Business news briefs

Resort developer seeks Protection

One of the developers of the troubled Bella Verde community in Pasco County filed for bankruptcy protection Friday.

Professional Land Development LLC of Tampa filed for Chapter 11 bankruptcy, which allows a company to reorganize its finances while protected from creditors. It lists secured debts of about $29 million and about $5.5 million in unsecured debts.

Professional Land Development is one of several developers that have planned to turn a piece of land along S.R. 52 just east of Interstate 75 into a prestigious golf resort. However, the real estate crash has hampered developers' efforts. Last summer one of Bella Verde's community development districts filed a foreclosure suit against Professional Land Development and the other developers for failing to make bond payments.

Former GreatStone executive released

The former general manager of GreatStone Mortgage has been granted early release from a nine-year federal prison sentence given for fraud.

William Jones pleaded guilty to bank and wire fraud in 2004 because of his involvement in a broad scheme to defraud banks and the federal government. Jones also pleaded guilty to making a false statement.

The conspiracy cost financial institutions approximately $68.5 million, and the Department of Housing and Urban Development lost about $9.5 million, according to the Jones' plea agreement, which says the banks wound up funding more than 930 bogus mortgage loans.

Pasco fires another firm

Pasco County commissioners have fired their second road contractor in six months after yet another road project fell into limbo late last year.

Commissioners voted Tuesday to end their contract with Wesley Chapel-based WDG Construction after the contractor fell behind on extending Collier Parkway between Hale Road and Ehren Cutoff. The county sees the north-south road as vital to relieving traffic loads on U.S. 41.

WDG won the $4.3 million contract in April 2009. As of today, the contractor had completed 36 percent of the work and burned three-quarters of its time, said Jim Widman, the county's chief engineer.

WDG effectively stopped work on Collier Parkway in mid-December, Widman said. Over the past month, the county received notice that WDG lost its insurance coverage for vehicles, workers compensation and liability, Widman said.

The company's office number has been disconnected, and its Web site has been taken down.

Orange crop takes cold hit

The series of January freezes dealt another blow to this season's orange crop that was projected to produce well below last year's before the cold snap hit the state's groves.

The U.S. Department of Agriculture s forecast released Tuesday cut the estimated citrus harvest another 4 percent from the outlook issued in January that called for a 17 percent reduction from the previous crop.

The USDA expects the state's orange crop to yield 129 million boxes compared to 162.4 million boxes harvested in the 2008-09 season, a decline of 21 percent.

The outlook puts this season on pace to match the 2006-07 season, when the state's groves were recovering from the hurricanes of 2004 and 2005. That season also saw a harvest of 129 million boxes.

In January, the USDA estimated the state's orange groves would yield 135 million boxes.

Cigars maker receiving resumes

The maker of Davidoff cigars has set up an e-mail address to receive resumes for those interested in a position at its future Pinellas Park warehouse.

The company is accepting resumes from interested people at jobs@ddcls.com, according to the Pinellas County Economic Development department.

Oettinger Davidoff Group, based in Switzerland, announced this week it is planning to relocate its U.S. headquarters from Stamford, Conn., to Pinellas Park within about six months. It is expected to hire up to 90 people at an average salary of $56,000.

The county economic development agency is hoping the cigar maker will make the move to the Suncoast within six months.

-MEDIA GENERAL NEWS SERVICE