Angie Raetz

NEW YORK (Standard&Poor's) Jan. 27, 2009--Standard&Poor's Ratings Services raised its standard long-term rating and underlying rating (SPUR) on Huntsville , Ala.'s general obligation (GO) debt outstanding to 'AAA' from 'AA+'. The outlook is stable. At the same time, we assigned an 'AAA' rating, and stable outlook, to the city's GO warrants series 2009A and 2009B in the amount of $120 million. "The upgrade reflects our opinion of the city's strong management practices and the expanding and diversifying local economy, which we expect will continue in the recession," said Standard&Poor's credit analyst Edward McGlade. "The stable outlook reflects Standard&Poor's view that the city's management will sustain its sound financial performance.

Council approved a rezoning of property located east of County Line Rd and south of Browns Ferry Rd from Agriculture to Mixed Use. This location is caddy-corner from The Village Shoppes of Madison - anchored by the new Publix. The Bradford Rehabilitation Center is currently located on part of this property; the center is moving to a new location and the property will be developed into a mixed use location with stores, offices, apartments and a hotel. The development is called "Madison Lakes" and will include 290 apartments with a clubhouse, retail space along County Line Rd, a 180 room hotel and approx 16 acres the developer has set aside for open space that will tie into the Bradford Creek Greenway. The hotel will have inside corridors and a height restriction of not more than 75 feet. Several traffic improvements including a right hand turn lane will be added to the east side of County Line Rd.