The economic tumult of the last few years has driven
|
|
- Aubrey Spencer
- 6 years ago
- Views:
Transcription
1 Turnover and Conversion Transactions Legal Issues, Challenges and Opportunities for Clubs and Developers The economic tumult of the last few years has driven club developers to make unprecedented changes in their exit strategies. Owners of private clubs (not owned by members) are selling to member groups, and developer-controlled member-owned clubs are looking at early or delayed turnover transactions. The good news about today s economy is that there are some great deals available for members that can benefit the developer as well. Conversion at a great price that relieves a developer from funding shortfalls, early turnover in exchange for concessions from the developer, and other similar transactions are possible. Member ownership and control can mean more robust membership sales immediately after turnover or conversion. In addition, members may amend the bylaws and other club documents in ways that the developer cannot. For example, a member-owned club can amend its bylaws with a member vote to change redemption rights in certain circumstances. Conversion and Turnover are used interchangeably by some to refer to the members taking over control and/or ownership of their club. For this article, conversion refers to the change of ownership and control from developer to the members (where the members did not own the club, even if they had a refundable initiation fee). Turnover refers specifically to a member-owned club that is under developer control that transitions to member control. There are some similarities between these two transactions and some important differences. In today s economy, some developers are now considering conversion when it was not originally intended in their documents, and turnovers are being either accelerated or delayed to address the parties specific circumstances. B Y R O B Y N N O R D I N S T O W E L L, E S Q. FALL 2010 CLUB DIRECTOR 19
2 Changes to Redemption Rights Many clubs with a refundable initiation fee are structured so that when a membership is resold the resigning member receives eighty percent (80%) of the thencurrent initiation fee. A number of clubs have some variation on that structure, providing a slightly higher or lower refund percentage or tying the percentage to the purchase price rather than the resale price. Some clubs that are not member-owned treat the initiation fee as a deposit that is refundable after thirty years or upon earlier reissuance. Many of those clubs provide a one hundred percent (100%) refund. Clubs that are not member-owned have less opportunity to restructure the redemption process. In member-owned clubs, the members can vote to amend their bylaws and, if allowed by securities law and state law, can modify their redemption rights. Some clubs are modifying redemption rights for economic and other reasons. Below are examples of some transactions that change refundability that might be considered by a club in appropriate circumstances. These transactions are very state law specific and can involve securities issues, so each transaction will have unique issues. From Refundable to Non-Refundable. Some clubs are eliminating refundability, either because they need the entire initiation fee or they believe the refundable price point is too high to attract new members. Going forward, when memberships are resold the club receives the entire initiation fee. Some clubs find that eliminating any refundability reduces protection against having members walk away with no notice, which can create budget challenges. Others find that eliminating refundability generates a positive reaction from existing members, because financial resources previously used for refunds can be redirected to critical capital improvement projects. From Non-Refundable to Refundable. Clubs that add a refundable feature to their initiation fee believe it supports member retention if members have skin in the game to protect against members walking away. Some clubs require six months or a year of advance notice for a resignation, during which time the member must continue to pay dues and can use the club. The refund incentivizes the members to fulfill that obligation or can be withheld to pay any outstanding member obligations. Clubs that add refundability believe it creates more of an ownership mentality and allows the club to increase their initiation fee. However, the long term obligation to pay each exiting member is a significant financial liability and can impact membership sales and resignations in the future. Clubs considering this alternative should weigh their options carefully. Reduce Refund. Some clubs have amended their bylaws to reduce the refund obligation. This has been absolutely necessary where multiple levels of refund resulted from bylaw changes during developer control. This bylaw change may eliminate a club s obligation to refund more than it receives from reissuing the resigned membership. In other clubs, the transfer fee (the portion of a new initiation fee that is retained by the club when the balance is repaid to the exiting member) has been increased over the years to address the club s capital needs. Transfer fees sometimes range from ten to fifty percent of the initiation fee. Whether a club can adopt this change with respect to all members or just with respect to new members going forward is a matter of state law, but could not be applied to existing members during developer control. Declining Redemption Amount. For a tax-exempt club, reducing a member s refund right over time may be justified since part of a member s capital contribution can be amortized over the period they use the club facilities. (Note, however, that declining 20 CLUB DIRECTOR FALL 2010
