The town of Ocean City announced Friday it won’t be going forward with a proposed gas promotion.

The town made an announcement on June 3 it was gearing up for a $100,000 free gas promotion, making it the first resort town in the country to do so. The announcement was listed on Ocean City’s website, although it has since been removed.

“After reflection, the council established that gas giveaway promotions in place throughout the local business community are effective and a town-sponsored giveaway would only be of benefit to a small number of visitors,” according to a statement from the town.

Ocean City Mayor Rick Meehan said in a statement that the proposed promotion was reconsidered by the city council and many of Ocean City’s free events should be focused in promotional efforts instead.

But that’s not to say visitors can’t get gas card offers through businesses in Ocean City. (Put away your pitchfork and spare Rodney the Lifeguard!) Many incentives are listed on the town’s website, and by checking the “Rodney’s Roadside Assistance” box.

As for those free events (because we all love free things), you can still find them listed here.

Powered by Bookmarkify™

Foreclosures in May rated a 2 percent decrease over April figures, according to data from RealtyTrac released Thursday.

The monthly report by the online realty marketing group stated there were 214,927 foreclosure filings last month in the U.S. – a slight decrease from April and a 33 percent decrease over May 2010 figures.

In total, one in every 605 U.S. housing properties received a foreclosure filing during May 2011, RealtyTrac reported, while also pointing out the weak demand for buying residential units continues from wary and unemployed consumers.

Maryland foreclosures in May totaled 1,799, or one in every 1,301 households. Those figures represent a nearly 20 percent increase over April 2011 figures from RealtyTrac.

The high rates continue to cloud the residential real estate market, experts say, as some lenders are beginning to push bad loans through foreclosure proceedings after controversy over shoddy paperwork and documentation procedures have stalled such moves for nearly a year.

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac, said in a statement.

“First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months.”

Foreclosure data is compiled by tracking default notices, bank repossessions and scheduled auctions.

There were 89,251 scheduled auctions in the U.S. in May, a 3 percent increase over April 2011. Auctions were prevalent in California, Texas, Virginia and Michigan.

Nevada, Arizona and California posted the top foreclosure rates in the U.S.

Powered by Bookmarkify™

Great Grapes! is back again at Oregon Ridge Park this summer. The art, food and wine festival will be at the Cockeysville park Saturday and Sunday. Fun for the entire family can be had with arts and crafts for the kids, culinary samples, live music, cooking demonstrations, wine samples and seminars. More than 200 Maryland wines from 20 wineries will be represented. Tickets are $14 to $35, from noon until 6 p.m.

And what’s sure to be a slightly controversial Honfest this year will still be bringing the beehive ‘dos and cat-eye glasses for a weekend of decadent and colorful fun. The free event will be held both Saturday and Sunday between Falls and Keswick roads.

And if you’re headed out to Ocean City this weekend, be sure to catch the free air show. The U.S Air Force Raptor Demo team will headline the show with demonstrations, stunts and other high-in-the-sky entertainment. The F-18 Super Hornet and A-10 Warthog demos have been added to the lineup this year too.

Powered by Bookmarkify™

This weekend, Baltimore will commemorate 150 years since the Pratt Street Riot in 1861.

Friday will kick off with a symposium by the Maryland Historical Society titled, “Land of the Free? The Fate of Civil Liberties in Baltimore in 1861.” It’s free to the public.

Exhibitions at the Baltimore & Ohio Railroad Museum and Sports Legends at Historic Camden Station open this weekend focused on President Abraham Lincoln’s arrival to Camden Station and the sites’ significance in the Civil War.

Saturday’s celebration will feature a rededication of President Street Station as a city landmark and events at Fort McHenry that reflect the events of 1861. (Yes, there will be cannon firings.) A grand procession will start at 11 a.m. commemorating the Pratt Street Riot and first bloodshed of the war, complete with fife and drum corps. Events will be going on through the entire weekend, so check out the itinerary online.

While you’re downtown, the Baltimore Convention Center is hopping with the third annual Baltimore Fine Furnishings and Fine Craft Show this weekend. About 50 exhibitors from the mid-Atlantic will show off their best designed and handcrafted furniture, accessories, fine art and crafts.

And! Don’t forget to support your local record store this Saturday, on Record Store Day. The holiday’s website features a list of participating stores in Maryland, of which there are about 20. So go find one near you and pick up a big ten inch record.

Powered by Bookmarkify™

Power company Pepco and its performance, or lack thereof, were the topics of discussion once again Wednesday, this time at a hearing held by the  House Economic Matters Committee.

The company is under fire from multiple sides over its response to power outages in Montgomery County since last year. On Wednesday, the committee had a hearing on HB110, known by some as the ‘nuclear’ option, which, if passed, could lead to the company’s franchise to operate in Maryland being pulled.

Del. Bill Frick, a Montgomery County Democrat, and 13 other lawmakers introduced the bill in February. At the hearing, Frick reiterated the need to force Pepco out.

“What HB110 does is, what our neighbors wish they could do — it takes our business elsewhere,” Frick said.

