Rochester City Council to keep focus on affordable housing during strategic priorities discussion
Mar. 23—ROCHESTER — Support for affordable living has been a defined Rochester City Council priority since 2021, and the related issue of housing remains on the minds of a new council.
"In interviews, council members identified housing access as one of the community's most daunting challenges," states a report by Charlotte, North Carolina-based Raftelis as the Rochester council prepares to review and update its strategic priorities.
The report links cost to part of the housing challenge, pointing out the percentage of cost-burdened renters in the city — those paying more than 30% of their income toward housing — has risen from 44% in 2019 to 52% in 2023.
During the same period, the Raftelis report states median home values have risen by 41%, from $229,800 to $324,200, resulting in 24% of homeowners holding mortgages that leave them cost burdened.
It's compared to 31% of Americans — renters and homeowners — who reported being cost burdened by housing.
The concerns follow a 2024 community survey, which indicates only 21% of Rochester residents surveyed stated the availability of affordable quality housing in the city is good or excellent, which was up from 16% in 2022.
In a recent Vision 2050 report, led by Mayor Kim Norton, residents identified housing as the top investment priority for the next 25 years.
Rochester council members will discuss the issue, along with other potential city priorities during their 3:30 p.m. study session Monday in the Rochester Public Utilities community room, 4000 East River Road NE. It's a follow-up to a Jan. 27 session that provided initial council insights.
Since the first session, consultants from Raftelis have interviewed council members individually, talked to leadership from city departments and met with residents who head city boards and commissions.
The results of those discussions will be presented on Monday, along with questions aimed at developing a new strategic priority framework.
While housing emerged as a key challenge amid conversations, city strengths also were highlighted.
For council members, strengths cited were collaborative efforts inside city government, as well as with outside groups.
The Raftelis report states department leaders also noted compassion as a strength, alongside the municipality's ability to perform beyond its size, pointing to amenities and initiatives more likely to be found in larger cities.
Board and commission leaders also pointed to the city's amenities being on a larger scale than what might be expected in a city of roughly 125,000.
"A number of members shared that they love the excellent parks, trails and recreational offerings," the Raftelis report states. "When asked about what makes Rochester unique, the group noted that Rochester is unique compared to other municipalities in that it has such a strong economic driver in Mayo Clinic."
When it comes to maintaining the level of amenities and service, city department leaders said challenges related to managing expectations amid community growth and limited resources, especially amid federal changes that could limit the ability to execute certain projects.
With insights from Monday's conversation, the Raftelis consultants plan to work with city staff to prepare a draft strategic framework for the council to review, with a potential vote on the proposal as early as April.
Meetings scheduled to be held during the week of March 24 include:
Rochester
—City Council study session, 3:30 p.m. Monday in the Rochester Public Utilities community room, 4000 East River Road NE. The meeting will not be livestreamed or available on cable, but it will be recorded and posted later at rochestermn.gov/meetings/council-meetings.
—Public Utility Board, 4 p.m. Tuesday in the Rochester Public Utilities community room.
—Library Board, 4 p.m. Thursday in the first-floor meeting room of the Rochester Public Library, 101 Second St. SE.
Olmsted County
—Soil and Water Conservation District Board, 8 a.m. Thursday in conference room 109 at 1188 50th St. SE Rochester.
Rochester Public Schools
—School Board, 5:30 p.m. Tuesday in the boardroom of the Edison Building, 615 Seventh St. SW.
