Leveraging Public-Private Partnerships for Real Estate Development: Beyond Bridges and Roads
|
|
- Norman Anthony
- 6 years ago
- Views:
Transcription
1 Presenting a live 90-minute webinar with interactive Q&A Leveraging Public-Private Partnerships for Real Estate Development: Beyond Bridges and Roads Identifying New Project Opportunities, Structuring Deals, Navigating the Procurement Process and Financing THURSDAY, AUGUST 14, pm Eastern 12pm Central 11am Mountain 10am Pacific Today s faculty features: Steve T. Park, Attorney, Ballard Spahr, Philadelphia D. Hara Sherman, Attorney, Goulston & Storrs, New York Linda E. Carlisle, Partner, Miller & Chevalier, Washington, D.C. The audio portion of the conference may be accessed via the telephone or by using your computer's speakers. Please refer to the instructions ed to registrants for additional information. If you have any questions, please contact Customer Service at ext. 10.
2 Tips for Optimal Quality FOR LIVE EVENT ONLY Sound Quality If you are listening via your computer speakers, please note that the quality of your sound will vary depending on the speed and quality of your internet connection. If the sound quality is not satisfactory, you may listen via the phone: dial and enter your PIN when prompted. Otherwise, please send us a chat or sound@straffordpub.com immediately so we can address the problem. If you dialed in and have any difficulties during the call, press *0 for assistance. Viewing Quality To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again.
3 Continuing Education Credits FOR LIVE EVENT ONLY For CLE purposes, please let us know how many people are listening at your location by completing each of the following steps: In the chat box, type (1) your company name and (2) the number of attendees at your location Click the SEND button beside the box If you have purchased Strafford CLE processing services, you must confirm your participation by completing and submitting an Official Record of Attendance (CLE Form). You may obtain your CLE form by going to the program page and selecting the appropriate form in the PROGRAM MATERIALS box at the top right corner. If you'd like to purchase CLE credit processing, it is available for a fee. For additional information about CLE credit processing, go to our website or call us at ext. 35.
4 Program Materials FOR LIVE EVENT ONLY If you have not printed the conference materials for this program, please complete the following steps: Click on the ^ symbol next to Conference Materials in the middle of the lefthand column on your screen. Click on the tab labeled Handouts that appears, and there you will see a PDF of the slides for today's program. Double click on the PDF and a separate page will open. Print the slides by clicking on the printer icon.
5 Leveraging Public-Private Partnerships for Real Estate Development: Beyond Bridges and Roads Steve T. Park, Esq. Ballard Spahr LLP
6 Introduction to P3s Public-private partnerships (P3s) are an innovative method of funding, delivering and procurement for infrastructure projects. P3s are used for a variety of infrastructure asset types. A contractual agreement between a public agency and a private entity to achieve all, one or a combination of the following: Monetize an existing infrastructure asset. Design, construct, finance, and/or operate and maintain an infrastructure project. Transfer risks such as revenue, operations, environmental, labor, construction to the entity best able to retain and manage them. 6
7 Types of Non-Road P3 Projects Greenfield Projects Transit/Rail Projects (Denver Union Station, Eagle P3 FasTracks, Purple Line, Edmonton Light Rail) Social Infrastructure (Long Beach Courthouse, Alberta Schools, UC Merced, Indianapolis Justice Complex) 7
8 Reasons for Greenfield P3s Design-Build Savings reduced construction costs Operations and Maintenance Savings reduced O&M costs Private Sector Financing longer-term debt and wide array of financing tools; access to private capital Accelerates project delivery Asset is still owned by public agency, which retains tight control on toll rate setting, O&M standards etc. Long-Term Risk Allocation and Transfers Long-Term lease provides tax benefits to private partner that can flow through as savings to public agency. 8
9 Key Considerations for Greenfield Projects Transit/Rail Projects Slower Project Delivery Fare Box Revenue Risk Additional Financing Sources (FTA New Starts, FRA RRIF) Social Infrastructure Projects Lack of Revenue Stream Different Class of Project Sponsors Smaller Projects 9
