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Quick and easy access to Parking Avenue at LAX airport

Finding the best parking avenue is everyone’s favorite choice as it can save money which can be used as travel expenses. It is not easy to get a cheap parking avenue with maximum facilities, and you cannot get detailed information by physically visiting each parking avenue.

Parking at LAX International Airport

Los Angeles International Airport is called LAX Airport and is considered the busiest airport in the world due to its high passenger traffic. It is the second busiest airport in the United States and millions of people use this terminal for departure and arrival purposes. It is the largest airport with commercial flights to countries like Washington DC, Dallas, New York and other countries in the Middle East, Asia and Europe.

No doubt that LAX airport has its parking terminal, but there is not enough space to park in case of heavy traffic. It may cost you too much to park at LAX airport, and you will have to pay a minimum of $180 for long-term parking. Therefore, choosing reliable airport parking would be a great option to save some extra cash.

How to easily access long-term parking?

It is imperative to have easy access to long-term parking because if you do not choose a cheap parking avenue, it will cost you too much which can disrupt your travel budget.
It is not easy to park your car for a long time because it will cost you more and you will also remain stressed about your property.

Long-term parking at LAX airport is not suitable due to high parking rates, and therefore you should take other alternative parking options near the airport. Other parking options would be a better decision as they can offer parking services at lower prices with high quality. If you want to travel for 2-3 days to another country, you can acquire short-term parking for $80-$100. Long-term parking can create problems if you choose an expensive parking avenue, and that’s why try to choose a cheap parking avenue.

Get a parking reservation online

You plan to reserve your parking space before your departure; then you are on the right track. You can get reservations online by visiting platforms like Parkos and the suggested list of parking avenues near the airport. You don’t need to visit every parking company to get detailed information as the online platform offers all the details related to parking rates and facilities.

It’s a technological age, and everyone wants to get things done faster without hassle or hassle. You can now book your parking space using your smartphone while sitting at home.

How can online platforms help find the best parking avenue?

The platform has experienced experts who can solve all your parking problems. The company offers you parking services by comparing parking prices from different companies and encourages you to choose one of the suggested parking avenues according to your financial budget. It provides full details about parking rates, facilities, security clearances and suit quality ratings so that you can select any of the parking companies and book your parking spot easily.

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‘We’re afraid the building will collapse’ – Malden residents can’t access managed housing, form coalition

Photo: Sophie Paffenroth

Protesters hold a sign, courtesy of City Life, demanding rent control. In addition to unsanitary, unsanitary and undignified living conditions, residents and supporters were also protesting unaffordable rent increases and no-fault evictions.

Rhina Sorto, who has been filing complaints with Carabetta Management for months about mould, flooding and rodent infestation, was joined in a protest yesterday by other residents of Malden Towers, as well as tenant advocates showing solidarity.

Gathered in the parking lot of the Malden Towers apartment complex at 99 Florence Street, those in attendance witnessed three Malden tenant associations meeting. The event, which started at noon, was organized by the Urban life/Urban life (CLVU) non-profit housing. The non-profit organization has brought together the Malden Towers Tenant Association, the United Properties Tenant Association and the Maplewood Square Tenant Association in a coalition with one mission: dignified housing.

Sorto has a long list of grievances that started the day she moved in. She, alongside other residents, has still not received the parking space she has been paying for since day one. When she told management about it, Sorto says they demanded she pay more to get the space she was promised when signing.

Rhina Sorto (speaking) holds a folder full of medical notes and exams. She and her son both developed pneumonia due to mold and the heating system in her Malden Towers apartment. Carabetta Management has not resolved any of the issues that Sorto and other residents have been complaining about for months. (Photo: Sophie Paffenroth)

Since then, the problems have only gotten worse. There were leaks, mold, rats and cockroaches. When she and her family started using the heating system, Sorto said, “I started coughing, started having problems with my lungs, then I developed pneumonia.

In part, Sunday’s rally was inspired by the recent hospitalization of Sorto’s 12-year-old son, who also developed pneumonia. Sorto says the symptoms have improved since she went to Walmart and bought filters for the heaters. But, she says, it’s money out of her own pocket, and it should never have become a problem in the first place.

As for the mold, management did nothing but paint over it. “My mom came here to help me with my kids,” Sorto said, “and I didn’t notice there was mold, so I put her bed next to this wall and I put some pillows there, and when I moved the pillows they were black with mold.

In addition to health and mental health issues in the building, Sorto says she also lives in constant fear of a major disaster. “I’m afraid this building will collapse one day,” she said after showing viewers video of a crack in apartment 506 that stretched almost the entire length of her living room. next to.

Alessandra Candini, another resident who has lived in the complex for 10 months now, says the last tenant to live in apartment 506 “just moved…she was afraid of the building collapsing”. Candini says her former neighbor only wanted to replace the carpet but moved out last week when she saw the ubiquitous crack. Candini also says she’s seen cracks in the columns in the parking lot, and sometimes she and her neighbors feel the building shake.

There is no administration, security or anyone to turn to, according to Candini. “There are a lot of people still living here after a year, waiting for a new fridge or a new stove because theirs isn’t working.”

Not only does management take an unreasonable amount of time to respond to emails, calls and requests — even urgent ones — but when they do show up, Candini says, it’s without notice. “One day I was sleeping and the guy just walked into my apartment. It’s like they don’t care. They just do what they want. »

Proponents of these coalitions remain hopeful that change is possible with time and persistent effort. “We see a lot of success in tenant associations who fight this long-term fight,” said Gabriela Cartagena, co-director of communications for CLVU. But many of those who suffer from these conditions are low-income parents who don’t have the time or energy to invest in the ongoing fight against these battles.

One of the strengths of groups like City Life is organizing disparate efforts in a city. Cartagena says that “these tenants have had problems for decades, but it was only recently, maybe two years ago, that the Malden Towers Tenant Association started to organize when they contacted City Life Hotline”.

Alessandra Candini stands in the parking lot of the Malden Towers apartment complex. Candini, whose lease expires in two months, says if those issues aren’t resolved by then, she will have to move. (Photo: Sophie Paffenroth)

City Life launched a housing hotline in English and Spanish at the start of the pandemic in March 2020. According to Cartagena, the hotline is a direct link between people facing unaffordable rent increases, no-fault evictions or undignified conditions, and those who can help sort the legalese of contracts, providing support and connecting residents to resources.

“We stand ready to support anyone facing the threat of eviction, potentially life-threatening poor conditions, and anyone wishing to organize their building so they can fight rent increases and/or other demands such as contracts. and negotiated collective agreements,” added Cartagena. . Last year City Life helped the United Properties Tenants Association win a collective bargaining OK for families in three buildings in Malden with affordable rent increases for five years.

Although that may seem like a small step, Cartagena said that “by winning a collective agreement for one building, or by participating in a demonstration like the one today, we inspire more people to understand that they also have tenant rights and that they have the power to fight as well to ensure that they live in dignified conditions.

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Car park management

NJOA: Delaware Water Gap Park and Preserve Plan Would Reduce Recreation Opportunities and Is Not Needed

The Delaware Water Gap Park and Preserve Plan would be
Reduces recreational opportunities and is not necessary

New Jersey Outdoor Alliance (NJOA) represents 1.2 million outdoor men and women. Our mission as a local coalition is to advocate for the intrinsic value of natural resource conservation – including fishing, hunting and trapping – to opinion leaders and decision makers. We support legislation, and those who sponsor legislation, that provide sustainable ecological and social enrichment through the sustainable use of the earth’s resources.

The NJOA has reviewed the proposal to classify the 70,000-acre Delaware Water Gap (DEWA) National Recreation Area as a national park and preserve. DEWA contains 54,000 acres in Sussex and Warren counties in New Jersey. A long dormant plan that was undone several years ago to make DEWA a national park has been resurrected by a small steering committee that includes the PA and NJ chapters of the Sierra Club and the former superintendent. The goal of this effort is to add “prestige” and hopefully improve funding, but that is not guaranteed. The plan also aims to provide a cultural center for the Lenape people who once inhabited the area and provide recreational equity for those who cannot afford to travel to remote national parks.

The problem with this proposal is that national parks, with rare exceptions, are closed to hunting and all other consumptive uses. This would be a major shift in the traditional use of DEWA since its inception in 1965. To soften opposition and gain support, this latest proposal suggests that a portion of DEWA be reclassified as a “Lenape Preserve” which would contain a cultural Center. and maintain current uses, including hunting. HOWEVER, the overall park/preserve plan is vague and contains no details. The NJOA has asked for specific details, but the steering committee cannot provide a map envisioning what they are planning as a park versus the reserve and area of ​​each. The steering committee points to a similar plan in West Virginia designating the New River Park/Preserve which resulted in 10% park and 90% reserve. But the breakdown of the Gap proposal remains unknown. A 10% loss of hunting land translates to 5,400 acres or 8.4 square miles in New Jersey.

When Congress authorized funds for the Tocks Island Dam and Reservoir and surrounding recreation area, they specifically made the public benefits of outdoor recreation a priority over the preservation of scenic, scientific, and historic features that contribute to enjoyment. from the public and they specifically indicated that hunting and fishing would be allowed to work. together with national wildlife management agencies. After the dam and reservoir plan was filed in 1978, all of the land became part of the recreation area and the river within its boundaries was designated as Wild and Scenic.

The proposed benefit of a wildlife nursery in the park is not necessary. Any loss of hunting in DEWA will create a haven for bears, something residents of northwest New Jersey don’t need. Additionally, a decrease in the ability to manage deer will affect forest health and increase deer strikes along the Rt. 80 Corridor and adjacent roads. Several long-term habitat improvement projects in the Gap, including those of the National Wild Turkey Federation, Ruffed Grouse Society and others, may be at risk. Although habitat management in a national park is sometimes permitted, obtaining permission is a lengthy process and is the exception rather than the norm.

Although the park plan claims to promote recreational equity, a park designation reduces the recreational options currently available in direct opposition to enabling legislation.
The NJOA recognizes that the proposal to create a cultural center for the Lenape people, who consider DEWA and its surroundings to be the heart of their ancestral home, has merit. However, the proposal is to place the cultural center within the reserve where the current uses will remain, therefore no ‘park’ designation is required going forward.

The NJOA will continue to monitor this situation, but at this time the NJOA CANNOT support this proposal which will result in decreased recreational opportunities, especially hunting, and does not offer any guarantees of additional funding. We believe the designation of Congress as a recreation area remains appropriate for its current and future uses.

About the New Jersey Outdoor Alliance: The New Jersey Outdoor Alliance is a grassroots organization dedicated to supporting outdoor-focused legislation and legislators that support hunting, fishing, trapping, and conserving our natural resources in New Jersey. Notable accomplishments include the recent passage of the Blood Tracing Bill, as well as the institution of Hooked On Fishing, Not On Drugs.

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State to Move Sitka to Airport Paid Parking | Local News

The Alaska Department of Transportation said managing parking at Sitka Airport “has become an increasing challenge” for its crew. The department plans to advertise this month “to find a professional parking management company” to manage the parking lot in front of the terminal building.

The effort “will be the first of several planned to address similar parking issues throughout the state’s airport system,” according to the department’s announcement last month.

“The Sitka Rocky Gutierrez Airport Parking Request for Proposals is a pilot program for smaller airports in the department,” Sam Dapcevich, a department spokesman, said Feb. 24. “Once it is implemented there, the department will begin rolling it out to other airports.”

Dapcevich said “no changes are in the works for Wrangell Airport at this time”, but confirmed changes to the airport’s free parking lot across from the Wrangell terminal may come in the future.

In addition to Sitka, Wrangell, and Petersburg, the department operates airports in Gustavus, Haines, Hoonah, Skagway, Yakutat, and several smaller southeast communities, in addition to airports in Alaska.

The Juneau and Ketchikan airports are managed by the borough of each community and parking at the airport is paid.

The tender for a private operator to manage the Sitka parking lot will be launched in early March. The department said it “expects a company to handle the lot by early April.” The operator will set and collect the fees.

St. Petersburg’s parking rate went from free to $7 a day in December after the state leased the frequently used state-owned plot to a private operator – at the company’s request for more space for his own business.

The Wrangell parking lot is on state land with no private participation or fees.

In an interview with the Sitka Sentinel late last month, Dapcevich said the state decided to outsource lot management to Sitka because the department “doesn’t have the resources to handle parking.” He added: “We have had discussions with the city. They determined they didn’t have the bandwidth to handle it either. So we’re going to… hire a parking management company, and some of the issues that people have brought to our attention should be fixed.

One of the complaints is the lack of sufficient long-term parking, he said.

“We have 68 spaces in the seven-day parking zone and they are usually quite full,” Dapcevich told the Sitka newspaper. “By having a company there that can handle it, they should be able to adapt and be more flexible than us. If they decide they can make more use of the short-term long-term parking area term, they might be able to do that. Plus, they might last longer than the seven-day limit we have in place. If people wanted to pay to keep their car longer, they would have that option.”

“The proposal is a long time coming,” Sitka Mayor Steven Eisenbeisz said. “We have been working with the state on an airport parking plan for some time. … We tried to put this off for a long time, so that we didn’t have to charge for parking at the airport. But at this point, I believe it’s unavoidable. He added: “Hopefully the rates will stay reasonable.”

Dapcevich hopes the move will reduce the number of cars left or abandoned in Sitka’s lot for long periods of time.

“An ideal situation would be that we don’t have any abandoned cars because someone is there and our maintenance and operations staff wouldn’t have to try to find people and then end up if you can’t. find themselves in needing to involve a towing company and then following up with people so they can get their car back,” he said. “We’d rather they focus on their usual responsibilities, like keeping the trail clear and keeping the Sitka roads clear.”

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Car parking rate

Tory budget passes as leader says ‘we’re not out of the woods yet’

The budget for 2022-2023 was approved at a full council meeting that extended until 11 p.m. just after Tuesday, February 22.

It explains how WBC will continue to provide key services, such as garbage collection and accommodation, as well as how it will achieve its overall goals in “Platforms for our Places” and its recovery plan after the pandemic known as the name of “And Then”. .

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A net total of £13.7 million is required for the revenue budget.

Worthing Town Hall

In December, a budget report showed a deficit of over £1.1million.

But, since then, £1.1million in savings have been made, meaning the council will be able to balance their books.

Certain measures in the budget – and in the budgets of the years to come – will be based on an increase in the council tax of 2%.

It was due to be approved on Tuesday, but Storm Eunice saw a meeting of West Sussex County Council cancelled, meaning the hike cannot be approved until March 1.

The budget meeting was adjourned to allow for this.

“Our way of living and working has changed”

Council leader Kevin Jenkins (Con, Gaisford) said: “This time last year we were discussing our annual council budget remotely using online technology, tonight is the full lifting of restrictions Covid.

“As we all know, not everything is the same – the way we work and live has changed.

“As we approach the close of the 2021-22 financial year, we still face a number of challenges.

“But our position remains good with a current overshoot of £14,000 – remarkable in the current situation given how far we have come.

“Our planned work has continued and the vast majority of our projects are on track and many have accelerated.”

“Not out of the woods yet”

The leader was quick to add “we’re not out of the woods yet”, with the pandemic impacting the council’s revenue from fees and charges and government programs compensating for lost revenue coming to an end.

The council’s plan is to increase income in future years by investing in real estate and business services.

“The human impact of the covid pandemic is clear, no more so than in our homelessness as the number of cases continues to rise,” the leader added.

“As we all learn to live with covid, we recognize that families and businesses are facing their own cost of living pressures and in this budget we outline how we can help.”

Mr Jenkins said the council would invest in more houses to reduce the cost of emergency and temporary accommodation for the council and provide much needed accommodation.

Meanwhile, a discretionary support fund of £100,000 will provide support on top of that announced by the government to help offset the rising cost of living.

There will also be a total budget of £1.9million for health and wellbeing in recognition of the “continuing impact of the pandemic”.

Almost £300,000 will contribute to the lido’s long-term plans and improvements to Brooklands will continue, the chef said.

The council has lost £187,000 in parking revenue due to the pandemic and fees will be changed between March 28 and the end of the year to help address this and ‘to help short-term visitors and shoppers “.

Mr Jenkins said 8,502 covid grant applications were made last year and the council helped distribute £39.6 million.

The Chief reaffirmed the council’s commitment to developing Union Place and Teville Gate, which he said is driven by “the need to provide affordable housing”.

Protecting the Goring Gap and open spaces at Brooklands remains a priority.

“Value is changing, it’s changing fast, and it’s changing for the better under this conservative administration,” the leader said.

Executive Member for Resources Elizabeth Sparkes said: “Budgeting the board is difficult in normal times, but considering that the better part of the past two years has been spent responding to a global pandemic, the challenge really couldn’t have been greater.

“Despite it being an extremely difficult time, we have been able to continue to provide services to residents while continuing to invest in this council.

“The council must now be self-funding and we have continued to invest in key strategic areas such as marketing and strategic asset management.”

Labor offers alternative budget lines

The council’s Labor group proposed eight amendments to the budget, but they were rejected.

They included an additional £100,000 for the hardship fund; a £20,000 social housing review; a big listening and big cleaning initiative with an increased budget for community events to £81,500; £50,000 for community health education and equality and diversity work; and £30,000 for urban eco-design planning.

Labor leader Beccy Cooper (Lab, Navy) said: “We are confident that the May election will see a historic Labour-led council in Worthing, and that is only a few months away.

“There is tremendous enthusiasm and capacity in our communities to engage with the advice and services it provides and this has been seen at its best during the pandemic.

“But too often residents have told us how difficult it is in practice – they can’t put a bench in their local park, campaign to encourage children to walk to their local school or green their street. local main.

“Where there should be community green spaces, too often we find dirty, concrete walls.”

The opposition leader said an “inequality gap is widening at an alarming and unacceptable rate” and she called for more support for those in need.

Amendments ‘lack detail’, Lib Dems say

The Lib Dems refused to support the amendments and said they were “disappointed” that Labor had not approached them.

“Liberal Democrats, where possible, will not tolerate unnecessary new tax burdens on already beleaguered residents and we will only use our reserves for essential needs or emergencies,” said Hazel Thorpe (LDem, Tarring ).

“We have not made any amendments this year as we have already spoken with the officers and believe that the decisions should have been carefully worked out and the impacts known before submitting them to the full council.

“We have reviewed the amendments on the table – we tend to agree with the philosophy, but find them lacking in detail.”

But Ms Thorpe backed the idea of ​​more hardship funding and called on council to give residents more control.

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Car park management

Lake Forest office campus sold to Prologis for $96 million – Orange County Register

Pacific Vista, a 322,262-square-foot, 24-acre Class A office campus in Lake Forest, has been sold to Prologis Inc. for $96 million, according to Cushman & Wakefield.

The campus has five two-story office buildings leased to seven long-term tenants, Cushman & Wakefield said.

The seller has not been identified by the brokerage. Representatives said Prologis plans to continue operating the property as an office project.

Jason Ward of Cushman & Wakefield represented the buyer and John Harty of Cushman & Wakefield with the assistance of Jeffrey Cole, Nico Napolitano and Ed Hernandez also represented the seller.

A 39,796 square foot medical practice complex in Hemet has sold for $5.56 million. (Courtesy of Progressive Real Estate Partners)

Newport Beach investor sells Hemet resort sold for $5.56 million

An unidentified Newport Beach investor has sold a 39,796 square foot medical office complex to Hemet for $5.56 million, according to Progressive Real Estate Partners.

The buyer for the Courtyard Medical & Professional Center at 910-960 N. State St. was identified solely as a foreign investor represented by CBD Investments.

Built in 1981, the fully leased resort generated 13 qualified bids, according to Progressive’s Greg Bedell.

Bedell said the deal further bolstered “the continued rebound in demand we’re seeing for multi-tenant commercial assets in SoCal’s Inland Empire.”

Three new commercial properties at the Monterey Crossing Mall in Palm Desert have been sold for a total of $15.7 million in three separate transactions. All three sales included a new single-tenant block leased to Chick-fil-A. (Courtesy of Hanley Investment Group Real Estate Advisors)

New Brunswick firm sells 3 Palm Desert retail blocks for $15.7 million

Fountainhead Development of Newport Beach has sold three new commercial properties at the Monterey Crossing Mall in Palm Desert for a total of $15.7 million in three separate transactions, according to Hanley Investment Group Real Estate Advisors.

Hanley represented Fountainhead in all three transactions.

The transactions included two new pads leased from Chick-fil-A and Quick Quack Car Wash as well as a two-tenant pad leased from AT&T and Spectrum.

Other national brand tenants at the mall include Costco, Home Depot, Kohl’s, Sam’s Club, Walmart, 99 Cents Only, Ashley HomeStore, JOANN Fabrics and Crafts, PetSmart and Regal Cinemas.

“In 2022, we anticipate that more mall developers and owners will seek to implement a break-up sales strategy to capitalize on the strong demand for single-tenant and multi-tenant retail products at premium prices. “said Bill Asher, executive vice president. chairman of Hanley.

Five Point Holdings has tapped former Irvine Co. executive Daniel Hedigan as its new chief executive, effective immediately. (Courtesy of Five Point Holdings)

Five Point taps ex-Irvine Co. exec as CEO

In case you missed that news on Thursday, Irvine-based Five Point Holdings named a new CEO four months after its founder Emile Haddad was demoted to an advisory role.

Daniel Hedigan, who spent 10 years on the Irvine Co. management team, immediately assumed the role, according to a Five Point statement released on Wednesday, February 9.

“He will bring an excellent balance of management skills and experience, with a focus on sizing our cost structures to fit the size and scale of our business,” said Stuart Miller, Executive Chairman of Lennar, Five Point’s largest stakeholder.

The announcement capped a series of leadership changes at the Irvine-based developer. Last August, Five Point announced that Haddad would become a senior adviser. The company has promoted its chief operating officer, Lynn Jochim, to president. Wednesday’s announcement said Jochim would step down from both roles but remain as a councilor for three years.

In late January, chief financial officer Erik Higgins resigned but indicated he would remain at Five Point to complete regulatory filings, which are due this spring. The company has appointed Leo Kij, its controller, as interim chief financial officer.

Five Point declined Thursday to comment on the leadership changes beyond its prepared statement.

The Brea engineering firm acquired by the Long Beach firm

Power Engineering Services Inc., a Brea-based electrical engineering company, has been acquired by P2S Inc. of Long Beach.

Terms of the agreement were not disclosed by either company.

P2S is also a provider of engineering and construction management services for institutional, industrial and commercial clients.

In a statement, the companies said PES would continue to provide its customers with the same services, along with the support of P2S and its engineering services.

“Joining P2S allows us to expand and accelerate the design, service and deployment of projects for our customers with a significantly increased workforce and exceptional resources,” said PES President Barbara Effenberger. “Joining P2S is the ultimate partnership.”

Oren Hillel is the new director of development for Waterford Property Co. in Newport Beach. (Courtesy of Waterford Property Co.)

Moving

Oren Hillel is the new director of development for Waterford Property Co. in Newport Beach. Hillel will oversee the company’s real estate development, including grassroots projects, in the market-priced and affordable housing categories. Previously, he worked at Greystar, a property developer and manager with over $50 billion in assets under management.

Future

Stephanie Young Group is partnering with the American Red Cross to host a blood drive from 10:30 a.m. to 5 p.m. Friday, March 18 at Highland Park in Irvine.

Photo ID is required to donate. Appointments can be scheduled online at RedCrossBlood.org with referral code SYG or by phone at 1-800-733-2767. To verify your eligibility to donate blood, call the Red Cross Donor Support Center at 1-866-236-3276.

Address: 12205 Dreamcatcher

Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit articles and high-resolution photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.

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Council tax will increase for East Riding residents, but free parking fees will be waived

East Riding residents will have to pay more council tax, but plans to introduce fees into the county’s free car parks have been shelved.

Councilors passed a 3.99% council tax hike at a meeting on Thursday.

Councilors voted 46-11 in favor of the budget presented by the ruling Conservative group, which included the hike.

Click here for more news from the Eastern Constituency Council.

Council leader Cllr Jonathan Owen said it came amid continued financial pressures from coronavirus, the austerity of the previous decade and uncertainty surrounding local authority funding arrangements at the to come up.

Opposition Liberal Democrat Leader Cllr David Nolan said the budget failed to bring needed changes to local government funding, adding that council tax was an unfair way to raise funds.

Cllr Owen said the council tax hike would amount to an extra £5.17 a month for a D-band home, up from £62.03 on last year’s bill of £1,616.79.

But he added the increase would be lower for around half of East Riding homes in Band A and B, rising by £3.45 and £4.02 a month respectively.

The budget backed by councilors includes spending £200,000 to bring forward the start time of winter sandblasting from 12pm to 8am, with the car park fee waiver costing £311,000. It also includes £400,000 for 100 new electric vehicle charging points over the next 18 months and a further £300,000 for the Love Your High Street regeneration fund.

It includes £250,000 to pilot a new team looking at how to use regeneration funding at Goole and £525,000 for the council’s Community Wealth Fund.

An additional £250,000 is expected to be spent on CCTV, £133,000 on business rate relief for early learning providers.

A total of £55,000 has been earmarked for the School Music Service, intended to help low-income families with instruments and lessons.

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The subsidized bus routes received a total of £150,000 and £200,000 was set aside for the council’s Hardship Fund.

The Tory measures, which cost more than £2.463 million, are to be funded by a £508,000 increase in the government’s financial settlement for the council.

They will also be supported by £605,000 unspent from the council’s coronavirus reserve to cover pandemic losses from local levy collections.

Watch to learn more about how council tax rates are set:

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Some £250,000 will be transferred from the Bridlington Economic Development and Regeneration Reserve, including £1.1million from the Council Tax Hardship Fund.

The budget also includes £2.25m for the council’s total compensation and rewards strategy, its pay review to help fill vacancies, some of which have been empty for months.

Cllr Owen said the coming year will be an exciting one for the East Riding as it seeks to rebuild following the worst of the coronavirus pandemic.



Plans to charge municipal parking lots that are currently free have been abandoned

But he added that it came amid continued financial pressures, particularly the rising cost of social care as the East Riding’s population continues to age.

The head of the council said: “What has changed in the 23 years that I have been involved in budgeting is the reduction in government funding, austerity has made us develop new efficiencies.

“We’ve been through the pandemic for about two years and all the pain and hardship it’s caused.

“Our government settlement announced last year only covers one year, which means that everything in our plans beyond that is speculative.

“We are a huge organization, we provide over 600 services to over 341,000 residents.

“We face a range of pressures in the years ahead, including demographic pressures, an uncertain job market, rising levels of inflation and wage rewards.



Cllr Jonathan Owen said the East Riding faced a range of financial pressures going forward

“We will use the council tax increase to support adult social care which continues to be under pressure.

“But Council Tax only provides about 20% of our funding, it can only contribute modestly to meeting revenue cuts from other sources.

“We will pursue our priorities of growing the economy, embracing technology so we can work more agile, valuing our environment, protecting the vulnerable, and empowering and supporting communities.

“We are not going to introduce parking fees in places where they don’t already apply to protect businesses.

“Our compensation and reward strategy is not about consultants, our staff deserve to be treated fairly, this hasn’t been reviewed for years and it’s only right that we do it now.

“It will be a progressive and exciting year for residents.”



Cllr Jonathan Owen, the leader of the East Riding Council.
Cllr Jonathan Owen said the coming year will be an exciting one for residents

Cllr Nolan said he called the budget plans an officer with tweaks from the Tories.

The Liberal Democrats proposed an alternative budget which included £250,000 for crime prevention and women’s safety and £617,000 for pothole and pavement repairs.

It also includes £100,000 for dog soiling prevention and enforcement, £130,000 for neighborhood budgets of £5,000 a year and £100,000 for speed reduction in Flamborough.

The Opposition has earmarked £125,000 for a free shuttle from Bridlington to Scarborough Hospital, £50,000 for road safety improvements in Hessle and £500,000 for hard-parking.

An additional £100,000 has been proposed for a feasibility study of improvements to Bridlington Hospital, with no change to car parking charges costing £383,000.

The Liberal Democrat leader said: “We’ve had a bad settlement from the government, there’s no real welfare plan or long-term funding.



Customer David Nolan
Liberal Democrat opposition group leader Cllr David Nolan said the council should consider other options for the budget

“We also had Brexit which was supposed to be a take back of control, local government should be one of the areas where we have more control.

“We only have council tax, a very visual and sensitive tax which is unfair and needs to be changed, but we are there.

“The budget is draining our reserves when we should be looking at other options.

“We will continue to oppose the pay and reward strategy, we believe spending money on this at this time is a shame.”

The Eastern Constituency Council tax increases in full:

Evaluation Cost 2021/22 cost 2022/23 Increase (year)
Band A £1,036.51 £1,077.86 £41.35
B and B €1,209.26 £1,257.50 £48.24
C-band £1,382.01 £1,437.15 £55.14
D-band €1,554.76 €1,616.79 £62.03
E-band £1,900.26 £1,976.08 £75.82
F-band £2,245.76 £2,335.36 £89.60
G-band £2,591.27 £2,694.65 €103.38
H-band €3,109.52 £3,233.58 €124.06


Municipal tax account
East Riding residents will pay 3.99 per cent more in council tax in the coming financial year

Eastern Constituency Council tax increases, including a 25% single supplement:

Evaluation Cost 2021/22 cost 2022/23 Increase (year)
Band A £777.38 £808.40 £31.02
B and B £906.95 £943.13 £36.18
C-band £1,036.51 £1,077.86 £41.35
D-band £1,166.07 €1,212.59 £46.52
E-band £1,425.20 £1,482.06 £56.86
F-band £1,684.32 £1,751.52 £67.20
G-band €1,943.45 £2,020.99 £77.54
H-band £2,332.14 £2,425.19 £93.05

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Parking prices in Dublin will increase by up to 30 cents per hour from next week

THE PRICE OF PARKING in Dublin is expected to rise by an average of 10% from next Tuesday.

Parking in the capital is zone-based with different charges for different zones.

The cost of parking in the most expensive area, the yellow area, should go from €3.20 per hour to €3.50 per hour.

In the Red zone charges go from €2.70 per hour to €3. In the green zone they go from €1.60 per hour to €1.80 per hour.

Orange area the charges increase from €1.00 per hour to €1.10 per hour and blue area charges range from 0.60c€ per hour to 0.80c€.

In the Blank Zone – a small part of the yellow zone which operates from 2 p.m. to 6 p.m. on Sundays – the rates go from €1.40 per hour to €1.60 per hour.

The zones are materialized by the colored band on the sign of the parking spaces as well as on the street parking meters.

Fees for people who use parking beacons are 10 cents less than the spot rate, except in the orange zone where it is 5 cents cheaper.

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Here is a complete list of the new prices:

Speaking about the parking charge hike, Dublin City Council’s Parking Enforcement Officer, Dermot Stevenson, said: ‘The hourly parking charge is being increased to ensure there is an appropriate deterrent to the long-term parking in the city and to encourage a high turnover of users of these parking spaces.

“We also want to encourage reasoned parking in the city and ask motorists to consider alternative modes of transport to the private car”.

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Specialist in public transport services – 3095983 | Characteristics

JOB DUTIES: This position performs as a member of a team or individually and performs engineering duties in the design and/or construction functional areas. This position will learn to be responsible for the coordination of utilities and permits in the development of road improvement projects in accordance with the established facility development process and relevant rules and regulations. This position works closely with Project Development Section (PDS) Project Managers to resolve issues and concerns. He is also responsible for several program issues related to utility coordination, performance monitoring and reporting of non-leased programs and utility permits, and construction program support. . The position will be trained to be responsible for reviewing, authorizing and issuing permits for major/major utility maintenance and relocations involving utility alterations and miscellaneous works within the road allowances of a major urban transportation region. Activities require a construction method and utilitarian practices. Coordinate maintenance permit work with other regional units, utilities, municipalities and others to ensure familiarity with construction and traffic control compliance. Analyze and interpret data from traffic modeling software, geographic information systems or related databases. Analyze transportation-related information, such as land use policies, environmental impact of projects, or long-term planning needs. Collaborate with engineers to research, analyze, or solve complex transportation design problems. Collaborate with other professionals to develop sustainable transport strategies at the local, regional or national level. Design transportation surveys to identify areas of public interest. Develop design ideas for new or improved transport infrastructure, such as intersection improvements, pedestrian projects, bus facilities and parking areas. Participate in public meetings or hearings to explain planning proposals, gather feedback from project-affected people, or reach consensus on project designs. Prepare necessary documents to obtain project approvals or permits. Prepare or revise engineering studies or specifications. Prepare reports or recommendations on transportation planning. Recommend transportation system improvements or projects, based on economic, demographic, land use, or traffic projections. Review development plans for effects on the transportation system, infrastructure requirements, or compliance with applicable transportation regulations.

QUALIFICATIONS: Candidates qualified at the entry level will have training OR experience in engineering principles and methods – may include use of engineering software, review of blueprints or surveys, reading and interpretation of technical documents, construction inspection, material testing, preparation of plans and tender documents, etc.

Workplace County(ies): Oneida

RATE OF PAY: $43,000.00 per year to $50,000.00 per year

HOURS: Full time, 40 hours per week

CONTACT: RHINELANDER JOB SERVICE

51A N BROWN STREET

RHINELANDER, WI 54501

(715) 365-1500

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ERs are overwhelmed as omicron continues to flood them with patients

People and cars line up outside the Boston Medical Center near the emergency room where COVID-19 testing was taking place during Omicron’s push in Boston on January 3, 2022.

Stan Grossfeld/Boston Globe via Getty Images

The omicron surge is clogging hospital emergency rooms with patients waiting long hours, even days, for a bed.

“We are absolutely crushed,” says Dr. Gabor Kelen, chair of emergency medicine at Johns Hopkins University School of Medicine in Maryland.

Nationally, daily hospitalizations for COVID-19 are up about 33% this week from the previous week and more than 155,000 people are hospitalized with COVID-19, well above the record set last week. last winter.

But those numbers may not reflect the pressure on emergency rooms. Before these patients land in hospital beds, many of them head to emergency rooms for treatment.