Destination Medical Center
—DMC Corp. executive committee, 3 p.m. Wednesday at Mayo Civic Center, 30 Civic Center Drive SE.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
an hour ago
- New York Post
News Corp extends CEO Robert Thomson's contract through 2030
News Corp will extend the contract of chief executive Robert Thomson through 2030, the media giant said Sunday. Thomson was appointed CEO of News Corp — whose properties include The Post, Dow Jones, the Wall Street Journal and book publisher HarperCollins — in 2013. His contract was extended in 2023 until 2027. He has delivered News Corp's four most profitable years from fiscal 2021 to 2024, with continued strong performance in fiscal 2025 despite a challenging media landscape, the company said. 3 News Corp CEO Robert Thomson had his contract extended through 2030. Bloomberg via Getty Images 'Robert has been instrumental in News Corp's growth and transformation, and his vision and leadership are extremely important as the company continues to navigate this era of rapid change,' News Corp Chair Lachlan Murdoch said in a statement. Thomson has been at the helm of the New York-based company through several major deals, such as the sale of its Australian cable-TV unit Foxtel to British-owned sports network DAZN for $2.19 billion in 2024. 3 New York-based News Corp is the parent company of The Post. Robert Miller 3 News Corp's properties include The Post, Dow Jones, the Wall Street Journal and book publisher HarperCollins. Bloomberg via Getty Images News Corp also signed landmark agreements with major technology platforms, including most recently with OpenAI, to license the company's intellectual property in exchange for meaningful compensation. 'Rupert and Lachlan Murdoch have adroitly sculpted a company that is passionate and principled and purposeful, and it is a profound privilege to serve as Chief Executive,' Thomson said in a statement. 'For journalists, for authors, for society, for those who strive and aspire, these are times of immense challenge and boundless opportunity. Our leadership team is acutely conscious of an unwavering responsibility to our shareholders, and we are grateful for the sterling efforts of all our colleagues as we pursue profitability and seek to realize our vast potential.'
New York Post
an hour ago
- New York Post
Investors brace for oil price spike, rush to safe havens after US bombs Iran nuclear sites
A US attack on Iranian nuclear sites could push oil prices even higher and trigger a knee-jerk rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy. The reaction in Middle East stock markets, which trade on Sunday, suggested investors were assuming a benign outcome, even as Iran intensified its missile attacks on Israel in response to the sudden, deep U.S. involvement in the conflict. President Trump called the attack 'a spectacular military success' in a televised address to the nation and said Iran's 'key nuclear enrichment facilities have been completely and totally obliterated.' He said the U.S. military could go after other targets in Iran if the country did not agree to peace. Advertisement Iran said it reserves all options to defend itself, and warned of 'everlasting consequences.' Speaking in Istanbul, Iranian Foreign Minister Abbas Araqchi said Tehran was weighing its options for retaliation and would consider diplomacy only after carrying out its response. 7 President Trump called the attack 'a spectacular military success.' REUTERS Investors said they expected US involvement would cause a stock market selloff and a possible bid for the dollar and other safe-haven assets when major markets reopen, but also said much uncertainty remained. Advertisement 'I think the markets are going to be initially alarmed, and I think oil will open higher,' said Mark Spindel, chief investment officer at Potomac River Capital. 'I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It's going to raise uncertainty and volatility, particularly in oil,' he added. One indicator of how markets will react in the coming week was the price of ether, the second-largest cryptocurrency and a gauge of retail investor sentiment. Advertisement 'We don't have any damage assessment and that will take some time. Even though (Trump) has described this as 'done', we're engaged,' Spindel said. Ether was down 8.5% on Sunday, taking losses since the first Israeli strikes on Iran on June 13 to 13%. 7 Iran has warned of 'everlasting consequences' over the U.S. attack. via REUTERS Most Gulf stock markets, however, seemed unconcerned by the early morning attacks, with the main indexes in Qatar, Saudi Arabia, and Kuwait up slightly or flat. Israel's Tel Aviv main index was at an all-time high. Advertisement A key concern for markets centers around the potential impact of Middle East developments on oil prices and thus on inflation. Rising inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts. Saul Kavonic, a senior energy analyst at equity research firm MST Marquee in Sydney, said Iran could respond by targeting American interests in the Middle East, including Gulf oil infrastructure in places such as Iraq or harassing ship passages through the Strait of Hormuz. 7 Traders are bracing for a rocky day on Wall Street when markets open Monday. AFP via Getty Images The Strait of Hormuz lies between Oman and Iran and is the primary export route for oil producers such as Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. 