10 Key Considerations for Greenfield Projects Availability Payments Long-term agreement with fixed periodic payments to private party for DBOM/DBFOM of certain facilities and/or services Availability payments are typically not paid until construction is complete and the project is made available to the public agency Private parties do not bear revenue risks and have greater certainty as to return on investment. 10
11 Types of Non-Road P3 Projects Greenfield Projects Transit/Rail Projects (Denver Union Station, Eagle P3 FasTracks, Purple Line, Edmonton Light Rail) Social Infrastructure (Long Beach Courthouse, Alberta Schools, UC Merced, Indianapolis Justice Complex) Brownfield Projects Utility (Allentown Water/Sewer, Philadelphia Gas Works) Parking (Ohio State University, Harrisburg) 11
12 Reasons for Brownfield P3s Operations and Maintenance Savings reduced O&M costs Asset is still owned by public agency, which retains tight control on toll rate setting, O&M standards etc. Long-Term Risk Allocation and Transfers Fiscal reasons - budget tension, underfunded pensions Policy reasons 12
13 Key Considerations for Brownfield Projects Additional public scrutiny Clear and careful procurement Legislative approvals Lessons learned from other jurisdictions 13
14 Major Risk Allocation Issues Procurement Issues: best value analysis vs. lowest cost Delay Events Compensation Events Force Majeure Events Defaults and Remedies Termination 14
15 Construction Related Issues O&M of asset during construction Control of design/construction Early works Delay events Acquisition of Project ROW, utility relocation Permits and approvals Substantial completion/segment completion Liquidated damages 15
16 O&M Related Issues Ongoing Capital Expenditures Procedures relating to maintenance Public Entity's right to oversee work Access and inspection rights Noncompliance points Handback 16
17 Leveraging Public-Private Partnerships for Real Estate Development: Beyond Bridges and Roads D. Hara Sherman Goulston & Storrs All rights reserved.
18 Industry Sectors Infrastructure Underutilized Government Real Property (including urban renewal sites) Housing (military, affordable, student, etc) Renewable Energy Social Services Social Impact Bonds Goulston & Storrs All rights reserved. 18
19 Underutilized Government Property - Local Real estate structures in local government deals (including urban renewal sites): Fee Transfer; Ground Lease; Sale Leaseback; Commercial Condominium Enforcement mechanisms: Deed reverter; deed restriction; escrow; guaranty; monetary penalty; operating protocol Goulston & Storrs All rights reserved. 19
20 Underutilized Government Property - Federal Authority to Leverage Department of Defense Real Estate Assets. Congress gave Enhanced Use Lease (EUL) authority to DoD, NASA and the Department of Veterans Affairs. This allows the government to grant long term leases of underutilized, non-excess property to private parties in exchange for cash and/or in kind consideration equal to the fair market value of the leasehold interest. In-Kind Services. EULs may be granted in exchange for development of improvements and/or the provision of services (e.g., construction of renewable energy facilities and provision of power to the military base, with a right to sell surplus energy to electric utilities). Developer Initiated Project. Unlike the Military Housing Privatization Initiative, where DoD initiates the project, EUL transactions can originate with the Developer, who brings the idea to DoD, the VA or NASA. Goulston & Storrs All rights reserved. 20
21 Military Housing - Structure Ground Lease and Conveyance: Government conveys fee title to the housing and leases underlying land to public-private venture (PPV) for 50 years. Lease to Service Members/Housing Allowance: PPV leases the Private housing to service members, who have a first right to rent the units and whose rent is equal to their basic allowance for housing (BAH). Securitization of Rent Stream: PPV pledges the stream of income generated by the rents to raise millions in private debt. Project Management: PPV develops, constructs, renovates and manages military housing for 50 years. Fee ownership of improvements reverts to government at the end of ground lease term. Goulston & Storrs All rights reserved. 21
22 Military Housing - Structure The PPV issues taxable revenue bonds at closing. Bonds are secured by the PPV s leasehold interest in the land, fee interest in the improvements and the cash flow generated by the project. Underwriter is the initial purchaser of the bonds and resells the bonds to additional investors under a 144a private placement. Cash generated by the bonds is used to construct new housing and renovate existing housing. Term of Bonds is years. Bonds are rated and may be credit enhanced. Goulston & Storrs All rights reserved. 22