He said Pepco customers were stuck and unable to switch to another company. He told the commission it was time to bring in another company that could do the job.

After he testified, questions from the committee were light, and Pepco and its allies did not speak to the bill.

For it’s part, the PSC said it had “no position” on the bill. But a spokeswoman said the PSC was undertaking its own investigation of Pepco.

Powered by Bookmarkify™

Late Thursday, The Daily Record broke the story that Penn National may sell its stake in the Maryland Jockey Club. This week also saw the ribbon cutting for the Inter-County Connector toll road, that officials hope will help decongest traffic. Those stories and more in this week’s top 5 staff business stories:

1. Penn National considering selling jockey club stake – by Rachel Bernstein

Penn National Gaming Inc. is considering selling its stake in the Maryland Jockey Club, including its ownership of Pimlico Race Course and Laurel Park.

D. Eric Schippers, a spokesman for Penn National, said in an e-mail Thursday that the company is exploring the option of selling and believes the jockey club’s interests “may be better served by a single entity ownership structure given the complexities and dynamics of any 50/50 partnership.”

2. $2.6B ICC hailed as catalyst for commerce – by Nicholas Sohr

The decades-long wait for the Inter-County Connector will end Wednesday when drivers get their first crack at the new toll road snaking through Montgomery and Prince George’s counties.

At a rain-soaked ribbon-cutting event in the westbound lanes Monday morning, local, state and federal officials lauded the $2.6 billion highway project as a catalyst for economic development in the area and a decongestant for its roads.

3. Under Armour sues Canadian firm over logo, color use – by Rachel Bernstein

Under Armour is suing a Canadian company, claiming it is using similar logos, name derivatives and corporate colors.

The Baltimore sportswear maker filed the suit Thursday in U.S. District Court in Baltimore, charging that Armorline Marketing International Inc., of Langley, British Columbia, sells footwear products with branding that imitates Under Armour’s.

4. First Mariner gets 6 more months to get share price above $1 – by Ben Mook

First Mariner Bancorp, parent company of 1st Mariner Bank, has received a six-month extension to get its stock price above $1 per share after receiving approval to move trading to a new market.

On Feb. 18, the Nasdaq Stock Market told First Mariner it agreed with its request to transfer the listing of its common stock to the Nasdaq Capital Market, which until 2005 was called the NASDAQ SmallCap Market. The transfer took effect at the start of trading on Wednesday.

5. City Hall task force debates developers’ subsidies – by Melody Simmons

A city task force examining the need for public subsidies to developers debated whether to hold businesses more accountable for those tax breaks through audits and increased transparency during a heated meeting Tuesday.

The task force, formed by City Councilman Carl Stokes, is expected to issue a report with recommendations late next month, said co-chair Wendy Blair, president of W.L. Blair Development Co.

Powered by Bookmarkify™

If you’re looking for some prime space to set up an office or just to move in, you might be able to share space with the Maryland Bible Society.

The society closed its Bible storefront Dec. 31 to move its operations online, but is contemplating sharing its four-story building with tenants, or even selling the building.

“We really only use two floors for the store and office space, the rest is just storage,” said Executive Director David Moyer.

Moyer said he’s already received some proposals from interested parties about the building, but for now the society will continue to work in the space at 9 E. Franklin St. It may be months until the society figures out what to do with the 6,615-square foot property. But for now, Moyer said he will still accept ideas on what to do with the space for possible co-tenants.

Powered by Bookmarkify™

Hotels love ‘em. Gas station operators are big fans of the extra customers at the pump. But West Virginia, Delaware and Pennsylvania casinos, which I describe in today’s story about table games as “islands of gaming,” don’t have much of a direct impact on other surrounding businesses.

At the Hollywood Casino at Charles Town Races, the co-owner of the nearby Turf Motel is ecstatic about the new gaming that’s attracting more gamblers. That means more customers for the Motel, which is planning an expansion to accommodate the expected boom.

After the casino opened, the Turf’s occupancy rates shot up from about 45 percent to 65 percent, said Ron Marcus.

“With table games my only hope is it’s going to increase another 20 [points],” he said.

At the Holiday Inn Express, occupancy averages 90 percent on the weekends — at about $160 per night.

“Most of time what they’re here for is the casino,” said General Manager Nelson Parkinson.

But hop in the car and drive a half-mile into town and the businesses on sleepy Charles Town’s main drag seem unaffected by the excitement just up the road. Unlike the casino’s parking lot, the cars parked here all boast West Virginia license plates.

The storefronts are mostly service firms (like law offices), eateries and consignment shops. Not much to sway the casino crowd, who can chow down in one of Charles Town’s five restaurants or the food court for a bite. (The casino is also opening a high-end steak restaurant this fall.)

“I don’t get a lot of casino traffic,” said Dan Vaira, the owner of The Dish, a farm-to-table bistro. “They have food at the track.”

For a little further “investigation,” photographer Max Franz and I dipped into the new ice cream shop on Washington Street to go spoil our dinners. There we found people taking a break from work, friends chattering about their days, moms with kids … but no tourists. Except us, of course.

Table games? What table games?

Powered by Bookmarkify™