3 redemption may create a taxable event for a club that is not tax exempt.) As an example, a member might receive a partial refund during the first ten years and no refund thereafter. Whenever clubs have varying refund obligations to the members, accounting challenges are created. At any given time, the next several memberships to be reissued from the resigned list might have vastly different refund obligations. Some clubs have had robust membership sales that created a cash crunch for the club whose refund obligation exceeded the new purchase price for multiple sales in a row. Increasing Redemption Amount. Clubs that begin with little or no refund and increase the refund to a larger percentage of the initiation fee do so in consideration of a member s long-term use of the club, assessments, spending for catering and guest fees, etc. As mentioned with declining redemption, unequal payment obligations can create accounting challenges over time. Minimum Membership Periods. Some clubs provide a refund on initiation fees only after the member has remained in good standing for a minimal period of time. For the initial period after it is adopted, this may reduce the number of resignations. However, it is not clear that there will be a significant difference in the future. Other Possibilities. Some clubs have had success asking current members to donate their refund rights in exchange for nominal consideration. Again, clubs that are not tax-exempt should evaluate the tax consequences of this option. In addition, clubs that allow memberships to be transferred to a surviving spouse or family member could consider stripping redemption rights at that time of transfer. Caution: The membership modifications described above have tax and legal ramifications for any specific club and should be evaluated by appropriate tax and legal counsel. This articles looks at legal issues, challenges and opportunities related to both the turnover process and the conversion process. The sidebar article (page 20) explains ways member-owned clubs are modifying their redemption structures to address the current economy and plan for a strong financial future. While every club is unique and circumstances can vary widely, every turnover or conversion transaction has as a primary goal securing a positive future for the club. This can be accomplished by focusing on steps that: Address long-range development of the club with a wellplanned strategy; Preserve and protect the rights of the club s membership; Create added value for the members club experience; and Recognize the developer s desired financial objectives. Club Turnover The turnover transaction in a member-owned club should be simpler than conversion. Typically, the club s documents anticipate the developer forming a member-owned club ( Club, Inc. ) as a non-profit corporation in the club s state. The developer is usually required to convey the club assets to Club, Inc. and Club, Inc. then sells memberships to the members. Club, Inc. should already be the contracting party on the club s leases and contracts, and should hold its important licenses and permits. The developer then continues to control the club s board of directors and management and, upon the occurrence of a triggering event, turns control of the board over to the members. If the developer properly set up and executed his plan, the assets will already be titled in Club, Inc. Technically, the turnover transaction is simply the resignation of the developer-appointed board members and the election by the members of a new board of directors. However, sometimes a developer does not properly execute this plan. Another challenge is that members almost universally have requests at turnover (some reasonable and some not so reasonable). An example of a reasonable request is asking the developer to clean up the bylaws and other membership documents. The developer may have retained the right to make nonmaterial modifications to the bylaws, whereas bylaw amendments FALL 2010 CLUB DIRECTOR 21
4 Turnover is usually scheduled based on a triggering event set forth in the club s documents. Common triggers include a specific date, the sale of a certain number of memberships or lots, or the club achieving break even operations for a stated period of time. after turnover require a member vote. Therefore, immediately prior to turnover, the developer can amend and restate the bylaws to remove all the duplicative provisions. Developer bylaws often go on at length to explain before turnover this will be the case and after turnover this will be the case. A developer can remove all of the before turnover language, often cutting the length of the documents in half (while increasing understandability fifty percent!). Another reasonable request might be that the facilities be inspected and repaired. If the club documents call for the developer to fund any operating shortfalls prior to turnover, then arguably any failure to maintain the facilities might have been for budgetary reasons. More challenging member requests sometimes include asking the developer to make financial payments at turnover that are not required by the documents or to relinquish rights to the proceeds of unsold memberships. Turnover is usually scheduled based on a triggering event set forth in the club s documents. Common triggers include a specific date, the sale of a certain number of memberships or lots, or the club achieving break even operations for a stated period of time. In cases where a developer is funding shortfalls and the triggering event has been delayed indefinitely due to membership and lot sales stalling, the developer is often willing even hopeful to complete early turnover. Depending on the specific circumstances, a developer may be willing to offer the club a low interest loan, or convey to the club some or all of his or her rights to the proceeds from the unsold memberships, or make other accommodations depending on the specific circumstances. In other cases, either the developer or the members, or both, may prefer to delay turnover even after the triggering event has occurred. This can happen when the developer has not sold all the memberships or lots, and prefers to control the club and fund shortfalls to protect the developer s investment in the unsold assets. Changing course from the club s documents will require negotiation and usually a member vote, so it is important to understand the members rights and any requirements under state law and the club s documents. Experienced club counsel can help the developer and the member groups zero in on the key issues that need to be addressed and resolved in an amicable manner, so that turnover can be properly completed and the club can be successful going