23 Military Housing Fees Developer Affiliate Fees/Cash Flow Managing Member of PPV Residual Cash Flow and Share of Construction Savings Development Manager Development Fee Design/Builder Design/Build Fee and Share of Construction Savings Property Manager Property Management Fee Asset Manager Asset Management Fee Goulston & Storrs All rights reserved. 23
24 Renewable Energy - Structure City agrees to purchase all power from a solar facility on the roof of a school. Private solar provider finances, constructs, owns and operates facility. Solar provider uses federal and state tax credits, takes depreciation and sells renewable energy credits. City obtains electricity at a rate lower than utility power. Excess power is net metered and put into the grid. City gets credit at retail rates, further reducing its power costs. Goulston & Storrs All rights reserved. 24
25 Renewable Energy Federal Property DoD Goal of 25 x Congress established a goal for DoD to procure from renewable energy sources "not less than 25 percent of the total quantity of electric energy it consumes with its facilities and in its activities during fiscal year 2025 and each fiscal year thereafter." Renewable energy includes "energy generated from solar, wind, biomass, landfill gas, ocean (including tidal, wave, current, and thermal), geothermal, municipal solid waste, or new hydroelectric generation capacity achieved from increased efficiency or additions of new capacity at an existing hydroelectric project. Military Housing Privatization Initiative Rooftops MHPI Developers are interested in solar generation on rooftops to help DoD meet its 25 x 25 Goal. DoD has privatized thousands of housing units on which Developers have installed solar and thermal facilities across the country (Southwest, Hawaii, Mid-Atlantic regions). Goulston & Storrs All rights reserved. 25
26 Social Impact Financing New approach for funding social services First projects in Great Britain, several others underway in U.S. Private lenders fund expansion of social services by non-profit Government guarantees the repayment of loans, plus success fees, if social service provider achieves results that save government money - investors are repaid based on government savings How will this model be applied to real estate development? Goulston & Storrs All rights reserved. 26
27 Social Impact Financing MA Example - Roca Decrease in Days of Incarceration Incarceration-Based Success Payments Gross Savings for Commonwealth 75.0% $ 26.5 million $ 49.4 million 65.0% $ 26.5 million $ 41.5 million 55.0% $ 25.7 million $ 33.4 million 45.0% $ 24.9 million $ 25.5 million 35.0% $ 18.3 million $ 18.3 million 25.0% $ 10.7 million $ 11.3 million 15.0% $ 3.5 million $ 4.4 million 5.2% $ 0.7 million $ 1.0 million 5.0% $ 0 $ 0.9 million Goulston & Storrs All rights reserved. 27
28 LESSONS How does the public ensure promises are kept? How does the private party constrain its commitments? 1. Compete! 2. Allocate risk. 3. Prioritize commitments from both sides. 4. Clarity on control. 5. Select the most suitable real estate structure. 6. Negotiate appropriate enforcement mechanisms. Goulston & Storrs All rights reserved. 28
29 For more information, please contact: D. Hara Sherman (212) Goulston & Storrs All rights reserved. 29
30 Tax Considerations in Financing Public-Private Partnerships Linda E. Carlisle Miller & Chevalier Chartered Strafford Publications Webinar August 14, 2014
31 I. Background A. Competitive bidding. B. State and/or municipal authority involvement. C. Examples include toll, roads, wharves, parking facilities, and airports. 31
32 II. Why Public-Private Deals? A. Government 1. Monetize value of existing infrastructure assets or have new infrastructure assets partially or completely paid for by private sector. 2. Eliminate maintenance and development costs for duration of agreement. 3. Possible future revenue sharing. B. Private Sector 1. Investment diversification. 2. Capitalize on expertise in operation. 3. Potential for long-term, predictable cash flows. 32
33 III. Types of Equity Investors A. Operators and developers in infrastructure businesses. B. Infrastructure funds. C. Private equity funds. D. Pension funds. 33
34 IV. Broad Classes of Projects A. Brownfield projects 1. Existing infrastructure asset. 2. PPP assumes maintenance and operation of asset. 3. Generally, a concession and lease agreement is entered into between government and entity owned by private investors (the Concessionaire ). 34