Emergency departments essentially act as shock absorbers for the huge wave of infections, triaging all sorts of patients, from the seriously ill to those who may not need admission at all.

“We’re like the only place open for everyone, right? It’s the only place you can go without an appointment,” Kelen says.

It’s another symptom of the relentless stress on the healthcare system as it grapples with staffing shortages, sustained demand for care and the sheer volume of new infections.

Some of the increased ER load is even coming from patients seeking a coronavirus test they can’t find elsewhere. In some hospitals, cars are lining up for hours trying to get tests, and hospitals are setting up tents to handle the tests. Yet some patients still come to the emergency room for tests.

“All of our emergency departments in our hospitals are really much harder hit this time around,” says Dr. Alok Sengupta, president of Mercy-led St. Louis Hospitals Emergency Medicine.

A nurse walks into a temporary emergency room, built in a parking lot at Providence Cedars-Sinai Tarzana Medical Center in Tarzana, Calif., Jan. 3, 2021. Since Thanksgiving, cases have spiked to the point where 80 percent of the hospital is full of Covid-19 patients, and 90% of intensive care units are now full of Covid-19.

A nurse walks into a temporary emergency room, built in a parking lot at Providence Cedars-Sinai Tarzana Medical Center in Tarzana, Calif., Jan. 3, 2021. Since Thanksgiving, cases have spiked to the point where 80 percent of the hospital is full of Covid-19 patients, and 90% of intensive care units are now full of Covid-19.

Apu Gomes/AFP via Getty Images

Omicron may be milder but patient load is not

Research shows that the rate of serious illness is likely lower with omicron. But this reduced severity is more than offset by the large number of patients who become infected because omicron is so contagious, says Dr. Gillian Schmitz, president of the American College of Emergency Physicians.

“The percentage of people who come in with symptoms is still enough to overwhelm a hospital pretty quickly,” Schmitz says. “And on top of that, we still have the same car crashes and appendicitis and other things that would normally bring people to the ER.”

Several recent studies in the United States and abroad show that the risk of serious illness is lower than in the delta.

In fact, researchers at Kaiser Permanente in Southern California found that the risks of hospitalization are about 50% lower for patients infected with omicron compared to delta, according to a new study of nearly 70,000 patients, published this week in preprint form. These are similar to earlier findings by researchers at Case Western Reserve University.

But just because omicron may be less severe than delta, it can still cause the same life-threatening complications of COVID-19, especially in unvaccinated and most high-risk patients, says Dr. Greg Miller, chief medical officer. of Vituity, a national physician recruitment company.

“It seems like there are a lot more unvaccinated people coming in with omicron, and we’re still seeing some pretty sick patients,” he says.

And with the huge patient loads, the omicron wave is worse than previous waves for hospitals despite the lower overall severity, says Casey Clements, an emergency physician at Mayo Clinic in Rochester, Minnesota.

“I think that’s the most dangerous and the most likely to break the system in the coming weeks,” he says.

Healthcare workers tend to a patient with COVID-19, in a COVID holding capsule at Providence St. Mary Medical Center in Apple Valley, Calif., Jan. 11, 2021.

Healthcare workers tend to a patient with COVID-19, in a COVID holding capsule at Providence St. Mary Medical Center in Apple Valley, Calif., Jan. 11, 2021.

Ariana Drehsler/AFP via Getty Images

Long waiting times and serious consequences

The backup in the emergency room is partly due to the fact that there are already too many patients taking up hospital beds to easily free up space.

“Patients admitted from the emergency department cannot go upstairs,” says Kelen. “So they’re lingering and they’re taking up all the acute beds in the emergency department, which means everyone’s waiting in the waiting room.”

When emergency rooms are overloaded, the most immediate consequences are that patients have to wait longer and longer for care.

Phoenix hospitalist Dr Ruth Franks Snedecor says ER wait times are now double what they were in 2021 and doctors are seeing a third more patients.

What we face in the first month of 2022 is not sustainable,” she says.

Stacking can be particularly tricky with COVID-19 because ERs need to follow infection control measures and separate patients so they don’t infect others. And with so many patients crowding the waiting room, it’s harder to prioritize real emergencies.

We had some of our longest wait times I’ve ever seen,” Sengupta says in St Louis.

This is keenly felt at the emergency room where Dr. Bradley Dreifuss works in Tucson, Arizona.

“Our hospitals are completely full. We are unable to admit patients,” he said. “This has led to significant delays in care and patients sitting in the waiting room, who end up leaving and then coming back even sicker.”

In Colorado, the situation is serious enough that ambulances are operating under new crisis protocols, where some patients may not be taken to the hospital if their condition is not considered serious enough.

Schmitz says many hospitals are so full they’re on diversion — meaning they’re not accepting traffic or ambulance transfers — and patients are getting stuck in the ER waiting for a bed. hospital opens.

“You can be in a bed in the ER, not just for many hours, which was bad enough, but maybe even days,” Kelen tells Johns Hopkins.

In other circumstances, patients who need to be transferred from one emergency room to another for higher level emergency care are blocked. Snedecor says she sees this in Phoenix because the system is so flooded.

“They just sit there and they die, or they have long-term adverse effects of not being able to get the care they needed when they needed it,” she says. “And we all know that with a lot of these conditions – stroke, heart attack – time is running out.”

Copyright 2022 NPR. To learn more, visit https://www.npr.org.

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How to maximize mowing for a good first impression


Broward College is proposing changes to ensure that mowing and other priorities improve the appearance of the campus.



broward collegeBroward College has 11 campuses comprising three main campuses and eight satellite centers with 200 acres of turf, 75 acres of parking, and 35 acres of lakes and wetlands.



Appearance is everything. At least that’s what one might think when it comes to the role landscapes play in creating positive first impressions for higher education institutions. Prospective students and faculty consistently rank the appearance of a campus as a critical factor in determining where they will put their talents.

Laura Ozment understands better than anyone the role of landscapes in higher education. As the University’s Landscape and Grounds Maintenance Manager at Broward College in Florida, Ozment has first-hand knowledge of how landscapes affect the institution’s image with visitors and staff.

“Visitors to our campuses often express their appreciation for the lush landscaping and inviting features, such as picnic tables, patios and lounges,” says Ozment, adding that the landscapes must complement the varied facilities of the organization. “Our architecture ranges from carefully preserved buildings from our origins in the early 1960s to impressive modern glass structures designed in a cohesive and timeless manner.”

While sweeping flower beds and soaring trees can go a long way in creating these impressions, areas of grass often bring it all together. They should be both good looking and durable enough to withstand everyday use. For these reasons, managers pay great attention to mowing activities that keep areas of turf attractive and healthy.

Resource assessment

Broward College has 11 campuses comprising three main campuses and eight satellite centers around the Fort Lauderdale area.

“Our Landscaping and Grounds Maintenance Department provides services on these campuses through a combination of in-house staff, service contracts and municipal partnerships,” said Ozment. “Of about 375 acres in total, 35 acres are lakes and wetlands, 75 acres are parking lots, 65 acres are under the building footprint, and 200 acres are under sod.”

The department employs approximately 20 full-time, year-round staff who are responsible for mowing, detailing, mulching, fertilizing, weed and pest control, tree pruning, l ‘maintenance of parking lots, waste reduction, maintenance of irrigation system, planting projects and supply of decorative plants. for special events.

To manage mowing tasks, the department uses a fleet of mowers for various purposes.

“Nine commercial zero-turn mowers are the anchor of our fleet of equipment,” says Ozment. “These 52” and 72 ”reel mowers are between two and 10 years old. ”

As with many landscape and land departments, the Ozment department supplements its specific mowing equipment with specialized tools.

“Our in-house staff use heavy-duty vehicles all equipped with dump bodies, sunroofs and roll bars to perform day-to-day operations on campus,” she says. “Portable equipment, such as blowers, edgers and weed killers, are commercial grade. All equipment is maintained by our own fleet services team.

An essential part of effective mowing programs involves training operators and mechanics that targets safety and efficiency.

“Although all of our equipment operators are very experienced, we need online safety training on a variety of topics, such as machine guarding, working on slopes, hazards at height, prevention of heat stress and exhaustion, bloodborne pathogens, chainsaw operation and personal protective equipment, among others, ”says Ozment. “Supervisors perform regular safety inspections of equipment and review safe operating procedures in accordance with government agencies and best management practices. Our fleet services department provides mechanical support. The mechanics are ASE certified and are familiar with the maintenance specific to the brand.

Roll with the changes

While mowing is a top priority for green space and garden maintenance departments, their roles in optimizing the appearance and health of campuses have evolved and expanded in recent years. As colleges and universities pay more attention to the importance of landscapes and land to achieving broader, longer-term goals, managers and their staff find themselves more involved in discussions about projects and land. tasks that go beyond mowing.

“We have about 200 acres of sod in open areas and parking islands,” Ozment said. “Two of our main campuses are maintained by college staff, while the campus centers are maintained by contracted service providers. Our college staff are present at all sites, consulting and helping with the needs of service providers. We frequently provide assistance related to irrigation systems and are ready to meet any needs outside of contractual services.

Increasingly, managers in the Lands and Landscape departments are getting involved in the planning of campus construction projects, where their expertise can help ensure a facility looks its best from the moment it opens.

“Having in-house staff with our strong sense of ownership allows us to react quickly to unforeseen or unforeseen circumstances,” says Ozment. “For example, our Lands and Landscapes Department may be called upon to consult on construction projects where landscape elements, such as trees, have not been specifically addressed. We are strongly committed to the protection and preservation of trees and demand that protective measures be taken in accordance with municipal codes and best management practices.

“In addition to the aforementioned tasks, we coordinate and respond to requests from our planning, design and construction team to ensure projects run smoothly. Broward College is continually undergoing improvements and renovations to keep our facilities clean, attractive and state of the art.

Just as nature is constantly changing and presenting new challenges, so the management of landscape and land services continues to change and adapt, often in response to external events and forces.

“The increasing cost of materials and the limited availability have prompted us to be more flexible in our product choices and the frequency of certain operations,” explains Ozment. “For example, we have reduced the size of some landscaped beds to reduce mulch and other costs. We work closely with other maintenance teams to identify landscape elements that conflict with building operations and reduce or eliminate those features.

“While many institutions experience labor shortages, Broward College has an extremely dedicated staff of long-tenured employees who continue to work daily to ensure a safe, healthy and productive learning environment. ”

Whatever the challenges, Ozment and his team know that the long-term goal is to maximize the health and appearance of the college’s landscapes and grounds, all to safeguard the institution’s image.

“As we continually evaluate operations based on changing conditions, our current mix of Broward College staff and contract services allows us to maintain a high standard in a large urban area while providing a personal and prompt response to our students,” faculty and visitors, “she says.” It is well established that quality facilities are central to student enrollment and retention, and we are proud of our contribution to Broward College as a consistently award-winning institution. ”

Dan Hounsell is Editor-in-Chief for the Facilities Market. He has more than 25 years of experience in the fields of engineering, maintenance and management of grounds in institutional and commercial facilities.




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City of Thomasville receives AARP grant

THOMASVILLE, Ga. (WTXL) – The City of Thomasville, through a partnership with the Southwest Georgia Regional Commission (SWGRC), recently received a Community Challenge Grant in the amount of $ 6,379.86 from the American Association of Retired Persons (AARP) to help fund rapid action projects designed to accelerate long-term progress in supporting residents of all ages.

AARP is the nation’s largest nonprofit, non-partisan organization dedicated to empowering people 50 and over to choose their lifestyle as they age. With a national presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal development.

“We have been honored, along with our SWGRC partners, to be selected by AARP as a recipient of the 2021 grant,” said Thomasville town planner Kenneth Thompson. “This collaborative effort between the Town of Albany, Town of Sylvester, County of Lee and ourselves will fund projects that add accessible seating, recreational facilities and outdoor art exhibits across the four communities. ”

According to Thompson, the grant funding was used to build a “Pop-Up Porch.”

“The Thomasville Downtown Pop-Up Porch is a pilot project designed to encourage the use of temporary modifications to the built environment that improve the quality of our public spaces,” said Thompson. “The porch is sized to accommodate a parking space and temporarily enlarges the sidewalk for a range of uses such as outdoor seating, artist markets, and performance space.”

The Pop-Up Porch was recently unveiled to the community during a Christmas in Thomasville an event.

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TDI Properties buys 3 multi-family buildings in Los Angeles


TDI Properties purchased 2849 San Marino Ave. in Koreatown.

TDI Properties Inc. purchased a portfolio of three multi-family properties known as the Elevate LA portfolio from a Colorado family for an undisclosed amount.
The properties were owned by the seller for almost three decades.


Brent Sprenkle of Berkadia represented the seller in the transaction.
“It’s not often that investors have the opportunity to acquire three properties from one owner for a very long time, all with slightly different attributes and locations, and all sold at very attractive prices per unit per foot. square, “Sprenkle said in a statement. . “Due to the much below market rental rates, the cap rate in place was less than 4%, but the increase in long-term rentals is huge. “


The largest property based on unit count was a 30 unit building located at 1234-1240 4th Ave. in Central LA. The property, which was built in 1928, has three floors and has one bedroom, a studio and three parking spaces.
Another property for sale was a 21 unit building located at 2849 San Marino St. in Koreatown. The property was built in 1923 and has 10 parking spaces.


The last asset consists of two apartment buildings totaling 28 units at 1714 S. Burlington Ave. at Pico-Union. The property has 22 parking spaces in addition to a detached garage for two cars.


LA had a number of significant multi-family sales in 2021. According to records, many of the largest sales are labor-intensive home conversions, which use tax-exempt bond financing to acquire the properties. .


Some of the biggest sales last year included the 507-unit Altana apartments in Glendale, which Waterford Property Co. and the California Statewide Communities Development Authority bought for $ 300 million, and the Playa Pacifica and The Gallery in Hermosa Beach. , purchased by Prime Residential for $ 275 million. .

For reprint and license requests for this article, CLICK HERE.


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Westfield Presents Sports Complex Renovation Plan | News, Sports, Jobs


Here is a photo of the current Westfield Academy and Central School sports complex.

WESTFIELD – Members of the Westfield community had the chance to provide feedback on possible improvements to the school’s sports complex at a recent public forum.

Presenters came up with different options for the resort, which is priced between $ 6 million and $ 15.5 million. Jeff Nunn of architectural firm Gordon Jones & Associates introduced Option A, which incorporates everything people asked for in response to a district survey in February.

The option would include all new fields, a walkway around the complex, new parking facilities and a protective retention berm. Business executive Joshua Melquist said Option A would cost $ 15.5 million, resulting in a tax increase of $ 245 for every $ 100,000 of annual valuation.

Option B has two phases. Nunn explained that Option B-1 would replace the runway and terrain and add the protective berm. The second phase, or option B-2, would replace the baseball and softball fields over the next several years.

Melquist said the option would cost $ 6 million, which would include a tax increase of $ 31 per $ 100,000 of assessed property value. He noted that, “Next to concept drawings, there are concept awards. “

Presenters at a public forum regarding improvements to Westfield Academy and the Central School Sports Complex received an estimate of possible tax increases.

Westfield Superintendent Michael Cipolla welcomed everyone in attendance and introduced the presenters, who, along with Melquist and Nunn, included Sporting Director Neil Huber; Matt Sikora of Turner Construction; and Josh Brumagin, district facilities manager.

Cipolla reviewed the project schedule, noting that discussions to improve the sports complex began in the past school year. After the February survey, in which community members prioritized improvements to the complex, the district met with groups of staff, students and alumni to set short and long term goals.

“What we do in the future will reflect these comments”, said Cipolla. “We are looking at the financial landscape, both short and long term, of our district. It is a heavy consideration.

Huber posted images of the current sports complex after a rainstorm, demonstrating the need to improve the sports complex. All of the fields held water and the football field had about 2 inches of mud, he said.

Huber went on to show that the number of students participating in sports has been stable over the past five years.

A photo of the baseball field in Westfield after a rainstorm illustrates how the field holds water.

“The numbers here are going to be with us for a while”, he said. “About two-thirds of the student body plan to play a sport in the spring of 2022.”

Huber noted that while most of the students who responded to a recent survey were proud of their district, a majority of them described the current sports complex with adjectives such as “Rough, old, terrible, embarrassing, trashy, outdated, horrible. “

“A new sports complex would greatly improve our outdoor sports”, he said.

He also broadcast two videos of interviews with students. The first video, which featured three young graduates, highlighted how difficult it was to practice and play sports at the current sports complex. Katie Bodenmiller noted that the condition of the track prevented the district from hosting events such as steeplechase races and hurdles. The second video illustrated the opinions of three current athletes: Haleigh Dellow (class 2023), Makartnee Mortimer (class 2023) and Cameron Paternosh (class 2024). The three students reiterated the opinions of the elders, agreeing that the complex is in a deplorable state.

After Huber’s presentation, Melquist looked at the financial impact of the proposed plans on the local community. He noted that a good sports complex that could host more events would benefit the whole community.

“If we have a facility that attracts more people to our community, it will likely boost the local economy,” he said. “It will also open people’s eyes to what we have here.”

In response to a question from a community member regarding the tax impact so high for Option A, Matt Sikora explained that the tax levy is affected by the maximum cost allowance provided by the state. The overall cost of the project determines the percentage of aid the district will receive. If a district exceeds the maximum allowance, the impact on the tax levy will be greater.

Cipolla said the next steps will be to follow up with the education council, staff, Brumagin, Huber, students and all stakeholders. Another community forum will be scheduled as the project progresses, he said.

Responding to concerns from community members, Huber noted that the goal of the sports complex improvements ultimately rests with the students.

“You saw the numbers” he said. “I believe that a better facility would encourage even more students to participate. Like you said, “build it and they will come”.

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Hong Kong property prices remain high, despite challenges


The problem for Hong Kong is that it doesn’t have a lot of land available. About 75 percent of the land is protected or too mountainous to build there. As a result, construction in developed areas appears to be relentless. It is common to see new apartment buildings being constructed in the gaps between two existing towers in impressive use of space, but disregarding the view from residents’ windows.

Yet demand far exceeds supply, even with rising prices. The scarcity of land means that buying a property is seen as a long-term game. “It’s still crazy. If there are 100 units in a new building under construction, it is normal for it to be oversubscribed more than 10 times, and it will have to go to raffle lots, ”said Eunice Tenh, who is a real estate agent in the city for over 15 years.

The announcement that Hong Kong’s border will reopen with mainland China by June 2022 is already boosting the market, according to real estate agents. In November, just days after the border was announced, an apartment on Mount Nicholson in Hong Kong Island sold for HK $ 640 million, or HK $ 140,800 per square foot, a record in Asia.

“The main developers in Hong Kong are all very optimistic about the market,” Tsang said. “Hong Kong is still considered the Monte Carlo of China.”

PURCHASE GUIDE

Hong Kong is now technically open to non-residents who are fully vaccinated, but anyone who moves or visits must self-quarantine in a hotel room for 21 days if traveling from 25 countries, including US and UK, or 14 days from almost anywhere else. The exception is mainland China: visitors from some provinces can travel without quarantine, although there is a strict limit; most vaccinated visitors from China must self-quarantine for seven days.

Hong Kong has imposed strict mortgage requirements in an attempt to control prices – with little effect. Buyers must deposit at least 40 percent of the value, and there are stricter rules for foreign buyers. Mortgage applicants with income primarily from outside the territory face a maximum loan-to-value ratio of 40% for properties over HK $ 10 million and 50% below that price.

To delay overseas speculation, Hong Kong introduced an additional stamp duty for buyers who are not permanent residents, which is a flat rate of 15% of a property’s value.

WHAT YOU CAN BUY FOR …

45.8 million Hong Kong dollars

A three bedroom apartment on Macdonnell Road in Mid-Levels Central, a short drive from the central business district. The property includes an additional maid’s room, a balcony and a parking space. For sale with Knight Frank.

55 million Hong Kong dollars

A four bedroom, three bathroom house with private pool and garden in a quiet hillside location. There is also a maid’s room, three parking spaces and a mountain view, as well as a partial sea view. In the market with Knight Frank.

HK $ 1.2 billion

A four bedroom detached house on Island Road in Deep Water Bay, South Hong Kong Island. Built in 2009, the property has a rooftop terrace with views of the bay and the hills. Available at Christie’s International Real Estate.

By Tabby Kinder © 2021 The Financial Times


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DEM seeks more information on Lighthouse Inn site maps | News


NARRAGANSETT, RI – The Department of Environmental Management has said it wants more information from three bidders vying to redevelop the former Lighthouse Inn property on state land in the Galilee, and their gave 10 days to deliver them.

In a letter of December 17, DEM deputy director of the Office of Natural Resources Jason McNamee requested more information from representatives of the City of Narragansett, iCell Aqua Inc. and PRI X about their separate plans to transform the plot. of five acres where the dilapidated and closed hotel sits.

They have until December 27 at 5 p.m. to do so.

“Some of the original proposals may have contained some of these elements, but we hope you can refocus on those specific areas and provide more detail,” McNamee said.

DEM was originally scheduled to complete a review of the proposals on December 15.

The state wants more detailed information in five key areas described in the letter.

Bidders must provide a financial plan that shows “how the project would be financed and what would be the economic impact of the project”.

Each should also provide a statement of their team’s experience: “Background and experience of key executives involved in the project, including description of similar projects and the financial history of those projects”.

Third, the State asked everyone to indicate whether there was flexibility in certain areas of their proposal.

“It’s important for us to know if there are contingencies or room for negotiation for a few things like rental terms or land ownership requirements,” McNamee said.

Bidders must also develop or modify the timelines for their projects.

“It’s important for us to understand some of the timelines in more detail and if / how any of the above changes or details may impact those timelines,” McNamee said.

Finally, he asked for a detailed explanation of public amenities such as park spaces or educational or recreational elements that would be part of the project.

The state and PRI X issued a request for proposals on September 30, and the offers arrived on November 15. The timeline outlined in the RFP provides for final approval and execution by January 15, 2022. DEM and PRI X will have the final say on which proposal to accept.

Narragansett’s proposal would transform the plot into a boutique hotel with 75 to 100 rooms with a restaurant, reception hall, gallery and parking lot. The new hotel would be complemented by a ferry disembarkation area and an outdoor market directly across from the ferry terminal on Great Island Road.

The redevelopment program also includes plans for a 400-car parking lot attached to the hotel for long-term ferry parking, and a mixed-use building for offices and housing.

PRI X – a partnership between large real estate company Procaccianti Group and Paolino Properties – is proposing to demolish most, but not all, of the existing hotel and keep the front section on a level that faces Great Island Road.

It would be extensively redeveloped with new roof lines, front façade and signage, all in the style of a typical New England fishing village. The front section would then be split into separate footprints and marketed to local businesses to take advantage of the foot traffic generated by passengers and the parking lot of the Block Island ferry. The front parking area would be replaced with landscaping, park benches, historic shelves and more to increase retail offerings.

For phase 2, PRI X would develop the Galilee Inn, a 20 to 40 room boutique hotel.

Quonset Area Aqua Development Inc., in conjunction with iCell Aqua Inc., proposes to build a $ 30 million seafood processing facility and device to purify and recycle water. The land would still offer parking and a three-story office building is part of the plan.


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Short Term Rental License – St. Catharines

As part of the application, you will need to submit a variety of supporting documents. You should have them ready before launching the online application. The size of individual files will be limited to five megabytes. The following file types are allowed: .jpg, .png, .jpg, .pdf, .word, .doc, .docx.

Sitemap

A site plan is a sketch that shows the location of short-term rental premises on the property, adjacent roads, and any external waste / recycling facilities. This sketch essentially encompasses the layout of the entire property, marking the location of the building.

Sample site map

Floor plans

Floor plans are interior drawings clearly indicating the location and number of rooms and the proposed total occupancy limit. The plans should include the dimensions, descriptions of the proposed use and the number of beds proposed for each room in the building / unit. Think of it as an aerial map of the interior of the residence with the information above.

Floor plan example

Parking management plan

A parking management plan is a scaled drawing showing the size, surface material and location of all parking spaces intended to be used for parking on the premises. Under zoning requirements, there must be one parking space per room in the STR. On-street parking may not be included and all identified parking areas must be designed for this purpose. The plan must comply with the Zoning By-Law and the City’s Traffic By-law. Much like the site map, this is an aerial map of the property clearly indicating the parking spaces / facilities with the information mentioned above. Under the zoning by-law, a standard parking space measures 5.2 meters by 2.6 meters, but size requirements vary for obstructed spaces. Please consult the zoning by-law for more information.

Example of a parking management plan

Fire safety protocol

A fire safety protocol is a protocol that contains an outline of the actions to be taken by an occupant in the event of a fire, the location of all fire safety equipment, a floor plan of the premises indicating the location of all emergency exits, contact details containing the name, phone number and email address of the owner or long-term tenant. This plan would look like the floor plan, but instead of marking the dimensions and number of beds, it would identify exits in the event of an emergency, in addition to fire safety equipment such as fire extinguishers and alarms. An example of this would be the fire safety card found on the back of a hotel room door.

Example of a fire safety protocol

Fire safety plan (five or more rooms)

A fire safety plan is required for RTS of five or more rooms.

A fire safety plan deals with all aspects of fire safety in a building or property. It is specific to each property and ensures that all occupants and staff are also aware of what to do in an emergency and outlines the roles and responsibilities of the owner in general and in the event of an emergency. The plan covers the maintenance requirements of the building’s fire and life safety features and includes information for fire departments in the event of an emergency response to a property, such as floor plans; locations of stops and equipment; and names and contact numbers.

See our Fire Safety page for more information.

Proof of insurance

You will need to present a certificate of insurance which confirms that the applicant has in place at the time of the application, general liability insurance which may be part of or is included in a “housing sharing”, “host insurance”, “short” term rental ”or other similar type of insurance of at least $ 2 million per occurrence, including property damage and bodily injury, and upon request, that the City be included as an additional insured, but only with regard to the use of the premises by the applicant for short-term rental.

Electrical safety certificate

An electrical safety certificate may be issued by a licensed electrician not older than 12 months from the date of application, indicating that the premises and its proposed use comply with the Electrical Safety Code.

Proof of ownership / rental agreement

You will need to provide a copy of the transfer / deed proving that you own the property. If you are renting out your residence which you will be operating as a short term rental, you will need to provide a copy of your rental / lease agreement for the premises and written authorization from the landlord giving consent to operate a short term rental. .

Interior / exterior photos

You must provide interior and exterior photos of the building facade, back yard, bedrooms, hallways, living / common space and cooking areas. One of each piece is required.

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Businesses near NE Bend homeless camp express frustration; city ​​audit site, schedule garbage cleanup

(Update: added video, business comments, current, former city councilor; cleanup planned)

BEND, Ore. (KTVZ) – Mary Donnell, owner of Bend Lock and Safe, still couldn’t believe someone had placed 12 grocery carts full of disturbing content in front of her business in the 200 block of Northeast Franklin Avenue.

“A dozen caddies, full of stuff, dung, rotten food, garbage,” Donnell said Tuesday.

She said it may have been retaliation for unplugging an extension cord that fed a heater in the homeless camp a few hundred yards away on Sunday night. The cord was plugged into their commercial sign. She discovered that the carts were lined up outside her store on Monday morning.

But that’s not the only incident she’s had this week.

At around 3:30 p.m. Tuesday afternoon, she contacted NewsChannel21 to report another incident, in which a homeless woman stole a customer’s car, which Bend Police quickly found intact near Sixth Street and Greenwood Avenue, near a Chase Bank.

After looking at the camera footage, Donnell said a homeless woman left her tent and got into the client’s car. The customer and the technician were working on the vehicle’s programming, checking it periodically from inside the store.

Donnell said the presence of homeless people on the streets deters businesses and creates health and safety concerns.

“Disturbing” is how she described the things she and her employees had to clean up.

“It’s not just about Bend Lock and Safe. These are our neighboring businesses – Campfire Hotel, Platt Electric, Paulson’s Flooring, 7 Eleven, ”said Donnell.

With the increasing homelessness situation in Bend and a variety of government and private sector efforts underway, frustrated owners of several businesses near the growing homeless camp on Second Street are speaking out and call on the city to find solutions more quickly.

Other businesses in the area have talked about how homeless people sleep in their parking lots and cause various problems.

Samir Dean, an employee of Paulson’s Floor Coverings, said he tried to help them as we head into the cold winter, but there has to be a stronger, coordinated strategy to get them off the streets . He estimated that 42 tents and 50 homeless people occupy the corridor.

Dean expressed his compassion for the homeless, but also noted the risk to public health and safety that their tents and camps create on sidewalks and streets. He wrote a 13-step plan outlining this need for shelters, vocational education, and city and state funding.

“We’re trying to help them, you know, with blankets, gloves, food, whatever we can do,” Dean said. “But it’s a human crisis.”

Bend resident Chip Conrad said after noticing the homeless campsite where he and his colleagues usually park for work, he contacted social services and agencies that could help him.

Tackling the root of the homelessness problem, he said, requires strategic planning and empathy.

“It’s really easy to try and put a bandage on it,” Conrad said. “For example, let’s give homeless people our cans and bottles, so they can go and get money to spend it on whatever they need to spend it. But I think taking the time to really spend it. understanding how a few little things can happen to me, putting me in one place, really made me want to not take the easy way out, but rather ask the more difficult question: how do we start to solve this problem at the root, as opposed to a bandage? ”

Former city councilor Chris Piper shared an incident where a driver had to get out of his semi-truck to move the tents off the road, just to get through. He stressed the importance of having a plan and being proactive to prevent the homeless situation from escalating.

“What I’d like to see – just me as a private citizen contacting the city and hearing from the city – they’re going to post cleanup notices here in the next few weeks,” Piper said.

“The city has an opportunity under a right of way policy, and this right of way policy means that if there is a sidewalk that is obstructed and without access, the city has the option to come and clean it up and to release him, “he said. noted. “We have people with disabilities who are in wheelchairs or walkers. We have blind people who have to walk on the sidewalk. They shouldn’t have to walk on the road, which I witnessed two weeks ago. “

Businesses around the corridor are asking for long-term solutions when it comes to tackling homelessness.

“We would just like to get some kind of help for the town of Bend,” Donnell said.

Councilor Megan Perkins said she understood the frustrations and that the city had come together to do the garbage cleanup, sanitation work, more police patrols in this area and that she was working with suppliers of services.

“It’s important for people to understand that first of all, for legal reasons, it’s very difficult to remove a camp,” Perkins said. “There has to be some sort of myriad of things going on for a camp to be closed. But second, there’s the human aspect to it. If you clean up a camp now, and you have no place to go. as folks go, you’re just throwing the box down the road. “

Joshua Romero, Deputy Director of Communications for the City of Bend, then made an official statement:

The Town of Bend understands that the activities that can accompany unmanaged campsites on public rights-of-way can be difficult for businesses, community members and the traveling public. The City has an administrative policy for the management of the City’s rights-of-way and the removal of campsites established in the rights-of-way (ADM 2021-1). The policy guides the City’s response to these campgrounds.

The policy requires the City to “attempt to mitigate or resolve health and safety issues that create unsafe camping conditions.”

In accordance with policy, City staff are now assessing the Second Street and Greeley Avenue area to see if it is possible to remove the waste from the City right-of-way. The garbage collection should take place tomorrow afternoon. If a further response is required in this area, it will follow the procedures outlined in the administrative policy.

Bend City Council aims to provide 500 shelter beds for homeless community members in Bend. This year, the City purchased two properties for temporary housing. One of the locations, at 275 NE Second Street, is open as an overnight shelter. The City is currently identifying operators and potential outdoor shelter locations. Community support is needed to help provide these housing options and give homeless community members a safer place to sleep than on the streets of Bend.

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Kingston secures $ 654,000 state grant for next phase of waterfront park improvements – Daily Freeman


KINGSTON, NY – The city has received a state grant of more than $ 650,000 for the second phase of the Kingston Point Park improvement project, according to Mayor Steve Noble.

The grant, totaling $ 654,500, comes from the State Department’s Waterfront Revitalization Program and is aimed at alleviating flooding in the park along the Hudson River.

The total cost of phase 2 is estimated at $ 750,000. The $ 95,500 not covered by the state subsidy will be paid by the city.

Phase 2 work will include improving drainage and elevation on one side of the park parking lot. The other side, in turn, will become a natural wetland.

The project will also improve access to the existing BMX bike facility and improve connections to the new Empire State Trail with crosswalks, sidewalks and trails, according to the mayor.

“This project aligns with our long-term vision and our commitment to sustainable access to this beautiful part of our city,” Noble said in a statement. “Due to the rise in sea level, Kingston Point Park is a vulnerable site, which is why we have invested resources in its sustainability, striving to make Kingston Point more resilient in order to ensure its survival in the future.

Phase 1 of the Kingston Point Park Improvement Project, completed last month, included the creation of a youth soccer field and new parking lot.

This phase also included “elements of green infrastructure to manage storm water and maximize green space,” said the mayor’s office.

The soccer field will be open in the spring, once the turf is established and the lines and goals are installed. A new playground will also be built on the site this spring.

“Since the beginning of the [COVID-19] pandemic, we have seen a dramatic increase in the use of our parks, trails and outdoor facilities, ”Kingston Recreation Director Lynsey Timbrouck said in a statement. “Today more than ever, it is essential that we invest in our leisure spaces to meet the growing demand that we are experiencing. “

Julie Noble, the city’s environmental education and sustainability coordinator, said Kingston Point Park is “a gem of the park system, but with ever-increasing risk of flooding and rising water levels. the sea”.

“The city, along with many local and state-level partners, is committed to tackling threats by proactively viewing, designing and building a whole new space that will be accessible for generations to come. Said Julie Noble, the mayor’s wife. in a report.

She said that Phase 2 of the park improvement project “will allow us to take a nuanced and forward-thinking approach to redesigning Kingston Point, which will include facilitating the natural progression of wetland development and migration while by being responsible stewards of the park “.


