokane is among 12 cities, including Kennewick, Tacoma and Wenatchee, that will receive the money as part of the Local Revitalization Funding Program adopted by the Legislature this year.

Spokane’s first grant likely will be used for building a visually appealing Division Street “gateway” off Interstate 90 as motorists come toward Trent and the Riverpoint Higher Education Park.

A second use, in the city’s University District, could be a bicycle/pedestrian bridge over railroad right of way near Sherman Avenue.

The program is meant to stimulate urban efforts to improve commercial and residential development. The state money comes from a share of state sales tax generated in the community.

Chrysler to offer 2010 models as it resumes lease program

Detroit – Chrysler Group LLC is getting back into the leasing business in an effort to boost sales, but don’t expect a return to the inexpensive lease deals of the past.

The automaker announced in a statement Wednesday that it will resume leasing for all 2010 Chrysler, Dodge and Jeep models starting today, and it will offer some special deals on selected vehicles through Sept. 30.

Chrysler brand CEO Peter Fong said in the statement that leases will give more options to consumers and will be competitive with the U.S. auto market.

But the market isn’t as competitive as it once was. As recently as last summer, automakers were using cheap lease deals to clear dealer lots of unwanted cars and trucks. But now most automakers have cut factory production to match lower sales, and most have record-low inventories.

Positive economic news bolsters energy market

New York – Energy prices jumped sharply Wednesday on new indications of economic activity that could renew demand for oil, gasoline, and natural gas.

Benchmark crude for October delivery settled up $1.58 at $72.51 a barrel on the New York Mercantile Exchange. On Tuesday, the contract rose $2.07 to settle at $70.93.

Natural gas prices continued their recent tear after hitting a seven-year low this month, rising more than 13 percent Wednesday.

Newspaper union rejects pay cuts, jeopardizing sale

Chicago – Unionized workers in the Chicago Sun-Times’ newsroom have rejected demands for deep pay cuts and work-rule changes, putting at risk a planned sale of the financially struggling newspaper to an investment group.

STMG Holdings LLC, led by Chicago banker Jim Tyree, wants several concessions from the Sun-Times Media Group Inc.’s 18 unions, without which it will not go through with the deal to bid for the company in a bankruptcy auction.

Members of the Chicago Newspaper Guild were asked to lock in for at least three years the temporary 15 percent wage cuts imposed this spring. Other demands included wiping out seniority rules and reducing severance guarantees. The union rejected those demands 83-22 Tuesday.

Sun-Times Media Chairman Jeremy Halbreich has told workers that a rejection will mean the end of the company. Tyree has said he won’t walk away from the bid until Sept. 29, but said he doesn’t want to get into negotiations over the issues.