CBJ Business Daily
The day's business headlines in your inbox before lunch, for Tuesday, Jan. 19, 2016.

Compiled by Adam Moore, adam@corridorbusiness.com
John's Grocery to hold reopening celebration Jan. 21 
John's Grocery, an institution of downtown Iowa City's retail scene, will host a reopening celebration this Thursday following its most significant renovation since 2005.

The boutique grocer and liquor store at the corner of Gilbert and Market streets closed shortly after New Year's to allow crews to install new floors and shelves, and redesign the store's main shopping area.

"Basically, for a 168-year-old building, it's in great shape, but every once in a while you've got to replace some bones," Manager Doug Alberhasky told the CBJ just before the store's closure.

The latest remodeling follows the addition of the beer room, beer cooler and current wine room in 2005, and last summer's uncovering of the north-facing windows along Market Street. The windows were boarded up in 1967 after they were shattered by rioters during Vietnam War protests.

The public is invited to the Jan. 21 celebration beginning at 4 p.m. Offerings will include wine, beer and liquor tastings, and food from Erma's Kitchen. The store will also offer patrons 10 percent off everything in the store during the celebration, and donate 5 percent of sales to area nonprofits.
Aegon announces $435 million stock buyback, cost cuts 
 
Aegon stock jumped last week after executives announced the launch of a share buyback program, dividend hike and plans for cost cuts in a bid to improve its profitability and return on equity.

The Netherlands-based parent company of Transamerica in Cedar Rapids will repurchase $435.5 million (€400 million) of common shares in 2016, and cut operating expenses by $217.7 million (€200 million) as part of a plan to meet a target of 10 percent return on equity (ROE) by 2018. Aegon reported a ROE of 6.8 percent in its most recent quarter, and a 7.3 percent year-to-date ROE.

Aegon is planning $150 million in cost savings in the U.S. and about $54 million in the Netherlands, with the cuts to be focused on "management layers," Bloomberg reports.

The company will also increase its dividend by 9 percent, to 13 cents a share.

"I am confident that delivering on our strategy to grow our business profitably, reduce expenses, and return capital to shareholders will enable us to achieve a 10 percent return on equity in 2018," CEO Alex Wynaendts stated in a press release.

The insurer's stock struggled in 2015, dropping sharply in August and November over regulators' concerns about how it calculated its solvency ratio, Bloomberg reports. The company took a $570.5 million (€524 million) loss in November related to changes to its risk model, but last Wednesday received approval from the Dutch central bank for its new model, allowing it to proceed with the stock buyback.

Aegon's stock closed Friday at $5.74, up 11.5 percent since the start of the year, but still down 23 percent from January 2015.
CR to host lecture on preserving community character 
Ed McMahon, the Charles E. Fraser Chair on Sustainable Development at the Urban Land Institute, will present a lecture Feb. 4 at the Cedar Rapids Public Library on preserving historic buildings and assets.

The lecture, "Dollars and Sense of Preserving Community Character," will shed light on how communities across the country have used historic buildings and once forgotten assets to build a better economy and a brighter future. It will explain the economic, social and psychological value of community uniqueness, and will highlight tools that successful communities use to grow without losing their special character and identity.

"We're very excited to offer the community this unique presentation," Anne Russett, a Cedar Rapids city planner, stated in a press release. "Residents will be able to walk away with a greater understanding of the forces that are positively reshaping American cities across the country."

Mr. McMahon leads the Urban Land Institute's efforts to conduct research and educational activities related to environmentally sensitive development policies and practices. He has authored or co-authored 15 books, his most recent being "Conservation Communities: Creating Value With Nature, Open Space and Agriculture."
Building sale launches The Green@TechWorks development
The TechWorks Campus in downtown Waterloo is set to begin the construction of a $40 million hotel and training center, thanks to the sale of a significant building.

Known as Tech2, the building is an 88-year-old former John Deere tractor manufacturing facility, and the starting point of The Green@TechWorks redevelopment project. The 180,000-square-foot, six-story building will house a 191-room Courtyard by Marriott hotel, a restaurant, and the John Deere Regional Training Center and Conference Center. 

The project will be led by Financial District Properties (FDP), a Davenport-based firm with significant experience with downtown real estate redevelopment. Previous FDP projects include the Mississippi Plaza Center in downtown Davenport, and the North American headquarters for KONE Corp. in Moline, Illinois. The firm also owns the riverfront building occupied primarily by the Waterloo-Cedar Falls Courier at 100 E. Fourth.

The Waterloo Reinvestment District, which covers a portion of the TechWorks site, will provide up to $12 million in funding for the project through new state hotel/motel and sales tax revenues generated within the district. 