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New Orleans City Council Supports Uptown Parking Restrictions Aimed at Reigning Student Housing | Local politics

New Orleans City Council on Thursday backed rules to slow conversions from modest homes to massive dorms in Uptown neighborhoods, ending a nearly two-year debate that highlighted the need for more affordable housing and off-street parking in this area.

The council’s rules, which were unanimously approved, would see the developers provide new off-street parking space for every new room they add to converted or newly built homes near Loyola, Tulane and Xavier universities.

The off-street parking requirement will not apply to renovated or newly built homes with fewer than three bathrooms, an exception meant to allay concerns from affordable housing advocates that the rules unfairly weigh on developers of small homes. .

In response to complaints that recent dormitory-style housing renovations have caused traffic jams on the streets, New Orleans City Council agreed on Thursday …

The parking requirement also does not apply to affordable housing projects that maintain affordability for 20 years, restrict sale prices, and reserve half of their units for very low-income tenants.

The rules, sponsored by District A council member Joe Giarrusso, are now permanent after a temporary version was passed in March 2020. Although the details were adopted without much public discussion on Thursday, Giarrusso argued that the rules makeshift dorms, with per-room rates that sometimes match what it costs to rent a two-bedroom shotgun. The result is a rise in prices in an area that would otherwise be affordable for long-term residents.

“These dorms increase rental rates, decrease affordability and ensure that the prices of homes purchased in the area are higher, which also results in higher taxes,” Giarrusso said during an October discussion of rules.

New Orleans City Council on Thursday passed rules to stop conversions from modest homes to massive dorms and remedy …

Giarrusso first urged council to look into the matter in 2020, after receiving complaints from residents who said the conversions were out of step with the character of the neighborhood and that having multiple drivers living in a single house reduced an already limited amount of street parking.

Twice a day, we’ll send you the headlines of the day. Register today.

Council ended up asking the Planning Commission to look into the matter. It also temporarily required the developers to build an off-street parking space for each room they built near Tulane and Loyola as the study progressed.

But after several neighborhoods united in their opposition to the conversions, that initial and temporary plan was eventually changed to include Hollygrove, Leonidas, Carrollton and other neighborhoods near Xavier University.

The final version of the rules also exempts small developments from the requirement, an attempt to address concerns from Planning Commission staff and housing advocates that a warrant would lead to increased housing costs. The exemption “removes most of the damage we saw in the original proposal,” said Maxwell Ciardullo, a policy advocate at the Louisiana Fair Housing Action Center.

Still, Ciardullo said on Thursday the rules remain fundamentally flawed. “We still don’t think parking requirements are the best way to regulate development,” he said.

New Orleans City Council moved closer on Thursday to permanently changing parking rules in the University District Uptown, a move designed …

On Thursday, public comment was limited to Ciardullo and a comment submitted online by resident Anna Stanicoff, who called the order a “destructive solution to the very real problem of student encroachment in neighborhoods.”

In the October meeting, by contrast, speakers said the new trend was destroying their neighborhoods.

“In the four blocks around my house, we have 13 houses where families have been relocated to allow investors to come in and change the structure of these houses into something they weren’t intended for,” said Ken Gelpi, who lives near Lusher. Charter school.

Developer comments were missing from the last two meetings. The person who led the conversions of several properties near Broadway Street, Preston Tedesco, declined to comment when reached on Thursday, as he has done before.

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Luton council boss under fire for parking ‘chaos’


The barriers around the parking lot of the Upper Town

The chief executive of Luton council received a hostile reception from business owners angry at the parking reductions, during a trip to High Town.

Robin Porter had visited the conservation area along High Town Road last week after business leaders said plans to significantly reduce their parking spaces for a new property development would drive customers away.

Real estate agent Mohammed Shahid said Porter faces angry traders.

Council warns traders

“It was extremely hostile,” he said. “Business people feel very disappointed.”

He has now started a petition in the region calling on the council to rethink its plans to remove 28 public parking spaces, which the companies say will drive out customers who cannot park. Traders will end up with only 12 spaces for themselves and their customers, they say.

“We were not consulted on the plan,” he said. “We were all taken by surprise.

“Every business has been closed during the closures and some are barely surviving. The loss of parking cuts a lifeline, they will close their doors.”

Twenty-eight places were lost

Mr Shadid said that since parking spaces were removed to cope with a new apartment development, there has been chaos on the road, with people parking in yellow lines or on the sidewalk.

“The parking lot has been around for 45 years,” he said. “We all need to find another place to park. The general manager has witnessed some of the chaos in the area with people parking on double yellow lines.”

Dorota Bodniewicz lives and works in High Town and said: “It’s ridiculous what’s happened here. They’re literally killing businesses while customers struggle to park. They’re just killing the neighborhood.

“The advice is just crossing our fingers that we get used to it. “

The petition states: “The Luton Borough Council did not properly take into account the impact of the loss of these parking lots and did not make any proposals regarding other parking arrangements.

“The construction process has already started and it is progressing rapidly. This will significantly reduce the level of on-street parking in the area, but will also remove the vast majority of long-term parking in the High Town Road commercial area.

“This long-term parking lot is used by both local residents and people working in businesses and shops in the upper town. This change will also impact people with reduced mobility and parents with strollers who again rely on the ability to park closer to the store or business they are visiting.

And he calls on the council to rethink the situation. “We are calling on High Town Councilors and the Chief Executive Officer of Luton Council to reconsider LBC’s decision and keep this vital parking resource on High Town Rd / Brunswick Street. Alternatively, allocate an appropriate number of spaces to accommodate movement in the local area (High Town Road, Brunswick Street and Back Street) a distance equal to that of the existing Brunswick Street parking lot. ‘

A council spokesperson said: “The council is committed to investing in redundant sites throughout Luton to meet the needs of residents. In High Town in particular, we recently invested £ 275,000 in improving street lighting and additional funds to facilitate improvements to the public realm at the junction of High Town Road and Burr Street.

“The new High Town development provided by Foxhall Homes on the old Taylor Street parking lot will enhance the area and provide large family homes, which are rare in Luton. There will be twenty-three homes for sale and new ones. affordable houses for rent.

“As part of our goal of making Luton a carbon neutral city by 2040, we are committed to encouraging the use of local facilities that are easily accessible on foot or by bike and believe this development will benefit local merchants. region as it will bring new buyers to the locality.

“Once the work in progress is completed, there will be 12 spaces for public use, accessible from Brunswick Street and 27 spaces, accessible via Back Street, for private parking.

“There are other paid and posted parking lots on Wenlock Street and Hitchin Road, a short walk away. There is a full bus service and a main train station within 0.2 mile.

“We continue to work and engage with local businesses, not only in High Town but across Luton, to achieve our Luton 2040 goal of having a city where everyone thrives and no one lives in poverty. “.


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Lawrence City Commission votes to develop a long-term version of the downtown outdoor dining program; costs, design and parking to consider | News, Sports, Jobs


photo by: Rochelle Valverde

The parklet patio at 715 Restaurant, 715 Massachusetts St., is pictured on September 18, 2021.

Taking into account issues such as aesthetics and parking, the City of Lawrence will seek to develop a long-term version of a program that has enabled downtown businesses to build patios and outdoor dining areas in parking lots during the coronavirus pandemic.

As part of its Tuesday meeting, the City of Lawrence Commission voted 5-0 to allow the development of a long-term “parklet” program and asked staff to consider items such as fees, design, safety and parking standards in the new regulation. The city waived the permit fees for the temporary program, and Mayor Brad Finkeldei said that while it didn’t make sense for some companies, he expected others to continue using the program in under the new regulations and that it was important to develop them as quickly as possible.

“As I look up and down Mass. Street, and think about the aesthetics, safety, cost, and usability, I think some of the spaces that exist now are going to survive regardless of the conditions. regulations that we put in place, ”said Finkeldei. .

As part of this process, the committee also voted unanimously to extend the temporary format of the program for an additional five months, until March 31, so that the permanent version of the program can be developed. Although there was some discussion about whether this was enough time to develop the bylaws, the commission ultimately decided to leave this date in the hopes that the city and the new commission – two new commissioners. will sit on December 7 – would be able to move quickly.

The corner and parallel parking lot in the city center that the companies have converted to an outdoor patio is owned by the city, and Deputy Mayor Courtney Shipley and Commissioner Lisa Larsen have said it will be important to set a fair price for the use of this space. Larsen said she would like the program fees to be based on the actual cost of downtown space.

“The downtown area is the highest property value we have in Lawrence, and so when we consider moving that space away for a park, I would like it to reflect the value of the property,” Larsen said.

As part of the meeting, the commission also received the results of a municipal poll which indicated that a majority of those who responded supported the idea of ​​a long-term program. Among other benefits, respondents said the program gave customers more options amid the pandemic, raised the downtown vibe and was of economic importance to businesses. Respondents also expressed some concerns, including intermittent use of parks due to weather and opening hours, loss of downtown parking, and the aesthetics of patio structures.

Larsen said she was concerned about whether the commission could realistically approve new regulations within the five-month deadline. She also said she would like the commission to consider whether to limit the number of parklets allowed per block and the number of parking spaces a business can use for a parklet. She also asked if the committee should consider issues such as whether there should be only one common dining room per block.

Downtown Lawrence Inc. CEO Sally Zogry said in a letter to the commission that the board supports the continuation of the program, but there are some “complexities to be addressed.” Zogry said the main concerns for DLI members are capping the number of on-street parking spaces per block that can be used as parklets to maintain a mix of parking and parklets; develop a fair system of cost assessment; provision of signage and guidance for nearby parking lots; meet accessibility and fire prevention requirements; create workable and enforceable design guidelines; and provide assurance of a longer term program so that businesses can invest in improvements.

Zogry said the DLI is ready to provide additional feedback and coordination with its members, and that design and architecture firm Gould Evans, who helped develop the parklet concept, may also be able to provide. advices.

“Our board is confident that the overriding concerns can be addressed through reasonable regulation,” Zogry said.



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Acquisition of US $ 25 million by Ascott in the United States


Ascott Residence Trust (ART) to acquire 548-bed freehold student housing asset named Seven07 in Champaign, Illinois, United States for US $ 83.25 million[1] (S $ 112.4 million[2]).

Seven07 serves approximately 56,000 undergraduate and graduate students at neighboring University of Illinois Urbana-Champaign (UIUC). The yield-generating acquisition is expected to increase ART’s pro forma distribution per stapled security for fiscal 2020 by approximately 1.2%[3]. Entry EBITDA[4] the yield is expected to be around 4.5% and is expected to reach around 4.8% on strong rental growth for the academic year (YY) 2022. The transaction, which is expected to close in mid-November 2021, will be financed by debt and part of the proceeds of ART’s private placement launched in September 2021[5]. The acquisition of Seven07 follows ART’s recent acquisition of Wildwood Lubbock in Texas and is ART’s fourth investment in student housing in 10 months this year.

Ms. Beh Siew Kim, Chief Executive Officer of Ascott Residence Trust Management Limited and Ascott Business Trust Management Pte. Ltd. (the managers of ART) said: “ART continues to increase its investments in the long-stay segment in order to generate stable revenues and the resilience of our portfolio. Seven07 is operational and will begin to generate stable revenues upon acquisition. The student housing asset is 100% occupied for AA 2021, with lease terms of around one year. For YY 2022 Seven07 is approximately 50% pre-let with strong rental growth of around 8% compared to YY 2021.

“ART has successfully replaced distributable income from transferred assets with higher returns. We sold five properties for approximately S $ 501 million[6] over fiscal years 2020 and 2021 to date, with an average exit yield of around 2%. We have invested a total of approximately S $ 491 million in four student housing assets and three rental housing properties at an average EBITDA return of approximately 5%[7]. With Seven07, ART will increase our student housing and rental housing to around 12% of our total portfolio value, allowing us to maintain our long-term accommodation asset growth target at around 15-20% over the medium term. . Following this acquisition, ART’s gearing will be 35.8%[8]. ART remains in a strong financial position to seek profitable investments in longer term assets in order to diversify our portfolio, improve our resilience and create more value for our stapled security holders, ”added Ms. Beh.

Seven07 serves UIUC which is commonly known as “Public Ivy”.[9]’school. The prestigious UIUC is a flagship university in Illinois and is consistently ranked among the top schools in the United States for its undergraduate accounting, computer science, and engineering programs.[10]. UIUC’s student body grew steadily at a compound annual growth rate of 2% from 2010 to 2020, double the national average. UIUC registrations also increased by 2% in 2020 despite COVID-19. 87% of its student body is from the United States[11]. The UIUC track and field program also participates in the Big Ten Conference, one of the National Collegiate Athletic Association’s “Power 5” track and field conferences. The supply of new private student accommodation is minimal in the vicinity of Seven07 in the medium term.

Seven07 is located less than 200 meters from the UIUC. From Seven07, students can walk to UIUC in five minutes and its main quad in about 10 minutes, providing students with a well-designed and comfortable accommodation option while maintaining an active student life on campus. The active student accommodation is also close to several restaurants, cafes and other lifestyle options.

Opened in 2019, the 15-story Seven07 has 548 beds spread across 218 units, including studios and one- to four-bedroom apartments. Each apartment has a fully equipped kitchen, a smart TV and a washing machine and dryer. Most of the rooms in the apartments also have a private bathroom. The student accommodation asset has a range of facilities including an outdoor patio with swimming pool, state-of-the-art fitness center, outdoor lounge with grill stations, indoor basketball court, spa with services sunbathing and sauna rooms, study rooms, club room, bicycle storage, lounge café and covered parking lots and garages. Seven07 will be managed by an independent third party operator. For more information on student accommodation, please see the annex.

Expanding ART’s student housing portfolio to strengthen income resilience

With the addition of Seven07, ART’s four student housing assets in the United States will provide a total of 2,756 beds. In September 2021, ART acquired Wildwood Lubbock, a freehold student housing asset with 1,005 beds for US $ 70.0 million (S $ 93.8 million). It has an expected EBITDA return of around 5.1%. Wildwood Lubbock serves more than 40,000 undergraduate and graduate students at Texas Tech University.

In June 2021, ART and its sponsor, The Ascott Limited, announced that they would jointly invest and develop freehold student accommodation in South Carolina, United States. ART will invest $ 55.2 million[12] (S $ 73.4 million) in the 678-bed student housing that will serve more than 35,000 students at neighboring South Carolina University. Construction of student housing began in Q3 2021 and is expected to be completed in Q2 2023. Once stabilized, the return on EBITDA is expected to be around 6.2%[13].

In February 2021, ART acquired the 525-bed Paloma West Midtown freehold property in Atlanta, Georgia for US $ 95 million (S $ 126.3 million) with an expected EBITDA return of approximately 5%. Paloma West Midtown is home to nearly 40,000 students at the Georgia Institute of Technology.

  1. The consideration for the purchase, established on the basis of a willing buyer and willing seller, is based on the agreed value of the property and the independent appraisal dated October 29, 2021 by Colliers International Valuation and Advisory Services LLC US $ 86.4 million (equivalent to approximately S $ 116.6 million)
  2. Based on the exchange rate of US $ 1 to S $ 1.35
  3. Based on the pro forma distribution for fiscal year 2020 by stapled security. The pro forma is based on ART’s audited financial statements for the year ended December 31, 2020, assuming that (1) the acquisition was completed on January 1, 2020 and ART has owned and operated the building until as of December 31, 2020 and (2) the acquisition will be approximately 45% financed by debt and 55% by equity
  4. Earnings before interest, taxes, depreciation and amortization
  5. ART will use approximately 43% of the $ 150 million raised through its private placement to finance the acquisition of Seven07. Approximately 38% was used to acquire Wildwood Lubbock in September 2021
  6. Excludes disposal of partial gross floor space of Somerset Liang Court Singapore; the property is currently being redeveloped. The five assets sold are Ascott Guangzhou, Somerset Azabu East Tokyo, Citadines Didot Montparnasse Paris, Citadines City Center Grenoble and Somerset Xu Hui Shanghai
  7. For student housing development in South Carolina, USA, the EBITDA return is a target return on a stabilized basis
  8. Based on ART’s unaudited financial statements as at September 30, 2021 and assuming the acquisition was completed on September 30, 2021
  9. “Public Ivy” refers to public schools with a reputation for academic excellence that offer a college experience similar to an Ivy League school.
  10. 2021 US News & World Report
  11. Data based on AY 2020
  12. Includes ART’s investment in the initial 45% stake, the estimated cost of the additional 5% stake that ART will acquire at fair market value, and other transaction-related expenses
  13. Based on the total ART investment

Appendix – About the student housing asset

Site

707 South Fourth Street, Champaign, Illinois

Completed

2019

Land tenure

Freehold

Net rental area

202,162 square feet (ft²)

Units

218

Beds

548

Mix of units

Studio: 33 units (422 – 539 ft2)

1 bedroom: 32 units (492 sq. Ft.)

2 bedrooms: 64 units (696 – 887 sq. Ft.)

3 bedrooms: 1 unit (1,148 sq. Ft.)

4 bedrooms: 88 units (1,229 – 1,447 sq. Ft.)

92% of the rooms are equipped with en-suite bathroom

Common area amenities

Outdoor terrace with swimming pool, state-of-the-art fitness center, outdoor lounge with grill stations, indoor basketball court, spa with tanning services and sauna, study rooms, club room, bicycle storage, coffee lounge and covered parking lots and garages


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Car park management

3 best stocks I plan to buy in November


Wn October now in the books, 2021 is fast approaching and it’s time for investors to start thinking about November, another historically strong month for the stock market. Since 1950, the S&P 500 the index posted its best returns on average in November. In order to help you come up with some great action ideas for November, a trio of Motley Fool contributors have picked out some of their top names for the month. Their three choices are Free Mercado (NASDAQ: MELI), Activision Blizzard (NASDAQ: ATVI), and SVB Financial Group (NASDAQ: SIVB). Let’s see why these actions are winning.

Latin America’s # 1 Ecommerce Platform Still in High Growth Mode

Nicolas rossolillo (MercadoLibre): MercadoLibre hit one out of the park during the pandemic, and its follow-up performance for 2021 is also quite good. The company has helped launch e-commerce and fintech in Latin America, and with online shopping activity still a tiny fraction of overall retail in most of the countries in which it operates, the trail ahead of MercadoLibre is always wide and long.

The results of the last quarter are a good example. Even though it experienced a boom in business on its platform last year, revenue doubled year over year through the first half of 2021. Net profit is stable, but c This is largely by design as the company is investing heavily to expand its services in the upper- and future regions in which it operates.

His efforts are really paying off on this front. Unique active MercadoLibre users totaled up to 75.9 million at the end of June, compared to just 51.5 million during the same period in 2020. And the total volume of payments through MercadoPago – the fintech division which caters to the large part of the population who do not use the traditional banking system – increased by 72% when measured in local currency. quarter on November 4, which implies an expected increase of 68% year-over-year.

With such epic numbers, one would expect the stock to be up so far in 2021. It is not. In fact, it’s down 9% year-to-date. Part of this is simply an unwinding of over-optimism after MercadoLibre stock exploded 193% more in 2020. But this leading e-commerce and fintech platform is far from being finished. With stocks down 24% from historic highs, I plan to make a buy in November.

Image source: Getty Images.

Worth playing the long game with this stock

Keith noonan (Activision Blizzard): Despite strong recent performance and an attractive pipeline of upcoming stocks, Activision Blizzard’s stock price is down around 15% year-to-date. 2021 has been a difficult time for year-over-year comparisons, and the game industry The leader’s assessment was also pulled down by narrowing growth opportunities for games advertising. A sexual harassment lawsuit filed by the state of California in July also raised significant concerns about certain aspects of the company’s culture.

Without minimizing the stakes and challenges ahead, I believe the video game publisher remains a major player for investors looking to take advantage of the global growth of its industry, and I plan to strengthen my position in November. Activision Blizzard has scored huge wins with its free-to-play Call of Duty: Mobile for smartphones and tablets, and its Call of Duty: War Zone title for PC and console platforms. These games have proven to be extremely popular and have generated solid revenue without diluting the appeal of the main series, and there’s a good chance the company can replicate that dynamic with other franchise properties in its stable.

Investors may not have to wait long for its next big free-to-play hit. Activision Blizzard unveiled Diablo: Immortal for mobile platforms at its BlizzCon 2018 conference, and the game originally seemed on track for a 2019 release. However, the company has repeatedly extended the development cycle in order to improve quality title and add new content to better meet fans’ expectations. The publisher hasn’t announced a specific release date for the game, but it is set to debut in the first half of next year.

Yes Diablo: Immortal proves to be a success, it could boost the performance of Activision Blizzard. And, even if the game does not reach blockbuster status, the company’s long-term prospects remain bright. Activision Blizzard is a clear leader in its category with decades of gaming experience, and the title looks set to continue delivering earnings to shareholders.

This bank is a beast

Bram berkowitz (SVB Financial Group): I have yet to buy shares of SVB Financial Group, the parent company of Silicon Valley Bank, due to the bank’s high valuation and impressive share price appreciation over the past year. But after another impressive quarter and some great advice through to 2022, I’m finally thinking about pulling the trigger in November.

SVB is a niche bank that caters to start-up, venture capital (VC) and private equity (PE) communities. The bank provides short-term loans to venture capital and private equity firms so that they can make investments quickly; banks in the start-up phase which could one day be taken over or become public; has a growing investment bank leveraging the bank’s relationships in technology, life sciences and healthcare; and also provides more traditional banking products to high net worth individuals. SVB recent acquisition of Boston Private Financial Holdings strengthened its wealth management and private banking offerings, while SVB also doubled the size of its investment banking division in 2021.

With a full line of products in place to serve and fully penetrate its customer base, which is growing every quarter, the bank has a ton of momentum. SVB has doubled its balance sheet in the past year and now has around $ 191 billion in total assets, as private market investment explodes. If SVB maintains this growth, it could become one of the top 10 banks in the country in terms of asset size over the next few years. It also complements this impressive growth with impressive profitability. In the first nine months of 2021, SVB generated a return of almost 1% on average assets, which is quite impressive considering the insane growth of the bank’s assets. SVB during the same period generated a return of 19.4% on average equity.

Management’s forecast for 2022 looks very promising, with average loan growth expected to be in the order of 20% and average deposits expected to grow by more than an additional 40%. Net interest income, the money the bank earns on loans and securities after covering its cost of financing, is expected to rise within the average range of 30%, while base commission income is expected to rise by 20%. %. Management has also provided compelling long-term guidance, saying that in a low interest rate environment, where the fed funds rate is between zero and 2.5%, they believe they can generate a consistent return on equity. by 15% and increase annual earnings per share. by 10%.

10 stocks we like better than MercadoLibre
When our award-winning team of analysts have stock advice, it can pay off to listen. After all, the newsletter they’ve been running for over a decade, Motley Fool Equity Advisor, has tripled the market. *

They have just revealed what they believe to be the ten best stocks investors to buy now … and MercadoLibre was not one of them! That’s right – they think these 10 stocks are even better buys.

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* The portfolio advisor returns on October 20, 2021

SVB Financial provides banking and credit services to The Motley Fool. Bram berkowitz has no position in any of the stocks mentioned. Keith noonan owns shares of Activision Blizzard. Nicolas rossolillo has no position in any of the stocks mentioned. The Motley Fool owns shares and recommends Activision Blizzard, MercadoLibre and SVB Financial Group. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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Parking facilities

New Cornell Scott site in West Haven to improve care by leaps and bounds


WEST HAVEN – A newly opened health center on Campbell Avenue can make breathing easier, literally.

Officials have welcomed the opening of a new Cornell Scott Hill Health Center at 410 Campbell Avenue, which they say will dramatically improve health outcomes in the city. The community health center offers sliding scale rates for medical services to uninsured or underinsured people, so that health care costs do not place a huge burden on residents.

According to data from the Centers for Disease Control and Prevention and reported by the New Haven-based nonprofit, between 10.5% and 13.5% of adults in West Haven had asthma in 2018, according to the place where they live in the city, but in the neighboring neighborhood. As a wealthier city of Orange, asthma rates among adults ranged from 9.5 percent to 10.5 percent in all census tracts.

The location isn’t the first for the city – the center has operated a location for years on Main Street – but system CEO Michael Taylor said the new site would improve the quality of care at “no cost.” giant ”. The old location, he said, has been converted from a three-story house to a doctor’s office, and it has become “untenable.”

“Not only is it obsolete, but it was inefficient for our operational needs, there was no parking for patients unless you were considering two spaces, there were stairs that patients had to face, which was impossible for any patient with a physical challenge because of three sets of stairs and the capacity of the examination room was limited: five examination rooms and one consultation room, ”he said. “We couldn’t have more than two providers in the building comfortably for medicine and couldn’t accommodate specialties at night. The exam rooms were undersized so we couldn’t put in services like an OBGYN or podiatry, and those services are needed in West Haven.

Taylor said the wait time between appointments at the Main Street location was often 10 to 12 weeks; he said West Haven residents often had to visit a New Haven Cornell Scott Hill Health site to be treated in a timely manner.


The new location, he said, is considerably larger.

“Now we have 14 examination rooms, two of which are oversized to accommodate procedures such as gynecological procedures and podiatry. they choose – and we’ve expanded the behavioral health capacity, ”he said. “We now have 50 parking spaces on the new location. All the things that were missing from the old facility, we now have them at the new location at 410 Campbell Ave., and on top of that, we’re located literally across from the pharmacy, where people can fill their (prescriptions).

According to the DataHaven report, there are considerable racial gaps in health care in the city, including gynecology: for every 1,000 live births, there is an infant mortality rate of 12.4 for residents of Black West Haven compared to 7.4 for white residents of West Haven. West Haven’s average death rate of 6.9 per 1,000 live births is higher than the state average of 4.6 per 1,000 live births, the report notes.

Mayor Nancy Rossi said her office receives calls from residents seeking medical services and not having insurance; she said her office is trying to refer them. From there, she said she knows gynecological services are in high demand in the city and there is a relative shortage.

“I’m very, very excited about this,” she said. “They have a sliding scale (payment structure) and they take some uninsured patients, and that’s really very, very important because if you’re sick you have to be treated.”

City council member Bridgette Hoskie, D-1, whose district includes the new center, said she recalled going to a place in New Haven several times while growing up – something she thinks she was. of great help to his family.

“Growing up with a single mother, health insurance and medical care were not always readily available,” she said. “These medical insecurities were real life for us.”

Hoskie said she believes the easy and accessible location would be of great benefit to underinsured or uninsured residents.

She believes the expansion of behavioral health services will be crucial for city residents as they deal with the effects of an unprecedented pandemic on the lives of residents. She said she has a friend who seeks mental health services for her child, but has to pay thousands of dollars before she can reach her deductible. Hoskie said she was able to recommend the center to her friend.

“There has always been a need for behavioral health services everywhere, but now there is an extraordinary demand that was really triggered by the experiences people have had with the pandemic: isolation, depression,” Taylor said. “So now we have an increased capacity in the facility and the staff to respond to it. “

Neil Cavallaro, principal of West Haven schools, said the district was “excited” about forming a partnership in the new facilities at the center.

“It is a first-class health center that will be able to deal with physical and mental health issues,” he said.

Cavallaro said that although the district has a school health center in its high school, the district has external health partners to provide additional services.

“Given the stressful times we live in, they often need support that in many cases schools simply cannot provide,” he said.

Anthony Santella, acting chair of the University of New Haven’s Department of Health Administration and Policy, said community health centers such as Cornell Scott Hill Health “play a very important role in promoting health. ‘equity in health’.

“Often laypersons don’t really recognize them for their contributions because they think it’s another clinic or doctor’s office, but the power of community health centers is that they can do so much more than they do. it seems, ”he said, as“ promoting access to high quality and affordable primary care, behavioral health, specialized care – including dental care, vision – which is often put aside and which are an equally important part of maintaining good health and well-being.

Santella said that despite this, the pandemic could draw more attention to the role of these centers.

“COVID has really caused us to reimagine the role of health and healthcare in our lives. Now more than ever, people have come to appreciate the role health plays in their overall success and well-being, ”he said.

Santella said the “real test” of the centre’s long-term success on Campbell Avenue will be its relationship with the community.

“It will be determined by who they hire, what type of community partner they are, how friendly their services are to the public in terms of language, culture, hours and menu of services,” he said. declared. “As someone who works in West Haven, I will be delighted to see the good service they provide to the community.”

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Parking facilities

The focus of the relocated Elk Grove library on Wednesday’s forum


Work in progress at Old Town Plaza on Railroad Street in historic downtown Elk Grove on Tuesday, June 8, 2021. The pavilion structure, now complete, will be the centerpiece of a community gathering space that will be enhanced by relocation of a new library two blocks away.

Work in progress at Old Town Plaza on Railroad Street in historic downtown Elk Grove on Tuesday, June 8, 2021. The pavilion structure, now complete, will be the centerpiece of a community gathering space that will be enhanced by relocation of a new library two blocks away.

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Elk Grove’s plans for a new library on the outskirts of the city’s old town will be a visit to two community events Wednesday.

Residents can stop by an open house Wednesday at 2:30 p.m. at the Elk Grove Library, 8900 Elk Grove Blvd., Elk Grove-Florin Road; or 5 p.m. at the city booth during the Food Truck Mania event at Old Town Plaza, 9645 Railroad St., Elk Grove Boulevard, to learn more about the plans and influence the design of the project.

The new library branch is slated for the old Rite Aid location, 9260 Elk Grove Blvd., a few blocks east at Elk Grove and Waterman Road, replacing the two-story 13,875 square foot site in the cramped corner of Elk Boulevard Grove and Elk Grove-Florin Road.

The planned 17,340 square foot site at the former Rite Aid will be more than 3,500 square feet larger than the current library house and, with 95 parking spaces, will have double the number of spaces at the current site of the old Town.

Elk Grove and the Sacramento Public Library are designing the project.

Elk Grove bought the Rite Aid site earlier this year in a $ 3 million deal, one-third of its 2018 asking price of $ 9 million. A 2018 city study on needs Elk Grove’s long-term library and arts facility revealed that the Old Town and Franklin High School branches were undersized for the town’s population.

Stories Related to Sacramento Bee

Darrell Smith covers the courts and California news for The Sacramento Bee. He joined The Bee in 2006 and previously worked for newspapers in Palm Springs, Colorado Springs, Colorado and Marysville. Originally from the Sacramento Valley, Smith was born and raised at Beale Air Force Base near Marysville.



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Car park management

ST Engineering makes biggest investment ever with $ 3.6 billion purchase of Transcore


SINGAPORE – Local engineering and aerospace giant ST Engineering has purchased U.S. transportation technology company TransCore Partners and TLP Holdings (collectively TransCore) for $ 2.68 billion (S $ 3.63 billion) .

The purchase of Roper Technologies, a Fortune 500 company, is the largest investment ever made by the publicly traded company and represents a decision by ST Engineering to become a major global player in smart city and next-generation smart mobility solutions .

The acquisition – funded by cash and debt issuance – is expected to give ST Engineering new capabilities and expertise in smart city solutions, particularly in rail and road.

TransCore has 80 years of experience in the transportation industry in North America.

It provides innovative technical solutions and engineering services for applications encompassing the next generation of electronic toll collection, congestion pricing, intelligent transport systems, back office solutions and radio frequency identification (RFID) products. ).

The company is responsible for delivering a congestion pricing project to Manhattan, New York, the first in the United States. Congestion pricing adds a surcharge for services subject to temporary or cyclical increases in demand.

ST Engineering itself has a solid experience in intelligent mobility solutions (rail / MRT and road).

Its suite of railway electronic solutions includes the metro’s intelligent control center, command, control and communications (C3) as well as corporate asset management, automatic fare collection, landing doors and control systems. passenger information. These solutions have been deployed in more than 48 cities around the world.

ST Engineering has more than 60 intelligent road transport projects in cities around the world. These include intelligent traffic management systems, as well as fleet management systems for taxis and buses, parking management systems and advanced transport operations centers.

The Singaporean company sees TransCore opening up a new segment in electronic toll systems and congestion pricing.

“The smart city space has been an important strategic area for ST Engineering,” said Vincent Chong, group president and general manager of ST Engineering.

“TransCore is a solid strategic solution for us and its road transportation solutions will complement and enhance our suite of intelligent rail and road mobility solutions. With this acquisition, we will uniquely position ourselves as a market leader in intelligent mobility. This acquisition demonstrates our continued commitment to create long-term value for our shareholders through sustainable global growth, ”he said.

TransCore’s revenue at the end of December 2020 was approximately US $ 565 million, while its EBITDA (earnings before interest, taxes, depreciation and amortization) was US $ 143 million. Its backlog stood at $ 1.2 billion at the end of July.

The purchase price values ​​TransCore at an EV (enterprise value) / EBITDA multiple of 16.2 times.

ST Engineering said the deal will generate positive cash flow in the first year and accretive earnings in the second year. He added that the acquisition will not impact its ability to pay dividends.

The acquisition is expected to be finalized by the first quarter of 2022.

ST Engineering is a global technology, defense and engineering group. Its global network of subsidiaries and associated companies spans Asia, Europe, the Middle East and the United States.

Aerospace Engineering is its largest business unit and it is the largest aircraft maintenance, repair and operations (MRO) company in the world. It is also one of the few companies with in-house technical design and development capabilities. In the United States alone, it has major operations in 16 cities and 12 states and employs approximately 5,000 people.

ST Engineering closed three cents lower at $ 3.78 on Friday (Oct 1).


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Car parking rate

Free2Move conquers new markets with their all-inclusive,


Atlanta, September 30, 2021 (GLOBE NEWSWIRE) – The Boston Consulting Group Has Recognized Automotive Subscription As Increasingly Important To The Automotive Industry; this market could represent 30 to 40 billion dollars by 2030. Free2Move car on demand is uniquely designed to meet this niche, offering customers a flexible, all-inclusive, monthly program easily accessible through the Free2Move app. Free2Move Car On Demand does not require any long term commitment.

Already available in Washington DC and Los Angeles, as well as in France, Spain and Portugal, Free2Move is expanding its Car On Demand service in Portland and Baltimore as well as in the UK and Germany. Further launches are planned by the end of the year, both in Europe and the United States. This large expansion marks Free2Move’s objective: to simplify the mobility of its customers with high-performance and tailor-made solutions in line with the world of tomorrow.

