The Gate Arty Blog - September 2008 Archive
Lake Mirror Classic Auto Festival
Tuesday, September 30, 2008 - By Gate Arty
As you will see with the current slate of events (and another REALLY BIG upcoming event that I have yet to tell you about) October is choc’ full of fun & activities! The weekend of October 17th thru the 19th offers up the 2008 Mercedes-Benz Lake Mirror Classic Auto Festival. Festivities will be held in Historic Downtown Lakeland with picturesque Lake Mirror being the backdrop.
The annual event revs up with a festive opening on Friday night October 17th with the Budweiser Hot Rod Rendezvous, which benefits Junior Achievement of Polk County. This kick-off to the weekend’s festivities is a FREE open-air concert and party held at the Lake Mirror Amphitheater. Typically well over 10,000 people attend enjoying good old’ Rock & Roll tunes, great food, and fierce cars. The high point occurs when the band takes a breather, & all the hot rods rev up their engines & create some sweet music of their own!
The main signature car show is held on Saturday, October 18th at beautiful Lake Mirror Park and throughout Downtown Lakeland. The 9th annual Mercedes-Benz Lake Mirror Classic Auto Festival is one of the most scenic and popular classic car events in the southeastern United States. This event is expected to showcase over 500 automobiles and 35,000 spectators. Hundreds of classic and collectible vehicles including Street Rods & Custom cars will be displayed on the streets of Downtown Lakeland on Saturday. The cars are assembled in groups of similar makes and models in a 16-block area of downtown. This leg of the event is also FREE to the public. Registrants who arrive early on Saturday morning will be treated to complimentary breakfast. A full breakfast buffet will be served in the Magnolia Building overlooking Lake Mirror Park from 7:00am and 8:30am.
If you are hungry during the event, swing by The Lemon Street Promenade. This will be the main “Vendor Row.” You’ll find souveniers, displays, & food. Local car dealers will also be showcasing their newest models here. Live entertainment will be performed throughout the day at the Lake Mirror Amphitheater and at various locations in Downtown Lakeland.
A popular feature at the Lake Mirror Classic is the distinguished group of classic wooden boats moored along the ornate 1920’s-era seawall of Lake Mirror. The classic boats present a stunning display adjacent to hundreds of classic automobiles. Accompanying the wooden boats will be a group of Amphicars, which are planning an exciting 1:00 PM “splash-in.” You really do not want to miss this, so plan on being there early!
Later Saturday evening, the Magnolia Building at Lake Mirror Park will host The Mercedes-Benz Banquet honoring stock car legend Bobby Allison. The catered dinner will be followed by an entertaining recounting of some of Bobby's greatest moments in motorsports. Tickets are $65 per person.
The Lake Mirror Classic will conclude on Sunday morning with a fun road rally over the back roads of central Florida. Brunch will be served and prizes distributed at the rally's conclusion.
See you there!
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Sunday, September 28, 2008 - By Gate Arty
October’s First Friday event in historic Downtown Lakeland occurs 10/03/2008. This month’s theme is “ART WALK.” There will be an art show, “Oncology on Canvas,” featuring artists from all over the world. The featured artists are cancer patients, their families, & health care providers. Attendees can vote for their favorite sculptures along the Lemon Street Promenade, and there will be an opportunity to showcase your own artistic talents on a community canvas along Kentucky Avenue. Don’t miss shows & performances in Munn Park, the classic car show along Tennessee Avenue, and the many shops that stay open late for the event. In conjunction with the event, art galleries in Downtown Lakeland will host art receptions.
Lakeland Sightseeing and Segway Tours
Sunday, September 28, 2008 - By Gate Arty
If you would like to do some sight-seeing in Lakeland & but want something with a bit more pace than the Historic Walking Tour of Downtown Lakeland? I have just the thing for you! How about combining a sight-seeing tour with the fun of zipping around on a SEGWAY scooter? Now we're talking!