35 IV. Broad Classes of Projects 4. Typical investment structure U.S. Shareholders Non-U.S. Shareholders U.S. Corp. U.S. Corp. Holding Company U.S. LLC treated as a partnership. State or Local Gov t Concession and Lease Agreement Concessionaire U.S. LLC treated as a disregarded entity. 35
36 IV. Broad Classes of Projects 5. Rights generally granted by a state or local government under a Concession and Lease Agreement include: a) the lease of real property and real property improvements that constitute a public infrastructure asset (the Facility ) for a term of years that exceeds the estimated remaining economic life of the improvements; b) the conveyance, transfer, or assignment of: i. any personal property that the state or local government owns and uses in the operation of the Facility; and ii. contracts to which the state or local government is a party that relate to the operation of the Facility; and c) the right to operate the Facility and collect fees for the use of the Facility. 36
37 IV. Broad Classes of Projects 6. The Concessionaire s obligations under the Concession and Lease Agreement generally include: a) make an upfront payment to the state or local government; b) make additional payments to the state or local government during the term of the agreement if specified windfall revenues or refinancing gains are realized by the Concessionaire; c) pay all costs of operating, maintaining, and repairing the Facility, and return the Facility to the state or local government at the end of the agreement in the condition specified in the concession and lease agreement; and d) bear all operational and financial risks relating to the Facility, including risks of casualty losses, during the term of the agreement. 37
38 IV. Broad Classes of Projects 7. Typical Financing a) The Concessionaire will typically fund the upfront payment with equity capital and debt from third-party lenders; b) Additional capital improvements to the Facility also may be eligible for tax-exempt private activity bond ( PAB ) financing from the state or local government; c) Additional capital improvements to highway projects also may be eligible for federal loans or federal loan guarantees under the Transportation Infrastructure Finance and Innovation Act ( TIFIA ) program. 38
39 IV. Broad Classes of Projects B. Greenfield projects 1. Developer has the right and obligation to develop and construct new infrastructure assets. 2. Upon completion, developer has the right to operate assets and collect fees for a term of years. 3. Generally, a Development and Lease Agreement is entered into between government and entity owned by private investors. 39
40 IV. Broad Classes of Projects 4. Typical investment structure U.S. Shareholders Non-U.S. Shareholders U.S. Corp. U.S. Corp. Holding Company U.S. LLC treated as a partnership. State or Local Gov t Concession and Lease Agreement Concessionaire U.S. LLC treated as a disregarded entity. 40
41 V. Principal Federal Income Tax Issues Relating to Brownfield Projects A. Lease versus sale treatment for real property improvements acquired by the Concessionaire. 1. Factors that have been considered by the courts and IRS in determining whether an agreement, which in form is a lease, is in substance a sales contract include: a) whether legal title passes; b) how the parties treat the transaction; c) whether an equity interest was acquired in the property; d) whether the contract creates a present obligation on the seller to execute and deliver a deed and a present obligation on the purchaser to make payments; e) whether the right of possession is vested in the purchaser; f) which party pays the property taxes; g) which party bears the risk of loss or damage to the property; and h) which party receives the profits from the operation and sale of the property. 2. Key is whether agreement conveys possession and control for remaining useful life of the property. 41
42 V. Principal Federal Income Tax Issues Relating to Brownfield Projects B. Characterization of the assets acquired by the Concessionaire. 1. A lease of the land on which the public infrastructure asset is located. 2. Ownership of the real property improvements located on the land. 3. Ownership of any tangible personal property conveyed to the Concessionaire. 4. Assignment of rights and obligations under contracts assigned to the Concessionaire. 5. Ownership of any intangible assets conveyed to the Concessionaire, including intangible assets associated with the trade or business assets such as government licenses, customer lists, know-how, goodwill, or going concern value. 42