"It is gratifying to see The Green@TechWorks become reality. The project will provide our campus tenants with tremendous amenities just steps from their operations," Steve Dust, CEO of the Greater Cedar Valley Alliance & Chamber and president of the TechWorks Campus, stated in a press release. "These new operations compliment the downtown Waterloo revitalization and anchor new Cedar Valley developments along the river, from Waverly through Cedar Falls to Waterloo."

Interior pre-construction for The Green@TechWorks will begin in March, with a target opening date set for May 2017. The Davenport office of contractor Ryan Companies US, Inc. has been named to complete the project. The hotel will be operated by Hospitality Specialists Inc. of Grand Rapids, Michigan. The restaurant will be managed by Consolidated Restaurant Operations Inc. of Dallas.
'Beat the Bitter' and get better at winter 
A new event scheduled for Feb. 6 in North Liberty aims to help residents embrace the winter season with outdoor games, friendly competition and a few warming drinks.

Beat the Bitter will include a variety of events, including the Indomitable Snow Run 5K-ish obstacle run, Porcupine's Revenge challenges, a kickball tournament, a fat tire bike course with Sugar Bottom Bikes, a city-wide scavenger hunt and more. That night, Reds Alehouse will host a 21-plus ticketed event that includes a buffet, drinks, music and challenges starting at 6 p.m. Tickets can be purchased online through the link at beatthebitter.com.

Outdoor events will start at 9:30 a.m. at Penn Meadows Park. Some activities require registration; visit beatthebitter.com for details.

The inaugural event is sponsored by Adam Schechinger State Farm, Capanna Coffee & Gelato, Rage Grafix, Reds Alehouse, Sugar Bottom Bikes and the North Liberty Recreation Department.
Short-Term Event Planner
     
Jan. 19
Iowa City Roundtable - Moseley's, by Iowa City Area Chamber of Commerce, noon-1 p.m., 525 S. Gilbert St., Iowa City. Roundtables are social lunches over the noon hour. All current Iowa City Area Chamber of Commerce members and future members are invited to network, keep up to date with chamber and community events and frequent a member restaurant or business. Cost: Price of lunch. To register, visit www.iowacityarea.com . For more information, contact Mackenzie DeRoo at (319) 337-9637 or info@iowacityarea.com .
 
Discover Your Purpose Workshop, by Lovely Lane Methodist Church and the Blue Zones Project, 7-9 p.m., 2424 42nd St., Cedar Rapids. Lovely Lane Methodist Church in partnership with Blue Zones Project is hosting a free Purpose Workshop. The two-hour event will involve a facilitator who guides attendees through various activities to help them begin their journey to finding individual purpose. For more information, email   economicalliance@cedarrapids.org or call (319) 573-1762.
 
Jan. 20
Morning Mingle, by the Cedar Rapids Metro Economic Alliance, 7:30-9 a.m., Bistro on the River, 411 First St. SE, Cedar Rapids. Network with other young professionals over coffee and pastries at a locally owned shop, Bistro on the River. The event is open to all, and organizers encourage guests to bring a friend to learn about what's going on in the Cedar Rapids area.
Headlines from CBS 2/FOX 28
T hese news items are provided by CBS 2/FOX 28  
Voters in Johnson County are filling a vacant seat on the county Board of Supervisors today. The special election follows the December resignation of former board member Terrence Neuzil, who left for another job out of state. The winner of Tuesday's special election will serve through Dec. 31, as their seat will be on the June 7 ballot. Voting is open through 9 p.m. Tuesday at regular polling places.

Officials with the Iowa City Community School District say all students and staff at West High School are being evacuated because of a bomb threat. In an email to parents, the district says they're taking everyone in the building to an off-site location. Executive Director of Human Resources Jim Pedersen tells CBS 2 News their main priority right now is getting students and staff out safely and they will release more information in the coming hours. West High School is the polling place for Iowa City Precinct 7 for Tuesday's special election in Johnson County. Auditor Travis Weipert tells CBS 2 News voters can vote at the Athletic Hall of Fame (2425 Prairie Meadow Drive) until the school reopens.
 
T hese news items are provided by CBS 2/FOX 28 
CBS 2 Chief Meteorologist Terry Swails' Weather First Forecast
A minor disturbance will cross the region today, bringing with it a steady increase of clouds this later morning and throughout the afternoon. Light snow will develop by the late afternoon and continue through very early Wednesday morning. Snowfall amounts will be very light this evening, with most areas seeing less than 1 inch of new snowfall. Areas south of Iowa City might get up to 2 inches, but this would be very scattered. Temperatures will warm into the 20 later this week, with mainly cloudy skies Wednesday and Thursday. A bit more sunshine will return to the forecast for the end of the week as temperatures continue to warm to the upper 20s/lower 30s by the weekend.