'Much depends on how Iran responds in the coming hours and days, but this could set us on a path towards $100 oil if Iran respond as they have previously threatened to,' Kavonic said. While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13. 7 Brent crude futures have risen as much as 18% since June 10, Getty Images Jamie Cox, managing partner at Harris Financial Group, said oil prices would likely spike before leveling off in a few days as the attacks could lead Iran to seek a peace deal with Israel and the U.S. Advertisement 'With this demonstration of force and total annihilation of its nuclear capabilities, they've lost all of their leverage and will likely hit the escape button to a peace deal,' Cox said. Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump's tariffs. 7 During past Mideast, stocks initially languished but soon recovered to trade higher in the months ahead. AFP via Getty Images Still, any pullback in equities might be fleeting, history suggests. During past eruptions of Middle East tensions, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months ahead. Advertisement On average, the S&P 500 slipped 0.3% in the three weeks following the start of conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro. An escalation in the conflict could have mixed implications for the U.S. dollar, which has tumbled this year amid worries over diminished U.S. exceptionalism. 7 Analysts say the dollar could benefit from a safety bid in the event of direct US engagement in the Iran-Israel war. AFP via Getty Images In the event of U.S. direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said. Advertisement 'Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger,' said Steve Sosnick, chief market strategist at IBKR in Greenwich, Conn. 'It's hard to imagine stocks not reacting negatively and the question is how much.' Jack McIntyre, portfolio manager for global fixed income at Brandywine Global Investment Management in Philadelphia, said it was uncertain whether U.S. Treasuries would rally after the U.S. attack, largely due to the market's hypersensitivity to inflation. 'This could lead to regime change (which) ultimately could have a much bigger impact on the global economy if Iran shifts towards a more friendly, open economic regime,' said McIntyre.
Yahoo
an hour ago
- Yahoo
Wolfspeed Takes Proactive Step to Strengthen Financial Foundation Anticipating Scalable, Profitable Growth
Proposed Pre-Packaged Plan of Reorganization Has Strong Support of Key Lenders Company Has ~$1.3B of Cash as of 3QFY25, Providing Sufficient Near-Term Liquidity to Support Customers and Pay Vendors Deal Summary – Expected Benefits: ~70% reduction in total debt; ~60% reduction in annual total cash interest expense Existing equity holders to receive 3% or 5% of new common equity Company expects to complete the restructuring process expeditiously by end of 3QCY25 Post-restructuring, Wolfspeed operations expected to be fully funded through cash flow generation Management team to focus on profitability and long-term growth as advisory team navigates restructuring process DURHAM, N.C., June 22, 2025--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) ("Wolfspeed" or the "Company") today announced that, as part of its efforts to proactively strengthen its capital structure, it entered into a Restructuring Support Agreement (the "RSA") with key lenders, including (i) holders of more than 97% of its senior secured notes, (ii) Renesas Electronics Corporation's wholly owned U.S. subsidiary and (iii) convertible debtholders holding more than 67% of the outstanding convertible notes. The transactions envisioned by the RSA are expected to reduce the Company's overall debt by approximately 70%, representing a reduction of approximately $4.6 billion, and reduce the Company's annual total cash interest payments by approximately 60%. By taking this proactive step, the Company expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability. This marks the positive culmination of discussions between the Company and key lenders to restructure the Company's capital structure on an expedited basis and help to ensure Wolfspeed maintains its position as a leader in the silicon carbide market. "After evaluating potential options to strengthen our balance sheet and right-size our capital structure, we have decided to take this strategic step because we believe it will put Wolfspeed in the best position possible for the future," said Robert Feurle, Wolfspeed's Chief Executive Officer. "Wolfspeed has tremendous core strengths and great potential. We are a global leader in silicon carbide technology with an exceptional, purpose-built, fully automated 200mm manufacturing footprint, delivering cutting-edge products for our customers. A stronger financial foundation will enable us to focus acutely on innovation in rapidly scaling verticals undergoing electrification where quality, durability and efficiency matter most." Feurle continued, "As we move forward, we are grateful for the confidence and support of key lenders, who share our vision for the future and believe in our growth prospects. I also want to thank our incredibly talented team for their resilience and hard work, and our customers and partners for their ongoing support." Additional Information Regarding the RSA Key terms of the RSA are as follows: Pursuant to the transactions contemplated by the RSA, the Company will receive $275 million