Recognized for its expertise in the mobility services sector, Free2Move recently received the Frost & Sullivan “2021 New Mobility Marketplace Company of the Year” award. The Free2Move Mobility Hub is 100% digital and includes innovative approaches to carsharing, carpooling, parking access and rental services, all brought together in the Free2Move app.

“Since we launched Car On Demand two years ago, we have perfected it as a flexible and efficient solution, created to meet the needs of our B2C and B2B customers. Our service is considered a real alternative to purchasing a vehicle, as it covers daily or one-off access. We are proud of our success; in 2021, we responded to 110,000 vehicle access requests and have a 97% customer recommendation rate!“actions Elodie Picand, Director of Sales and Marketing at Free2Move.

About Free2Move

Free2Move is the only global mobility brand offering a complete and unique ecosystem to its private and professional customers around the world. Relying on data and technology, Free2Move places the customer experience at the heart of the company to reinvent mobility and facilitate the transition to e-mobility. Free2Move mobility, as part of Free2Move, offers a range of services to meet the multiple travel needs of its customers from one minute to several days or months with car-sharing service, short, medium or long-term rental as well as the reservation of VTC drivers , parking spaces and charging stations via the app.

Free2Move Mobility in figures: 2 million customers, 400,000 rental vehicles, 500,000 parking spaces, 250,000 charging stations.



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Parking space

Using valuable downtown land for parking? In a housing crisis, it does not stick

When I first moved to New Zealand – even after living in some of the more expensive US real estate markets – I was surprised at the house prices. My shock was reinforced by the condition of the houses, many of which lack adequate insulation, adequate heating or cooling, or double-glazed windows.

I wondered why I would pay so much for a house that needed so much attention. Then I heard someone joke, “In New Zealand you pay for the land and the house is free. Suddenly, things took on a lot more meaning.

Unlike the United States, where the land is valued at a small fraction of “improvements” (the building that stands on the section), in New Zealand it is the exact opposite.

But it also raised a big question: in a country where the cost of land is so high and the supply of housing so scarce, how could there be so many surface parking lots?

Auckland’s Wynyard district: apartments, restaurants, playgrounds and car parks.
Shutterstock

The price of parking

Take Auckland, for example, arguably the most limited housing market in New Zealand. Specifically, the still developing Wynyard neighborhood on the downtown waterfront has a clear case of car parking versus potential housing.

One of the many abundant surface parking lots is located on Jellicoe Street. It includes 8,146 square meters of tar, paint and parked cars. The massive lot is appraised at NZ $ 37,000,000, with upgrades valued at $ 1,000,000 – presumably all that paving stone and paint.



Read more: Why Calling Ordinary Kiwi Cyclists ‘Elite’ Doesn’t Stick


The next part is a little harder to swallow. The land is valued at just over $ 4,500 per square meter. With an average parking space occupying 15 square meters, that means each space is worth around $ 68,000.

It’s just for the parking spots themselves, not all the land needed for people to get in and out and around the parking lot.

What parking pays

Now things are getting interesting. The Jellicoe Street parking lot is maintained by Auckland Transport, which offers people traveling to the CBD the courtesy of a first hour of free parking followed by a charge of $ 6 per hour.

So, for just $ 18, drivers can park for four hours. On weekends, those four hours of parking will cost just $ 6.

Assuming a parking spot is fully occupied during all hours of operation (7 a.m. to 10 p.m. Monday through Sunday), it could hopefully net $ 480. Spanning an entire year, a single space can net just under $ 25,000.

Ignoring overheads and more realistic occupancy rates, it would take almost three years for a single outdoor parking space to recoup the cost of the land it sits on. It may seem economically viable. But what is not in this equation is the real and very high cost of cheap and abundant parking.



Read more: To get New Zealanders out of their cars, we’ll need to start charging for the true cost of driving


Parking waits

The widespread availability of low cost parking in high demand locations has significant impacts on our cities. When people expect parking to be available in these locations, they often choose to drive rather than use a more sustainable mode like public transportation. This means that people are buying more cars and taking more personal vehicle trips.

When cheap parking spots fill up during rush hour, people tend to look for a parking spot rather than looking for slightly more expensive and less convenient alternative locations. That is, they go around a parking lot or a block until someone else leaves. When enough drivers do, it creates more congestion, pollution and greenhouse gas emissions.



Read more: What can our cities do about sprawl, congestion and pollution? Tip: junkyard parking


The long-term availability of inexpensive city parking lots also implies that parking in such places is a public good. People expect parking to always be in these places and will fight to prevent the land from being used for higher and better purposes.

This is where the rubber hits the road. Outdoor parking is the least productive use of large urban land. In the midst of the biggest housing affordability crisis in perhaps a generation, we could lose some of that automotive space to apartments.

People before parking

According to the Auckland District plan, a one-bedroom / one-bathroom apartment should occupy approximately 45 square meters – precisely three parking spaces.

The advantage of a building over an open-air parking lot is that it can be built. Instead of around 200 parking spaces for cars, we can build more than 600 apartments on ten floors.

Rather than storing a few hundred cars for part of the day, with bare sidewalks overnight, we could provide living space for up to 1,200 people around the clock.



Read more: What can our cities do about sprawl, congestion and pollution? Tip: junkyard parking


We could do the same with the parking lot across the street and the parking lot a block away and so on – until we are a city and a country that focuses more on the housing people than on the parking lot of cars.

It will be difficult to let go of the parking lots. Where some see an opportunity for urban regeneration through the development of underutilized spaces, others see the loss of parking as another hurdle for city workers to overcome.

But we just have too much space in our cities dedicated to the car. Our land is far too precious to be paved. It’s time to use a fraction of that space to house a lot of people instead of a few machines.

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Parking facilities

San Francisco International Airport AirTrain Extension Completed


Construction of the AirTrain Upgrade and Extension Project has been completed at San Francisco International Airport. Skanska USA, the company that led the $ 172 million project, began work on the AirTrain in 2016. The project facilitated connection between all terminals, the airport hotel, parking lots, BART station and car rental center. . Since transportation to long-term parking lots was previously provided by a shuttle, this move is expected to extend the AirTrain’s guidance tracks by 1,900 feet and eliminate 600,000 miles of trips per year. LEED Gold has been awarded to the two AirTrain stations carried out as part of the project certifications of the US Green Building Council.

Also Read: $ 750 Million Arranged For Burlingame Point Office Block, San Francisco

From the start, the project team coordinated with the management of the rental car facility and airport officials to consider any potential issues as the concepts developed into buildable specifications and shaped the design elements of the extension. According to company officials, sustainable construction and design elements were prioritized at every stage of the project. This has resulted in the implementation of over 50 sustainable practices, including; installation of a large solar photovoltaic (PV) system on the roof of the SFO long-term parking garage with 2,700 photovoltaic panels that generate approximately 40% of the stations’ annual energy needs, recycling more than three-quarters of construction debris and demolition, purchasing construction products and materials that meet stringent LEED volatile organic compound (VOC) emission criteria to reduce indoor chemical contaminant concentrations, and selecting construction products and materials from manufacturers that transparently disclose information on the environmental lifecycle of products to reduce global environmental impact.

“The completion of the AirTrain long-term parking extension has materialized our vision to provide a transparent and clean energy connection between all of our terminals, car parks, hotels and car rental facilities. At the same time, the project continued our tradition of industry leadership in the design, construction and operation of sustainable buildings. This LEED Gold certification is a tribute to the dedicated project team who turned this vision into reality, ”said airport manager Ivar C Satero.

If you have a remark or more information about this post, please share with us in the comments section below.


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Car parking rate

Evergrande’s spell brings no joy to the man behind his big shorts


In March 2012, Andrew Left, a US-based short seller, received a mysterious package with no return address. Inside, a 68-page document made explosive statements about a Chinese real estate developer who was then little known outside of its home market.

Left’s subsequent report on Hong Kong-listed Evergrande Real Estate Group, which claimed it was “insolvent” and “will be severely contested from a liquidity perspective,” brought it $ 1.6 million in profits after a fall in the share price, but a long lawsuit was brought by the market regulator of the territory cost him much more.

“I went pretty far on this subject,” says Left, who has been credited with disseminating “false or misleading information” and banning the territory’s financial markets. “I stopped counting bills after $ 1 million.”

This week, the Chinese company that has come to epitomize the vast debts behind the biggest urban transformation in history was finally engulfed by the crisis that skeptics had repeatedly predicted over the past decade.

Evergrande’s name appeared on trading screens from New York to London on Monday as its rapidly unfolding liquidity problems, which have escalated in China since July, erupted in global markets ahead of the payment deadline. Thursday’s interest on one of its $ 20 billion US dollar bonds. . Payment had still not been made on Friday.

But that’s the company’s $ 300 billion in total liabilities, a largely domestic sum accumulated by buying land to build residential apartments in hundreds of Chinese cities and selling it before it’s finished to repeat. the process, which prompted comparisons with the 2008 systemic cuts.

The fate of the company, which is expected to require the biggest restructuring in Chinese history no matter what with the interest payments, has emerged this week as a crucial test for the long-entrenched real estate industry the country’s economic growth model, but is now under pressure to reduce its leverage after a change in government policy.

Billionaire poker player

Evergrande was started in 1996 by Hui Ka Yan, who previously worked in the steel industry, a year when less than a third of China’s population lived in cities. When the company was listed in Hong Kong in 2009 after a previous failed attempt, its shares soared 34%. In 2017, as China’s urbanization rate had climbed to 58%, Hui was the richest man in the country with a fortune of $ 45 billion and became known to play poker with a group of other Hong Kong billionaires.

Like many of China’s largest conglomerates, the company drew capital from Hong Kong’s stock and bond markets, the main gateway to an otherwise largely closed global financial system. The court that sanctioned Left noted that “the vast majority of analysts in the Hong Kong market were optimistic about the outlook for Evergrande” in 2012. As late as last month, nearly half of analysts in Hong Kong who Covered it still had a buy rating on the stock, which has plunged 84 percent this year.

The pace of its growing debt and land reserves across the border, which last year were enough to house millions of people, kept raising eyebrows. But many believed the company was big and important enough that they could count on Beijing’s support.

A managing director of private equity in Hong Kong said that investing in Chinese real estate developers – who represent a significant share of the Asian $ 400 billion high yield bond market – depends on the “core belief” that governments central or local would never allow a “hard blow”. -up”.

“If you think the government will always step in at the crucial time, you are going to take on a greater risk,” said the person, who has banned his own team from investing in Evergrande. “If you’re a bond fund manager struggling for every basis point of your bonus, it pays off every year. “

This broader belief was shaken by the unveiling of the government’s “three red lines” rules in the summer of 2020, which limited developer leverage months after an interest rate cut. fear asset bubbles.

“I think one of the key things people have underestimated is the significant paradigm shift the government has initiated in the real estate industry,” said Nish Popat, co-portfolio manager for the debt team. emerging market company at Neuberger Berman, who also noted the widespread opinion outside China that the company was too big to fail. “When we spoke to our team in Shanghai,” he said, “they didn’t think it was.”

While some international funds were still buying Evergrande debt, Neuberger Berman pulled out her position in July because she felt “uncomfortable”. In the same month, news revealed that Rmb132 million of its mainland branch’s deposits at a bank in Jiangsu Province had been frozen, while local authorities in Shaoyang, Hebei Province halted construction of two of his projects. Both decisions were quickly overturned, and small for the size of the company, but hurt sentiment.

Line chart of the stock price (HK $) showing the fall in China Evergrande stock

Evergrande warned of the risk of default in August, days after an unusual public reprimand from Beijing ordering it to reduce its debts, and blamed the effect of “negative reports” on its liquidity. Under pressure from the three red lines, the company had reduced its debt from Rmb 717 billion at the end of last year to Rmb 572 billion in June. But during the same period, its commitments increased slightly to reach Rmb 1.97 billion and were then 10 times higher than their 2012 level.

News also began to emerge of litigation with contractors over unpaid invoices, and the company was set to face a record number of lawsuits in Chinese courts, although it still made a net profit. in the first semester of the year. Sales of her properties almost halved from June to August, and she expected sales to deteriorate in September, a usually busy month.

While global markets have focused this week on Evergrande’s liabilities, its assets have long come under scrutiny given the focus on unused housing stock resulting from China’s construction boom. .

Nigel Stevenson, analyst at GMT Research, released a report on the company in 2016 with a price target of $ 0 per share after visiting 40 projects in 16 cities. He noted that the company had nearly 400,000 parking spaces on its balance sheet worth $ 7.5 billion, roughly the equivalent of all of its equity, and criticized the quality. other assets.

“These assets have yet to be funded, and they are obviously more than 10% funded, which is not sustainable in the long term,” he said. “Things have finally caught up with them. “

International fund managers have already profited from the high yields on Evergrande’s debt, at a time when entire swathes of the global bond market were trading at negative rates due to lax Western monetary policy.

The bond with payment due Thursday was issued at an 8.25% coupon in 2017, and this week its price fell to 24 cents on the dollar. In a note to clients last week, UBS, which held $ 300 million in Evergrande bonds on various filing dates between April and July, said they were trading “at or below historic salvage values typical “.

8.75% coupon line graph, 2025 (% of par) showing the fall of the China Evergrande bond

As expectations of a restructuring intensify, some offshore investors are closely monitoring the company’s assets outside of China that it has accumulated during its expansion beyond real estate, including a stake at a Hong Kong-listed electric vehicle company that has yet to sell a car.

A group of international investors have engaged the law firm Kirkland & Ellis and the investment bank Moelis & Co to advise them on a possible restructuring.

“The likelihood that Evergrande will prioritize offshore noteholders is declining rapidly and is extremely low,” said John Han, attorney for the US firm Kobre & Kim, who is in discussions with a number of major US activist funds that hold positions in Evergrande bonds. . “The Chinese government will prioritize retail investors, homebuyers and domestic banks over troubled Western debt funds. “

S&P, which expects a default, does not anticipate direct government involvement but expects Beijing to seek “orderly restructuring”. In mainland China, Evergrande’s future will be a deeply sensitive process and a political test for President Xi Jinping given the involvement of ordinary citizens who have already paid for apartments. The company has 778 projects in 223 cities, and last week, private investors came to its Shenzhen headquarters to demand their repayment.

Direct spillovers into international markets are limited beyond Asian high yield bonds. But a major failure could hurt confidence in the entire real estate sector, on which global commodity markets and local government finances both depend heavily. Land sales fell 90% year-on-year in early September, while new home sales also fell sharply. However, new home prices in the 70 largest cities were still increasing slightly year over year in August.

Andrew Left, who has never been to China and relied on the internet and documents filed by the company for his bet against the company, said he did not feel “good” watching the news take place this week.

“I’ve never been in a situation before where people congratulate you and you don’t get anything out of it,” he said. “This has been such a big part of [my] life for so long, and now it’s financial history.

Left’s five-year ban expires next month, but he still has a question: “Are the courts going to go after all the analysts who have set $ 40 targets on them?”

Additional reporting by Edward White in Seoul and Tom Mitchell in Singapore


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Parking facilities

Ketchum considers improvements to YMCA recycling site | Environment


The town of Ketchum is moving forward with a plan to improve its cardboard and glass recycling facilities next to the YMCA.

City Council on Monday ordered City Manager Jade Riley and staff to pursue a plan that will maintain service at the city-owned parking lot on the south side of the YMCA, where it was moved over the summer of a land on the north side. The site offers recycling of cardboard and glass but no other recyclable materials.

Riley offered city leaders the option of moving the location to city-owned land on Lewis Street.

As part of the plan, the existing recycling dumpsters at the YMCA site will be replaced with a glass receptacle approximately 20 feet long and an electric cardboard compactor 20 feet long. City officials had already decided to install a single cardboard compactor because the many cardboard dumpsters were misused, creating horror and management issues.

Riley told board members that use of the YMCA site would not violate an agreement with the YMCA to provide a specific number of parking spaces for the fitness and aquatic center. The YMCA is operated under a long-term ground lease from the city.

Clear Creek Disposal, which handles garbage collection and recycling in Ketchum, informed the town that it preferred the YMCA site to the one on Lewis Street.

Meanwhile, the city is working to renew its franchise agreement with Clear Creek Disposal for waste and recycling services.

The city conducts its due diligence activities before finalizing a new 10-year franchise agreement with the company. The current deadline for contract renewal is October 1.

The city is also studying price adjustments. Earlier this year, Clear Creek proposed a 14% rate increase for existing services. New services could result in additional costs.

The cost of improving the YMCA location, estimated at around $ 75,000, will be incorporated into the new franchise agreement, according to a report from city staff.


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Parking facilities

Phoenix approves additional $ 10 million for community wireless network


Phoenix City Council voted today at its official public meeting to pass an Intergovernmental Agreement (IGA) with the Phoenix Union High School District, 13 public elementary schools as well as the Maricopa County Community Colleges District to approve $ 10 million to continue building the Community Wireless Network Project in Districts 4, 5, 7 and 8.

The project was first proposed in May 2020 and was approved for $ 2 million. These funds were intended to help students during the COVID-19 pandemic and their families who are struggling with economic barriers to provide them with Internet access for their schoolwork.


READ ALSO: Cox Business Launches Work-from-Home Solution for Remote Workforce


Online learning was difficult for many students, and several households reportedly struggled to find reliable internet connections during school closings, which made matters even more difficult. The program seeks to support families during the blended learning process as schools slowly reopen this 2021-2022 school year.

Members of the City of Phoenix, Phoenix College, the Phoenix Union High School District, the Greater Phoenix Economic Council and the Arizona Commerce Authority have been working together since the schools closed in 2020 to discuss more permanent and long-term solutions for the digital divide. happening in the valley.

“I am very excited about this project and will proudly vote yes to approve the $ 10 million ARPA (American Rescue Plan Act) funding to expand our community wireless network in partnership with Phoenix Union and Maricopa Community Colleges,” said District 7- City Councilor Yassamin Ansari. “The need is urgent in my neighborhood.

Requests to modify the existing IGA to add the $ 10 million in funds will help continue the next phase of the digital divide project to expand the existing Wi-Fi system to an area of ​​4 square miles that will allow access. to the Internet to over 1,000 needy students who normally do not have reliable connections at home to study.

“We know that the digital divide will continue to be a persistent problem even after the pandemic. Whether it’s our local businesses in South Central, our farms and mountainside homes in Laveen, the seniors and parents of West Phoenix, there are many communities that stand to benefit. [project]”Ansari added.” Even though in-person learning is well advanced, we need to make sure that everyone has access to it. “

After the approval of the initial $ 2 million, several beta test sites were successfully installed, collecting useful information during the process that turned out to be positive feedback and user experience data. . The tests included the campus and offices of Phoenix College and the PUHSD. The data collected will be used to move the project forward to its next step of increasing the capacity of the Wi-Fi system and reaching communities in Districts 4, 5, 7 and 8.

“This project started with the elementary school districts of Alhambra and Cartwright and it’s a big deal; I’m really happy to support this, ”said District 8 vice-mayor Carlos Garcia. “I think the use of ARPA and COVID relief funds are some of the best investments we can make, especially with the permanence of this program and the fact that its infrastructure will be there for a long time and for future generations. , so I’m excited to vote yes.

Funding for this project is available through the city’s allowance from the American Rescue Plan Act which was received from the federal government. The project will have no impact on the General Fund and the total funding would not exceed $ 12 million.

“These items will help increase our Wi-Fi accessibility. When the pandemic hit, students were asked to continue their education digitally from their homes and many students did not have access to the Internet and some did not even have access to the Internet. ‘computer for their schoolwork,’ said District 1 Councilor Ann O’Brien. “These are the natural next steps to bridge this digital divide between our students and our residents and turn our municipal government to 21 years old.st technologies of the century and I fully support this article.

Phoenix City Council all appeared to agree with the project, but members of the public also made their voices heard at the meeting.

“I am concerned about the health effects of installing wireless radiation in more places in the city and 24/7 radiation without the ability for them to opt out of this technology,” said Shaina Cinnamon said. “5G towers are already all over the city and just seeing more of them popping up doesn’t seem right when there are other alternatives like fiber optic and other things we can do besides shine people. . “

Jason Paul, who opposes wireless frequencies, explained at the meeting that his wife, who worked in a location where a cell phone tower was present for 10 years, was diagnosed with malignant brain cancer. in August 2020. “The World Health Organization in 2012 declared that radiation from cell phones and towers may be carcinogenic to humans and can cause gliomas, a type of brain cancer. The towers are more dangerous because they emit a greater intensity of radiation 24/7, ”he said.

The arguments for and against the community wireless network project were heard and taken into account when making the final decision on the program. The article was put to a vote and was reduced from 8 to 0. For more information on where to find locations offering free Wi-Fi in Phoenix, just visit the https://www.phoenix.gov/its/wireless-network website. According to the site, the city of Phoenix has extended its wireless network coverage outside of nearly 50 libraries, community centers, senior citizens’ centers and recreation centers to ensure that every student can access the Internet for complete schoolwork. This public service is offered to residents who can sit in car parks and public spaces outside participating establishments to connect their devices from 8 a.m. to 9 p.m. every day. Phoenix City Council has approved this installation of Wi-Fi antennas on municipal and public facilities through the federal Coronavirus Aid, Relief and Economic Security Act.


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A pandemic space race: self-storage roars back


Last fall, Blackstone acquired Simply Self Storage – with eight million square feet of rental space – for $ 1.2 billion, adding to the $ 300 million already invested in the industry. And in April, Public Storage completed its acquisition of ezStorage for $ 1.8 billion, adding 48 properties with 4.2 million net rentable square feet.

With investor interest and consumer demand high, Edison Properties, owner of Manhattan Mini Storage, is reportedly considering selling its division, which has 18 locations and 3.1 million square feet, for an estimated $ 3 billion. dollars, or nearly $ 1,000 per square. foot, Bloomberg News reported.

Edison declined to discuss the sale, but the price tag is not surprising, said Mr. Sakwa of Evercore, given the generally high cost of real estate in New York City.

Much of the growth is in general units, but storage for extras like RVs and boats, as well as cold storage, has also increased.

Despite peak demand and sparkling acquisition prices, “all is not rosy under the hood,” said Stephen Clark II of the Clark Investment Group in Wichita, Kan., Which specializes in self-storage among d ‘other categories of real estate. Rental statistics that show a high occupancy rate can be misleading, he said, as they include a number of long-term tenants whose rates are below the market.

And experts don’t know how postpandemic behavior will affect the industry. For example, what happens when storage tenants move out of their parents’ home or don’t need to use their second bedroom as a makeshift office?

But with house prices escalating nationwide, so-called starter homes have become more expensive and some new owners are opting for smaller spaces. That, Mr Morales said, could translate into a constant demand for storage.


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Parking facilities

Virginia Tech Advances In Reducing Single-Use Plastic and Solid Waste


Virginie Tech
(© Andriy Blokhin – stock.adobe.com)

A host of operational and engagement initiatives to reduce single-use plastic and solid waste are helping Virginia Tech move towards its climate action engagement goal of becoming a zero waste campus by 2030.

Executive Decree 77

The phasing out of single-use plastics and polystyrenes – including disposable plastic bags, water bottles, and on-the-go polystyrene containers – is of particular importance to sustainability leaders from Virginia Tech to the light of decree 77: set an example to reduce plastic pollution and solid waste.

Signed into force by Governor Ralph Northam in March 2021, the ordinance requires all state agencies and universities to stop buying, selling and distributing disposable plastic bags, plastic food service containers and disposable polystyrene, plastic straws and cutlery, and plastic -use water bottles. The decree also requires these groups to develop a long-term plan to reduce plastic pollution and divert waste.

In July 2021, all of Virginia Tech, including Virginia Tech Athletics, Virginia Cooperative Extension, and contracted food service providers, stopped purchasing and distributing Styrofoam catering containers and began incorporating more sustainable alternatives into their offers.

Longer term, Virginia Tech and its suppliers will stop purchasing and distributing plastic cutlery, straws and beverage stirrers by the end of December 2022. Virginia Tech and Virginia Cooperative Extension are in the process of identifying and assess other viable alternatives for plastic. cutlery, straws and drink stirrers.

A cross-functional university working group continues to work closely to ensure university-wide compliance with the ordinance. The team submitted an initial implementation plan to the Virginia Department of Environmental Quality (DEQ) in July.

The working group includes stakeholders from procurement, food services, housing and residential living, the division of campus planning, infrastructure and facilities, athletics, the College of Agriculture and Life Sciences, Virginia Cooperative Extension and the Office of the Vice President of Research and Innovation.

Building on a strong culture of sustainable development

Long-standing university waste reduction initiatives provide a solid starting point for the execution of the decree.

“The focus on reducing single-use plastic and solid waste has long been part of Dining Services’ sustainability goals. Virginia Tech’s stand-alone foodservice facilities stopped using Styrofoam containers in 2014-15, and national campus franchises stopped using them in 2018, ”said Blake Bensman, sustainability manager for Styrofoam Services. catering and living in accommodation and residences.

“Free reusable take-out containers are available for all students, making on-the-go meals easy and environmentally friendly. We estimate that over 200,000 meals have been served in reusable take-out containers to date, preventing thousands of pounds of packaging waste from going to landfill. “

In addition to providing key contributions to the Virginia Tech Executive Order Working Group, Bensman also shares his expertise in sustainable catering and sustainable packaging with state-level environmental leaders at DEQ.

Like reusable food containers, Dining Services offers reusable water bottles in dining rooms for visitors to purchase. Single-use plastic disposers can be refilled at water bottle refill stations in residences, dining rooms, college buildings and a myriad of other locations.

Recycling receptacle containers can be found in university, residential, catering and administrative buildings, along paths and in parking lots on the Blacksburg campus. Community members can recycle cardboard, plastic, paper, cans, electronics and more in containers. The quantity of containers continues to increase thanks to sustainability projects generated by students and submitted under the Green RFP program.

Composting bins are also available in many dining rooms. Over the past 11 years, Dining Services has sent over 11 million pounds of food waste and biodegradable food packaging to composting facilities in Virginia, where it is converted into agricultural, garden and landscaping products.

Global waste management plan

Virginia Tech achieved a waste diversion rate of 85.2% (waste diverted from landfill) and a recycling rate of 38.1% in 2020. The national recycling rate is approximately 32%. In November 2020, the EPA announced the overall national recycling target to increase the US recycling rate to 50% by 2030. This target will provide a benchmark against which to assess the success of collective efforts to improve the recycling system. recycling country.

To improve this data at Virginia Tech, the Division of Campus Planning, Infrastructure and Facilities released a new comprehensive waste management plan in February 2021. The plan outlines clear operational and educational avenues for moving forward. waste management objectives of the university.

Virginia Tech’s waste streams include municipal solid waste, construction and demolition waste, recyclable materials, compostable materials, reusable materials, electronic waste, universal waste, hazardous waste, and more.

Student engagement in reducing plastic and solid waste

Student engagement remains another pillar of the university’s waste reduction efforts.

Teams of interns from the Office of Sustainable Development raise awareness about environmental topics such as recycling at events throughout the year such as Gobblerfest and Earth Week. In 2021-2022, the internship teams will publish a guide to zero waste events for use by clubs and organizations. It will provide event planners with helpful tips and resources on buying, recycling, giveaways and more.

A new compostable utensil pilot program – catalyzed by a student-generated green tender project – is also underway in mess rooms this semester.

The submission period for the Green RFP 2021-2022 program will begin on September 20, providing students with a unique opportunity to submit ideas for waste reduction and sustainability projects to be implemented on the Blacksburg campus. Information on the application process will be shared via a campus notice in VTx in the coming days.

Game Day Green Tailgate volunteers attend Virginia Tech home football games to distribute blue recycling bags in high-impact parking lots surrounding Lane Stadium and educate tailgaters on recycling practices.

Say hello to the Game Day Green Team – and don’t forget to recycle – at home soccer games this season. Photo by Sarah Myers for Virginia Tech.

How to get involved

There are countless opportunities for university members to continue Virginia Tech’s waste reduction efforts. Whenever possible, strive to adhere to the “3 Rs” principle – reduce, reuse and recycle – in your own office, dorm, and home. Refer to the resources below for more ways to get involved with Virginia Tech.

Send an email to [email protected] with additional questions.

Virginia Tech and Local Sustainability, Waste Reduction Resources (in alphabetical order)

Additional details on Legislative Decree 77

State agencies are also required to submit a long-term plan for plastic pollution reduction and waste diversion by September 21, 2021. Virginia Tech is on track to submit this plan, which includes a 25% annual reduction for items such as plastic food containers, bags and water bottles as of December 31, 2022.

The decree authorizes exemptions for certain elements related to public health, safety, research and medical purposes. Virginia Tech is working with state partners to better define these criteria.

The latest Executive Order 77 implementation updates and FAQs can be found here.


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New recycling facility opens at Brighton station


The new site will electronically separate, wash, compact, baling, weigh and label all waste at the station.

As part of National Recycling Week (September 20-26), the new initiative will aim to increase the station’s recycling rates to 95%.

The unit, which is located on platform seven, will handle waste from Brighton station, as well as all Southern and Thameslink trains to and from the city.

The Mobile Segregation Unit (MSU) was created in partnership with the sustainable development start-up The Green Block.

The new site will electronically separate, wash, compact, baling, weigh and label all waste at Brighton Station

Govia Thameslink Railway (GTR), which operates Southern, Thameslink and Great Northern services, aims to increase recycling rates at Brighton station from an average of 30% over the last year to 95%.

Currently 12% of the total waste collected on GTR’s 800 mile network comes from Brighton. Before the pandemic, the station produced 650 tonnes of waste per average year.

Since its installation last month, the facility has handled more than 32 tonnes of waste.

If rates remain at the same level, the initiative will recycle nearly 400 tonnes by September 2022.

The Argus: Donna Bryant, contract manager for non-technical facilities services at Govia Thameslink Railway, said Brighton is a Donna Bryant, contract manager for non-technical facilities services at Govia Thameslink Railway, said Brighton is a “prime location” for the new MSU

Donna Bryant, responsible for software services contracts for installations at Govia Thameslink Railway, said Brighton is a “prime location” for the new MSU.

“A lot of the passengers who use the station are passionate and want to see an increase in our recycling,” she said.

“And it costs nothing more than the previous scheme.”

Brighton’s new MSU is the second of its kind on the UK rail network, with one installed in London Victoria by Network Rail in June 2020.

Green Block’s customer service manager Josh Katz said waste from the new facility will be handled by hand.

“Two staff will be based here during peak hours, but this has created 12 jobs for the local population. And we are paying above the living wage in London, ”he said.

“The hub currently only takes waste from Brighton station. The long-term plan would be to use the SSM as a hub and collect waste from other stations and bring it back here. ”

The Argus: Simon Greenfield, director of Brighton station Simon Greenfield, Director of Brighton Station

Brighton Station Manager Simon Greenfield also welcomed the arrival of the new facility.

“There is nothing not to like about it. It’s just an addition to the station, ”he said.

“If we can do it here, there’s no reason other stations can’t do the same.

GTR Director of Infrastructure Keith Jipps said the new facility will be “one of many major sustainability success stories across our network.”

Councilor Jamie Lloyd said the facility already recycles 91% of waste and is aiming for even more.

“It’s fantastic to see this facility in action and to see so much recycling happening here at Brighton station. I am amazed at how small the footprint is.

As part of its broader sustainability strategy, GTR is also installing 1,300 new bicycle parking spaces at stations, developing 90 landscaping and rewilding projects, and offering local youth the opportunity to acquire skills in horticulture through 18 station projects.


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Car park management

GAA refused the building permit for the redesign of Páirc Uí Chaoimh


The GAA has been denied a building permit for a controversial renovation of Páirc Uí Chaoimh in Cork City.

It included contentious plans to build parking lots on two plots of public land in an area identified as part of Marina Park’s new linear infrastructure, which is expected to open before the end of the year.

This is believed to have played a key role in the decision of the planners.

In a statement to Irish Examiner, the Páirc Uí Chaoimh Stadium Board of Directors and Cork GAA said they made the decision with “surprise and extreme disappointment”.

A CGI image of the proposed redevelopment of Pairc Ui Chaoimh, Cork.

“Despite the decision, there remain serious security concerns and infrastructure deficits which could hamper the development of the stadium in the future,” they said.

“The intention of the Board of Directors and of Cork GAA has always been to improve the functioning of the stadium and to improve its interaction and integration with Marina Park.

“We submitted this planning request in good faith following extensive prior consultations with Cork City Council, and we have sought to engage positively and constructively in the process.

“As applicants, we expected a request for additional information from the planning department and we would have fully engaged in this process, as is common practice in most applications of this size and size. this scale.

“No such request has been received.

“The categorical refusal raises serious and immediate questions about the security of the existing vehicular access to Páirc Uí Chaoimh via the pedestrian marina.

“Cork GAA has serious concerns about this current situation.

“The problem of the lack of disabled parking spaces near the stadium, which was highlighted in the bid, remains a critical deficit.

“The board will continue to seek an appropriate solution to the problems described and will now consider all options.

“We will continue to seek to engage with resident groups and all interested parties in meaningful ways as we work to realize the stadium’s full potential for all residents of Cork. ”

Another CGI image of the proposed redevelopment of Pairc Ui Chaoimh, Cork.
Another CGI image of the proposed redevelopment of Pairc Ui Chaoimh, Cork.

They said they also plan to request an urgent meeting with Cork City Council to discuss the denial of the planning request.

Just four years after the 90 million euro renovation of the sports field, Páirc Uí Chaoimh CTR applied to Cork City Council in July for a building permit for a series of improvements to the stadium and around the stadium.

It included proposals for internal reorganization and redevelopment of the south stand in order to provide, on the ground floor, a new GAA museum, an exhibition, a reception center and a café, improvements to the second floor of the stand. south for use as a conference venue with office hub facilities and relaxation areas, for construction of new sheltered entrance porches at the town end and the Blackrock end, as well as layouts for ‘access and exit revised.