43 V. Principal Federal Income Tax Issues Relating to Brownfield Projects C. Allocation of any upfront payment (and other consideration) among the assets acquired by the Concessionaire because the assets acquired under a concession and lease agreement constitute a trade or business, the consideration paid by the Concessionaire for such assets must be allocated under section 1060 of the Internal Revenue Code among such assets under the so-called residual method. D. Tax treatment of amounts allocated to the assets acquired by the Concessionaire. 1. Leasehold interest in land. 2. Depreciable tangible property. 3. Amortizable intangible assets. 43
44 V. Principal Federal Income Tax Issues Relating to Brownfield Projects E. Taxation of non-u.s. investors. 1. Non-U.S. corporations that are members or partners of a Holding Company also would be subject to the U.S. 30-percent branch profits tax under section 884 on the corporation s dividend equivalent amount for each taxable year, which may be eliminated or reduced under an applicable income tax treaty. 2. Non-U.S. corporations that are members or partners of a Holding Company also may be subject to the U.S. 30-percent tax on excess interest under section 884(f)(1)(B), which may be reduced or eliminated under an applicable income tax treaty. 3. Dividends paid by U.S. corporations to non-u.s. shareholders are subject to the 30-percent U.S. withholding tax on dividends, which may be eliminated or reduced under an applicable income tax treaty. 4. Under section 897, non-u.s. shareholders of a U.S. corporation are subject to U.S. federal income tax on gain from the sale or disposition of stock in such U.S. corporation (or distributions from such U.S. corporation that are treated as amounts paid in exchange for stock of the U.S. corporation) if such U.S. corporation is a USRPHC. 44
45 V. Principal Federal Income Tax Issues Relating to Brownfield Projects E. Taxation of non-u.s. investors (cont d). 5. A 10% U.S. withholding tax applies to amounts realized by non-u.s. persons from the disposition of stock in a USRPHC. 6. A U.S. corporation is a USRPHC if 50 percent or more of the fair market value of its assets is attributable to USRPIs (including the corporation s share of assets held through partnerships and disregarded entities). 7. USRPIs include interests in land and real property improvements such as structures, buildings, roads, bridges, and parking lots. 8. Leasehold interests are interests in land, but a government right or franchise that does not convey with a possessory interest in real property should not be treated as an interest in land. 9. In an advanced notice of proposed rulemaking published on October 31, 2008, the IRS and Treasury announced they are considering issuing proposed regulations that would treat certain licenses, permits, franchises, and other similar rights granted by a governmental unit with respect to toll roads, toll bridges and other public infrastructure assets as interests in land. 45
46 VI. Principal Federal Income Tax Issues Relating to Greenfield Projects A. Whether the Developer s costs of construction is treated as rent, consideration for a share of project revenues, or a tenant s depreciable costs of leasehold improvements. B. Whether any public funds paid for construction are treated as income to the Developer or as costs for leasehold improvements owned by the state or local government. C. What depreciation system applies to the Developer s capitalized costs. 46
47 VII.Conclusions 1. Privatization of public infrastructure assets provides needed capital to state and local governments with no extraordinary tax benefits for the private investors. 2. The U.S. federal income tax treatment of infrastructure privatization transactions mirrors the tax treatment of other investments in U.S. businesses, but there are questions as to how some of the standard rules apply. 47
Financing Public-Private Partnerships for Infrastructure Assets
Presenting a live 90-minute webinar with interactive Q&A Financing Public-Private Partnerships for Infrastructure Assets Mitigating Legal Risks and Anticipating Tax Consequences of PPP Deals WEDNESDAY,
More informationMixed-Use Development Leases: Tailoring Provisions to Address Unique Legal and Ownership Structures
Presenting a live 90-minute webinar with interactive Q&A Mixed-Use Development Leases: Tailoring Provisions to Address Unique Legal and Ownership Structures TUESDAY, FEBRUARY 25, 2014 1pm Eastern 12pm
More informationStructuring Real Estate Sale-Leasebacks: An Alternative to Mortgage Financing for Owner-Operators and Investors