forward. Club Conversions As noted earlier, conversions involve a change in both ownership and control of the club from developer to members. Conversion transactions are more complicated for two key reasons: (1) usually the Club, Inc. entity has not been formed for the member group; and (2) the new club is taking on a going concern business with all of its complexities. There are many opportunities to make mistakes or create challenges in a conversion transaction. In order for the members to purchase the club, a nonprofit corporation formed under the laws of the state where the club is located generally must be formed to assume title of the club s assets. That entity issues memberships to the members. It has governing documents such as bylaws and is subject to the state s statutes governing nonprofit corporations. Issues can develop when conversion is triggered by the club s original documents if the developer treats the formation of the entity as a nonissue, or if the developer assumes that after the triggering event the members will organize and buy the club. Similar issues can also occur in developer owned clubs where the members have a right of first refusal. Issues related to the member s nonprofit entity can be complex. In the convertible equity club where many provisions are set forth in the membership documents, the developer is often not clear regarding how the members transition to the new club and what happens to members who do elect to join the new club. However, when conversion is not planned in the original documents but is something brought forward by the members, the members can be very clear on their priorities and intentions. In that case, they are not handcuffed by the developer s documents or arguments. In any conversion, the members often make it up as they go along, giving weight to what seems important at the time, their current priorities, and what seems fair. This can unintentionally 22 CLUB DIRECTOR FALL 2010
5 MAKE A PROFITABLE INVESTMENT WITH A WINE LOCKER OR CELLAR trample upon the rights of certain classes of members. This is especially problematic when the members negotiating team is self appointed or developer appointed rather than member elected. Securities Issues and Other Complications Securities issues may also be a consideration for a newly formed club entity. The members ownership interest must be properly created and documented to comply with applicable law and any representations to the members. The Securities and Exchange Commission (SEC) has issued no action letters that are followed by the majority of states, but these no action letters almost exclusively have been written with respect to new clubs, not converting clubs. It is essential that the new entity comply with all federal and state securities laws, or request a no action letter from the SEC regarding its specific circumstances. As noted earlier, nother complication of the conversion process is that the member club is buying a going concern. This means they are buying a piece of real estate with all of the attendant issues, such as title, survey, environmental and water issues. They are also buying a going business that has issues with respect to employees, licenses, permits, cash reserves, insurance, accounting and the like. This requires that the members engage a variety of professionals to ensure that the new entity is properly formed, properly governed, and buys the assets it intends to buy without taking on unnecessary liability. Any club facing the opportunity or requirement to transition to member ownership and control should begin with careful legal and financial planning. The current economy presents unique opportunities for improved outcomes, but these can only be achieved through careful planning, negotiation and execution. This article is intended for general information purposes only and not as specific legal advice. Clubs are urged to consult appropriate club counsel concerning any specific legal questions and issues that may exist. Robyn Nordin Stowell is a partner in the law firm of Holme Roberts & Owen LLP in Scottsdale, Arizona. She is an NCA board member and serves on NCA s Legal/Legislative Committee. Robyn may be reached at (480) or by at robyn.stowell@hro.com Allow members to store wine bottles in your clubhouse with wine lockers Store retail wine bottles in a custom cellar or cabinet Let us create the perfect wine storage solution for you FREE custom cellar design! CAN BE BUILT TO MATCH YOUR CLUBHOUSE FURNISHINGS VINO S. Susana Rd. Rancho Dominguez, CA FALL 2010 CLUB DIRECTOR 23
THE PITFALLS OF MEMBERSHIP DOCUMENTATION
THE PITFALLS OF MEMBERSHIP DOCUMENTATION Ted M. Benn Thompson & Knight LLP 1700 Pacific Avenue, Suite 3300 Dallas, Texas 75201 Telephone: (214) 969-1423 Fax: (214) 969-1751 E-mail: Ted.Benn@tklaw.com CLE
More informationPLAN FOR THE OFFERING OF MEMBERSHIPS
FRENCHMAN S RESERVE COUNTRY CLUB PLAN FOR THE OFFERING OF MEMBERSHIPS 1 MEMBERSHIP OPPORTUNITY FRENCHMAN S RESERVE COUNTRY CLUB PLAN FOR THE OFFERING OF MEMBERSHIPS A. INTRODUCTION Frenchman s Reserve
More informationFor operating a community association, the general hierarchy of authority among governing documents consists of:
General Hierarchy of Authority for Governing Documents The general hierarchy of authority for governing documents is a loose one because not all documents address all issues involved in operating a community
More informationJoint Ownership And Its Challenges: Using Entities to Limit Liability
Joint Ownership And Its Challenges: Using Entities to Limit Liability AUSPL Conference 2016 Atlanta, Georgia May 5 & 6, 2016 Joint Ownership and Its Challenges; Using Entities to Limit Liability By: Mark
More informationMEMBERSHIP PLAN Revised September 1, 2016
MEMBERSHIP PLAN Revised September 1, 2016 MEMBERSHIP PLAN TABLE OF CONTENTS I. CLUB MEMBERSHIP AND FACILITIES 1. Club Membership 4 2. Facilities 4 3. Ownership and Operation of The Clubs 4 4. Construction
More informationOregon Statutes Relevant to Quiet Water Home Owners Association
Oregon Statutes Relevant to Quiet Water Home Owners Association 1 1 1 1 0 1 0 1 0 1 PLANNED COMMUNITIES (General Provisions).0 Definitions for ORS.0 to.. As used in ORS.0 to.: (1) Assessment means any
More informationPerry Farm Development Co.