But it was their proposal to build two public parking lots – one on the town side and the other on the Blackrock side – that sparked the controversy.

Local residents called the decision to build parking lots on public land intended to be part of a public park a “land grab”.

The request prompted more than 120 submissions on the planning request.

But the stadium’s management team said the new parking lots were a key part of the overall project, essential to ensure the stadium’s long-term commercial viability.


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Car parking rate

Ericsson (ERIC) tests automated parking and facilitates 5G network deployment


Ericsson ERIC has partnered with a technology company, Unikie, to conduct a pilot test related to automated factory parking at the test site in Turku, Finland. The Finland-based software technology entity capitalized on Ericsson’s autonomous 5G private network (SA) to run the trial.

At a time when more than 500 global auto factories and 90 million cars were produced in 2019 itself, automakers are leveraging the benefits of Industry 4.0 technologies to streamline overall factory logistics, including management. vehicle logistics. Given the current situation, Ericsson’s 5G SA network is a godsend while accelerating digitization.

The latest project helps major automakers by supporting essential performance requirements for optimized factory parking. Unikie’s Automated Factory Parking (AFP) sensor and software solution remotely manages vehicle logistics via a secure private Ericsson 5G SA network while ensuring the safety of on-site personnel. Other use cases for the technology include airport parking lots, logistics centers, and shopping malls.

5G SA allows lower latency than non-autonomous 5G networks. It allows more people and devices to use mobile data at the same time. The technology eliminates dependence on 4G by allowing operators to increase their network capacities with a simpler architecture. Additionally, it improves network speed and simplifies mobility management with seamless access to 5G broadband for improved user experience.

The trial enabled automakers to identify the precise location of parked vehicles by optimizing parking space by up to 20%, using low latency connectivity. This will not only reduce the daily operating overhead costs with minimized labor costs and search time, but also reduce parking accidents. In addition to AFP and 5G SA technologies, the test took advantage of advanced computing. As a result, car manufacturers can follow the route of the car factory and automate parking with the highest precision.

In another development, Ericsson unveiled the intelligent deployment solution with the aim of strengthening its portfolio of network services. The innovative solution was specifically designed for the 5G era, in which service providers can seamlessly deploy networks with greater agility and flexibility. This helps them to respond effectively to dynamic customer demands. Intelligent deployment includes a modular suite of tools and services equipped with artificial intelligence, automation and data-driven cloud-based architecture to optimize network lifecycle management.

Going forward, Ericsson intends to invest in strengthening its portfolio and expanding its global presence. The company is benefiting from accelerated 5G deployments in Northeast Asia, North America and Europe. It currently has 144 5G trade agreements with communications service providers and 94 live 5G networks in 45 countries. The company expects to benefit from its strategy which relies on increased investment in research and development for technological leadership. Such uptrends should boost the business roadmap of the Sweden-based company in the long term.

Ericsson currently has a Zacks Rank # 3 (Hold). Its shares returned 6.8% compared to the industry’s growth of 31.3% last year.

Image source: Zacks Investment Research

Some top-ranked stocks in the industry are Clearfield, Inc. CLFD, InterDigital, Inc. IDCC, and Aviat Networks, Inc. AVNW. While Clearfield sports a Zacks Rank # 1 (strong buy), InterDigital and Aviat Networks carry a Zacks Rank # 2 (buy). You can see The full list of today’s Zacks # 1 Rank stocks here.

Clearfield has achieved a profit surprise of 49% on average over the past four quarters.

InterDigital achieved a surprise profit over the last four quarters of 536%, on average.

Aviat Networks recorded a surprise profit over the last four quarters of 41.8% on average.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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Cannae Holdings Shifts to Water Efficient Landscape with Aim to Create a Sustainable Workplace


When Facilities Manager Jim Rainey was tasked with finding ways to implement more sustainable practices in the building he manages, he hatched a plan to replace the property’s water-thirsty grass with a landscape. smart and introduced it to the new management team.

“It was an easy sale. The grass dies every year anyway, and it takes a lot of work to keep it alive, ”said Rainey, who oversees a Cannae Holdings Inc. building on Village Center Circle in Summerlin. Built in 1998, the building’s mature landscape also included shrubs that had seen better days. “After so many years, you can only prune the shrubs before they look like sticks.”

To help offset the costs of the landscape upgrade, Rainey applied for the Southern Nevada Water Authority (SNWA) Water Smart Landscapes rebate program, which offers up to $ 3 per square foot for grass replaced by a drip irrigated landscape. The 2,750 square foot conversion has earned landowners a cash incentive of $ 8,250 and saves more than 151,000 gallons of water per year.

“Saving water is a big deal,” Rainey said. In addition to reducing water bills and operating costs for the property, the landscape conversion has also eliminated water wastage caused by over-spraying sprinklers. “On windy days, the wind would just blow the water from the sprinklers onto the grass, wasting water. With drippers around plants and trees, you eliminate water waste and use water more efficiently.

The tenants also expressed their support for improving the landscape. “Everyone is really happy with the result. People said it’s a great place to work, and they’re happy with the change, ”said Rainey.

For homeowners who may be reluctant to remove the grass because it provides greenery or because they don’t know where to start, Rainey noted that desert landscapes can be vibrant and colorful, and they can use plants from the existing landscape. As part of the Village Center Circle upgrade, Rainey has retained dozens of healthy trees and shrubs that continue to provide shade and keep the area surrounding the building lush and green. The aesthetic presentation of the improved landscape includes mature foliage as well as new plants and, of course, drip irrigation.

“You don’t have to start from scratch. What you want to do is capitalize on what you already have and build on that, ”said Rainey, who recommended keeping trees and shrubs healthy. “So you don’t get rid of everything, and at the same time you save water.”

“Jim Rainey is a great example of a champion of water conservation,” said Doug Bennett, conservation director for SNWA. “We need more people like Jim to help homeowners see the benefit of replacing grass with water-efficient landscapes, especially as our community continues to face historic drought and harsh conditions. of shortages that will reduce our community’s water supply by nearly 7 billion gallons by 2022.. “

SNWA has taken important steps to prepare for the scarcity conditions, including building Intake 3 and the lake’s low-level pumping station and storing the unused water in reserve for future use by our community. A new law signed by the governor of Nevada will also help protect the valley’s water supply. Assembly Bill 356 prohibits the use of Colorado River water to irrigate non-functioning sod in streetscapes, medians, parking lots and other lawns not used for recreational purposes. by the end of 2026.

“The amount of water we apply to these areas of decorative turf exceeds the scarcity we face. The solution to balancing our water supply is literally under our feet, ”said Bennett, noting that with the declaration of unprecedented scarcity, business leaders and residents must step up their commitment to conservation. “These efforts will help ensure the long-term economic success of our community.

Find out how you can lower your business operating costs and take advantage of cash incentives by emailing one of SNWA’s business experts at [email protected] or call 702-862-3740.

Members of the Las Vegas Review-Journal editorial and press team were not involved in the creation of this content.



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Car parking rate

Letters to the Readers: Free Parking in Hospitals Too Often Abused


Raigmore Hospital is used as long-term free parking by vacationers, according to the reader (Photo: Christopher Furlong / Getty Images)

Often after more than two hours of driving to the hospital in the Highland Capital I could not find a parking space in the free parking lot and had to park in town and then take the bus. I spoke to one of my advisers, who told me that one day she saw people in the parking lot emptying luggage from their trunk and then putting their suitcases in a waiting car, which then had to go to Inverness airport or train station. Free parking for the duration of the holidays. I have also heard that the hospital parking lot is often used as a relay parking lot by people going to the city center.

There has to be a way to prioritize spaces for real patients, especially those who have walked long distances. Otherwise, report the parking fee, it would help to some extent.

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Douglas S Bruce, Penicuik, Midlothian

Yesterday Scotsman reports on the latest piece of our not-so-great education system, an attempt to push political views onto our most vulnerable, children, via a tired and overwhelmed teaching workforce.

The anti-racism education plan is another catch-all of incompetent nonsense. Presenting “white privilege” in classrooms as an undisputed fact has been rightly denounced by Kemi Badenoch, the UK government’s Equality Minister. Lindsay Paterson, professor of educational policy at the University of Edinburgh, said that if the courses were based on “surprisingly one-sided” guidelines, they would be “totally inadequate in a liberal society”.

One of the ridiculous questions of the “test” is “if my day is going badly, I wonder if the negative episodes had racial overtones”. It seems to me that someone has too much free time and is probably being paid a small fortune to invent this nonsense. Any government that begins to mess with our education system needs to be scrutinized.

Five years ago, the Supreme Court, in ruling on the empty can, kicked the way the “appointees” bill was, declared that “the first thing a Totalitarian regime is trying to do is prey on children, keep them away from the subversive, various influences of their families, and indoctrinate them into their leaders’ worldview.

With that in mind, when the document states that teachers should recognize that race is “a system that serves to enable capitalism and the current world order,” I think the alarm bells should ring loud and clear.

The EIS, led by Larry Flanagan, supported this garbage. What else can one expect from a union which is making policy with the Scottish Government without the consent of its members and would rather have children stay at home staring at a computer rather than find out what the Scottish government really is? education, daily interaction with fellow students and face to face-to-face learning with professional teachers.

Is there no end to what this government will do to shape the nation in its image?

David Millar, Lauder, Berwickshire

Conor Matchett (August 27) is right in his analysis of Nicola Sturgeon’s predicament – trying to keep fanatic members on board without scaring swing voters. For years, she has dangled the carrot of independence to hardened nationalists while declaring, to appease the less enthusiastic, that a vote for the SNP is not a vote for independence. This quickly changed to “the people have spoken and want an independence referendum” once the votes are counted.

There are only a limited number of times the Prime Minister can do this before one side, if not both, gets wise and sees them as fools. Joining the Green Party will make no difference no matter what she says.

Another referendum, especially now after the impact of Covid, would result in a taxi calling for her as it did for her predecessor seven years ago. I don’t care if it’s a hybrid or a fully electric vehicle, as long as it takes it away from Bute House forever.

I’m surely not the only one asking the president of Holyrood to make a quick and effective decision as president (not as a green MSP) to take away the right of the Green Party to ask questions of the prime minister at the FMQ.

By entering into a coalition with the SNP government – and a coalition, although denied it is most certainly the case – suppresses the Green Party as the official opposition party. It would be highly inappropriate for one of the two subordinate ministers to have the opportunity and the right to ask questions of a government in which they sit. Alison Johnstone, as president, must demonstrate her “independence” from the party she supports and act accordingly with immediate effect.

Richard Allison, Edinburgh

On the day Scotland recorded its highest number of Covid cases, the SNP Transport Minister announced seven more countries from which people could travel to Scotland without quarantine. This suggests that we are repeating the same mistakes over and over again. As we head towards 11,000 deaths, the Scottish government must act now.

David Watson, Leith, Edinburgh

I think Scottish Greens co-leader Lorna Slater should be in charge of the SNP / Scottish Government Consulate in Beijing, China as part of her new portfolio of Deputy Minister responsibilities. Lorna’s policy is quite similar to that of the Chinese Communist Party, so she should fit well into the Chinese state.

I am confident that given that we are in a Code Red climate emergency, helping the Chinese to conduct a climate compatibility assessment on the impact of China’s planned construction of 43 new power plants in China. coal would be much more beneficial to the planet than carrying out a climate compatibility study on the modernization of the A96 in the Highlands of Scotland.

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Anti-racism education will be ‘mainstreamed’ into school life in Scotland

I was reprimanded by Clark Cross for not paying attention to the remarks he made in his previous letter (Letters, August 26). I should sit at the back of the class, but not before I appeal to those who are concerned about the future of planet Earth. Human sources of carbon dioxide emissions have grown steadily since the industrial revolution. The increasing rate of deforestation and the burning of oil, coal and gas are the main causes of this increase.

The only sure thing that will save our planet from our ineptitude and selfishness is our extinction. We have proven ourselves to be poor stewards of once pristine environments across the world, and our sense of superiority over all other species is likely to be our downfall. We cannot exist in splendid isolation – we are part of the cycle of life.

We are a very intelligent species, but we haven’t always used our cognitive abilities to good effect, humanly or even for our own benefit. If we were judged here, watched by a cynical supernatural being, I doubt we would get a pass on the demands that give us the right to stay.

How can we boast of our superior intelligence when we rob the only house we have to live on? If we continue on our current course, we will reach the point of no return – and no amount of wailing will change our destiny. It only remains for us to hope that we will heed the warnings that nature is sending us more and more.

To survive global warming, Professor Stuart Haszeldine lists several techniques (“Scotland can lead the way with carbon storage”, Perspective, 25 August). However, it fails to mention nuclear power, the only ingredient needed to provide reliable, greenhouse gas-free baseload electricity. Scotland will not lead the way without this ingredient, which the Scottish government will stupidly let go in a few years. Greater energy efficiency is not a guaranteed way to reduce demand either. Studies have shown that such a measure can lead to increased demand as users find energy cheaper. As for carbon capture and storage, we have not yet seen a demonstration. I don’t expect this to be a practical solution. Regardless of such attempts, global warming will continue unabated until the world realizes that drastic geoengineering is needed.

Steuart Campbell, Edinburgh

In any debate about Scotland’s future position, it is important that the facts are not ignored and that the propaganda is put in their place. A fable that is regularly recycled by many who desperately want to break up the UK is that Scotland, with an incredible stroke of luck, would start ‘with a clean slate’ and the UK would take all the debt and pay it off. pensions from a new Scottish state.

The truth is less attractive. If Scotland separated, she would not have the pound. There would be no Scottish contribution on interest rates and there would be no bank of last resort to help us as happened during the Covid crisis. The new state would also have to take on a very large debt. Scottish independence supporters like Leah Gunn Barrett (Letters, August 26) claim that if Scotland dismantled the UK it would bear no part of the UK national debt and that ‘the UK inherits all treaty obligations, including debt ”. The government’s correct position was stated unequivocally: “… the respective shares of the debt and the terms of repayment would be subject to negotiation.” “

Andrew HN Gray, Edinburgh

We welcome your thoughts. Write to [email protected] including name, address and phone number – we will not print all details. Keep letters under 300 words, without attachments, and avoid “letters to the editor” or the like in your subject line.

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Car parking rate

Global research on automated parking systems market business strategy and demand by 2027.


Recent exploration on “Global Automated Parking Systems Market report 2021 by key players, types, applications, countries, market size, forecast to 2027Brought to you by Credible Markets, Industry is a comprehensive report providing selected insights on the Automated Parking Systems business for new market players and set-up players. The report carefully examines each of the market fundamentals Automated Parking Systems and gives a detailed overview of the development possibilities of the company.Along with this, the report further offers comprehensive data by user on the most recent market models, elements of the industry as a whole and long-term income development designs. Analysts use charts, outlines, pie charts, etc. to clarify information pictorially. Despite this, to account for the market number, different tables are added for display the information in a uniform structure. This helps users to understand the information s all the more effectively and unequivocally.

The study also involves significant market achievements, research and development, new product launches, product responses, and regional growth of the most significant competitors operating in the market on a universal and local scale. The Automated Parking Systems market is segmented by Type and by Applications. For the period 2021-2027, the growth among the segments provides accurate sales calculations and forecasts by type and by application in terms of volume and value. This analysis can help you grow your business by targeting qualified niche markets.

Request sample with full table of contents and figures and graphics @ https://crediblemarkets.com/sample-request/automated-car-parking-systems-market-254316?utm_source=Akshay&utm_medium=SatPR

Key Players of the Global Automated Parking Systems Market Covered in Chapter 5:

Unitronic
Westphalia
Robotic parking systems
APS
Klaus Multiparking
TAPS
Boomerang Systems
FATA automation
Parkmatic
Citylift

In Chapter 6, on the basis of types, the Automated Parking Systems Market from 2015 to 2025 is majorly split into:

Rotary carousel
Quick parking
Multiple parking
Optima parking

In Chapter 7, on the basis of application, the Automated Parking Systems Market from 2015 to 2025 covers:

Residential
Mall
Office building
Other

Geographically, the detailed analysis of the consumption, revenue, market share and growth rate of the following regions:

  • North America (United States, Canada, Mexico)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Others)
  • Asia-Pacific (China, Japan, India, South Korea, Southeast Asia, others)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, others)
  • South America (Brazil, others)

Direct purchase this market research report now @ https://crediblemarkets.com/reports/purchase/automated-car-parking-systems-market-254316?license_type=single_user;utm_source=Akshay&utm_medium=SatPR

Some points from the table of contents

Chapter 1 Global Automated Parking Systems Market – Research Scope

Chapter 2 Global Automated Parking Systems Market – Research Methodology

chapter 3 Global Automated Parking Systems Market Forces

Chapter 4 Global Automated Parking Systems Market – By Geography

Chapter 5 Global Automated Parking Systems Market – By Business Statistics

Chapter 6 Global Automated Parking Systems Market – By Type

Chapter 7 Global Automated Parking Systems Market – By Application

Chapter 8 North America Automated Parking Systems Market

Chapter 9 Europe Automated Parking Systems Market Analysis

Chapter 10 Asia-Pacific Automated Parking Systems Market Analysis

Chapter 11 Middle East & Africa Automated Parking Systems Market Analysis

Chapter 12 South America Automated Parking Systems Market Analysis

Chapter 13 Company Profiles

Chapter 14 Market forecasts – by regions

Chapter 15 Market Forecast – By Type and Applications

Here are some of the silent features of the report:

  • In-depth analysis of the potential and risks of the global market.
  • Ongoing research and major events in the automated parking systems market.
  • In-depth review of market expansion plans for major industry players.
  • Crucial research on the way of development of the automated parking systems market in the coming years.
  • In-depth knowledge of the industry with specific drivers, limitations and global micro-markets.
  • The positive sentiment of the current dynamics in technology and industry is influencing the automated parking systems market.

Contact us:

Credible markets
99 Wall Street 2124 New York, NY 10005
E-mail- [email protected]


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Parking facilities

Prologis buys land near Philadelphia airport


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PHILADELPHIA – Popular parking lot near Philadelphia International Airport bought for $ 45 million by Prologis, a real estate giant specializing in leasing space to retail, e-commerce and logistics businesses , according to the company that negotiated the agreement.

What caught the attention of the San Francisco-based company is the nearly 19-acre property, long used by travelers who have parked their cars on the PreFlight lot. Owned by a subsidiary of InterPark – a Chicago-based company that operates nearly a dozen parking lots in Philadelphia – the PreFlight lot was closed to the public last month.

“The pandemic has really accelerated this trend of last mile, logistics-driven industrial real estate,” said Ryan Guittare, with commercial real estate firm Newmark, who represented InterPark in the sale. “Everyone is working to shorten the time it takes to get products to consumers. “

Entrance to the PreFlight long-term parking lot on Island Avenue near the Philadelphia International Airport. The lot closed last month and the property was acquired by Prologis. (Tom Gralish / Philadelphia Enquirer / Tribune News Service)

Prologis acquired Philadelphia developer Liberty Property Trust, and with it more than 500 industrial sites, in a $ 13 billion transaction that closed last year. As of June, Prologis owned or had invested in nearly one billion square feet of real estate in 19 countries. The company said its main customers are Amazon, Home Depot, FedEx, UPS, and DHL.

Prologis did not immediately comment. InterPark did not return a request for comment.

A 271,000 square foot facility is located on the plot. In marketing materials, Newmark highlighted the property’s proximity to the airport, downtown and PhilaPort, its easy access to freeways, and the 49 million people within a 200 mile radius.

In June, the airport announced a major initiative to expand cargo facilities over the next five to ten years. News of these plans “tied very well to our sales process,” Guittare said.

Want more news? Listen to today’s daily briefing below or go here for more information:


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Car park management

Camping plan approved for Grade I listed antique monument of Byland Abbey in North York Moors, despite parking issues


Byland Abbey
Byland Abbey

The North York Moors National Park Authority planning committee has been told that heritage issues with setting up a campsite next to the Cistercian monastery of Byland Abbey have been resolved, with highway patrons growing. most concerned about the number of visitors stationing in the area.

Members of the park authority agreed to grant tenants of the grade I listed Abbey Inn overlooking the 12th-century monument, which is credited with inspiring church architecture in the North, to create a camping in his garden for three years, to assess the levels of disturbance he creates.

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Local residents, including former National Trust regional chairman Sir Nigel Forbes Adam, had written to “oppose in the strongest terms” the launch of the campsite on the former Grade I-listed monastic abbey, near ‘Ampleforth.

In response, Jake Hunt, who started renting the hostel from English Heritage last fall, told the committee: “This is not a flashy or reckless proposal, it is carefully considered, will not damage the grounds. or the region and will make my small business that a little more viable.

However, residents had also raised concerns that any additional cars parked at the hostel due to camping would further exacerbate the roadside parking problem in the area.

The meeting was informed that since the English Heritage parking lot for Byland Abbey was small, the Abbey Inn parking lot was being used by visitors to the monastery, and the lack of parking in the area led to cars parked “willy-nilly” around the historic site.

Members heard that the parking issues were actually the result of English Heritage leasing the pub, which it traditionally used for parking when its attraction overflowed. Members said Abbey Inn tenants “are going to have to suffer the consequences.”

Member Subash Sharma said: “I think if there is a problem with the abbey and the visitors they receive, it is up to them to decide. [English Heritage] to provide parking.

Another member, Alison Fisher, who has worked as a historic areas advisor with English Heritage for more than 20 years, said the park authority needs to consult with the conservation charity about the long-term management of the area. the attraction “so that it does not upset those who live nearby”.

She said: “Byland Abbey is one of the major English Heritage holdings in this region. It is quite well visited even if it is not inhabited.

“It was always a property that we never really knew what to do with, as it was never popular enough to manage it and bear the costs, but it was popular enough to leave it open and let people enjoy it.

“The past 18 months have meant that we are all here and are staying. Maybe this will continue and so I think long term management is a big issue for us. “


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Parking space

Petoskey begins talks on public charging stations for electric vehicles

PETOSKEY – Petoskey could make new public charging stations for electric vehicles available as early as next year.

At their meeting on Monday, Petoskey city council members heard about the possibility of installing up to three hookups in the city allowing hybrid and electric cars to refuel. In particular, the infrastructure would benefit local residents who do not have the parking space or amenities to charge at home.

One of these circumstances earlier this year was a major factor in the city’s efforts to implement the new public facilities. A citizen, who lives in a neighborhood without a garage and requiring the use of on-street parking, bought a hybrid vehicle and wanted to know if he could get permission to either connect an electric wire to his car on the street, or install a station that would allow him to access the power supply to his home from the street, said Mike Robbins, director of public works at Petoskey.

“We discussed it at length and rejected the request, at that time, to put this unit in a public right of way”,

Using a cordon or building a private charging station on the public right-of-way was not both logistical and legal, but Robbins said the request was “not without merit” and that ‘it corresponds to the city’s long-term sustainability objectives. possible public spaces where charging stations could go. Earlier at the same meeting, city council members adopted their “Petoskey habitable” master plan, which contains multiple references to encouraging electric vehicle installations in the region and shifting the city’s fleet to electricity.

Electric vehicles are coming… which means there is a need for infrastructure in our city. There are charging stations around, there are places these people can go, but we’ll see what we can do to meet that demand, ”Robbins said.

Currently, there is a public electric charging station in the city, located in the Darling Lot, the parking area at the corner of Petoskey and Michigan streets. This was installed in 2017 in conjunction with the city’s Green Corridor Project which built a non-motorized trail along a former rail corridor.

The plan to study and possibly install new stations should be included in both the capital improvement plan and the city’s budget for 2022.

Depending on what the city finds in its preliminary explorations, the objective would be to add a “level 3” charging station in a practical and walkable part of the city, with the possibility of a few “level 2” stations. .

These levels refer to the energy potential of the stations and the usable load range, with level 1 providing 140 volts, level 2 providing 240 volts and level 3 providing a three phase power system ranging from 208 to 480 volts. Level three stations are only compatible with certain high-end vehicle models and can charge vehicles powerful enough in 20 minutes to travel up to 80 miles, compared to 20 miles in 60 minutes for level two stations. But Robbins said the efficiency is getting higher and higher. A Level 3 station would cost approximately $ 40,000 and a Level 2 station would cost approximately $ 7,000.

City officials were not expected to take action on the matter at their Monday meeting, but most city council members spoke positively about the idea.

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Car park management

Vontier Acquires DRB Systems, LLC for Approximately $ 965 Million, Provides Second Quarter 2021 Financial Performance Update


RALEIGH, NC – (COMMERCIAL THREAD) – Vontier Corporation (“Vontier”) (NYSE: VNT) announced today that it has entered into a definitive agreement to acquire DRB Systems, LLC (“DRB”), a leading supplier of point of sale, workflow software and control solutions to the car wash industry, subsidiaries of New Mountain Capital LLC for approximately $ 965 million in cash. The acquisition will be subject to customary closing conditions, including regulatory approval, and will be funded with available cash and proceeds from borrowings under Vontier’s credit facilities. Vontier expects the acquisition to be completed in the third quarter of 2021.

Based in Akron, OH, DRB was founded in 1984 and employs over 500 people in North America. The company’s portfolio of trusted brands includes DRB Tunnel Solutions, DRB In-Bay Solutions (formerly Unitec®), Suds Creative â„¢, eGenuity®, Washify®, InvoMax â„¢, Auto Data â„¢ and Sage Microsystems â„¢. DRB is owned by New Mountain Capital, a New York-based investment firm.

Mark Morelli, President and CEO of Vontier, said: “The acquisition of DRB should accelerate our strategy of portfolio diversification towards long-term growth drivers in attractive markets and establish a portfolio of sales solutions in the region. retail $ 500 million. DRB’s focus on technology and software solutions complements our existing point-of-sale and payment offerings and improves our growth and recurring revenue profile, profitability and free cash flow generation.

The DRB acquisition aligns with our goal of smart infrastructure and offers compelling opportunities for expansion beyond its current end markets. In addition, its entry into the high value-added segment of the car wash industry allows Vontier to increasingly benefit from the growing demand for clean and efficient mobility solutions and key trends, including autonomous vehicles and water conservation. We look forward to working with the DRB team to provide an extensive suite of solutions to meet the industry’s growing needs for workflow technology and expertise.

Vontier expects DRB to generate around $ 170 million in revenue in 2021 with average operating margins of 20% and is expected to have a long-term single-digit growth rate. The purchase price of the acquisition is approximately $ 965 million and includes a deferred tax asset of approximately $ 130 million, which we expect to be able to use over the next 15 years.

Peter Masucci, Managing Director of New Mountain Capital, said: “We are proud of the successful partnership with DRB and the tremendous business development that has taken place since our investment in October 2017. Under the ownership of New Mountain Capital, DRB has experienced a significant growth while tripling the dollars. dedicated to product development and innovation. We thank the management team and the employees of DRB and wish Vontier continued success with DRB in the years to come.

VONTIER’S SECOND QUARTER 2021 PRELIMINARY RESULTS

Vontier also announced today that it expects second quarter 2021 basic revenue growth and adjusted diluted net income per share to be higher than previously announced by the company, primarily due to a increased demand for retail solutions and auto repair offerings.

ABOUT VONTIER

Vontier is a global industrial technology company focused on transportation and mobility solutions. The company’s portfolio of trusted brands includes leading expertise in mobility technologies, commercial and commercial refueling, fleet management, telematics, vehicle diagnostics and repair and smart city end markets. Vontier’s innovative products, services and software improve efficiency, safety, security and environmental compliance around the world.

Guided by Vontier’s proven business system and unwavering commitment to continuous improvement and customer success, Vontier maintains traffic through over 90,000 intersections, serves over 260,000 customer refueling sites, monitors more than 480,000 commercial vehicles and equips more than 600,000 automotive technicians worldwide. . Vontier’s innovation history, margin profile and cash flow characteristics should support continued investment in a range of compelling organic growth and capital deployment opportunities. Vontier mobilizes the future to create a better world.

ABOUT THE NEW MOUNTAIN CAPITAL

New Mountain Capital is a New York-based investment firm that emphasizes business development and growth, rather than leverage, as it seeks long-term capital appreciation. The company currently manages private equity, credit, net rental real estate and public equity funds with more than $ 30 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors, then works intensely with management to create value in these companies. Additional information on New Mountain Capital is available at www.newmountaincapital.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of federal securities laws regarding Vontier, DRB and the acquisition of DRB by Vontier. Statements in this press release that are not strictly historical, including statements regarding the proposed acquisition, the expected timing and conditions of the acquisition, future product solutions, the future financial and operational impact, or the results of acquisition, expected financial performance for Vontier, prospects for DRB or the industry following the acquisition, future growth opportunities following the acquisition, future synergy and any other statements regarding events or developments that Vontier expects or anticipates will occur or may occur in the future, are “forward-looking” statements within the meaning of federal securities laws. These statements include, without limitation, statements regarding the business and acquisition opportunities and anticipated profits of Vontier Corporation (the “Company”), as well as any other statement identified by the use of words such as ” anticipate ”,“ expect ”,“ believe ”,“ prospect ”,“ direction ”or“ will ”or other words having a similar meaning. There are a number of important risks and uncertainties which could cause actual results, developments and business decisions to differ materially from those suggested or indicated by these forward-looking statements and you should not place undue reliance on such statements. prospective. These risks and uncertainties include, among others, the duration and impact of the COVID-19 pandemic, the deterioration or instability of the economy, the markets we serve, international trade policies and financial markets, contractions or declining growth rates and cyclicality of the markets we serve, competition, changes in industry standards and government regulations that may have a negative impact on demand for our products or our costs, our ability to identify, consume, integrate and successfully realize the anticipated value of appropriate acquisitions and complete divestitures and other divestitures; our ability to successfully develop and market new products, software and services and to grow over time. new markets, potential for inappropriate conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities related to acquisitions and divestitures, the impact of changes in tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks related to international economic, political, legal, compliance and trade factors , risks related to the potential impairment of goodwill and other intangible assets, exchange rates, tax audits and changes in our tax rate and income taxes, the impact of our debts on our operations, litigation and other contingent liabilities, including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks associated with product, service or software defects , product liability and recalls, risks associated with product manufacturing, our relationships with and the performance of our partners s distribution, commodity costs and supplements, our ability to adjust purchasing and manufacturing capacity to reflect market conditions, reliance on single sources of supply, security breaches or others disruptions to our information systems, the adverse effects of restructuring activities, the impact of changes to US GAAP, labor issues and disruptions related to natural and man-made disasters. Additional information regarding factors that could cause actual results to differ materially from these forward-looking statements can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements represent Vontier’s beliefs and assumptions only as of the date of this release and Vontier assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events and developments. or otherwise.


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Parking space

The agenda: briefs from local governments for 19.19.21

A map of the 334 acre The Aire site in Westchester, just west of Westchester Commons on Route 288 and Midlothian Turnpike. (Courtesy of Chesterfield County)

Proposed 334 acre mixed-use development adjacent to Westchester Commons

The Chesterfield Planning Commission is due to meet on Tuesday. Full agenda here.

Commissioners are expected to assess a rezoning application from GrayCo Properties that would pave the way for a 334-acre mixed-use development by HHHunt Communities called The Aire in Westchester, in the Magisterial District of Midlothian.

The development would be adjacent to Westchester Commons, which itself is slated for an infill residential project. The Area at Westchester would rise north of Midlothian Turnpike, west of Highway 288 and Watkins Center Drive, and east of Huguenot Springs Road.

The development would include townhouses, single-family homes and apartments, with the total number of proposed residential units of 2,215 units. The development would also include 200,000 square feet of commercial space.

A conceptual site plan of how the GRTC temporary transfer station would be set up in the city-owned parking lot. (Courtesy of the City of Richmond)

Provisional GRTC transfer station on the town planning agenda on Monday

The Richmond Planning Commission meets at 1:30 p.m. on Monday. Business on the agenda includes the review of a planned temporary GRTC transfer station in the city-owned parking lot between Eighth and Ninth Streets and between Leigh and Clay Streets.

The relocation of the current layout to Ninth Street would make way for the redevelopment of the Public Security Building site, where a 20-story tower and a mixed-use office complex are planned.

The transfer station is expected to be in place for up to 10 years. The 64 public parking spaces on the lot would be removed and municipal government spaces would be reduced from 199 to 34. A dozen street spaces along Eighth Street would also be affected, and seven spaces are expected to remain.

Also on the agenda is a special use request for a proposed art gallery at 205 W. Brookland Park Blvd. Full agenda here.

‘Greater Scott’s Addition’, zoning changes north of Fan advance

At its previous meeting on July 6, the city’s Planning Commission voted to recommend the proposed zoning changes for the “Greater Scott’s Addition” area and properties along the Pulse Corridor generally north of Broad Street from of the Fan district.

The commission suspended for six months a review of Richmond’s year-old rules to regulate short-term home rentals in the city. The commission now plans to review the rules in January.

Hanover County to Begin Full Plan Review

Hanover County is expected to soon begin its regular process of reviewing and updating its comprehensive plan, which is the county’s long-term roadmap for development, land use and growth.

A review of the Strategic Zoning Initiative policy, as well as solar farm policies, agri-food policies, mixed-use zoning, housing and development plans for specific corridors in the county are among the focus points. departure that county staff identified for updating the plan. planning director David Maloney told county supervisors during an introductory presentation on the effort last month.

At this point, it is difficult to say which elements of the plan could be changed. The review process will be informed by feedback gathered from county officials and county residents.

The county plans to field a consultant by early October to help them with their last regular review of their comprehensive plan, and that consultant will work alongside a traffic consultant in the review, Maloney told BizSense on July 9th. The county has allocated $ 300,000 to hire. design offices for the exam.

In November, the Planning Commission and the Oversight Board will meet to agree on housing demographics and trends and land use analysis to inform the review. The public engagement period is scheduled for fall and winter 2021 and 2022. Preliminary recommendations are expected by spring 2022, with early adoption of the updated plan by winter 2023.