“We have such a beautiful city,” says Luna. “Segway tours will be a big draw for folks from all over the state who are looking to ride Segways and take tours. “It takes about five minutes to get the hang of it. I’ve had all ages on Segways, from 16 to 85,” Says Dave Holzapfel owner of Segway of Central Florida.
The cost is $48 per person. Riders must be at least 16 years of age & at least 100 pounds. There are Historic tours, lake tours, & much more. Contact Segway of Central Florida for additional information or call (352) 383 9900.
Downtown Lakeland Historic Walking Tour
Saturday, September 27, 2008 - By Gate Arty
Interested in learning more about Historic Downtown Lakeland? Historic Lakeland, Inc. & the Downtown Lakeland Partnership offer FREE monthly Historic Walking Tours. Each tour is limited to approximately 30 people, so sign up early! Each month offers a different tour. Tours begin at Munn Park beneath “the arch.” See you there! To sign up click HERE.
Chase acquires Washington Mutual
Friday, September 26, 2008 - By Gate Arty
After months of speculation, Washington Mutual became the largest U.S. bank to collapse to date. Although WaMu shareholders have no reason to celebrate, those at JP Morgan Chase seized an opportunity. Chase bought WaMu’s $307 billion in assets and $188 billion in deposits for a mere $1.9 billion, which actually goes to the FDIC. The bank will also re-capitalize by selling some of its stock to raise $8 billion. JP Morgan Chase will now have 5,400 branches in 23 states. Wall Street’s reaction was positive on news of the acquisition, while shares advanced 10%. Investors believe the company continues to scoop up assets cheaply that will eventually provide substantial shareholder return. Once again, proving that those properly positioned in this market will succeed & seize investment opportunities. Top-to-bottom, investors large & small will buy assets that will eventually increase in value.
Market Turmoil
Wednesday, September 17, 2008 - By Gate Arty
The recent turmoil in the financial markets has been nothing but staggering. Storied institutions such as Bear Stearns and Lehman Brothers are essentially gone. Merrill Lynch was scooped up by Bank of America for a song. The US government has come into rescue Fannie Mae and Freddie Mac, but it figured at some point there is a risk of doing too much bailout.
What does all this mean for the real estate industry?
Get ready for more wild rides. Now that equity markets have proven an unsafe and risky investment, more and more real estate investors will be coming out to play. And now that financial institutions are filing for bankruptcy, this will setup even greater liquidation among those real estate assets.
Which means that more wealth will be created for some individuals now than ever before, and frankly this type of wealth creating wasn't even possible when things were considered "good." Sure things are plain awful out there for some investors, but for others this is the opportunity that comes around only once a decade, or perhaps a century. The only thing that resembles this is the S&L crisis in the 1980s, where 747 savings and loan associations failed.
Will there be more government subsidized bailouts? Many are asking why Lehman Brothers was not rescued. Well, enter the economic concept of moral hazard.
Let me ask you a question. Have you ever bought rental car insurance? You know, after you pay for it you feel a little free when your driving someone else's car, right? I know with rental cars I love to take the corners sharper, gun the engine, and basically get “my monies worth,” knowing full well that if I bang up the car, I've got nothing to lose (other than my health if I bang it up too much!). Now please don't forward this e-mail to Avis and get me on their blacklist!
Same concept for the government. They bailed out Bear Stearns. They bailed out Fannie Mae and Freddie Mac. But if they were to bail out yet another financial institution, particularly one that we can all live without, there would be a sense of carelessness that would encourage future speculators.
So what's the story here? In this case, the government wants them not to intentionally cut off their toes, but rather if they see gangrene they go to the hospital rather than awaiting their financial windfall. Lehman Brothers financial woes, due in large part to bad bets on real estate and its related securities, means that the economy is frankly in worse shape than many think. There will be more collateral damage. Lehman's unwinding will cause damage to other financial institutions as inevitably the interest rate swaps (which the Wall Street Journal reported may run into the millions) and other financial instruments affect other institutions, too.