(a not-for-profit corporation) Consolidated Financial Report December 31, 2010 Contents Report Letter 1 Consolidated Financial Statements Balance Sheet 2 Statement of Operations 3 Statement of Changes
More informationUnique New Jersey: Legal Pitfalls in Real Estate Transactions
Unique New Jersey: Legal Pitfalls in Real Estate Transactions REAL ESTATE ALERT October 25, 2016 Thomas M. Letizia letiziat@pepperlaw.com Cynthia De Lisi Smith smithcd@pepperlaw.com REAL PROPERTY TRANSACTIONS
More informationRenting the Space that s Right for Your Business: Things for Tenants to Consider in a Commercial Lease
Renting the Space that s Right for Your Business: Things for Tenants to Consider in a Commercial Lease Katherine Grossi Houser Henry & Syron LLP Suite 2000, 145 King St. W Toronto, Ontario, Canada M5H
More informationThe joint leases project change is coming
No. 2010-4 18 June 2010 Technical Line Technical guidance on standards and practice issues The joint leases project change is coming What you need to know The proposed changes to the accounting for leases
More informationOUTLINE OF LEGAL REQUIREMENTS FOR COMMON INTEREST ASSOCIATION TRANSITIONS
PERLSTEIN & McCRACKEN, LLC ATTORNEYS AND COUNSELORS AT LAW 10 WATERSIDE DRIVE, SUITE 303 FARMINGTON, CT 06032 TELEPHONE (860) 677-2177 FACSIMILE (860) 677-0019 I. INTRODUCTION OUTLINE OF LEGAL REQUIREMENTS
More informationFinance Department Real Estate Section Section SUBJECT: PROCEDURE - ACQUISITION, SALE, OR LEASE OF REAL PROPERTY BY THE CITY
433.1 SUBJECT: PROCEDURE - ACQUISITION, SALE, OR LEASE OF REAL PROPERTY BY THE CITY :1 OBJECTIVE: Provisions for the acquisition, sale, or lease of property by the City. This procedure does not apply to
More informationIssues to Consider in Rights of First Refusal
Issues to Consider in Rights of First Refusal Written By Clint D. Routson (cdr@wardandsmith.com) October 16, 2017 People often talk about giving or getting a Right of First Refusal ("ROFR") in real estate
More informationRESOLUTION NO
MIA 184152500v2 RESOLUTION NO. 15-028 A RESOLUTION OF THE SCHOOL BOARD OF OSCEOLA COUNTY, FLORIDA, AUTHORIZING EXECUTION OF AMENDED AND RESTATED SCHEDULE 1995A AND AMENDED AND RESTATED SCHEDULE 2004A TO
More informationHOME RESORT RULES AND REGULATIONS
HOME RESORT RULES AND REGULATIONS The following rules and regulations have been designed to provide Club Members with information on the use and operation of the Home Resort Reservation Component at each
More informationMADISON, WISCONSIN CO-OP WORKSHOP CONVERSIONS WORKER COOPERATIVES
MADISON, WISCONSIN CO-OP WORKSHOP CONVERSIONS WORKER COOPERATIVES June 6, 2012 Presented by Ohio Employee Ownership Center Roy Messing rmessin2@kent.edu 1 COOPERATIVE DEVELOPMENT CONVERSION An Exit Planning
More informationChapter 14C - INCLUSIONARY HOUSING [42]
Chapter 14C - INCLUSIONARY HOUSING [42] (42) Editor's note Ord. No. 91-49, 1, adopted Oct. 23, 1991, repealed former Ch. 14C which pertained to similar provisions and derived from Ord. No. 82-49, 1, adopted
More informationBYLAWS WATERFORD HOMEOWNER S ASSOCIATION ARTICLE I
BYLAWS OF WATERFORD HOMEOWNER S ASSOCIATION ARTICLE I Section 1. Purpose. WATERFORD HOMEOWNER S ASSOCIATION is an Arizona nonprofit corporation organized to provide for maintenance, preservation and architectural
More informationWISCONSIN LEGISLATIVE COUNCIL INFORMATION MEMORANDUM
WISCONSIN LEGISLATIVE COUNCIL INFORMATION MEMORANDUM 2003 Wisconsin Act 283: Changes to Condominium Law INTRODUCTION 2003 Wisconsin Act 283 makes a number of revisions, additions, and clarifications to
More informationMiddle Keys Community Land Trust Building Livable Communities One Homeowner at a Time
Middle Keys Community Land Trust Building Livable Communities One Homeowner at a Time Middle Keys Community Land Trust Homeowner Guidelines I. Applicant must meet the GUIDELINE requirements set forth below:
More informationVII Chapter 421J, Planned Community Associations
399 VII Chapter 421J, Planned Community Associations 421J-1 Scope. This chapter shall apply to all planned community associations existing as of the effective date of this chapter and all planned community
More informationRoute des Morillons Grand-Saconnex Geneva Switzerland
lea. INTERNATIONAL CO-OPERATIVE ALLIANCE Route des Morillons 15 1218 Grand-Saconnex Geneva Switzerland Tel: (4122) 929 88 88 Fax:(4122)7984122 E-mail: ica@ica.coop ica@ica.coqp Website: www.ica.coop Technical
More informationUNITED ETHANOL LLC UNIT TRANSFER POLICY. Updated August 27, 2013
UNITED ETHANOL LLC UNIT TRANSFER POLICY Updated August 27, 2013 The Board of Directors ( Board ) of United Ethanol LLC, a Wisconsin limited liability company (the Company ), has established this Unit Transfer
More informationPartnering To Develop Affordable Housing
Partnering To Develop Affordable Housing Prepared by: Franke Consulting Group As part of the Development Seminar Series Under contract to: New York State Division of Housing & Community Renewal New York
More informationMORAGA COUNTRY CLUB SUMMARY DISCLOSURE FOR PROSPECTIVE GOLF ASSOCIATE MEMBERS (Approved by the Board of Directors November 18, 1999)
MORAGA COUNTRY CLUB SUMMARY DISCLOSURE FOR PROSPECTIVE GOLF ASSOCIATE MEMBERS (Approved by the Board of Directors November 18, 1999) Thank you for considering the purchase of a proprietary Golf Associate
More informationINCLUSIONARY ZONING GUIDELINES FOR CITIES & TOWNS. Prepared for the Massachusetts Housing Partnership Fund By Edith M. Netter, Esq.
INCLUSIONARY ZONING GUIDELINES FOR CITIES & TOWNS Prepared for the Massachusetts Housing Partnership Fund By Edith M. Netter, Esq. September 2000 Massachusetts Housing Partnership Fund Two Oliver Street
More informationSelling the Privately Held Company
Selling the Privately Held Company Tuesday, January 15, 2013 Boston Bar Association Continuing Legal Education www.bostonbar.org/edu/cle SELLING THE PRIVATELY HELD COMPANY By: Steven C. Browne, Gitte J.