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Parking space

City of Billings leaders move closer to purchase of Stillwater Building

BILLINGS – With a 10-1 vote on Monday night, Billings City Council gave the mayor the power to sign a buy / sell agreement, signaling the city’s intention to purchase the Stillwater building with possible plans to build the space of a center of law and justice.

“This idea is a long-term investment. It’s not just about kick-starting another problem that another board will have to address in 10 or 15 years,” said Kendra Shaw, member. of the council, which represents district 1.

Alaska-based WC Commercial LLC currently owns the building, walkway, and nearby parking across North 26th Street.

Once Mayor Bill Cole officially signs the document, the city will have 60 days to do their due diligence to inspect the building for any issues that may cause city staff or council to reconsider their decision. . September 15 is the date scheduled for the city to close the deal.

MTN News / Mitch Lagge

Members of Billings City Council are discussing the possible purchase of the Stillwater building to add more room to city services at their Monday night meeting.

The city negotiated a price of $ 17 million for the building and its land. Construction was estimated at an additional $ 10 million and could take between three and four years. The construction price does not include the cost of furniture, fixtures and equipment.

Part of the money to buy the building would come from $ 20 million of money freed up from the general fund. At the height of the COVID-19 pandemic, the city paid for part of its public safety services using federal COVID-19 relief dollars from the CARES Act and the American Rescue Plan Act, freeing up money from the general fund to spend on other things.

The Stillwater Building was originally built in 1960 and was once a federal courthouse. The building has five floors, a basement with parking and an underground access for the transport of prisoners.

The idea of ​​the purchase is to have a central location for all of the City of Billings services. The Planning and Community Development Department, Zoning Department, Code Enforcement Department, Building Division, Public Works, City Court, and Police Department could all be located under the roof of the Stillwater Building at over the next few years if the city agrees to buy the property.

City services are currently spread over three sites in the city center. After a tour of the current city hall, council member Mike Boyett said everyone was too crowded for space.

“It is not (handicapped accessible). When I broke my ankle, I had a hard time walking through this building. There are people in the cupboards. There are people in the boiler room. Yes, there’s another building in Billings, but let’s let all the kids play in one place. Let’s make room for expansion, “Boyett said.

City administrator Chris Kukulski said the plan would first be to address the immediate need for a legal and judicial center. Then other departments could move in as leases expire on their current spaces over the next two years.

“We are also renting out several different spaces in the city center. We are tenants today of several of our office services and this is money that taxpayers are paying and will not pay anymore,” Kukulski said. .

071221 STILLWATER EXO.jpg

MTN News / Mitch Lagge

The front side of the Stillwater Building in downtown Billings which is connected to the Stillwater Parking Garage across North 26th Street via an overhead bridge.

The city would occupy only about two floors of the Stillwater Building and would have the option of leasing the remaining space. Kukulski said the goal would be to get state or federal law-related services located in the building.

“My interest is not to go out and compete per se and try to book retail operations or other operations in this building. It is to put other local government departments or state departments or federal services that complement the local government services we provide, ”Kukulski mentioned.

The Yellowstone County government already occupies 7,000 square feet of office space on the third floor of the building. The county pays approximately $ 365,000 per year to lease space at WC Commercial. The lease ends in 2025.

Kukulski mentioned that the Yellowstone County Council of Commissioners recently took a 2-1 vote to sign a buy / sell agreement to purchase the Miller Building at 301 N 29th St.

“They are one of our most likely tenants. If they determine that they are going to move out after 2025, long before we know that answer,” Kukulski said.

The need for more space for municipal government was first identified after the completion of a facilities master plan in 2015. Over the past 18 months, the city has entered into negotiations regarding the Stillwater Building. As a price was not agreed, negotiations turned to evaluations.

Jessica Iverson, City Construction Manager and Facilities Manager, provided the background to the assessments. Elkhorn Appraisal valued the building at $ 22 million and NVC Appraisal at $ 12 million, Iverson said. An evaluator-reviser was then called upon to analyze the methods of the other evaluators. Review appraiser Dave Thomas valued the building at $ 13.5 million.

“What determination of market value the review appraiser seeks to find is based on a typical buyer or investor in the market. This does not take into account the value of the specific benefits that the city has. The negotiating committee took this into account during negotiations to determine the price with the seller and concluded that the building has greater value to the city than the review’s assessment suggests, which is why a price The higher purchase price was offered to the seller, ”Iverson said.

With the price tag of $ 17 million, the city would purchase the building for $ 85 / square foot. Much less than the $ 375 / square foot it would cost to build a new building.

Council member Shaun Brown said he was concerned that the city was paying more than appraised value and disliked the possibility that a majority of the building would remain vacant if the city could not find space. tenants.

“Is this going to sit empty for years? I’m struggling with this, but I’m working really hard to support this as an opportunity we wouldn’t have had otherwise, but it’s still $ 4 million So I’m fighting with that, but I will support it, ”Brown said.

Ward 4 representative Penny Ronning, a council member, was the only one to vote against approving the buy / sell agreement. Ronning said she supported the move to the Stillwater Building, that there was not enough public commentary on how the city should spend the money freed up thanks to the federal government.

“I don’t think that’s good government the way this process has worked,” Ronning said.

071221 Penny Ronning.jpg

MTN News / Mitch Lagge

Penny Ronning, a member of Billings City Council, who represents Ward 4, shares her position on the Stillwater Building buy / sell agreement with council.

“Not a single request to the public on how the public wants to use this money. Not a single presentation on our options for using this money. Could we build an 8 fire station, where 40,000 Billings Heights members could actually be? served with additional fire departments? What else could we use this money for in terms of public safety services where our crime is so high it’s unbelievable. I don’t dispute that we need it? ‘additional space for the town hall. I do not dispute that we need the space of the center of law and justice, I do not disagree with that at all, but I do not agree with the fact that it is the only option that is even given to us and presented by our municipal administration for the use of these funds, ”Ronning added.

RELATED: Billings Could Buy $ 17 Million Stillwater Building for Law and Justice Center.

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Car park management

The pedestrian upgrading of schools a priority for Geraldine


As part of the transportation strategy, Geraldine High School and Geraldine Elementary School would develop travel plans.

JOHN BISSET / STUFF

As part of the transportation strategy, Geraldine High School and Geraldine Elementary School would develop travel plans.

Upgrading a walking / cycling connection between Geraldine Elementary School and Geraldine High School was a short-term priority in Geraldine’s final transportation strategy.

Geraldine’s Community Council approved the strategy at its Wednesday night meeting, which would now be forwarded to Timaru District Council for adoption.

“The whole board was happy with it,” said President Wayne O’Donnell.

“It puts things in place now and for a long time to come, with the possibility of being revisited during the course. We are very happy with the whole report and the system from start to finish.

Abley Consultants said there were poor quality trails and large unprotected crossing distances between elementary and secondary schools in Geraldine and recommended studying the shared path and lighting through Kennedy Park, as well than working with schools to develop travel plans.

READ MORE:
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Other short-term priorities (three years from adoption) identified by Abley included:

– A survey of the intersection of Cox Street and Talbot Street, including pedestrian access to identify short and medium term improvements.

– Revision of speed limits to lower the speed limit in the commercial zone and the inclusion of speed limits in other zones.

– Development of a Geraldine Parking Management Plan to better understand the needs, gaps and potential improvements in the context of the Timaru District parking strategy.

“In the short to medium term, the vehicle network will remain largely the same, with the exception of improvements to Cox Street / Talbot Street intersections, speed limit changes and planning for future traffic needs. parking.

“In the long term, it will be examined whether the national road moves from Cox St to Talbot St to simplify the network and the Cox / Talbot St. intersection”

Timaru District Council commissioned Abley Consultants to prepare the strategy in November 2018.

A Geraldine parking management plan is one of the strategy's short-term priorities.

Bejon Haswell / Tips

A Geraldine parking management plan is one of the strategy’s short-term priorities.

Public comments were solicited and considered. On March 24 of this year, the community council, a representative of the Waka Kotahi NZ transport agency and officers from the council discussed comments and priority projects.

The council’s land transport director, Susannah Ratahi, said in her report to the community council that the main problem with the city’s transport system was that it was focused on providing private motor vehicles.

“The roads are wide, which allows for high travel speeds and a large number of parking spaces. This means that walking and cycling are not well provided and are generally not used well by the community.

“The urban environment is all about moving people, in cars, through space, rather than spending time there. The nature dominated by Geraldine’s car led to a high expectation that she could drive straight to a destination and park outside.

“However, this problem is typical of our small rural New Zealand towns.”

She said the projects had been short-listed in short (0-3 years), medium (4-10 years) and long term (11-30 years) but had not yet been costed.

“There will be a targeted approach to support short-term projects over the next three years, within existing budgets.

“Further work will be undertaken with agents and Waka Kotahi to support medium and long term projects going beyond long term plans and infrastructure strategies.

“The investment program will continue to evolve in response to changes in strategic direction, funding available from both the board and Waka Kotahi, and changes in the local environment.


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Parking space

Boise, Id envisions the future of an expanded dining room on 8th Street

Boise restaurants have taken to the streets – literally – at the height of the COVID-19 pandemic, but what’s next?

Last summer, Boise City Council and the Ada County Road District relaxed regulations around the right-of-way to allow restaurants and bars to take over. parking spaces in the city center to allow more socially distant meals. The city also closed 8th Street to vehicular traffic, and restaurants moved their patios to the curb to make more room for outdoor tables when indoor capacity was limited.

[Portion of Boise’s 8th Street will get a makeover: bikes, sidewalks, patios]

Ongoing improvements to come

Customers and 8th Street businesses have widely embraced the change, reveling in the increased space to sit outside and space to stroll around the two blocks of Restaurant Row. from 8th street. But now that the pandemic is abating, Boise’s director of economic development Sean Keithly said the city was considering how to move forward with the downtown area filling up.

“Going back to how it happened, it was done quickly and in a somewhat organic fashion and we don’t want to lose any of those benefits, but since this was an emergency response, we didn’t have time to really dig deep with stakeholders and companies and think about how we would do it in a way that could consider longer term implementation, ”Keithly said.” C ‘what we want to do is think about what we have learned and be more intentional. “

Visitors stroll 8th Street in July 2021. Photo: Margaret Carmel / BoiseDev

Keithly said Mayor Lauren McLean and other city leaders have yet to decide what the next phase of 8th Street will look like. The city is currently taking the feedback into account and examining its options, including how to plan for traffic in the area, accessibility for deliveries, pedestrian and cyclist safety, and access to lanes.

8th Street is currently bordered by temporary bright orange traffic barriers to ensure traffic stays off the closed street and visually impaired pedestrians know where the pedestrian street ends. The city is currently looking for a company to offer permanent ADA improvements at intersections.

What about parklets?

The expanded restoration has occurred in more places than 8th Street.

Around Boise, restaurants and bars have been granted permission under a new ordinance to place diners in parking lots or on sidewalks outside their restaurants to make more room. Idaho’s Alcohol Beverage Control also gave them permission to serve drinks in these new right-of-way dining rooms.

This ordinance allowing the changes will expire in April 2022, but in the meantime, companies that have grown to trust it are wondering what will happen when the rule is renewed.

Molly Leadbetter, one of the co-owners of Meriwether Cider Company, said the extra space gave her the boost she needed to get through the pandemic. But, she said, until the city and CDHA make a firmer decision on what to do next, her company is reluctant to invest a lot of money in improvements.

A parklet outside Barbarian Brewing. Photo: Margaret Carmel / BoiseDev

“If we could make these parking spaces ours all the time or just for the hot weather, we could invest in real construction so that we can build parklets and make it really nice,” Leadbetter said. “For that, it’s like we don’t want to spend too much, too much money because when that is done, we’ll have all the material, but if we can get some direction, maybe we can make it really pretty. . “

Nearby Barbarian Brewing also benefited from three parking spaces for a parklet, but co-owner BreAnne Hovley said she was not counting on that option in the future.

“People love the extra seats downtown and the fact that it’s in a parking spot doesn’t deter people from sitting down and enjoying the action,” Hovely said. “But, we know that our park situation is not a viable option in the long term due to the orange barriers and the need to rent the equipment to block them.”

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Car parking rate

15 reasons why your auto insurance premiums are so high


In the United States, almost everyone who owns a car and drives it on public roads must purchase insurance (unless you live in Virginia or New Hampshire *). Rates are everywhere, and for some of us auto insurance is a huge bill.

How do you know if you are paying too much? What drives auto insurance premiums up? Let’s take a look at some of the factors that affect the price of your auto insurance.

(*In Virginia, you can pay an annual fee of $ 500 instead of purchasing auto insurance. This allows you to drive an uninsured vehicle at your own risk and does not provide coverage.

In New Hampshire, car insurance is not compulsory, unless you are in a high risk category, for example if you are:

  • Convicted of driving under the influence
  • A habitual offender
  • Sentenced for leaving the scene of an accident
  • Reinstate a suspended license
  • At fault in an uninsured accident)

1. You are under 25

Drivers with less experience are involved in more accidents.

2. You are younger and male

Young men are often riskier drivers than young women. the Insurance Institute for Road Safety says guys are more likely than girls to drive more miles and engage in risky behaviors such as driving under the influence or speeding. Some states prohibit insurers from using gender to price policies.

3. You are an older woman

The table turns over the course of life. the Consumers Federation of America found that women between the ages of 40 and 60 often pay more for their auto insurance, even when they have a perfect driving record. There is no clear explanation for this, but it does happen with a number of insurance companies and in a number of states. Not all auto insurers charge women more – all the more reason to shop around when preparing to purchase a policy.

4. You are single

Married people have fewer accidents. Your rate may drop on the day you leave for your honeymoon.

5. You get tickets

If you’re cited for a traffic violation, consider driving like a slow granny for a while – your second ticket could trigger a fare increase. The insurer will ignore the first note after some time, usually three years.

Parking tickets are not reported on your driving record, so they do not affect your auto insurance.

6. You have filed a fault claim

As soon as a claim is filed against your insurance, you become a dearer customer. Expect your rates to increase, at least temporarily. However, don’t be afraid to talk to your insurance company after you’ve been involved in an accident. If you are do not at fault, your rates will not be affected.

You should be eligible for a lower rate after a claim free period.

7. You have bad credit

Auto insurers check your credit. Anything that makes you look risky is a red flag. If you have collections, liens, unpaid taxes, judgments against you, or a history of late payments, you could be paying more. Some states prohibit insurers from basing your rate on your credit score.

8. You have canceled an insurance policy

If you canceled an auto insurance policy before it expired, you could pay more to get your next policy. Insurers offer the best rates to long-term customers.

9. You have driven without insurance in the past

Driving a vehicle without insurance makes you a riskier customer.

10. Your deductible is low

The deductible is the amount you have to pay out of pocket before the insurer will cover a claim. If you have a $ 500 deductible and file a valid claim for damages valued at $ 1,500, you get $ 1,000.

Having a higher deductible will lower your premium.

11. Your car is expensive to insure

Expensive cars and luxury vehicles cost more to insure than inexpensive cars because the cost of repair or replacement is higher. Small sports cars are involved in crashes more often than family sedans, so they have higher premiums. Even if you only buy liability insurance, you would pay more to insure a large truck than a small hatchback, as the truck can do more damage in the event of an accident.

12. You have more coverage than you need

Consider the types of coverage you choose. When a car is new, full coverage is appropriate. You wouldn’t want to owe money for a car that was destroyed in an accident. If you have a car loan, the lender will likely require full coverage until the loan is paid off. But if you’re driving an older car with a lower value, consider removing collision coverage, which pays for damage to your car when you’re at fault.

Another factor to consider is the amount of coverage you are carrying. More coverage leads to higher premiums. That said, lower coverage amounts can put you at financial risk. Higher coverage limits provide peace of mind.

13. Your postal code

Some regions are more expensive than others. If you live where thefts are more frequent or where tornadoes occur every year, you could be paying more.

14. You have not requested a reduction

Contact your insurer to find out how you could reduce your premiums. Here are some situations that could qualify you for a discount:

  • You are a full-time student with good grades
  • Your vehicle is equipped with OnStar, LoJack or other tracking device
  • Your vehicle is equipped with an anti-theft device
  • Low annual mileage
  • Several vehicles on the same policy
  • Several policies with the same insurer

15. You haven’t shopped

Insurance rates are not set industry wide. Call a few suppliers and ask for quotes.

It’s you – and it’s them

Auto insurance rates are a dance. To keep costs low, it helps keep your file clean, choose your coverage carefully, and avoid claims. Theoretically, the insurer should give you all the discounts you are entitled to and periodically review your policy and rate. In reality, some insurance companies are not proactive in offering you the lowest price for which you are eligible. So take the reins, ask lots of questions, and make sure you’re getting the lowest possible rate on your auto insurance.


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Car park management

Ongoing complaints along Maui’s Hāna Scenic Drive lead to 387 parking citations


Illegal parking along the Hāna highway June 2021. PC: courtesy

387 parking certificates issued along the Hāna highway

The Maui Police Department issued 387 parking tickets and 83 offender warnings on the Hāna Freeway between Ha’ikÅ« and the town of Hāna over a three-week period, from June 1 to 23.

It’s part of an effort to alleviate and relieve traffic jams and illegal parking along the scenic route that has developed with the recent return of tourism.

County and state officials worked together to put up signs along the Hāna Highway, to discourage illegal parking by warning of a $ 35 parking ban fine and a 200 surcharge. $ for illegal stopping on a state highway.

Installation of the signs began on June 10 at the Waikamoi Stream Bridge at Mile 10. A total of approximately 70 signs are placed along the problem areas identified for the increase in fines, including: the Waikamoi Stream Bridge; Twin falls; Bamboo forest; Ching Pond; Waikani Bridge; Pua’a Ka’a Park; and the HanawÄ« Bridge.

“I understand the anger and frustration of our residents, especially those who live in the Hāna region,” Mayor Victorino said. “I don’t think these visitors would stop in the middle of the road or park illegally in their own hometown and endanger the safety of others, so why are they doing it here? ”

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Until this recent change in legislature, all un-awarded parking fines went directly to the state to support the justice system. With the further increase of a $ 200 surcharge for parking, Mayor Victorino said he understands he will go to the state’s finance ministry, and each jurisdiction’s police department will receive half of this fine for enforcement purposes.

Illegal parking along the Hāna Highway, June 2021. PC: Wendy Midgett

Enforcement conducted due to officer shortage

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“The Maui Police Department continues to operate with a huge staff shortage. Eighty percent of our workforce is what we deal with right now. We’re 20% short, that’s about 90 officers, ”Maui Mayor Michael Victorino said, less than what’s needed county-wide.

According to the mayor, the Maui Police Department sent an additional four to five police officers each day from Wailuku Station to cross the freeway between Twin Falls and Hāna Town, and sometimes towards Kaupō.

Also during the same three-week period, Hāna agents answered more than 200 service calls, and Wailuku agents answered more than 4,400 service calls, for a series of emergencies.

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“A choice must be made between enforcing parking infractions or responding to the thousands of calls that MPD receives each week,” said Mayor Victorino. “I am sure our citizens agree that cracking down on crime is a higher priority than parking infractions, but we are working on other solutions.”

Mayor Victorino met with MPD officials to discuss the possibility of establishing a category for parking enforcement officers. Another temporary solution, he said, could be to increase efforts with the Maui County Park Rangers, but both options require an agreement with the unions representing both groups.

“We are always looking for other areas where we can help improve,” said Mayor Victorino. “We have been in discussions with SHOPO and UPW about adding parking enforcement officers or county rangers. It is not possible to restrict access to the Hāna highway and towing cars in the area leaves visitors stranded with probably no service providers or capacity with a cell phone, and poses a safety hazard ” , did he declare.

Because federal funds were used in the construction of the state highway, county officials note that the idea of ​​restricting or limiting access is prohibited except in the event of a health or safety crisis. such as the COVID-19 epidemic.

During the pandemic, lawmakers reassessed the impacts of tourism and explored ideas regarding traffic management in East Maui. From this discussion arose a reservation system that is now in place in Wai’ānapanapa State Park, which has seen an increase in crowds and commercial visits. As of March 1, parking and entrance fees have been put in place for visitors and out-of-state commercial vehicles, requiring visitors to select a time slot to spread sightseeing throughout the day. .

Kahului Airport: May 29, 2021. Photo by JD Pells
Kahului Airport: May 29, 2021. Photo by JD Pells

Long-term milestones: Kahului airport is “overcapacity”

From a broader perspective, a list of long-term steps has been identified to deal with overcrowding, visitor education and safe parking solutions.

During a press briefing on Friday, Mayor Victorino said Kahului airport was “overcapacity”.

“We met with airline executives on limiting the airlift to Kahului airport. This is the first step in many steps we have to work on, ”he said. “We asked our state Department of Transportation about issues with the doors… They are now planning to get people off the plane, get on the tarmac, jump on a bus and come from the tarmac to the terminal. – an extremely dangerous condition. “

The mayor said he had met with Maui District Airports Manager Marvin Moniz and Hawaii Department of Transportation Director Ford Fuchigami to work on resolving these issues.

Once on the island, visitor education is identified as a key element in ensuring that tourists are aware of the appropriate protocols and policies. “My staff are asking hotels and car rental companies to educate tourists on Hāna Highway considerations,” Mayor Victorino said.

As visitors explore the island, “We are looking for paid parking and other types of parking available not only in our parks, but along our roads for a safe place where people can park and enjoy the sightseeing. “

“This is a complex problem that requires many solutions,” Mayor Victorino said in a press release. “Solving it will take a new mindset and a willingness to try new ideas. It is much more important than passing new laws or assigning more police officers. Maui County needs the cooperation of the business community, our community leaders and the visitors themselves. We need to change the mindset and the lack of civility that creates these situations in the first place. “

Traffic jams with tourists along the Hāna highway June 10, 2021. PC: courtesy


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Parking facilities

Beach Huts and Cafe Plans in Littlestone on Romney Marsh


Plans to invest nearly a million pounds in creating a “coastal destination” on Romney Marsh have come to light.

The project was unveiled in a new report that features a proposal to add more than 100 beach cabanas, washrooms and changing rooms, vacation rentals, a cafe and a concession stand in the Coast Drive parking lot in Littlestone.

Visualization of proposed improvements to the Romney Marsh shoreline. Photo taken from the documents of the council office

Better car parks are also planned, as well as improvements to the public domain which “will create a real destination for visitors”.

The project was discussed by cabinet members of the Folkestone and Hythe district council.

Cllr David Wimble (Ind) said, “There isn’t a single person in New Romney who isn’t behind this. They all think it’s a great idea.

Cllr David Godfrey (Con) said it will be a great attraction that will improve the area and attract visitors.

About 28 cabins already line the waterfront at Littlestone-on-Sea, near the New Romney Sea Cadet building.

Coast Drive parking lot as it is now.  Photo: Google
Coast Drive parking lot as it is now. Photo: Google

But this new project would allow the installation of 108 additional colorful beach huts, with a promenade in front of them.

The cabins would be staggered so that each had a view of the sea.

A new modern toilet facility is also planned, with a proposed cafe or kiosk also included in the design to “generate income and expand the offering on site”.

Improved parking layout is also needed – allowing 72 spaces – as well as new bins and panels, with the possibility of adding solar panels to provide green energy.

A drawing of the project, as well as a layout of the masterplan, were included in the firm’s report.

The existing beach huts at Littlestone.  Photo: Susan Pilcher
The existing beach huts at Littlestone. Photo: Susan Pilcher

Subject to a building permit, it is hoped that the device will be in place by summer 2022.

The total cost of the project is estimated at £ 893,000.

Existing council funding allocated of £ 375,000 would go to the project, and it is proposed to add the additional £ 518,000 needed for the loan in FY 2021/22.

The council hopes to see a return of almost £ 2million over 25 years.

The cabinet report said, “The coastal swamp areas are highly valued throughout the summer season and welcome a large number of tourists while providing recreation space for local residents.

Folkestone's new beach huts.  Photo: @thierry_bal on Instagram
Folkestone’s new beach huts. Photo: @thierry_bal on Instagram

“As in all parts of the Folkestone and Hythe district, the numbers have been increasing year on year and more and more during the pandemic.

“Managing these numbers, while actively promoting and supporting areas that are moving forward, is important.

“The investment in Coast Drive Car Park will create a coastal destination, boost tourism and business on the marsh while providing an important source of income for the council.

“This project shows investment in the swamp by the council and with the proposed long-term actions presents an exciting opportunity not only for the swamp but for the entire district.”

Other locations – the parking lot at St Mary’s Bay and Fisherman’s Beach at Hythe – were also considered for the program, but Littlestone was seen as the best option, the report says.

“The investment in Coast Drive Car Park will create a coastal destination. “

The project would follow a similar development at Folkestone, where its existing beach huts have been renovated and wooden ones added.

This device currently has 100% occupancy rates with a waiting list of over 800 people.

Last year, plans to build 20 new homes in the Coast Drive parking lot were rejected by members of the Folkestone & Hythe council planning committee.

Opponents said the project would have an impact on neighbors, the environment and tourism, as essential parking spaces on the beach would be lost.

Head over to our Politics page for expert analysis and all the latest news from your politicians and councils.

Visit our business page for all the latest business news in Kent

Read more: All the latest news from Romney Marsh


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Parking space

Four-bank syndicate grants $ 94 million loan for Newark mixed-use project – Commercial Observer

J&L Companies, a private, family-owned and operated real estate investment company based in Newark, New Jersey, has incurred $ 94 million in construction debt from four banks to finance a mixed-use multi-family development to be located on the company’s preferred terrain, Commercial The Observer has learned.

National Bank of the Valley, Hapoalim Bank, Abanca United States, and TriState Capital Bank combined to provide debt on the 12-story, 403-unit multi-family property, which will also include more than 3,000 square feet of retail space and a parking garage of nearly 200 spaces.

Greystone Capital AdvisorsDrew fletcher led the team that arranged the construction debt on behalf of J&L. Matthieu hirsch and Steven Bridge teams up with Fletcher to close the deal.

“As a local developer, long-term practitioner and property owner for over 40 years, J&L is deeply committed to advancing the revitalization of downtown Newark by developing projects that will create a thriving and vibrant neighborhood for residents and local businesses, ”Fletcher said. .

Development – designed by Minno and Wasko – will be located at 55 Union Street in Newark’s central business district, a few blocks from the Prudential Center, Newark Penn Station and the Passaic river.

The developer’s plans for the property include a roof garden; a fitness center; an entertainment area; and an outdoor courtyard with barbecue stations, fire pits and lounging areas, according to Greystone.

founder of J&L Jose lopez stated that the project “add to the rich fabric of Ironbound [District] by offering local and future residents new housing that perfectly complements the neighborhood.

The company strives to elevate the property above what was once a parking lot for over four years. He began construction on the property, after working to lay the foundations, according to local reports.

Earlier this month, the Newark City Council introduced a bill that would reward developers with a 25 years property tax allowance. J&L should pay an annual service fee. The ordinance including the tax deduction was to be put to a vote this morning.

Several years ago, in 2017, when J&L first filed plans with the City of Newark to build the skyscrapers, zoning restrictions prohibited mixed-use high-rise developments from being housed in the region. A zoning change that would allow it to be built soon followed, as well as some opposition from local community organizations. In early summer 2018, the project proposal reappeared and was approved through Newark Central Planning Council.

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Car Financing

TVA offers a $200 million customer credit to relieve COVID-19

This story was updated at 8:45 p.m. on Thursday, August 27, 2020, with more information.

For the second year in a row, the Tennessee Valley Authority is reducing the price of its electricity through rebates or credits to its customers after reducing its own debt and spending.

The federal utility said Thursday it will provide a special coronavirus pandemic relief credit of $200 million next year, equal to a 2.5% reduction on its base electricity rates. One year ago, VAT announced its intention to try to keep its electricity rates stable for the next decade and offered a 3.1% rebate to local power companies that signed long-term contracts with the utility.

TVA Chairman Jeff Lyash said Thursday that the credit aims to help communities and businesses recover more quickly from the current crisis. COVID-19[female[feminine pandemic and reflects TVA’s improved performance.

“The continued impact of this pandemic on our communities is unprecedented and creates continued economic uncertainty,” Lyash said. “The TVA team has just done a great job of constantly looking for ways to reduce costs and improve reliability, and they are poised to deliver a year of outstanding performance in fiscal year 2020 despite the challenges presented. by COVID-19[female[feminine.”

The virus forced costly changes to how TVA fueled its nuclear reactors and recovered from storm damage and is expected to cut the agency’s power sales this year by $300 million or more and limit sales again in the coming year.

But Lyash said TVA decided to offer the $200 million credit to distributors, in addition to providing ongoing support for its community assistance program and a special return-to-business credit, due to its better results. than expected this year and its long term. partnerships with most municipalities and electric cooperatives that distribute electricity in the TVA seven-state area.

With lower borrowing costs and debt reducing interest charges and more rainfall this year spurring cheaper hydroelectric generation, TVA has been able to deliver electricity at lower prices than there were. is ten years old while maintaining sufficient reserves to provide the additional credit, Lyash said. Over the past six years, TVA has cut annual operating expenses by more than $800 million through cuts to staff, programs and technology, he said.

TVA reported net income of $652 million in the first nine months of the fiscal year while paying down debt to the lowest level in 30 years, TVA chief financial officer John Thomas said.

The credit for the coming year has been welcomed by local power companies, who will determine how the rebates will be spent to lower prices, offset higher expenses or extend utility cut-off moratoriums passed by the government. most utilities this spring during the worst of the pandemic. slow-down.

Doug Peters, president of the Tennessee Valley Public Power Association — which represents TVA’s 154 distributors — welcomed the TVA credit and flexible regulations on how the money will be spent.

“We commend TVA’s leadership for easing the financial strain this pandemic has placed on TVPPA members by supporting them with the Pandemic Relief Credit,” he said. “We further commend TVA for entrusting the decision-making regarding the use of these funds to local power companies so that they can make decisions based on their unique knowledge of the needs of their business and community. .”

In Chattanooga, EPB used its refund last year to begin pursuing construction of a battery storage or solar farm on the northern edge of its service territory. EPB Chairman David Wade said the new VAT credit underscores the value of America’s largest public service.

“Actions like these set TVA and the public energy model apart by demonstrating a clear and responsive commitment to join local power distributors in putting people and communities first,” Wade said.

The EPB has suspended power cuts for non-payment and waived its late fees since March due to financial hardship caused by the pandemic. EPB matched donations from TVA to also support local efforts to help those injured or threatened with eviction from their homes due to the economic downturn.

“Throughout this time, we have worked with nonprofit and public partners to identify sources of assistance, including special programs that have been put in place to help people cope with the COVID-19 crisis. COVID,” EPB Vice President J. Ed. dit Marston said. “We have also partnered with Centraide and engaged TVA in a campaign to support the United Way Restore Hope fund to provide financial assistance to those impacted by the COVID crisis, many of whom had never asked for help before.

While EPB has suspended power cuts, other TVA distributors have or soon plan to reinstate power cuts for those who do not pay their electricity bills.

A coalition of environmental groups wants TVA to act as a regulator of local distributors to suspend any customer cuts. In a petition delivered to TVA this month, dozens of climate justice organizations called on the agency to impose a moratorium on power cuts in the region and fund debt relief for its clients.

“Faced with a health, environmental and economic crisis unprecedented since the Great Depression, we are asking TVA to return to its original mission of improving the quality of life here in the Tennessee Valley,” said Brianna Knisley, coordinator of the Tennessee campaign. with the voices of Appalachia. “TVA can and should protect vulnerable communities from power outages.”

The petition urges TVA to reallocate its resources to help customers pay their bills and fund a fair economic recovery through clean energy and energy efficiency programs.

“In the midst of a pandemic, when people are unemployed and without basic needs like electricity, food, water and broadband services, TVA has a responsibility to support its customers by establishing a moratorium on closures service provider, confirming its original mission to serve the people of the Tennessee Valley,” said Isabella Killius of Sunrise Tennessee.

Lyash said local power companies, which are governed by locally elected or appointed trustees who are closest to each community and its needs, should have the flexibility to determine how best to spend the $200 million credit. dollars.

In addition to the pandemic relief credit, TVA is making another contribution of $2 million to the Community Relief Fund set up in April. Similar to the initial contribution, these funds will be matched by local power companies and other community groups for the benefit of local organizations that help families and businesses most in need. Earlier this year, similar matching funds eventually provided more than $4.5 million to nearly 300 groups in the region, TVA Vice President Buddy Eller said.

Contact Dave Flessner at [email protected] or 423-757-6340.

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Pennsylvania is sitting on billions in coronavirus relief money. What is the delay? PA projector

PA projector is an independent, nonpartisan newsroom powered by The Philadelphia Inquirer in partnership with the Pittsburgh Post-Gazette and PennLive/Patriot-News. Sign up for our free weekly newsletter.

Update, May 28: On Thursday, lawmakers approved the use of $2.6 billion in discretionary federal stimulus dollars for a variety of purposes, including providing relief to hard-hit counties and long-term care facilities. Read more.

HARRISBURG — After enduring more than two months of the coronavirus pandemic and with state revenues continuing to fall, Pennsylvania has yet to spend $3.9 billion in discretionary federal stimulus dollars intended to help the relief effort.

The kitty is by far the largest available to the state and the most valuable. And while it currently cannot be used to offset lost revenue – which is expected to reach $5 billion by next June – there is hope in some corners that the rules could change.

The second unknown is whether Congress and President Donald Trump will agree on another stimulus package that would provide direct cash assistance to state budgets, which could change how Pennsylvania chooses to spend the round of current cash.

Those unknowns could make it beneficial for state officials to take their time allocating the money, but some Democratic lawmakers are fussing to move faster. That includes Sen. Vincent Hughes (D., Phila.), who wants to use $550 million to small business grants.

“Money sat in the Pennsylvania account for six weeks,” he said in a statement. “The question is: why are we waiting?

The funding was provided through the CARES (Coronavirus Aid, Relief, and Economic Security) Act, a $2 trillion package hastily written by Congress with money for small businesses, workers recently unemployed and industries affected by the pandemic.