The Housing and Economic Recovery Act of 2008 & FHA
Wednesday, September 17, 2008 - By Gate Arty
The Housing and Economic Recovery Act of 2008 (HERA) is beginning to be implemented by FHA. As of October 1, 2008 HERA will mandate FHA to require a minimum of 3.5% in down payment, up from the current 2.25% down payment. Accordingly, mortgages with new FHA case numbers assigned on or after January 1, 2009, will require a down payment of 3.5% of the lesser of the appraised value or purchase price, PLUS ANY CLOSING COSTS TO BE PAID BY THE BORROWER. The seller will still be able to pay up to 6% of the sale price towards the borrowers closing costs and prepaids. FHA does allow gifts from relatives and government down payment and/or closing cost assistance (Keystone/SHIP), but no longer allows seller-funded down payment assistance (Nehemiah and Ameridream) as of October 1, 2008.
Asset Protection & the FDIC
Wednesday, September 10, 2008 - By Gate Arty
After the failure of IndyMac Bank, many people have wondered how safe their accounts really are. While the Federal Deposit Insurance Corporation (FDIC) guarantees most bank deposits, here are some important details to remember.
What types of accounts are covered?
The FDIC protects checking and savings accounts, certificates of deposits (CDs), Christmas club accounts, and money-market savings accounts. However, Stocks, Bonds, and mutual fund shares...even those purchased through an FDIC bank...are not protected.
What are the limits of FDIC insurance?
Bank accounts that have less than $100,000 in them and certain retirement accounts (IRAs held in CDs and money market accounts) that have less than $250,000 are fully protected by the FDIC even if the bank fails. If you want to exceed these account limits, you can keep your deposits fully protected by:
Dividing your money among several different bank companies. Note that dividing your money among several different branches of the same bank does not guarantee full protection. If you prefer to keep your money in the same bank company, you can still be fully protected if you divide your money among various "ownership categories". Ownership categories include a personal account in your name, a personal account in your spouse's name, a joint account co-owned by you and someone else, and a trust account that names someone other than you as a beneficiary.
What are some common ways customers end up with uncovered deposits?
If you purchase a CD through an investment broker, this CD will often be placed with a bank at which you already have an account. If the CD and your other accounts exceed the $100,000 limit, you may not be full protected. Before purchasing CD's through a broker, ask where they will be placed.
In addition, keep track of the interest your accounts earn so you don't exceed the limits this way.
What will happen if your bank fails?
In most cases, depositors can fully access their funds by the next business day. Typically, failed banks are closed on Fridays, and funds are available by the following Monday. People can also usually use their ATM cards and write checks over that weekend as well. And for customers whose accounts exceeded the FDIC limit, all hope is not lost. Though this amount has varied, they can generally expect to recover 70 cents on the dollar of their uncovered funds after the bank's assets are sold.
The good news is that the vast majority of US banks are secure, but the above information will help you stay fully protected. For more information, visit www.fdic.gov.
PLATFORM Art Party
Wednesday, September 10, 2008 - By Gate Arty
Platform Art, Inc is a non-profit organization "committed to cultivating an understanding and appreciation of art in its many forms through production of multiple art events yearly. Platform Art events showcase new and exciting talent in the fields of the visual arts, film, fashion, music and performance, while providing a supportive and stimulating social atmosphere. "
The organization's next event is the Platform Art Party in Florida's Aviation Museum located at 4175 Medulla Road in Lakeland. Each attendee will be treated to free admission to the Air Museum, artwork by 20 Central Florida artists, short films by independent filmmakers, a vintage fashion show with an aviation twist, and a performance by Florida Dance Theatre. There will also be live music performances in the courtyard by scheduled acts: Band Marino and Wendard Jazz Trio.