More informationSelect Portfolio Management, Inc May 20, 2016
Select Portfolio Management, Inc 26800 Aliso Viejo Parkway Suite 150 Aliso Viejo, CA 92656 949-975-7900 800-445-9822 info@selectportfolio.com www.selectportfolio.com Homeownership Page 1 of 5, see disclaimer
More informationREMINGTON OF MONTROSE GOLF CLUB. dba THE BRIDGES 2500 BRIDGES DRIVE MONTROSE, CO (970) MEMBERSHIP PLAN ~ AMENDED & RESTATED ~
REMINGTON OF MONTROSE GOLF CLUB dba THE BRIDGES 2500 BRIDGES DRIVE MONTROSE, CO 81401 (970) 252-1119 MEMBERSHIP PLAN ~ AMENDED & RESTATED ~ Revised March 2017 TABLE OF CONTENTS MEMBERSHIP PLAN OVERVIEW...1
More informationAFFORDABLE HOUSING COMMISSION TOWN OF CHARLESTOWN 4540 SOUTH COUNTY TRAIL CHARLESTOWN, RI 02813
AFFORDABLE HOUSING COMMISSION TOWN OF CHARLESTOWN 4540 SOUTH COUNTY TRAIL CHARLESTOWN, RI 02813 The Honorable Town Council Town of Charlestown 4540 South County Trail Charlestown, RI 02813 The Honorable
More informationHandling Multiple Offers
Handling Multiple Offers Objectives Upon completion of this section the student should be able to: 1. Explain to buyers and sellers how to prepare and evaluate offers based on a buyer s ability to close
More informationCONDOMINIUM LIVING IN FLORIDA. Department of Business and Professional Regulation Division of Florida Condominiums, Timeshares, and Mobile Homes
CONDOMINIUM LIVING IN FLORIDA Department of Business and Professional Regulation Division of Florida Condominiums, Timeshares, and Mobile Homes INTRODUCTION Condominium living offers many benefits that
More informationASC 842 (Leases)
ASC 842 (Leases) On February 25, 2016 the Financial Accounting Standards Board of the United States (FASB) issued substantial new guidance on the treatment of leases for both lessees and lessors. The FASB
More informationEXCHANGE AGREEMENT. WHEREAS, Exchanger entered into an dated (the "Purchase Agreement") for the sale of the Relinquished Property to ; and
EXCHANGE AGREEMENT THIS AGREEMENT is entered into by and between, hereinafter referred to as "Exchanger", and SURETY 1031 EXCHANGE, INC., hereinafter referred to as "Intermediary". WHEREAS, Exchanger owns
More information11 Essential Steps to Purchasing or Selling Your Veterinary Practice
11 Essential Steps to Purchasing or Selling Your Veterinary Practice The attorneys on the Veterinary Practice team of Mandelbaum Salsburg, led by Peter Tanella, have represented many veterinarians in the
More informationIMPORTANT ANNOUNCEMENT: Our website is changing! Please click here for details.
IMPORTANT ANNOUNCEMENT: Our website is changing! Please click here for details. Home Search Downloads Exemptions Agriculture Maps Tangible Links Contact Home Frequently Asked Questions (FAQ) Frequently
More informationMembers of the Discernment Committee. Ms. Elbie Ancona, Co-Op board member from Gwinnett Community Church, Lawrenceville
Final Report and Recommendations of the Discernment Committee of the The Lawrenceville Cooperative Ministry, Inc. Lawrenceville, Georgia (Report issued on April 3, 2015) Members of the Discernment Committee
More informationPlanned Community Associations, Chapter 421J, Hawaii Revised Statutes
336 VI Planned Community Associations, Chapter 421J, Hawaii Revised Statutes NOTES: 1. The following is the full text of the new Planned Community Associations Act, Act 132 (SLH 1997), which has been assigned
More informationproperty even if the parties have no lease arrangement. This is often called an option contract.
In the farming community, lease-to-own refers to certain methods to achieve land ownership. Purchasing a farm with conventional financing is simply not an option (or the best option) for many. Lease-to-own
More informationBuying BIPCo Frequently Asked Questions of the EUTG August 2016
1. What is the proposal? 2. Why should the Town purchase BIPCo? 3. Is the price fair? 4. What are the detailed steps and timing? 5. How will BIPCo be run? 6. What are the benefits of community control
More informationJuly 17, Technical Director File Reference No Re:
July 17, 2009 Technical Director File Reference No. 1680-100 Re: Financial Accounting Standards Board ( FASB ) and International Accounting Standards Board ( IASB ) Discussion Paper titled Leases: Preliminary
More informationRELOCATION ASSISTANCE PROGRAM (RAP) BOOKLET THE 10 MINUTE MANAGER
RELOCATION ASSISTANCE PROGRAM (RAP) BOOKLET THE 10 MINUTE MANAGER WHAT IS THE 10 MINUTE MANAGER? The 10 Minute Manager is an overview of the much more detailed Relocation Assistance Handbook (insert link)
More informationHome Buying Service. In this Guide: Finding an Agent. Finding the Right House. Applying for a Loan. Home Inspections.