The act created a $150 billion coronavirus relief fund for states and localities “to address unforeseen financial needs and risks created by the COVID-19 public health emergency,” according to the U.S. Treasury. . Of that amount, $4.9 billion was for Pennsylvania, with $1 billion going directly to the seven largest counties in the state.

Gov. Tom Wolf has the power to decide how the remaining $3.9 billion is spent, but he has pledged to work with the legislature, and there has been some movement.

The State House and Senate are proposing separate versions of the legislation to harness the cash for the first time, largely to provide millions of dollars in relief to hard-hit nursing homes and other long-term care facilities in across the state.

On Wednesday, nearly 15,000 nursing home residents fell ill with the virus and more than 3,000 died. State officials have announced plans to increase testing at these nursing homes, but some facilities have backed down, saying they need more cash assistance.

The Senate bill would earmark $538 million for frontline industries and workers, with the bulk — $507 million — going to long-term care facilities through the Department of Human Services. Fire companies would also receive $26 million in funding and first responders would receive $4 million.

The measure only specifies that funds should be used for coronavirus-related expenses, although there is no language requiring the Department of Social Services or recipients to report how they were spent.

A House version, developed by Chairman Mike Turzai (R., Allegheny) in consultation with UPMC and health care experts in Pittsburgh, would spend $500 million to create regional health collaborations and entrust centers medical academics the responsibility of assisting long-term care. facilities.

Funding would be allocated to each facility based on their proposal, which would outline how supplies, staff, testing and protective equipment would be provided to nursing homes in need of assistance, with an emphasis on increased testing and infection control.

The Department of Social Services would be responsible for implementing the plan. Turzai’s bill includes an additional $767 million in CARES dollars for the department to distribute to long-term care facilities and other providers, bringing the total price to $1.3 billion.

Turzai said academic medical institutions are the only entities with the expertise to intervene.

“They should have consulted with these experts early on,” he said of the state. From now on, “the legislator must take the lead, and we are doing it”.

The only lawmaker to oppose the House bill, Rep. Pam DeLissio (D., Phila.), said on the floor last week that the legislation doesn’t provide enough accountability for how funds can be spent – ​​like capping how much can be used for administrative salaries.

“With this kind of large, meaningful and substantial resources, I would like to see those resources applied in the most effective way possible,” she said. “Unfortunately, I will be a ‘no’. And if anyone doubts my passion for this sector, they would be grossly mistaken.

Mike Straub, spokesman for House Republicans, said he disagreed that the bill is weak on accountability.

“The [Department of] Social services would collect proposals from the collaborations on how best to effectively support COVID-19 preparedness and response in facilities, improve quality of care, and expand testing for facility staff and residents. long-term care,” Straub said. “Employees are also required to perform daily facility reviews.”

In one report last weekthe U.S. Department of the Interior has warned that “accurate and timely review of performance and financial reports” will be key to keeping CARES Act money in check.

“Awards made as part of an emergency response are riskier than normal because they are awarded quickly and often without competition, and have a higher purchase threshold than other acquisitions,” officials wrote. the agency.

Lyndsay Kensinger, spokeswoman for Wolf, said the governor supports the Senate bill in its current form, but not the House legislation.

What Wolf and the legislature will do with the other discretionary funds remains to be seen. The General Assembly is expected to adopt a short-term budget this week that will fund the government and its services for the next five months. House Republicans say it will buy time to get a clearer picture of the strain on Pennsylvania’s finances from the state’s efforts to slow the spread of COVID-19.

It could also buy time for more clarity on how the stimulus money can be spent and what more could come from the federal government.

Right now, the u.s. treasury says none of the discretionary CARES dollars can replace state or local tax revenue that has been lost due to the pandemic, although the funds can be used to pay workers who are “essentially dedicated” to the coronavirus response.

Some federal legislators, including members of the Pennsylvania Republican delegation, are to push to allow money to be spent on lost revenue.

Meanwhile, state Senate Democrats have stepped up pressure to start spending the discretionary dollars. Previously, the caucus had published a list priorities for the CARES Act funding appropriation, with most of the money going towards housing assistance, student debt relief, aid for veterans and schools.

In addition to discretionary funds, state agencies also received $2.5 billion in earmarked federal dollars, according to a breakdown provided by the Wolf administration.

The Department of Health, the agency at the center of the state’s response, received $72.8 million for several purposes, including epidemiology and laboratory surveillance and response. The Department of Education received $523.8 million to relieve schools, while the State Department received $14 million to cushion costs related to the 2020 election.

So far, $653.6 million has been appropriated or committed by state agencies or offices.

In total, the federal government injected $78 billion into the state’s economy in response to the coronavirus pandemic, according to a report by the Independent Fiscal Office. That number includes forgivable loans given to small businesses through the Paycheck Protection Program and $1,200 stimulus checks sent directly to residents.

Rebecca Moss of Spotlight PA contributed to this article.

100% ESSENTIAL: PA projector based on funding from foundations and readers like you who are committed to responsible journalism that produces results. If you enjoy these reports, please make a gift today to spotlightpa.org/donate.

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Argentina announces debt restructuring agreement with its creditors

BUENOS AIRES, Argentina (AP) — Argentina said on Tuesday it had reached an agreement with its major creditors to restructure $65 billion in foreign debt, offering some relief to a country dogged by recession long before the pandemic hit. .

The agreement will allow creditor groups “to support Argentina’s debt restructuring proposal and grant Argentina significant debt relief,” the economy ministry said in a statement. He said certain payment dates would change without increasing the total amount of principal and interest payable “while enhancing the value of the proposal to the creditor community,” according to the statement.

The reported deal follows seven months of talks and shifting timelines, and coincided with another long period of economic misery in Argentina, where unemployment and inflation have been stubbornly high and the peso has been falling for decades. years. The pandemic made matters worse, as Argentina imposed a lockdown that helped curb the spread of the novel coronavirus but crippled large sectors of the economy.

“We solved an impossible debt during the worst economic crisis in living memory and in the midst of a pandemic,” said President Alberto Fernández.

Argentina has also been involved in talks with the International Monetary Fund over the restructuring of $44 billion in debt owed to the lender. The deal Argentina announced on Tuesday was seen by analysts as a welcome step forward that could pave the way for progress with the IMF, even though Argentina’s economic fortunes look fragile in the long term.

Kristalina Georgieva, managing director of the IMF, praised Argentinian officials for reaching an agreement “in principle” on the national debt.

“A very important step. Let’s expect a successful conclusion for the benefit of all,” she said on Twitter.

“Today’s sovereign debt restructuring agreement between the Argentine government and private creditors allays fears of another debilitating legal waste, similar to what followed the country’s default in 2001,” he said. said Capital Economics in an analysis.

“However, we doubt that the agreement will be sufficient to ensure the sustainability of Argentina’s public debt in the medium and long term,” the London-based consultancy said.

Fernández won elections last year, capitalizing on discontent over former leader Mauricio Macri’s handling of the economy. Macri was determined to impose fiscal discipline and revive the fickle economy, but conditions deteriorated further and he ended up turning to the IMF for a record financing deal.

Opponents had linked Fernández to the left-wing populism past of his vice president and former president, Cristina Fernández de Kirchner (the two are unrelated), although her tenure has so far been dominated by efforts to avoid a default. and reach an agreement with creditors.

The agreement with the groups of creditors that was announced on Tuesday changes the payment dates for the new bonds to January 9 and July 9, 2021, instead of March 4 and September 4 of the same year as previously proposed, according to the ministry of l ‘Economy. These bonds “will begin to amortize in January 2025 and mature in July 2029,” its statement said.

Argentina will also modify certain legal clauses in the new bond documentation to respond to proposals from creditors “which aim to strengthen the effectiveness of the contractual framework as a basis for the resolution of sovereign debt restructurings”, the ministry said.

Creditors have until August 24 to formally accept the deal, the ministry said, extending the deadline from its previous expiration date on Tuesday.

A Citi analysis noted that creditor groups had yet to issue a statement backing Argentina’s changed terms, but said the latest economic terms from both parties appeared close. He noted that Argentine bonds soared on news of the deal.

“With this uncertainty removed and potential engagement with the IMF, we believe further upside is likely in the coming weeks,” Citi said. He added that local assets are likely to “temporarily benefit” from the announcement.

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Torchia reported in Mexico.

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Direct Relief to get a slice of MacKenzie Scott’s billions

From its warehouse near the Santa Barbara airport, Direct Relief distributes COVID-19 medicine and other supplies around the world. (Lara Cooper/Direct Relief)

When MacKenzie Scott announced recently that she had donated nearly $4.2 billion to charities in the United States, one of the 384 recipients on her list was Direct Relief, the non-profit organization based in Santa Barbara which distributes medical aid all over the world.

Direct Relief plans to disclose both the exact amount of the donation and the specific program it will fund in the coming weeks. Tony Morain, the nonprofit’s vice president of communications, said it was “a historic amount for Direct Relief”, one of the largest cash donations in the organization’s history.

Direct Relief learned of Scott’s gift like the rest of the world, Morain said, when the Amazon billionaire posted “384 ways to help” on Medium.

“It was a surprise, and we were grateful and humbled,” Morain said. “She did her due diligence; she researched each of the organizations independently. For Direct Relief, it was a good surprise in a difficult year. … The manner in which she made the donation was inspiring, that someone would choose to give an unprecedented amount of philanthropic dollars at a rate that had never been done before, without asking for anything in return.

Since divorcing Amazon founder Jeff Bezos last year, Scott has become one of the world’s biggest philanthropists. The new $4.2 billion round comes on top of the $1.7 billion she gave in July to 116 organizations, including major gifts to historically black colleges and universities.

Scott’s new round of donations is focused on helping those impacted by the COVID-19 pandemic and “long-term systemic inequalities that have been deepened by the crisis,” she wrote on Medium. Beneficiaries include healthcare providers, food banks, civil and legal advocacy funds, as well as groups that provide debt relief, education, job training and financial services to underserved communities. .

Scott wrote that she used a team of advisors this time around, and they took “a data-driven approach to identifying organizations with strong leadership and results teams, with a focus on those operating in communities facing high food insecurity, high measures of racism, inequality, high local poverty rates, and low access to philanthropic capital.

Direct Relief is the largest non-profit organization in the tri-county area and one of the largest in the country. A recent Forbes report placed it third nationally with $2 billion in private donations, behind only United Way and Feeding America.

Most of this income comes from donations of medicines and other supplies. Cash donations like Scott’s accounted for $171 million in the 2019-20 fiscal year, while goods and services donated to Direct Relief were worth $1.82 billion.

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Calls for sovereign debt relief grow

When the man who led the UK’s austerity program starts campaigning for debt cancellation, you know the idea has become mainstream. Here’s what George Osborne’s chief of staff from 2006 to 2015, Rupert Harrison, said Last week:

He is not the only one. Former Governor of the Banque de France Jacques de Larosière said last week that some sovereigns would need to restructure their debt obligations.

The Peterson Institute, based in Washington, has, for its part, called for a debt stop for low- and middle-income countries, a topic that should dominate the upcoming (virtual) spring meetings of the IMF and the World Bank.

The argument joins the idea that we are on the footing of a war economy.

How? ‘Or’ What? Well, wars are expensive. Taking the UK as an example, we can see in this graph, taken from This article on VoxEU.org, that the national debt has increased dramatically in times of conflict (and, of course, financial crisis):

Sometimes this means that sovereigns find themselves unable to meet their financial obligations. The UK, for example, defaulted* on its famous 5% World War I bond, paying off a 3.5% coupon instead.

The government’s response to the pandemic is well on its way to replicating that of a growing battle over the public debt burden. To boot, few now expect a quick and dramatic return to V-shaped growth in the third quarter, with economists now suggesting that quarterly GDP profiles are more likely to look like bathtubs or the Nike swoosh. .

Should we then consider corrective measures, such as the debt restructurings that took place after the Second World War, to revive the economy once the scourge of Covid-19 is rid of? A growing number of mainstream voices are saying yes.

Moreover, this particular conflict comes at a time when central banks are the main holders of public debt in several advanced economies.

The US Federal Reserve held $3.34 billion in US Treasuries as of April 1, making it by far the largest holder of government debt in the world. In the United Kingdom, the Bank of England, an institution created to finance William of Orange’s war with the French, on Friday increased its direct financing of the government by extending the Treasury overdraft facility.

The Bank basically provides a line of credit to governments here. And lines of credit are supposed to be repaid. Just like the coupon and principal of US government bonds held by the Fed. But would central banks, most of which are public institutions, act in the interest of the nation to compel the state to honor its obligations?

The most famous argument for a debt jubilee comes from John Maynard Keynes’s critique of the Treaty of Versailles, the contract designed to settle World War I reparations.

In The Economic Consequences of Peace, Keynes called for a general forgiveness of debts for a war that had strained the finances of Britain and other allies. Most of the debt was owed to the United States which, during the Versailles negotiations, opposed a cancellation of the reparations. Instead, much of the burden was placed on Germany.

The British economist’s argument was that without a debt jubilee, an economic recovery would be impossible and would sow the seeds of the next catastrophe. Over-indebtedness tends to weigh on growth because the money better spent on public spending is spent servicing the debt. A savings paradox can also arise, where the government seeks to save as much as possible, which makes sense for its own balance sheet, but not for an economy left in tatters that requires aggressive state intervention.

Keynes’ view that governments should poach their currencies to fund repayments proved ominously prophetic, as 1920s Germany suffered a period of hyperinflation to fund its reparations:

As inflation rises and the real value of money fluctuates wildly from month to month, all the permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so completely disordered that they have almost no more meaning; and the enrichment process degenerates into a bet and a lottery.

Lessons have been learned. So much so that in 1953 Germany and its creditors, which included governments and banks, signed a spectacular, complex and comprehensive debt relief package. The package paved the way for the Wirtschaftswunder, or economic miracle, of the post-war period. Going through this 2011 article by Adam Tooze of Columbia University:

[The settlement] gave Adenauer’s Germany both a major stake in the emerging international order and the economic muscle to sustain it…

…After 1952, consumer spending fell despite the rising level of economic activity and, for the first time in generations, Germany began to emerge as a great export champion fully capable of meeting its obligations outside…

…Thanks in large part to the decisions of 1952, the immediate result of post-World War II reconstruction was a successful, but narrowly Western European structure built around a conservative West Germany.

However, Tooze told us it’s best not to read too much into the historical parallels here:

It is quite clear that we would have seen a repeat of the odious debt problems of the 1920s without 1953. It was a crucial agreement, but it is so time-limited. Trying to paint this as analogous to the current situation is so tense. It must be judged at the time, the politics of this period were very different from those of today.

We recommend a full read of his 2011 article to better understand how different those times were and how remarkable the German colony truly was.

Those who argue that this time is different for reasons other than politics might also be right.

When Osborne finally settled the debt on the WWI 5% bond in 2014, the UK could borrow at much lower rates, largely thanks to QE. Debt financing costs have remained extremely low since, making interest charges less onerous.

Others worry that, rather than making things easier, reneging on commitments to central banks (as well as other creditors, such as pension funds) threatens to undermine trust in public institutions. This would create a bigger long-term economic headache because it would mean that, with eroded confidence, the state would find it more expensive to borrow from creditors in the future. Via Tom Clougherty, tax manager at the Center for Policy Studies:

Outright monetary financing is a very powerful genie to let out of the bottle. Assuming central banks ultimately want to normalize monetary policy and shrink their balance sheets, they must maintain a properly functioning government debt market.

More importantly, we remain in the eye of the pandemic. It is impossible to assess what the eventual cost of the economic transition measures taken by governments around the world will be. Or what the new normal will look like.

We’d be fairly confident, however, that the bill will be very large indeed. Every piece of economic data we have seen in recent weeks has signaled that we are dealing with an economic catastrophe of Great Depression proportions. Expect calls for sovereign debt cancellation to only grow.

* There is still much debate over whether the UK actually defaulted or not. Some, like Jim Leaviss of Bond Vigilantes, and Carmen Reinhart and Kenneth Rogoff (see page 114), believe it. Others – see the links posted in the comments – think it is better to talk about restructuring.

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When debt relief does more harm than good

Telegram & Gazette (Worcester, MA)

In a crisis, long-term planning can lose out on quick and dirty solutions, whatever the consequences.

As the pandemic and its economic fallout continue, more cash-strapped consumers could fall into this trap if the Great Recession is any indicator.

A recent report from the Consumer Financial Protection Bureau found that from 2007 to 2010, debt settlements – which can be financially risky – increased. Meanwhile, credit counseling, a debt relief option that keeps consumers in good standing with their creditors, has declined.

Before making a crisis decision, understand how to think about debt relief options.

Why isn’t debt settlement all it’s supposed to be

You’ve probably heard the commercials on the radio or maybe received a robocall promising a debt solution that can reduce what you owe by 50% or more.

Debt settlement demands are as high as the industry’s marketing budget. But these programs aren’t all they’re meant to be – and the ads gloss over the downsides.

With debt settlement, you stop paying creditors and instead direct your money to the debt settlement company, which holds it in an escrow account. Then, usually after several months, the company contacts your creditors and negotiates a deal where the creditor accepts less than was originally owed. That waiting period between when you stop paying creditors and the debt settlement (which is unsecured) is when things can go wrong.

“There is no free lunch,” says Glenn Downing, a certified financial planner in Miami. “There are really important trade-offs with debt settlement. I would try to make this a last resort.”

Debt settlement risks include:

• LEAVE YOURSELF OPEN TO PROSECUTION: When you stop making payments to creditors and debts become unpaid, you can be sued by the original creditor or by a debt collector who buys the debt. Until the debt is settled, whether through full payment, settlement or bankruptcy, you run the risk of being sued.

• BEFORE A TAX INVOICE: The IRS considers any amount of debt settled as taxable income.

• SAVE LESS THAN SAVED: Debt settlement companies often charge around 30% of your original debt balance. So even if you paid 50% of what you originally owed, you won’t come out as far as you might expect after paying the fees to the settlement company. In addition, your debt may continue to increase when you stop making payments, as late fees and interest are added to your balance.

• CREDIT DAMAGE: Missed payments and defaulting on your debts are some of the worst things you can do to your credit. These marks stay on your credit reports for about seven years and will make you appear risky to future creditors, which can prevent you from getting credit or having to pay higher interest rates.

A better choice for long-term financial health

What if there was a way to consolidate multiple credit card payments into one, at a lower interest rate, while still maintaining your good reputation with your creditors?

This is what credit counseling offers from nonprofit credit counseling agencies. These organizations have agreements with many credit card companies that offer a lower interest rate in exchange for regular monthly payments over three to five years to pay off your debt.

But many consumers are unaware of these benefits, according to a 2018 Harris Poll commissioned by Money Management International, a nonprofit credit counseling agency. He found that 62% of 2,012 respondents were unaware that credit counselors can consolidate multiple credit card debts into one payment. And 73% were unaware that credit counselors offer lower interest rates on credit card debt.

Credit counseling has its drawbacks. You usually need a regular income to qualify, and if you miss a payment, the deal can be terminated, leaving you to fend for yourself.

But for the long-term health of your credit profile, credit counseling is clearly the winner. This debt relief tool generally keeps consumers in good standing with creditors as they meet their obligations. The only damage to their credit profile would come from the closure of credit accounts, which some agencies require.

To find a reputable nonprofit credit counseling agency, look for one that has been certified by the National Foundation for Credit Counseling or the Financial Counseling Association of America.

Know when a third option might be best

Before choosing debt settlement or credit counseling, determine if:

• You are barely able to repay your debts regularly.

• Your monthly debt repayments – excluding student loans and housing costs – exceed 40% of your take-home pay.

• Your debt interferes with your quality of life, for example by preventing you from sleeping at night.

If so, you might want to consider bankruptcy. Although it has been stigmatized, this debt relief tool can solve what you owe faster than credit counseling or debt settlement. Plus, credit scores can start to rebound quickly in the months after filing.

This column was provided to The Associated Press by the NerdWallet personal finance website. Related Links: Debt Relief: Understanding Your Options and the Consequences, http://bit.ly/nerdwallet-debt-relief; National Foundation for Credit Counseling, https://www.nfcc.org/; Financial Advisory Association of America, https://fcaa.org/

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(c) 2020 Telegram & Gazette, Worcester, Mass.

Visit Telegram & Gazette, Worcester, Mass. at www.telegram.com

Distributed by Tribune Content Agency, LLC.

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BoT adopts targeted, non-generalized debt relief measures for SMEs

BoT adopts targeted, non-generalized debt relief measures for SMEs

Measures postponed until next June for companies that have not fully recovered

Roong Mallikamas, Deputy Governor for Financial Stability and Corporate Strategy Group, Bank of Thailand.

The Bank of Thailand has put in place targeted debt moratorium measures, which are expected to end next June, for small and medium-sized enterprises (SMEs) with a line of credit of less than 100 million baht and with debts. difficulties in servicing their existing debts.

The targeted measures will end on June 30, 2021. This will only apply to the targeted SMEs that cannot cope with the repayment of loans to financial institutions due to the full non-recovery of business operations.

The central bank implemented large-scale debt relief measures on April 23 to help SMEs recover from the fallout from the pandemic, but the measures were due to end on October 22.

Roong Mallikamas, deputy governor responsible for financial stability and corporate strategy, said the central bank would let banks and non-bank companies negotiate with debtors on whether they can repay their debts normally or whether they prefer to continue. the debt moratorium program for another six months.

Banks and non-bank companies will need to collect information on SMEs for the extended debt moratorium by December of this year.

The value of debtors receiving debt relief measures in the formal banking system stands at 6.89 trillion baht, of which 1.35 trillion baht is allocated to SME loans of 1.05 million accounts.

Of the 1.35 trillion baht, 950 billion baht from 319,000 accounts representing 79% of total SME loans are classified as SME borrowers with contracted debt of less than 100 million baht. Commercial banks and non-bank companies are the creditors of this portion of the SME loan.

Of the 950 billion baht, 57 billion baht or 6% of SME loans from commercial banks and non-bank companies are classified as SME borrowers that banks and non-bank companies were unable to contact. .

The majority of SME borrowers say they intend to service their debts normally when the debt moratorium program expires next Thursday, according to the central bank.

“The Bank of Thailand has asked financial institutions to try to contact the 6% of debtor SMEs,” Ms. Roong said. “They will have more than two months or until the end of December to find them [debtors] and offer the option of a debt moratorium for another six months or to service their debts normally. “

She said financial institutions may also consider adjusting debt service terms for clients on a case-by-case basis to avoid an increase in non-performing loans, as well as adopting other tools such as reduced interest on credit cards and personal loans and the suspension of installments.

Borrowers will be able to resume repaying the full amount when the situation returns to normal, Ms. Roong said.

“The Bank of Thailand has been monitoring the situation closely and expects there will not be many defaults in a very short period of time. [cliff effect] after the end of the debt moratorium program, “she said.” This is because debtor SMEs whose creditors are specialized financial institutions, with loans totaling 400 billion baht, will continue to be under the debt moratorium regime for another six months. The majority of debtor SMEs, which owe a total of 950 billion baht to commercial banks and non-bank companies, also intend to repay their debts. “

The main reason for targeted debt moratorium measures, as opposed to general measures, is to avoid long-term negative repercussions, Roong said.

Debtors still bear the interest charges during the debt moratorium, while targeted measures are a way of discouraging moral hazard, as some debtors, who have not been significantly affected by the crisis, may choose to opt out. seize this opportunity to delay the repayment of the debt.

The longer period of the debt moratorium will also negatively affect financial stability, with an estimated cash loss of baht 200 billion resulting from the suspension of principal and interest repayments, Roong said.

With the relaxed lockdowns, each line of business has resumed operations, albeit at a varying pace.

Companies linked to beverages, agriculture, household appliances and petrochemicals have experienced a good recovery, according to the central bank.

In contrast, tourism-related businesses have recovered slowly from pre-crisis activity.

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Tunisian tycoon calls for EU debt relief and tougher government reforms | AW staff

LONDON – Kamel Ghribi is one of Tunisia’s most successful businessmen. Determined and ambitious, he predicted his own success from an early age.

His company, GK Investment Holding Group, was established in 2000. He has seen investment opportunities in healthcare across Africa and the Middle East.

As a successful and proud Tunisian businessman, Ghribi, who lives in Switzerland, spoke with The Arab Weekly via email about business opportunities for the country which he said he will always call home.

“President Beji Caid Essebsi was a courageous man who quietly guided our nation through a time of immense challenges and we still face these challenges today,” Ghribi said of the former Tunisian president who died on the 25th. July while in office at the age of 92.

“The best way to honor his memory is to continue to defend our delicate constitution and move forward with democracy no matter how badly,” he said. “We cannot move forward by destroying each other. We must seek consensus.

Economics is an area where there are very contrasting views as to what needs to be done.

“There is no magic wand that will solve Tunisia’s economic challenge with a simple gesture. The situation in Tunisia is complex, ”Ghribi said.

“Tunisia is still reforming and liberalizing its economy. Although we are historically fortunate to have a diverse and market-driven economy, we faced many challenges as a result of the changes of 2011, which slowed our economy and increased unemployment, especially among young people. .

Ghribi stressed the importance of political stability for the economy of any country to prosper.

“The government can do a lot to improve the current economic conditions, but must first resolve the issue of stability and security in the country if it is to encourage the return of domestic and foreign investors,” he said. declared. “The Tunisian economy has always been heavily dependent on tourism. However, stability is difficult to ensure if your neighbors are in civil war or are fighting some form of terrorism. Long term plans are difficult to make under precarious circumstances. “

Europe also has a key role to play in Tunisia, Ghribi said.

“Short-term solutions must be supported by our EU partners who can not only help us stabilize the region as a whole by helping us fight terrorism, but also provide financial support to the government in the form of reduced borrowing costs on loans that can give Tunisia access to new markets and help open the domestic market to foreign investors, ”he said.

While some argue for economic tightening and radical privatization and others the opposite, Ghribi advocates the middle path.

“Public debt in itself is not bad,” he said. “There is a need to finance critical infrastructure, promote and support international trade and certainly maintain the public sector. “

Ghribi called for the diversification of the Tunisian economy.

“Tunisia must broaden its tax base and that means its economy must diversify,” he said. “I am not in favor of privatizing everything, but parts of our economy must be if we are to support growth and create jobs. We must allow this educated population to make Tunisia the country it can become. A dissatisfied and disillusioned educated population is dangerous for any country.

This discontent and disillusionment has had serious consequences in the Middle East.

“I was and I am very disturbed and saddened by the young Tunisians who join ISIS [the Islamic State], a force of destruction, no hope, and which is incompatible with any religion, ”said Ghribi.

“ISIS must be defeated and destroyed, but that will not happen if we do not understand the desperation that has driven so many young people from many countries to join such a malignant force. Unless we address the root causes of such movements, they will arise again and again. “

Ghribi stressed, however, that in the fight against such ideologies, it is not enough to provide jobs for people. They also need hope and a purpose.

“Lack of jobs is a major source of the problem, but many educated people have also joined ISIS. I think we need to look beyond menial work, but also meaningful work. Employment should not only provide income, but also contribute to the purpose of life, ”he said.

Ghribi pleaded for a positive vision of social and economic development, drawing inspiration from countries in the region, including Rwanda and the United Arab Emirates.

“Why can’t Tunisia become a pole of renewable energies and innovative housing models? Rwanda is emerging as an innovation center for East Africa. What country is better placed than Tunisia to do the same in North Africa, ”he said.

“I admire the United Arab Emirates very much. It has been able to diversify an economy in a unique way and remain an important pole of stability in a very difficult region. The UAE has managed to expand its influence globally. Education has always been the backbone of this nation, but education in itself is not enough, as we have seen in Tunisia, ”he said.

“I will just say that we need to look at models that have improved the lives of people in the country,” Ghribi said. “We are all human and we all make mistakes. Nobody is perfect.”

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Borrowing costs after debt relief

The Covid-19 pandemic is straining the public finances of many developing countries (Djankov and Panizza 2020). In response, a series of proposals and calls to action have been launched by experts and policy makers (Bolton et al. 2020a, 2020b, Bulow et al. 2020; Horn et al. 2020; Landers et al. 2020). In a short time, the international community – under the leadership of the G20 – agreed to help poor countries by proposing a suspension of debt service due in the second half of 2020. As part of the Suspension of Service Initiative debt (DSSI), participating countries can ask their bilateral lenders to defer debt service repayments for three years without affecting the net present value (NPV) of public debt. The size of the liquidity provision under the DSSI is not negligible. For all eligible countries, it stands at $ 10.2 billion and represents around one-fifth of the budget deficit due to the Covid-19 shock. However, many eligible countries have so far been reluctant or refused to participate in DSSI. It may seem like a confusing answer to what at first glance is free money in times of great need. Yet these countries fear that participation in the DSSI may signal debt sustainability issues that could trigger sovereign ratings downgrades and higher sovereign borrowing costs.1

In a recent article (Lang et al. 2020), we provide a first assessment of the short-term impact of DSSI on sovereign bond spreads. In particular, we test whether the potential benefits of providing short-term liquidity outweigh the stigma effects that may be associated with participating in the debt relief initiative. Estimating the effect of debt relief on sovereign bond spreads is generally difficult, as debt relief initiatives are generally not attributed to chance. Comparing debt relief recipients to other countries is therefore not instructive. However, the case of the DSSI makes it possible to construct plausible counterfactuals. Unlike most debt restructurings, the DSSI was announced simultaneously for the 73 eligible countries and, therefore, was not tailored to the needs of each country. In addition, the eligibility criteria were based on pre-existing income thresholds rather than financing needs or the severity of the shock, which crucially influence borrowing costs.

Sovereign borrowing costs fell by around 300 basis points

We use this event to analyze its impact on the spreads of sovereign bonds of the 16 countries eligible for DSSI with access to the international market and daily data available. We have used the Synthetic Control Method (SCM) developed by Abadie and Gardeazabal (2003) and now increasingly used in similar contexts (see Marchesi and Masi 2020). For each country eligible for DSSI, we build a synthetic control (or “doppelganger”) combining countries from a pool of middle-income countries not eligible for DSSI.2

Figure 1 shows our main result. The comparison of the spreads of the sovereign bonds of the countries eligible for the DSSI with their synthetic controls shows that the sovereign spreads decreased considerably after the debt relief. Several days after the DSSI announcement, spreads in eligible countries were down about 300 basis points (bps) more than in comparable untreated doppelganger countries. This average effect differs from country to country, but it is negative for all borrowers eligible for debt relief. This result is robust to the different specifications of the model, including the generalized synthetic control method (Xu 2017). In addition, a set of placebo tests in space and time shows that the effect on spreads is due to the DSSI and cannot be explained by the (contemporary) demand of an IMF program.

Figure 1 Spreads of sovereign bonds in DSSI-eligible countries compared to their synthetic controls

Remarks: The figure represents the difference between the real spreads of sovereign bonds and those of the synthetic control (spread gap) for the countries eligible for the DSSI. The solid red line is the average of the country specific spreads. Solid gray lines refer to countries that joined the DSSI on September 17, 2020, while dotted gray lines refer to countries that have not officially applied to join the initiative (Ghana, Honduras, Kenya, Mongolia, Nigeria and Uzbekistan). The vertical lines indicate the announcement of the DSSI on April 15, 2020 (solid line) and the first participation in the DSSI on May 1, 2020 (dotted line). The dots indicate the participation of each country in the DSSI. See description in main text. Source: Bloomberg, Our World in Data and IMF World Economic Outlook.

The fall in spreads seems to be due to the provision of liquidity

To discriminate between two mechanisms that could drive the results, we test the heterogeneous effects of debt relief. We focus on two sources of heterogeneity – the size of DSSI relief and the share of private creditors in debt service – and estimate their effects in a difference-in-differences framework using the projection method. local. This analysis shows that the decline in bond spreads for DSSI-eligible countries is greater for countries that have a higher share of debt service due during the eligibility period (between May and December 2020, graph 2, part A). On the other hand, the fall in spreads does not depend on the size of private creditors (Chart 2, Panel B). As there is no increase in spreads, not even for countries that owe a large portion of repayments to private creditors, these results do not support the presence of a stigma effect. On the contrary, the results are consistent with a positive liquidity effect due to the postponement of debt service due in 2020.

Figure 2 Cash flow versus stigma

A) Size of DSSI relief

B) Share of private creditors

Remarks: The figures plot the impulse response functions of the differential effect of the DSSI announcement (t = 0) between eligible and non-eligible countries on sovereign bond spreads. Panels A and B divide the sample between eligible countries that have benefited from DSSI relief greater or less than 0.5% of GDP and those whose debt service due to private creditors is greater or less than 60% of the total debt service due under the DSSI (the two thresholds are median values). See description in main text. Data source: Bloomberg and IMF World Economic Outlook.

Discussion

The international community is currently discussing the possibility of extending the current initiative to suspend debt service in developing countries until 2021. Our results suggest that this simple moratorium on neutral NPV debt – involving no discount for creditors – can effectively help countries overcome the crisis.

Our findings also add to the larger literature on debt restructuring. They show that rapid and unconditional debt rescheduling to countries facing short-term liquidity shocks can be an effective instrument of financial support that can help avoid severe defaults (Trebesch and Zabel 2017). In addition, our results support the design and adoption of simple conditional government debt instruments with floating grace periods to help poor countries mitigate their exposure to negative shocks (Cohen et al. 2008).

Two final qualifications are important. First, our results could be generalized to other situations where countries face a short-term crisis. In the presence of severe negative shocks, only the deferral of debt service could help reduce borrowing costs. However, this does not mean that the suspension of debt service will be the optimal response to the Covid-19 crisis in the months to come. If the shock persists, the liquidity crisis could evolve into a solvency crisis, as a change in the long-term growth rate of the economy would affect debt sustainability. In such a scenario, a reduction in the debt stock might be necessary to reduce debt distress and restore debt sustainability. Second, our analysis focuses on NPV neutral debt relief provided by the public sector. How the markets would react if private creditors also joined the initiative (as requested by the G20 and major international financial institutions) remains an open question.