State of Downtown Luncheon & Silent Auction
Tuesday, September 09, 2008 - By Gate Arty
The Downtown Lakeland Partnership will be hosting the 11th Annual "State of Downtown" Luncheon & Silent Auction on Wednesday October 11th. It will be held at The Lakeland Center, Exhibit Hall West. This year's theme is:
"Downtown Lakeland; Yesterday, Today and Tomorrow"
The guest speakers include:
- W.W. Wolfson, Lakeland native
- John Hutto, President, Downtown Lakeland Partnership
- Jim Studiale, Director of Community Development, City of Lakeland
There will be presentations announcing the winners of the:
- Dudley Uphoff Award
- Golden Swan Award
- The Partnership Award
The cost is $30 per person with corporate tables available for $300. The cost at the door at the venue will be $40. You may make reservations on-line HERE.
Red Carpet Event at Polk Theatre
Sunday, September 07, 2008 - By Gate Arty
The Polk Theatre celebrates its 80th Anniversary with an event being billed as:
Red Carpet Night - A Community of Stars
Polk Theatre is rolling out the red carpet with a very special revue featuring local celebrities & professional entertainers: vaudeville, burlesque, dance, satire! (choreographed by Florida Dance Theatre) featuring the inaugural debut of Opera Lakeland bringing world renown talent to our stage including:
Special guest appearance by America's Tenor, Daniel Rodriguez, New York's 9/11 singing policeman.
Soloists include Won Cho, Kyoung Cho, Liana Valente and Elena Lagalante.
Followed by an alley party featuring live music, food, drink & cash bar.
Start time is at 7 p.m. & prices are as follows:
- $100 (includes VIP seating, pre-show party & alley party)
- $50 (includes prime seating & alley party)
- $25 (includes seating & alley party)
Lakeland Art Festival
Friday, September 05, 2008 - By Gate Arty
If you still have a taste for Downtown Lakeland after the festivities of First Friday, go to the Lakeland Art Festival on September 6th & 7th. J Rowan Galleries will be hosting the event. It will be held on South Kentucky Avenue between Main Street & Lemon Street. Event hours will be 10 am to 5 pm.
First Friday - September
Thursday, September 04, 2008 - By Gate Arty
This Friday - September 5th marks your monthly First Friday event in Downtown Lakeland. September's theme is "Back to School." Designed as a tribute to educators, there will be special discounts from local stores & restaurants for school employees with their employee ID card. Just a few of the promotions include:
- 10% OFF your dinner bill at Harry's
- 5% OFF permanent discount for school staff at Brooke Pottery
- 10% OFF Framing at FASTFRAME all year long
- $5 OFF your $25 or more purchase at Lloyds of Lakeland plus other discounts up to 50% OFF
- 10% OFF any non-sale items at Nathan's Mens Store & 5% extra OFF on sale items
- 10% OFF your purchase at Traditions Unlimited
Just to name a few!
MidFlorida Credit Union will be sponsoring a drawing for $500 shopping spree. That booth will be located across from Harry's at the corner of Munn Park.
Other fun events include a Guitar Hero station at MidFlorida Credit Union along the sidewalk on the corner of Lemon and Kentucky. See how you compare to other residents! As usual, music & entertainment along the streets, & a Classic Car Show on Tennessee Avenue. Stores & restaurants will stay open late.
Disaster Preparation for Business Owners
Tuesday, September 02, 2008 - By Gate Arty
The Central Florida Development Council has created the Disaster Preparation & Business Continuity Planning Guide. The guide contains information relating to business preparation before a disaster and the CFDC’s recovery plan, after the disaster has struck.
The Guide offers:
- Checklist – Before, During, & After a disaster
- Hotlines & Websites for Business Emergencies
- Business Disaster Recovery forms
- Flood Zone Information
- CFDC’s Post Disaster Business Recover Plan
In order to access the Disaster Preparation & Business Continuity Planning Guide, click HERE.
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