1 In this Guide: Home Buying Service Finding an Agent Finding the Right House Applying for a Loan Home Inspections and much more 2 Inside This Guide Thank You 3 Step 1: Finding the Right Agent 4-5 Step
More informationAFFIDAVIT OF UNDERSTANDING
AFFIDAVIT OF UNDERSTANDING THIS IS AN IMPORTANT LEGAL DOCUMENT CONCERNING THE SALE OF YOUR HOUSE AND SHOULD BE READ CAREFULLY. IF YOU HAVE ANY QUESTIONS, CONTACT AN ATTORNEY BEFORE SIGNING. STATE OF )
More informationPreserving and Protecting Business Capital
Preserving and Protecting Business Capital The benefits of a buy-sell agreement by frederick hopkins National Director Business Owner Planning john w. lindak, cfa, asa Vice President & Manager Business
More informationFASB s 2013 Proposal on Accounting for Leases
FASB s 2013 Proposal on Accounting for Leases Frequently Asked Questions September 2013 The project on lease accounting is a joint project of the FASB and the International Accounting Standards Board.
More informationRE: Tammarron Low Income Condominiums
CA000907E November 18, 1985 Mr. Peter Heckenbleichner Township Administrator Township of Plainsboro Municipal Building Plainsboro, New Jersey 08536 Dear Peter: RE: Tammarron Low Income Condominiums As
More informationSUMMARY. September 19, Documentary Stamp Tax Note and Mortgage Modification/Restructuring Alternatives Sections , , F.S.
SUMMARY QUESTION: Are documentary stamp taxes due on a modification of a note and mortgage pursuant to a restructuring (a merger and restructuring) where the parties involved are a beneficiary and trustee
More informationWe are pleased to provide all owners with the King s Creek Plantation Owners Association Annual Report.
April 30, 2016 Dear Owner, We are pleased to provide all owners with the King s Creek Plantation Owners Association Annual Report. The Report includes the following information: 1. The full legal name
More informationReinvesting With 1031 Exchange
Reinvesting With 1031 Exchange SEMINAR OUTLINE: Introduction and Learning Objectives... 2 1031 Exchange Rules: Myth or Fact?... 2 Non-Qualifying Replacement Property... 3 Exchanges with Special Challenges...
More informationTHE BASICS: Commercial Agreements
THE BASICS: Commercial Agreements of Sale Adam M. Silverman Cozen O Connor 1900 Market Street Philadelphia, PA 19103 215.665.2161 asilverman@cozen.com 2010 Cozen O Connor. All Rights Reserved. TABLE OF
More informationIC Chapter 15. Public Safety Communications Systems and Computer Facilities Districts
IC 36-8-15 Chapter 15. Public Safety Communications Systems and Computer Facilities Districts IC 36-8-15-1 Application of chapter Sec. 1. This chapter applies to the following counties: (1) A county having
More informationIC Chapter 10. Leasing and Lease-Purchasing Structures
IC 36-1-10 Chapter 10. Leasing and Lease-Purchasing Structures IC 36-1-10-1 Application of chapter Sec. 1. (a) Except as provided in subsection (b), this chapter applies to: (1) political subdivisions
More informationQuestions and Answers on: R E A L E S T A T E C L O S I N G S
Questions and Answers on: R E A L E S T A T E C L O S I N G S In the typical residential real estate sales transaction, a buyer offers to purchase property from a seller. After negotiating the price and
More informationReport on NAR s Meetings with Large Lenders to Discuss Originations and Servicing Issues
Report on NAR s Meetings with Large Lenders to Discuss Originations and Servicing Issues Bank of America Home Loans Wells Fargo Home Mortgage Chase Home Mortgage CitiMortgage Prepared by NATIONAL ASSOCIATION
More informationWho you are and why it matters
Principles of Negotiating a Lease A guide for Voluntary Organisations, Social Businesses and Charities A Resource by James McCallum and Clare Garbett, Russell Cooke James McCallum and Clare Garbett provide
More informationBriefing: Rent reductions
First issued 22 December 2015 Revised and reissued 5 February 2016 Further revised 29 March 2016 Briefing: Rent reductions Supporting implementation Summary of key points: This briefing sets out how Housing
More informationAFFORDABLE HOUSING SECTIONS 5.1 GENERAL GOALS
AFFORDABLE HOUSING 5 5.1 GENERAL GOALS The section is hereby adopted consistent with the goals adopted by the Town Board as follows: A. At any point in time, a minimum of 12½% of the housing units in Davidson
More informationWe never know the worth of water till the well is dry. Thomas Fuller, 1732
A Fluid Transaction: Buying and Selling Water Rights T.J. Budge We never know the worth of water till the well is dry. Thomas Fuller, 1732 As a young boy I raced handmade Styrofoam boats with my preschool
More informationVOBILE AGREEMENT. Page 1 of 5
VOBILE AGREEMENT This AGREEMENT is between Vobile, Inc., its successors and assigns ( Vobile, we or us ), and ( Retailer or you ). All pre-recorded video programming, whether or not available from Vobile
More informationLinda Brockway National Association of Housing Cooperatives (517)
Linda Brockway National Association of Housing Cooperatives ljbecho@aol.com/ (517) 749-3123 In the United States, more than 1.5 million families of all income levels live in homes owned and operated through