The references

Abadie A and J Gardeazabal (2003), “The Economic Costs of Conflict: A Case Study of the Basque Country”, American Economic Review 93 (1): 113-132.

Bolton P, L Buchheit, PO Gourinchas, M Gulati, CT Hsieh, U Panizza and B Weder di Mauro (2020a), “Born of Necessity: A Debt Stop for COVID-19”, CEPR Policy Insight n ° 103.

Bolton P, M Gulati and U Panizza (2020b), “Legal air coverage», VoxEU.org, October 13.

Bulow J, C Reinhart, K ​​Rogoff and C Trebesch (2020), “The debt pandemic», IMF Finance and Development, Fall.

Cohen, D, H Djoufelkit-Cottenet, P Jacquet and C Valadier (2008), “Lending to the Poorest Countries: A New Counter-Cyclical Debt Instrument”, Working Paper 269, OECD Development Center.

Djankov S and U Panizza (2020), “COVID-19 in Developing Economies: A New eBook», VoxEU.org, June 22.

Cor S, C Reinhart and C Trebesch (2020), “China’s foreign lending and the looming developing country debt crisis», VoxEU.org, May 4.

Landers C, N Lee and S Morris (2020), “Over $ 1 trillion in MDB firepower exists as COVID-19 ‘shattering glass’ moment approaches”, Center for Global Development.

Lang V, D Mihalyi and AF Presbitero (2020), “Debt relief, liquidity provision and sovereign bond spreads”.

Marchesi S and T Masi (2020), “Debt restructuring during COVID-19: private and official agreements», VoxEU.org, May 4.

Trebesch C and M Zabel (2017), “The output cost of hard and soft sovereign default”, European Economic Review 92: 416-432.

Xu Y (2017), “Generalized synthetic control method for causal inference with cross-sectional time series data”, Policy Analysis 25: 57-76.

End Notes

1 See reports from international institutions (IMF 2020, World Bank 2020), Think Tanks (ODI 2020) and press articles in The Economist and Reuters, among others. More details on DSSI can be found here and on the World Bank website.

2 Since the dynamics of sovereign spreads depend on fiscal and economic performance, we take the growth of real GDP, the current account, the fiscal balance and the public debt (all in shares of GDP) as macroeconomic variables to construct the synthetic control. . Additionally, to compare countries with similar bond spread dynamics before DSSI, we match the spread levels to specific dates. Finally, to take into account the differences in the intensity of the Covid-19 crisis, we use the number of cases per inhabitant. See Lang et al. (2020) for more details.

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Los Angeles leads in reducing consumer utility debt

Co-written by Yeshi Lemma, Los Angeles Alliance for a New Economy (LAANE)

The city of Los Angeles is taking action to address crippling debt accumulated by low-income utility customers during the COVID-19 pandemic. It plans to pay $ 50 million in COVID relief funds to some customers to cover debts incurred during COVID.

Energy load in Los Angeles

While the city’s moratorium on water and power cuts was a critical first step in maintaining Angelenos’ access to water and electricity during this public health and economic crisis, it this is only a temporary measure. Meanwhile, tens of thousands of Angelenos are out of work and unable to pay their bills. Los Angeles County Unemployment Rate peaked at 20.6 percent in May, and although it has since declined to 15.1%, people of color in California disproportionately affected by COVID 19 layoffs.

While 27% of white workers in the state have filed for unemployment insurance since March, 28% of Latinx workers and 31% of Asian workers have done the same. For black workers, the number was a staggering 46 percent. With such disparate unemployment, low-income communities and communities of color will likely bear the heaviest burden from high utility bills and unpaid balances.

But Los Angeles is trying to provide relief. The city will use funds from the Coronavirus Aid, Relief and Economic Security Act (CARES) to fund a utility subsidy program that will provide cash assistance that up to 100,000 low-income customers can use to pay their water and electricity bills.

The RePower THE Coalition, (over 30 community, labor, environmental and environmental justice organizations) have called on the Los Angeles Department of Water and Electricity (LADWP) to start planning when the moratorium is lifted. Without a plan, a wave of disconnections and indebtedness would be imminent for many low-income Angelenos at a time when water and ar electricitye more important than ever.

LADWP’s Council of Commissioners and staff understood the unprecedented opportunity to give Angelenos a fresh start by providing much-needed relief to low-income clients.

Long-term energy load

Although the grant program is a direct response to the pandemic, Angelenos needs more innovative solutions to address the long-standing problem of utility debt and the “energy burden” for Angelenos. Energy load, which refers to the total share of income a household spends on electricity bills, is a racial and economic justice issue that has disproportionately impacted low-income communities and communities of color before even the pandemic.

A study found that the median household energy load in Los Angeles was 2.75%, but 40% of black households and 30% of Latinx households paid more than double that amount. During the pandemic, these inequalities were exacerbated, with 28 percent of Angelenos facing serious problems paying their utility bills.

How is the City taking additional steps to settle the debt?

Until recently, there were no plans to offer debt relief to low-income customers, many of whom have accumulated more since the start of the pandemic and they have had to choose between paying for utilities or for food. and drugs.

The Low Income Discount Program (LIDP) and LADWP’s Lifeline programs, both of which offer discounts on bills to eligible customers, will not be enough to help households whose financial situation has worsened during the pandemic. Information on how debt affects customers is not readily available, but there is currently a proposal at the National Water Board that would require some water utilities, including DWP, to report total arrears. customers and individual customer debt ranges to the government in November. Assuming that new unemployed low-income customers couldn’t make their payments in the five months, LIDP and Lifeline participants likely racked up at least $ 18 million in unpaid bills (based on LA County Unemployment Rate March-September 2020 and the average costs of LIDP / Lifeline invoices as estimated by the LA City Controller).

Concerned about the situation, the city council adopted by an overwhelming majority a movement through Chairman of the Board Nury Martinez ask LADWP to report on a debt relief and cancellation program for low income clients.

His motion also included bill stabilization measures for low-income customers, where payments will be based on a percentage of monthly income, helping to prevent debt from increasing on their utility bills.

Utility Subsidy Program

The city of Los Angeles has received more than $ 694 million from the CARES Act, which Congress passed in response to economic hardship caused by COVID-19. To direct the funds, the Council created an ad hoc committee on COVID-19 Recovery and Neighborhood Investment, which has allocated $ 50 million for LADWP client bill relief. Due to federal restrictions, CARES Act funds cannot be used to make up for lost income and can only be used for direct relief. Therefore, the utility subsidy program will provide cash assistance directly to clients. Eligible customers who register for the program will be entered into a lottery. Those selected will receive a check for $ 500 to cover their debt. Customers will have to receive these funds by the end of the year or the funds will disappear.

While this program would provide much needed relief, the LADWP Board of Directors recognizes that more is needed, we look forward to hearing how DWP will rise to the challenge.

Give the example

Municipal electric utilities don’t have as many tools and resources to manage debt as their investor-owned counterparts. As such, municipal utilities across the country are struggling to find creative ways to deal with the growing debt created by customers facing unprecedented financial hardship due to COVID-19. Managing municipal utility debt means leadership must think outside the box and create new ways of dealing with it.

There are approximately 3,300 electric utilities in the country. Through courageous and creative leadership, we hope the biggest in the country can lead the way and show other utilities how to put customers first and find more innovative ways to deal with customer debt than they do. they serve.

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Africa Needs More Than G20 Offers To Address Looming Debt Crisis | Business and Economy News

African countries face yet another debt crisis and will need more long-term aid than the latest G20 debt plan offers them to avoid problems and maintain much-needed investments, policymakers say, analysts and investors.

About 40 percent of countries in sub-Saharan Africa were or were at risk of being over-indebted before even this year, while Zambia last Friday became the continent’s first default in the era of the pandemic.

The United States, China and other G20 countries have offered the world’s poorest countries – many of them in Africa – relief until at least mid-2021 and have drafted rescheduling rules for public debt to help ward off the risk of default in the aftermath of the coronavirus crisis.

But those plans to provide short-term breathing space might not go far enough.

“In 2021, a strong liquidity and structural response, stimulus and reset toolbox must be developed in partnership between emerging markets, the private sector and the G20,” warned Vera Songwe, Executive Secretary of the Economic Commission. United Nations for Africa.

Songwe is pushing for measures to release $ 500 billion to avoid leaving lasting scars due to prolonged funding gaps in poorer economies.

The debt ratios of sub-Saharan African countries had already risen sharply before COVID-19, just over a decade after the International Monetary Fund and the World Bank launched the Heavily Indebted Poor Countries Initiative ( HIPC) which reduced the debt burden by around 30 people. -continent income countries.

Fast forward to the year of the pandemic and sub-Saharan Africa is on track for a record 3% economic contraction this year, while debt-to-GDP ratios have doubled in the past decade to reach 57 %, found the IMF.

“We are definitely already in a debt crisis, there is no doubt about it,” said Bryan Carter, head of global emerging markets debt at HSBC, referring to poor countries around the world.

“I am worried about 2021. I am worried about an agreement in which many countries which will again have to finance themselves in a slow economic environment or even in recession where a vaccine is not yet available globally. For many countries, this is one year too long to fund.

Cancellations, suspensions, lower borrowing costs

Some countries will need help with their outstanding debt, not just payments.

Politicians such as the Prime Minister of Ethiopia and the Minister of Finance of Ghana, as well as campaign groups have pushed for outright debt cancellation, in addition to widespread calls for a longer suspension of service and repayment for the poorest countries of the continent.

Traders sit outside their store as Ghana lifts partial lockdown amid spread of coronavirus in Accra [File: Francis Kokoroko/Reuters]

Others, such as the ECA and some private investors, have also suggested that the strength of development banks could be harnessed through loans and guarantees to lower borrowing costs for countries most under pressure.

“There are certainly countries, like Zambia and Angola or Ghana, which are in pretty fragile places right now,” said Roberto Sifon-Arevalo, chief executive of the sovereign group of S&P Global Ratings, adding that the proposed plans did not solve the structural problems. “You need something much deeper, deeper, and holistic than this particular approach. “

African countries represent half of the 73 countries eligible for the G20 Debt Service Suspension Initiative (DSSI).

Much has changed since the HIPC Initiative, when money was mainly owed to rich countries and multilateral institutions. Now, a plethora of creditors complicates aid.

China plays a key role: its government, banks and corporations lent Africa some $ 143 billion from 2000 to 2017, according to Johns Hopkins University.

“About 10 African countries have a debt problem with China,” said Eric Olander, co-founder of The China-Africa Project, adding that Chinese loans were concentrated in a small number of countries. “Djibouti, Ethiopia, Kenya, Angola, Zambia – they all have very serious debt problems. “

A third of the $ 30.5 billion in public debt service payments owed in 2021 by SSD-eligible sub-Saharan African countries is owed to official Chinese creditors, while an additional 10% is tied to the Development Bank from China, calculated the Institute of International Finance.

China’s accession to the G20 framework has been widely praised, although many have criticized the lack of transparency of its loans.

“If you look at China, the loans are mostly shrouded in secrecy,” said Nalucha Nganga Ziba, Zambia’s national director for the anti-poverty charity ActionAid.

A woman walks next to a fashion store in the Piassa district of Addis Ababa, Ethiopia [File: Tiksa Negeri/Reuters]

Writing ahead of the G20 leaders’ meeting, IMF Director Kristalina Georgieva said the G20 framework, if “fully implemented,” could allow the poorest countries to demand permanent relief from their debt. debt. She gave no details. Some G20 members, such as China and Turkey, remain skeptical about effective debt cancellations.

Meanwhile, moving payments under the G20 deal from the short to medium term might just push the issue forward.

For example, Scope Ratings calculates that Angola participating in the DSSI could increase its debt service requirements from 2022 to 2024 by more than 1% of GDP per year.

An increase in Eurobond payments following a debt selling windfall that saw African hard currency debt markets surpass the $ 100 billion mark in 2019 could add to the pressure.

With dollar bond yields approaching double digits, governments like Angola, Ghana and Mozambique would be struggling to tap the markets just yet.

Indeed, no government in sub-Saharan Africa has sold Eurobonds since Gabon and Ghana did so in February, before COVID-19 hit.

Nonetheless, access to capital markets will be necessary to refinance but also to help close an external financing gap that the IMF estimates at $ 410 billion over the next three years.

“The potential battle is really going to be between the countries that want to grow and the investors who say we need to talk about fiscal consolidation right away,” said Andrew Macfarlane, EM credit strategist at Bank of America.

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Debt jubilee: will our debts be canceled?

What is a jubilee?

It is literally a trumpet, announcing that it is time to write off all debts to protect the long term interests of the entire community and the regime. In Jewish and Christian traditions, a jubilee (the word comes from “yobel”, Hebrew meaning “trumpet”) was blown every 50 years to mark the Year of the Lord, during which all personal debts were canceled. .

According to the Mosaic law – that is to say the law given to Moses by God as stated in the Pentateuch or the written Torah – in each jubilee year, each household must recover its absent members; the land seized is returned to its former owners; contract slaves freed and debts written off. For details of Mosaic’s property rights and debt, see Leviticus 25.

Did this really happen?

Yes. Until recently, some historians doubted that a Debt Jubilee was possible in practice, or that such proclamations could have been implemented, said Michael Hudson, an American scholar and author, in the Washington Post. But research carried out by Assyriologists has revealed that “since the beginning of recorded history in the Middle East, it was normal for the new rulers to proclaim a debt amnesty upon accession to the throne.” Instead of blowing the trumpet, the sovereign “raised the sacred torch” to signal amnesty.

Such jubilees were neither utopian nor altruistic: they were a lucid recognition that to maintain social order and political stability – and to protect the long-term sustainability of economic life, commerce and a peaceful regime – he is necessary to prevent credit systems from degenerating into the enslavement of debtors by their creditors. This is how lawlessness and violence are found.

When was the first jubilee?

According to anthropologist David Graeber, the author of Debt: the first 5,000 years, the first recorded jubilee declaration was made in 2,400 BC, when Sumerian King Enmetena declared a blanket debt cancellation in his kingdom. Moreover, his statement marks the first time that the word “freedom” – here, the freedom of once-indebted slaves – has appeared in a political document.

Indeed, the first word for freedom known in any language is Sumerian “amargi” meaning “return to mother,” presumably because child slaves in particular were allowed to return home. In other words, a Debt Jubilee is a recognition that economic life must be socially rooted in order to be sustainable. If the debts can’t be paid off, they won’t – and it might be better for everyone if it could be settled peacefully.

Why are you telling me all this?

Because the idea of ​​a debt jubilee, which aroused great interest after the great financial crisis of the late 2000s, is receiving renewed attention in the face of the current global emergency. Back then, versions of a jubilee were supported by Orthodox voices (such as Morgan Stanley’s influential economic chief Stephen Roach) as well as radical voices.

Roach argued for a grand out-of-court settlement between bond investors, banks and consumer groups – what he called a “big haircut” – to address the underlying debt problem excessive and revive the economy. Obviously, the idea is resurfacing now because the world is facing two simultaneous and overlapping crises, US lawyer Katharina Pistor explains in The Guardian – namely, the coronavirus pandemic and the “economic threat it faces. puts a strain on our debt-fueled economy ”.

What is there to do?

We urgently need measures that keep financial markets functioning and protect businesses, perhaps in the form of government cancellations of corporate bonds purchased with printed currency to weather the crisis. But we also need debt relief, especially for households at the bottom of the income and wealth ladder, Pistor says. Without it, the world faces a prolonged spiral of depression brought on by business collapses and rapidly declining demand for goods and services. “To deal with the economic fallout from the coronavirus, governments should directly assume the debt of high-risk households,” she argues. Trying to get lenders to ease the terms of existing loans, as the US government did after the 2008 crisis, for example, “will be too slow to meet the current challenge.”

What is the case in favor?

The same as in Sumer and Babylonia: pragmatism and long term stability. The economic and social consequences of the current emergency are unknown, but in a collapsing global economy, “any demand for massive new debt to be paid to a financial class that has already absorbed most of the wealth gained since 2008 will fail. that divide our society further, ”says Hudson.

Or we could learn a lesson from 20th century history. After World War I, war debts and reparations further ruined and traumatized Germany, contributing to the global financial collapse of 1929-1931, the rise of fascism and the horrors that followed. In contrast, Germany’s ‘modern debt jubilee’ in 1948, when the Allied Powers replaced the Reichsmark with the Deutsche Mark, wiped out 90% of public and private debt and paved the way for the economic miracle of West Germany.

What is the case against?

Debts must be repaid, otherwise credit will dry up and trade will be impossible. Writing it encourages future recklessness. And there’s no guarantee that debt cancellation would spur a recovery, since every liability is also an asset: every additional pound saved on debt repayments is also a pound cut from equity or equity. a lender, draining future confidence and investment. In addition, any country establishing a jubilee unilaterally risks capital flight.

For all of these reasons, a debt jubilee would seem unthinkable – without the fact that the current pandemic and economic collapse involves all manner of previously unthinkable state actions announced every two days.


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ONE ups campaigns for total debt relief for poor countries

ONE ups campaigns for total debt relief for poor countries

A global campaign movement is pushing for debt relief for African countries and other poor countries due to the COVID 19 pandemic to be extended throughout 2021.

The movement called ONE claims that debt relief is one of the fastest and most effective ways to free money in developing country budgets.

He says the recent G20 agreement to suspend debt repayments for the poorest countries for the remainder of 2020 will free up much-needed cash. But it’s not enough.

In its campaign titled Ask the G20 to Suspend Debt to Fight Coronavirus, ONE says: “The current deal only covers bilateral debt (loans from other governments), which is roughly half of total debt service. of these countries. Debt to multilateral institutions and private debt, to bondholders and commercial banks, represent an additional $ 24 billion. ”

“Releasing the rest of the debt service is crucial to give governments the most flexibility and to ensure that the money saved through bilateral debt relief is not used to finance debt payments to multilateral creditors.” or private.

No country should be faced with the impossible choice of saving lives or paying off debt during this pandemic, ”ONE said.

ONE said the current G20 deal only covers the remaining eight months of 2020, but it’s clear things won’t get back to normal anytime soon.

On April 15, G20 finance ministers and central bank governors agreed to suspend debt repayments for the world’s poorest countries for the remainder of 2020 as part of their COVID-19 action plan. These included supporting a time-limited suspension of public debt and calling on private creditors and multilateral development banks to do the same.

Welcoming the move, Gayle Smith, CEO of The ONE Campaign, said: “The G20’s decision to suspend debt repayments from the world’s most vulnerable countries is a vital first step in this ongoing crisis and will allow these countries to prioritize the fight. COVID-19 and resist the first wave of economic impact of this global pandemic.

“We won’t beat this virus until we beat it everywhere. And we will not limit the economic impact of this pandemic unless we ensure a true global recovery that leaves no one behind.

“It is now essential that the world builds on this important first step, and we are now looking to private creditors, the IMF and the World Bank to do their part.”

But now ONE says the relief must be extended to the whole of 2021 to give greater security and a greater ability to plan the use of funds.

“For the 73 countries covered by the current G20 deal, that means an additional $ 22 billion available for the bilateral debt suspension crisis for 2021.”

“The crisis will affect all countries equally, regardless of their income level. No country in the world foresaw this kind of shock.

“Solidarity should therefore extend to all African countries that may be in difficulty, as requested by African leaders. Extending the bilateral debt suspension to all of Africa would free up an additional US $ 7.6 billion in 2020 and at least US $ 6 billion in 2021. ”

Edwin Ikhouria, Executive Director for Africa of The ONE Campaign, said: “As Africa faces the danger of slipping into a new debt crisis, we urge the G20 to expand not only the suspension of debt to the poorest countries, but also to all African countries. until 2021. Many of those not included – South Africa, Egypt and others – face tremendous economic pressure as they battle the virus.

“At the end of the day, suspending debt repayment is a short-term solution, as many of these countries will struggle to cope with the rising costs of debt. We will also need a longer term plan to restructure the debt, ”he added.

The G20 also called on multilateral lenders to provide comparable debt relief. The total multilateral debt of countries eligible for G20 debt relief stood at US $ 12 billion for 2020, of which about a third is owed to the World Bank.

At least US $ 13 billion is owed multilaterally in 2021. And expanding that to cover all African countries would add around US $ 6.5 billion in 2020 and US $ 5.8 billion in 2021 to previous totals.

So far, only the IMF has approved six-month debt cancellation for the 25 poorest countries through its Containment and Disaster Relief Trust Fund (CCRT), worth about $ 214 million, but the World Bank does not have a comparable debt relief fund.

Multilaterals are reluctant to participate in a debt stop because of concerns about their cash flow and credit ratings. In the short term, the World Bank fears that without the money from debt repayments, it will not be able to advance new loans and grants.

In the long term, the Bank is concerned about how a suspension might affect its credit rating, and therefore its ability to borrow money in the markets at the lowest available rates, and to lend that money to developing countries. development.

ONE is a global movement campaigning to end extreme poverty and preventable disease by 2030, so that everyone, everywhere, can lead a life of dignity and opportunity.

Whether it’s lobbying political leaders in global capitals or leading cutting-edge local campaigns, ONE is lobbying governments to do more to tackle extreme poverty and preventable disease, especially in Africa, and enables citizens to hold their governments to account.

Part of ONE’s successes is helping to secure at least $ 37.5 billion in funding for historic health initiatives, including the Global Fund to Fight AIDS, Tuberculosis and Malaria, and Gavi, the Vaccine Alliance, helping to secure legislation in the US, Canada and the EU on transparency in the extractive sector to help fight corruption and ensure that more money from oil and gas revenues gas in Africa is used to fight poverty, successfully advocating for official development assistance, which grew by $ 35.7 billion globally between 2005 and 2014, and helping push through new U.S. legislation on fuel poverty:; the Electrify Africa Act 2016.

BY ODINDO AYIEKO

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How to get out of the debt trap

“It’s quite impossible. . . that the rich save as much as they tried to save, and spare whatever is worth saving.Marriner Eccles, testimony of Congress 1933.

Debt creates fragility. The question is how to get out of the trap. To answer them, we need to analyze why today’s global economy has become so dependent on debt. This did not happen because of the idle whims of central bankers, as many assume. It happened because of an excessive desire to save compared to investment opportunities. This removed real interest rates and made demand far too dependent on debt.

Two recent articles shed light on both the forces behind this increase in indebtedness and its consequences. One, directly related to the views of Eccles, who chaired the US Federal Reserve from 1934 to 1948, is on “The savings glut of the rich and the increase in household debt”. The other, on “Debt requestExplains how over-indebtedness weakens demand and lowers interest rates, in a feedback loop. Authors of both include Atif Mian of Princeton and Amir Sufi of Chicago, well known for their previous excellent work on debt.

As Eccles put it so clearly, beyond a certain point, inequality weakens an economy by causing policymakers to make a ruinous choice between high unemployment or ever-growing debt. The Savings Glut document makes two points. First, growing inequality in the United States has resulted in a sharp increase in the savings of the richest 1 percent of the income distribution, not matched by an increase in investment. Instead, the investment rate fell, despite falling real interest rates. The increase in the savings surplus of the rich has been accompanied by an increase in dissaving, or consumption above income, of the bottom 90 percent of the income distribution.

Savings by the rich may have led to a current account surplus, as in the late 19th century in the UK. But the rich in the rest of the world sought to accumulate US assets, and thus generated a persistent US current account deficit. Except when the real estate bubble before the financial crisis pushed up private investment, it also remained too weak. The main users of excess foreign and domestic savings have been the poorest households and the government.

There is a clear link between saving the rich and dissaving the less rich, and the accumulation of credit and debt. Since 1982, the fall in the net indebtedness of the rich has been accompanied by an increase in the indebtedness of the poorest 90%. This is why the argument that low interest rates hurt the less well-off is absurd. The less well off are not big net creditors. The rich hold claims on the less wealthy, not only directly, through bank deposits, but through stakes in companies that also hold such claims. This phenomenon of growing household debt and growing inequality is not unique to the United States. It is widespread.

Line graph of percentage showing the gradual decline in real interest rates

Why is the increase in debt important? An answer, as argued by David Levy in Bubble or nothingis that the economy is becoming increasingly financial-driven and fragile, with borrowers increasingly overburdened. Another is the idea of ​​”indebted demand” – a close relative of the idea of “Balance sheet recessions” proposed by Japanese economist Richard Koo. As debt skyrockets, people are increasingly reluctant to borrow even larger amounts. Interest rates must therefore fall to balance supply and demand and avoid a deep collapse. In this way, we ended up where we were even before Covid-19, with real interest rates at zero. This is one of the mechanisms behind what Lawrence Summers has called “secular stagnation”.

Line graph of shares of US national income (1982 = 100) showing that wealthy nationals and foreigners are equally important savers for the United States

We need to focus on the United States first, because that’s where supply and demand tend to balance. But similar phenomena of growing inequality and soaring savings are observed in other major economies, notably China and Germany. The former exported his excess savings to the United States, but now absorbs it in unnecessary investments in his country. The latter has prompted trading partners to take on more and more debt in the euro zone and beyond.

Line graph of group savings in the distribution of income of the United States, as a% of national income showing The savings glut of the rich Americans has increased dramatically, while the majority is increasingly dissaving

So how do you get out of the debt trap? One step is to reduce the incentive to finance businesses with debt rather than equity. The obvious way to do this is to eliminate the preference of the former over the latter in almost all tax systems. It is also possible, as Professors Mian and Sufi argued in a previous book, to move from debt financing to equity financing of housing. Additionally, we now have a huge opportunity to replace government business loans in the Covid-19 crisis with equity purchases. Indeed, at current ultra-low interest rates, governments could create instant sovereign wealth funds at very low cost.

Line graph of the evolution of household net debt as a percentage of national income compared to 1982, across the distribution of income in the United States (percentage points) showing that the rich Americans have become much larger creditors, while the rest have become much larger net debtors.

Yet none of this would resolve the continued dependence of macroeconomic stability on ever-increasing indebtedness. There are two apparent solutions. The first is that governments continue to borrow. But, in the very long term, this is likely to lead to some sort of fault. The haves, who are the government’s main creditors, are required to bear a large portion of the costs, one way or another. The alternative is to shift the distribution of income, in order to create more sustainable demand and therefore stronger investments, without soaring household debt.

In 1933, Eccles also told Congress: “It is in the interests of the good to do. . . that we need to take enough of their surplus from them to allow consumers to consume and businesses to operate profitably. This happened, partly by accident and partly on purpose, after World War II. Ever-growing household and government debt will not stabilize the global economy forever. Asset price bubbles should not remain so central to our economy either. We will have to adopt more radical alternatives. A crisis is a great time to change course. Let’s start now.

G0949_20X Line graph showing household and government debt versus income share of top 1% in distribution


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Letter in response to this column:

Tackling inequality requires investment-oriented tax policies / By Yves-André Istel, Senior Advisor, Rothschild & Co, New York, NY, United States

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Air India’s successful bidder to absorb debt of 23,286 yen, a quarter of the total

The successful Air India bidder will have to absorb Rs 23,286.5 crore after the government transfers Rs 63,113 crore from Air India and its subsidiary Air India Express Ltd ahead of the proposed divestment by the national carrier. At Rs63,113 crore, the amount is equivalent to three quarters of the accumulated debt of the two entities, most of which is with Air India.

The government softened the offer this time around. The last time, in 2018, when the government led by Narendra Modi invited expressions of interest (EoIs) to divest 76% of the airline’s shares, the acquirer had to absorb a debt of 49,000 crore rupees.

The Center launched a preliminary tender on Monday to sell its entire stake in Air India, the subsidiary of the airline Air India Express as well as its joint venture Air India SATS Airport Services Private Limited. The deadline for submitting bids is March 17, and qualified bidders will be notified on March 31, according to the tender document issued by the Department of Investment and Public Asset Management.

The government owns 100% of the capital of Air India and its subsidiary Air India Express. AISATS is a joint venture partnership between Air India and Singapore Airport Terminal Services (SATS) Limited, which provides ground handling and cargo services.

The preliminary briefing memorandum issued by the Ministry of Civil Aviation, Air India and transaction adviser EY showed that the government will provide this massive debt relief to the two entities in order to maintain the attractiveness of the entities for investors. potentials. There is no transfer of debt from Air India SATS Airport Services Private Limited (AISATS), 50% of which is held by Air India.

Following the debt relief, Air India and Air India Express (AIXL) will keep together 23,286.5 crore in debt, according to the information memorandum. Given Air India’s current mountain of debt, the relief given to the national carrier is massive, indicating that the government is now serious about the deal.

Air India has short-term liabilities and provisions including short-term loans and trade payables of 70,686.6 crores at the end of FY19. It also has non-current liabilities of 11,132 crore, including long term loans. Air India Express Ltd has 192.5 crore of non-current liabilities, including long-term borrowings and 4.388 crore of short-term liabilities, including short-term borrowings at the end of fiscal 2019, says the preliminary information memorandum. Together, the debt burden falls on 86,399 crores, of which nearly three-quarters will now be transferred to a specially created asset holding company, AIAHL.

The sum of certain identified current and non-current liabilities (other than debt) to be retained in Air India and Air India Express will be equal to the sum of certain identified current and non-current assets of the companies, the information document said. “By way of illustration, if the envisaged transaction were to be hypothetically closed on March 31, 2020, the debt of 23,286.5 crore were reportedly allocated to Air India and Air India Express (combined), ”the document said. Allocation of debt to AIAHL is subject to obtaining the required approvals from lenders, creditors and regulators, as applicable.

Air India’s cumulative losses over the past decade amounted to approximately 69,575.64 crore, Aviation Minister Hardeep Singh Puri told parliament in December. The national carrier reported a provisional net loss of 8,556.35 crore in FY19 compared to a net loss of 5,348.18 crore in the previous year.

Air India, with a 12.7% share of the domestic market, carried 18.36 million domestic passengers in 2019, according to data from the Directorate General of Civil Aviation. The national carrier carried 17.61 million passengers in 2018.

It had a fleet of 121 aircraft (excluding 4 B747-400) as of November 1, 2019, mainly composed of Airbus and Boeing aircraft such as A-319, A320, A-321, B-777 and B-787, of which 65 are held / leased / bridging loans, 21 are for sale and sale-leaseback and the balance 35 is leased, according to the tender document.

As of February 2019, the Center had established Air India Assets Holding Ltd to park accumulated non-asset-backed working capital loans, amounting to approximately 29,464 crore, four subsidiaries, non-core assets such as paintings and artifacts, a land bank and other non-operating assets. The Center plans to sell these assets.

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ServiceNow (NYSE: NOW) could easily take on more debt

David Iben put it well when he said, “Volatility is not a risk we care about. What matters to us is to avoid the permanent loss of capital. ‘ So it can be obvious that you need to consider debt, when you think about how risky a given stock is because too much debt can sink a business. Mostly, ServiceNow, Inc. (NYSE: NOW) bears the debt. But does this debt concern shareholders?

When is debt a problem?

Generally speaking, debt only becomes a real problem when a company cannot repay it easily, either by raising capital or with its own cash flow. If things really go wrong, lenders can take over the business. While it’s not too common, we often see indebted companies continually diluting their shareholders because lenders are forcing them to raise capital at a ridiculous price. Of course, the advantage of debt is that it often represents cheap capital, especially when it replaces dilution in a business with the ability to reinvest at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash flow and debt together.

See our latest review for ServiceNow

What is ServiceNow Debt?

The graph below, which you can click for more details, shows that ServiceNow had $ 696.1 million in debt as of June 2020; about the same as the year before. But on the other hand, it also has $ 2.34 billion in cash, which leads to a net cash position of $ 1.65 billion.

debt-equity-historical-analysis

debt-equity-historical-analysis

How healthy is ServiceNow’s track record?

The latest balance sheet data shows that ServiceNow had $ 2.85 billion in liabilities due within one year, and $ 1.19 billion in liabilities due after that. In compensation for these obligations, he had cash of US $ 2.34 billion as well as receivables valued at US $ 642.0 million due within 12 months. It therefore has liabilities totaling US $ 1.06 billion more than its cash and short-term receivables combined.

Considering the size of ServiceNow, it appears that its liquid assets are well balanced with its total liabilities. So the $ 97.0 billion company is highly unlikely to run out of cash, but it’s still worth keeping an eye on the balance sheet. Despite its notable liabilities, ServiceNow has crisp cash flow, so it’s fair to say it doesn’t have a lot of debt!

It was also good to see that despite losing money on the EBIT line last year, ServiceNow has turned things around over the past 12 months, delivering EBIT of US $ 196 million. The balance sheet is clearly the area you need to focus on when analyzing debt. But it is future profits, more than anything, that will determine ServiceNow’s ability to maintain a healthy balance sheet in the future. So if you are focused on the future you can check this out free report showing analysts’ earnings forecasts.

But our last consideration is also important, because a business cannot pay its debts with paper profits; he needs hard cash. ServiceNow may have net cash on the balance sheet, but it’s always interesting to consider how well the business converts its earnings before interest and taxes (EBIT) into free cash flow, as this will influence both its need and its ability to manage debt. Fortunately for all shareholders, ServiceNow actually generated more free cash flow than EBIT over the past year. There is nothing better than cash flow to stay in the good graces of your lenders.

In summary

While it always makes sense to look at a company’s total liabilities, it’s very reassuring that ServiceNow has $ 1.65 billion in net cash. The icing on the cake was that he converted 553% of that EBIT into free cash flow, bringing in US $ 1.1 billion. So, is ServiceNow’s debt a risk? It does not seem to us. There is no doubt that we learn the most about debt from the balance sheet. But at the end of the day, every business can contain risks that exist off the balance sheet. Be aware that ServiceNow is displayed 2 warning signs in our investment analysis , you must know…

If you are interested in investing in companies that can generate profits without the burden of debt, check out this page free list of growing companies that have net cash on the balance sheet.

This Simply Wall St article is general in nature. It does not constitute a recommendation to buy or sell shares and does not take into account your goals or your financial situation. Our aim is to bring you long-term, targeted analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price sensitive companies or qualitative documents. Simply Wall St has no position in any of the stocks mentioned.

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