Presenting a live 90-minute webinar with interactive Q&A Structuring Real Estate Sale-Leasebacks: An Alternative to Mortgage Financing for Owner-Operators and Investors Strategies for Improving Balance
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Renewable Energy Projects: Negotiating Ancillary Agreements for the Real Estate Facility Strategies for Structuring Project Contracts After Negotiating
More informationRetail and Shopping Center Acquisitions: Negotiating the Purchase and Sales Agreement, Conducting Legal Due Diligence
Presenting a live 90-minute webinar with interactive Q&A Retail and Shopping Center Acquisitions: Negotiating the Purchase and Sales Agreement, Conducting Legal Due Diligence THURSDAY, AUGUST 18, 2016
More informationStructuring Financeable Ground Leases and Leasehold Mortgages
Presenting an encore presentation featuring live Q&A Structuring Financeable Ground Leases and Leasehold Mortgages Balancing Competing Interests Among Owners, Lessees and Lenders THURSDAY, NOVEMBER 30,
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Getting M&A Deals Done: Legal Risks and Effective Strategies Managing Changes and Mitigating Risks Between Signing the Acquisition Agreement and
More informationCommercial Lease Due Diligence in Real Estate Acquisitions: Key Issues and Best Practices
Presenting a live 90-minute webinar with interactive Q&A Commercial Lease Due Diligence in Real Estate Acquisitions: Key Issues and Best Practices Analyzing Buildout Obligations, Termination Rights, Purchase
More informationStructuring Landlord Lien Waivers and Collateral Access Agreements: Navigating Competing Interests of Tenant's Lender and Landlord
Presenting a live 90-minute webinar with interactive Q&A Structuring Landlord Lien Waivers and Collateral Access Agreements: Navigating Competing Interests of Tenant's Lender and Landlord WEDNESDAY, JUNE
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A UCC Recent Developments: Practical Implications for Lenders' Security Interests Best Practices to Protect Client Confidences and Advertise Legal
More informationStructuring Landlord Lien Waivers and Collateral Access Agreements: Navigating Competing Interests of Tenant's Lender and Landlord
Presenting a live 90-minute webinar with interactive Q&A Structuring Landlord Lien Waivers and Collateral Access Agreements: Navigating Competing Interests of Tenant's Lender and Landlord TUESDAY, AUGUST
More informationPresenting a live 90-minute webinar with interactive Q&A
Presenting a live 90-minute webinar with interactive Q&A UCC Security Interests in Payment Intangibles: Intercompany Loans, Debt Obligations and Promissory Notes Perfecting Interests In Financial Instruments
More informationGross Up Provisions in Commercial Lease Agreements: Guidance for Landlords and Tenants Structuring Terms to Balance Benefits and Mitigate Risks
Presenting a live 90 minute webinar with interactive Q&A Gross Up Provisions in Commercial Lease Agreements: Guidance for Landlords and Tenants Structuring Terms to Balance Benefits and Mitigate Risks
More informationSubordination, Non-Disturbance and Attornment Agreements in Commercial Leasing and Real Estate Finance
Presenting a live 90-minute webinar with interactive Q&A Subordination, Non-Disturbance and Attornment Agreements in Commercial Leasing and Real Estate Finance Drafting and Negotiating SNDA Agreements
More informationBasis Adjustments for Partnerships and LLCs: Compliance Challenges
Basis Adjustments for Partnerships and LLCs: Compliance Challenges Navigating Complex Basis Rules and Avoiding Pitfalls in Section 754 Elections TUESDAY, JUNE 25, 2013, 1:00-2:50 pm Eastern IMPORTANT INFORMATION
More informationMunicipal Infrastructure Funding: Overcoming Legal Challenges with Exactions and Impact Fees
Presenting a live 90-minute webinar with interactive Q&A Municipal Infrastructure Funding: Overcoming Legal Challenges with Exactions and Impact Fees Navigating New Application of Essential Nexus and Rational
More informationFinancing Public-Private Partnerships for Infrastructure Assets
presents Financing Public-Private Partnerships for Infrastructure Assets Mitigating Legal Risks and Anticipating Tax Consequences of PPP Deals A Live 90-Minute Audio Conference with Interactive Q&A Today's
More informationPass-Through Liabilities and Federal Tax Treatment: Resolving Complex Issues
Presenting a live 110-minute teleconference with interactive Q&A Pass-Through Liabilities and Federal Tax Treatment: Resolving Complex Issues Reporting Liabilities for General or Limited Partnerships and