of new financing in the form of second lien convertible notes, fully backstopped by certain of its existing convertible debtholders. The RSA contemplates a paydown of its senior secured notes of $250 million at a rate of 109.875%, with certain modifications to reduce go-forward cash interest and minimum liquidity requirements. The RSA also contemplates an exchange of $5.2 billion of existing convertible notes and Renesas' existing loan for $500 million of new notes and 95% of the new common equity, subject to dilution from other equity issuances, with Renesas loan claims entitled to additional incremental consideration to the extent certain regulatory approvals are not obtained by an agreed upon deadline. Pursuant to the transactions, existing equity will be cancelled, and the existing equity holders will receive their pro rata share of 3% or 5% of new common equity, subject to dilution from other equity issuances and potential reduction from certain events. All other unsecured creditors are expected to be paid in the ordinary course of business. To implement the transactions envisioned by the RSA, the Company intends to solicit approval of the pre-packaged plan of reorganization and then file voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the near future. Wolfspeed expects to move through this process expeditiously and emerge by the end of third quarter calendar year 2025. Wolfspeed is continuing to operate and serve customers with leading silicon carbide materials and devices throughout the process. The Company plans to continue to pay vendors in the ordinary course of business for goods and services delivered throughout the restructuring process via an All-Trade Motion. Vendors are expected to be unimpaired in the process. Wolfspeed also intends to file customary motions with the Bankruptcy Court to support ordinary-course operations including, but not limited to, continuing employee compensation and benefits programs. Additional details regarding the RSA will be provided in the Company's Form 8-K to be filed with the U.S. Securities and Exchange Commission (the "SEC"). This press release does not constitute an offer to sell or purchase any securities, which would be made only pursuant to definitive documents and an applicable exemption from the Securities Act of 1933, as amended. This press release does not constitute a solicitation to vote on the bankruptcy plan. For additional information regarding the restructuring, please visit Wolfspeed's dedicated microsite at Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. About Wolfspeed, Inc. Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world's most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Learn more at Forward Looking Statements: This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed's actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including estimates, forecasts and projections about possible or assumed future results of Wolfspeed's business, financial condition, liquidity, results of operations, plans, objectives and Wolfspeed's industry and market growth. Words such as "could," "will," "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," "forward" or "continue" and similar expressions are used to identify forward-looking statements. All statements in this press release that are not historical are forward-looking statements, including statements regarding the timing and implementation of the transactions contemplated by the RSA, the intent to solicit approval of the pre-packaged plan of reorganization (the "Plan") to implement the transactions contemplated by the RSA and file voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the "Chapter 11 Cases"), Wolfspeed's ability to continue operating in the ordinary course, including continuing to serve customers and pay vendors in the ordinary course, the potential benefits of the transactions contemplated by the RSA and the potential effects of such transactions on Wolfspeed's financial position, profitability and growth. Actual results could differ materially due to a number of factors, including but not limited to, risks and uncertainties associated with the anticipated Chapter 11 Cases; the effects of the anticipated Chapter 11 Cases on Wolfspeed and Wolfspeed's relationship with its various stakeholders, including vendors and customers; Wolfspeed's ability to develop and implement the transactions contemplated by the RSA, whether the Plan will be approved by the Bankruptcy Court and the ultimate outcome of the anticipated Chapter 11 Cases in general; the length of time Wolfspeed will operate under the anticipated Chapter 11 Cases; the potential adverse effects of the anticipated Chapter 11 Cases on Wolfspeed's liquidity and results of operations; if the RSA is terminated, Wolfspeed's ability to confirm and consummate the Plan could be materially and adversely affected; the RSA is subject to significant conditions and milestones that may be difficult for Wolfspeed to satisfy; the timing or amount of any recovery, if any, to Wolfspeed's stakeholders; uncertainty regarding Wolfspeed's ability to retain key personnel; increased administrative and legal costs related to the anticipated Chapter 11 Cases; changes in Wolfspeed's ability to meet its financial obligations during the Chapter 11 Cases and to maintain contracts that are critical to its operations; the effectiveness of the overall restructuring activities pursuant to the