More informationToll Free Tel Fax
White Paper www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents... 3 What
More informationFHA Condominium Certifications: The Requirements and Prohibitions
FHA Condominium Certifications: The Requirements and Prohibitions Introduction FHA Condominium Certifications: The Requirements and Prohibitions The Federal Housing Administration ( FHA ) is a government-owned
More informationSincerity Among Landlords & Tenants
Sincerity Among Landlords & Tenants By Mark Alexander, founder of "The Landlords Union" Several people who are looking to rent a property want to stay for the long term, especially when they have children
More informationData Verification. Professional Excellence Bulletin [PP-14-E] February 1995
Professional Excellence Bulletin [PP-14-E] February 1995 Although obviously a cornerstone of appraisal practice, data verification has not been considered a major problem to real estate appraisers in the
More informationNational Housing Trust Fund Implementation. Virginia Housing Alliance
National Housing Trust Fund Implementation Virginia Housing Alliance June 16, 2016 Ed Gramlich National Low Income Housing Coalition 1 What Is the National Housing Trust Fund? National Housing Trust Fund
More informationHosted by: Berkeley County and Jefferson Farmland Protection Boards and Land Trust of the Eastern Panhandle February 27, Bowles Rice LLP
Hosted by: Berkeley County and Jefferson Farmland Protection Boards and Land Trust of the Eastern Panhandle February 27, 2016 2016 Bowles Rice LLP Conservation Easements, Taxes, and Estate Planning Presented
More informationIPX 1031 REVERSE ORDER FORM
Investment Property Exchange Services, Inc. Tax Deferred Exchange Solutions Nationwide - www.ipx1031.com Initial Exchange Information IPX 1031 REVERSE ORDER FORM Please Return by Facsimile to Our Offices
More informationApplication
1. Application 1. These terms and conditions of sale shall apply exclusively vis á vis enterprises, governmental entities and special governmental estates within the meaning of sec. 310 para. 1 BGB (German
More informationDocument under Separate Cover Refer to LPS State of Housing
Document under Separate Cover Refer to LPS5-17 216 State of Housing Contents Housing in Halton 1 Overview The Housing Continuum Halton s Housing Model 3 216 Income & Housing Costs 216 Indicator of Housing
More informationTREEPORT DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS WITNESSETH;
Original recorded on November 1, 1990 as Instrument # 1199960 in the Records of Kootenai County, Idaho. TREEPORT DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS This Declaration is made on the date
More informationTax Credit Finance Primer. Tim Favaro. Partner Cannon Heyman & Weiss, LLP.
Tax Credit Finance Primer Tim Favaro Partner Cannon Heyman & Weiss, LLP tfavaro@chwattys.com New Markets Tax Credit & Historic Tax Credit 101 New Markets Tax Credit Program: Background Codified in Section
More informationHow Selling Your House to a Real Estate Investor Stacks Up Against Your Other Options
How Selling Your House to a Real Estate Investor Stacks Up Against Your Other Options Pros, cons, costs, and timeline of each option So, you need to sell your house. Selling in a market like today s can
More informationHow To Organize a Tenants' Association
How To Organize a Tenants' Association Before You Begin Once again: * you have no heat and hot water. * the building's front door lock is broken, and a neighbor was mugged in the lobby. * you asked the
More informationStatutes and Procedures of Community Associations Jim Slaughter, JD, PRP
Statutes and Procedures of Community Associations Jim Slaughter, JD, PRP Editor s note: Jim Slaughter previously authored Community Associations and the Parliamentarian, which appeared in the First Quarter
More informationAnalysis: The New Condominium Rules
Analysis: The New Condominium Rules Yangon, 27 December 2017 The Ministry of Construction published the Condominium Rules ( Rules ) - bye-laws implementing the Condominium Law ( Law - English translation
More informationGUIDE TO SSAS PROPERTY PURCHASE
GUIDE TO SSAS PROPERTY PURCHASE www.investaccpensions.co.uk 2 InvestAcc Pension Administration Limited Guide to SSAS Property Purchase Guide to Purchasing Property and Land through your SSAS This guide
More informationCITY OF TEMPLE TERRACE, FLORIDA REQUEST FOR PROPOSALS TAXABLE NON AD VALOREM REVENUE BOND(S) (Not to Exceed $24,000,000) RFP DATED: February 9, 2018
CITY OF TEMPLE TERRACE, FLORIDA REQUEST FOR PROPOSALS TAXABLE NON AD VALOREM REVENUE BOND(S) (Not to Exceed $24,000,000) RFP DATED: February 9, 2018 The City of Temple Terrace, Florida ( City ) is seeking
More informationOutline. Section 21.6 (pp ) ISC
Information Systems Concepts extreme Programming Roman Kontchakov Birkbeck, University of London Based on Chapter 21 of Bennett, McRobb and Farmer: Object Oriented Systems Analysis and Design Using UML,
More informationIC Application of chapter Sec. 1. This chapter applies to each unit having a commission. As added by P.L (ss), SEC.18.