anticipated Chapter 11 Cases and any additional strategies that Wolfspeed may employ to address its liquidity and capital resources and achieve its stated goals; the actions and decisions of equityholders, creditors, regulators and other third parties that have an interest in the anticipated Chapter 11 Cases, which may interfere with the ability to confirm and consummate the Plan and implement the transactions contemplated by the RSA; ongoing uncertainty in global economic and geopolitical conditions, such as the ongoing military conflict between Russia and Ukraine and the ongoing conflicts in the Middle East; changes in progress on infrastructure development or changes in customer or industrial demand that could negatively affect product demand, including as a result of an economic slowdown or recession, collectability of receivables and other related matters if consumers and businesses defer purchases or payments, or default on payments; risks associated with Wolfspeed's expansion plans, including design and construction delays, cost overruns, the timing and amount of government incentives actually received, including, among other things, any direct grants and tax credits, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control and potential increases to Wolfspeed's restructuring costs; Wolfspeed's ability to obtain additional funding, including, among other things, from government funding, public or private equity offerings or debt financings, on favorable terms and on a timely basis, if at all; Wolfspeed's ability to take certain actions with respect to its capital and debt structure; the risk that Wolfspeed does not meet its production commitments to those customers who provide Wolfspeed with capacity reservation deposits or similar payments; the risk that Wolfspeed may experience production difficulties that preclude it from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; Wolfspeed's ability to lower costs; the risk that Wolfspeed's results will suffer if it is unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand or scaling back its manufacturing expenses or overhead costs quickly enough to correspond to lower than expected demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; product mix; risks associated with the ramp-up of production of Wolfspeed's new products, and Wolfspeed's entry into new business channels different from those in which it has historically operated; Wolfspeed's ability to convert customer design-ins to design-wins and sales of significant volume, and, if customer design-in activity does result in such sales, when such sales will ultimately occur and what the amount of such sales will be; the risk that the markets for Wolfspeed's products will not develop as it expects, including the adoption of Wolfspeed's products by electric vehicle manufacturers and the overall adoption of electric vehicles; the risk that the economic and political uncertainty caused by the tariffs imposed or announced by the United States on imported goods, and corresponding tariffs and other retaliatory measures imposed by other countries (including China) in response, may continue to negatively impact demand for Wolfspeed's products; the risk that Wolfspeed's or its channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as Wolfspeed experiences wide fluctuations in supply and demand; risks related to international sales and purchases; risks resulting from the concentration of Wolfspeed's business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that Wolfspeed's investments may experience periods of significant market value and interest rate volatility causing it to recognize fair value losses on Wolfspeed's investment; the risk posed by managing an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements with certain suppliers) that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to Wolfspeed's operations, supply chain, including its contract manufacturers, or customer demand; the risk Wolfspeed may be required to record a significant charge to earnings if its remaining goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; Wolfspeed's ability to complete development and commercialization of products under development; the rapid development of new technology and competing products that may impair demand or render Wolfspeed's products obsolete; the potential lack of customer acceptance for Wolfspeed's products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of Wolfspeed's brand and products, resulting in lower demand for its products; the risk that Wolfspeed's products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; risks associated with strategic transactions; the risk that Wolfspeed is not able to successfully execute or achieve the potential benefits of Wolfspeed's efforts to enhance its value; the substantial doubt about Wolfspeed's ability to continue as a going concern; and other factors discussed in Wolfspeed's filings with the SEC, including Wolfspeed's report on Form 10-K for the fiscal year ended June 30, 2024, and subsequent reports filed with the SEC. These forward-looking statements represent Wolfspeed's judgment as of the date of this press release. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise. View source version on Contacts Investor Contact: Wolfspeed Investor Relationsinvestorrelations@ Media Contact: Rachel Chesley / Rose Templewolfspeedforward@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