IC 36-7-14.5 Chapter 14.5. Redevelopment Authority IC 36-7-14.5-1 Application of chapter Sec. 1. This chapter applies to each unit having a commission. As added by P.L.380-1987(ss), SEC.18. IC 36-7-14.5-2
More informationConservation tax credits. a landowner s guide. conservation resource center Tax Credit Exchange
Conservation tax credits a landowner s guide conservation resource center Tax Credit Exchange The Conservation Resource Center Tax Credit Exchange 820 Pearl Street, Suite F Boulder, CO 80302 ph: 303.544.1044
More informationMultifamily Housing Revenue Bond Rules
Multifamily Housing Revenue Bond Rules 12.1. General. (a) Authority. The rules in this chapter apply to the issuance of multifamily housing revenue bonds ("Bonds") by the Texas Department of Housing and
More informationThe Farmer's Cooperative Yardstick: Cooperative Refunds: Patronage and Revolving
The Farmer's Cooperative Yardstick: Cooperative Refunds: Patronage and Revolving College of Agriculture Extension Publication No. AEC-54 June 1987 By: Lionel Williamson University of Kentucky Department
More informationThe following is a list of assumptions on which this Term Sheet is based:
NONBINDING TERM SHEET BETWEEN CITY OF LAS VEGAS, CITY PARKWAY V, THE CORDISH COMPANIES, AND FINDLAY SPORTS AND ENTERTAINMENT, LLC This Nonbinding Term Sheet ( Term Sheet ) dated this day of September,
More informationGLOSSARY OF CONDOMINIUM TERMS
GLOSSARY OF CONDOMINIUM TERMS TERM Allocated interest Amendment Annual Meeting Apartment Articles of Incorporation SIMPLE DESCRIPTION (not a substitute for use of the RCW definitions or definitions in
More informationThe Local Government Fiscal Impacts of Land Uses in Union County:
The Local Government Fiscal Impacts of Land Uses in Union County: Revenue and Expenditure Streams by Land Use Category Jeffrey H. Dorfman and Bethany Lavigno Department of Agricultural & Applied Economics
More informationThe Homestead Act. Questions. and Answers. Massachusetts General Laws, Ch. 188, William Francis Galvin Secretary of the Commonwealth
Questions and Answers The Homestead Act Massachusetts General Laws, Ch. 188, 1-10 William Francis Galvin Secretary of the Commonwealth updated 3/31/11 Dear Homeowner, This pamphlet has been designed to
More informationMember briefing: The Social Housing Rent Settlement from 2015/16
28 May 2014 Member briefing: The Social Housing Rent Settlement from 2015/16 1. Introduction On Friday 23 May Government issued the final policy for Rents for Social Housing from 2015/16, following a consultation
More informationRenting Homes (Wales) Act 2016 Implementation Phase- The Legal Implications. Jamie Saunders Solicitor Coastal Housing
Renting Homes (Wales) Act 2016 Implementation Phase- The Legal Implications. Jamie Saunders Solicitor Coastal Housing Group @JamieSaunders01 Background Around a third of the population of Wales lives in
More informationGuidelines For Creating a TBRA Administrative Plan
NOTE: Do not submit this document as your administrative plan. Also, do not submit KHC s Housing Choice Voucher Administrative Plan. You must create your own by using the document below as your guide.
More informationHousing Affordability Research and Resources
Housing Affordability Research and Resources An Analysis of Inclusionary Zoning and Alternatives University of Maryland National Center for Smart Growth Research and Education Abt Associates Shipman &
More informationOffice of Community Planning and Development. Introduction
WHEN A PUBLIC AGENCY ACQUIRES YOUR PROPERTY www.hud.gov/relocation U.S. Department of Housing and Urban Development Office of Community Planning and Development Introduction This booklet describes important
More informationAcquisition IOWA 2015 CDBG MANAGEMENT GUIDE APPENDIX 2 PAGE: 79
Acquisition IOWA 2015 CDBG MANAGEMENT GUIDE APPENDIX 2 PAGE: 79 WHEN A PUBLIC AGENCY ACQUIRES YOUR PROPERTY Introduction U.S. Department of Housing And Urban Development Office of Community Planning and
More informationGuide to Appraisal Reports
Guide to Appraisal Reports What is an appraisal? An appraisal is an independent valuation of real property prepared by a qualified Appraiser and fully documented in a report. Based on a series of appraisal
More informationSTOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ).
STOCK PURCHASE AGREEMENT. This Stock Purchase Agreement is entered into as of by a Delaware corporation (the Company ), and (the Purchaser ). SECTION 1. CONSTRUCTION OF AGREEMENT. (a) Interpretation. This
More informationINTRODUCTION TO FEDERAL LOW INCOME HOUSING TAX CREDITS. 1. Applicable Percentage
INTRODUCTION TO FEDERAL LOW INCOME HOUSING TAX CREDITS I. THE TAX CREDIT GENERALLY a. Established under the Tax Reform Act of 1986. Essentially an effort to partially privatize the affordable housing industry.
More informationNC General Statutes - Chapter 116 Article 21B 1
Article 21B. The Centennial Campus, the Horace Williams Campus, and the Millenial Campuses Financing Act. 116-198.31. Purpose of Article. The purpose of this Article is to authorize the Board of Governors
More informationSenate Bill No. 195 Senator Harris
Senate Bill No. 195 Senator Harris CHAPTER... AN ACT relating to real property; revising provisions relating to the filling of vacancies on the executive board of a unit-owners association; revising provisions
More informationHAVEBURY HOUSING PARTNERSHIP
HS0025 HAVEBURY HOUSING PARTNERSHIP POLICY HOME PURCHASE POLICY Controlling Authority Director of Resources Policy Number HS025 Issue No. 3 Status Final Date November 2013 Review date November 2016 Equality
More informationTechnical Line FASB final guidance
No. 2016-03 31 March 2016 Technical Line FASB final guidance A closer look at the new leases standard The new leases standard requires lessees to recognize most leases on their balance sheets. What you
More information