More informationUCC Foreclosures: Overcoming Obstacles to the Sale, Evaluating Receivership and Bankruptcy Alternatives
Presenting a live 90-minute webinar with interactive Q&A UCC Foreclosures: Overcoming Obstacles to the Sale, Evaluating Receivership and Bankruptcy Alternatives TUESDAY, OCTOBER 10, 2017 1pm Eastern 12pm
More informationClearing Title for Defects Due to Easements, Encroachments and Survey/Boundary Disputes
Presenting a live 90-minute webinar with interactive Q&A Clearing Title for Defects Due to Easements, Encroachments and Survey/Boundary Disputes Identifying and Resolving Common Title Defects to Ensure
More informationPresenting a live 90 minute webinar with interactive Q&A. Td Today s faculty features:
Presenting a live 90 minute webinar with interactive Q&A Foreclosed, Distressed and Abandoned Properties: Legal Challenges for Municipalities Leveraging Ordinances, Judicial and Agency Proceedings, Land
More informationNew 2016 ALTA/NSPS Land Title Survey Standards: What Attorneys Need to Know
Presenting a live 90-minute webinar with interactive Q&A New 2016 ALTA/NSPS Land Title Survey Standards: What Attorneys Need to Know Leveraging the Feasibility Assessment Tool for Land Development Deals
More informationCC&Rs and Easements for Commercial and Mixed-Use Projects
Presenting a live 90-minute webinar with interactive Q&A CC&Rs and Easements for Commercial and Mixed-Use Projects Drafting and Amending CC&R Declarations and Easements: Best Practices for Commercial Developers
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Structuring Mixed-Use Retail Development Agreements for Urban Infill Projects Addressing Unique Legal Issues Related to Cost Sharing, Signage, Use
More informationLegal Considerations Evaluating and Assessing Land Use Entitlements, Discretionary Approvals, and Other Key Issues
Presenting a live 90 minute webinar with interactive Q&A Reviving Dormant Real Estate Projects: Legal Considerations Evaluating and Assessing Land Use Entitlements, Discretionary Approvals, and Other Key
More informationALTA/ACSM Land Title Surveys
Presenting a live 90-minute webinar with interactive Q&A ALTA/ACSM Land Title Surveys Maximizing the Potential of the Feasibility Assessment Tool for Development Deals WEDNESDAY, MARCH 21, 2012 1pm Eastern
More informationNavigating FASB's New Pushdown Rules for Acquired Entities
Navigating FASB's New Pushdown Rules for Acquired Entities Evaluating Whether and How to Adopt Pushdown Accounting on Subsidiary Financial Statements THURSDAY, APRIL 23, 2015, 1:00-2:50 pm Eastern IMPORTANT
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features: Alan W. Beloff, Senior Counsel, Morgan, Lewis & Bockius, Boston
Presenting a live 90-minute webinar with interactive Q&A Drafting Legal Opinions for Article 9 Security Interests: Navigating the Complexities and Avoiding Liability Understanding Scope and Limitations,
More informationClearing Title for Defects Due to Easements, Encroachments and Survey/Boundary Disputes
Presenting a live 90-minute webinar with interactive Q&A Clearing Title for Defects Due to Easements, Encroachments and Survey/Boundary Disputes Identifying and Resolving Common Title Defects to Ensure
More informationALTA/NSPS Land Title Survey Standards: What Real Estate Counsel Need to Know
Presenting a live 90-minute webinar with interactive Q&A ALTA/NSPS Land Title Survey Standards: What Real Estate Counsel Need to Know Survey Exceptions and Survey Endorsements in Title Insurance Policies
More informationIRC 754: Partnership and Pass-Through Entity Basis Adjustments
IRC 754: Partnership and Pass-Through Entity Basis Adjustments Mastering Election Rules and Tackling Complex Decisions for Distributions and Sales of Interests WEDNESDAY, APRIL 30, 2014, 1:00-2:50 pm Eastern
More informationIMPORTANT INFORMATION
IRC 754: Partnership and Pass-Through Entity Basis Adjustments Mastering Election Rules and Tackling Complex Decisions for Distributions and Sales of Interests TUESDAY, MARCH 3, 2015, 1:00-2:50 pm Eastern
More informationStructuring CC&Rs for Mixed Use Projects
Presenting a live 90-minute webinar with interactive Q&A Structuring CC&Rs for Mixed Use Projects Drafting, Analyzing, Interpreting, and Amending CC&R Declarations TUESDAY, FEBRUARY 6, 2018 1pm Eastern
More informationHealthcare REITs: Navigating Regulatory Challenges and Minimizing Liability Risk
Presenting a live 90-minute webinar with interactive Q&A Healthcare REITs: Navigating Regulatory Challenges and Minimizing Liability Risk Understanding Organizational, Operational and Tax Considerations
More informationSolar Leases: Deal Structures, Key Provisions and Practical Considerations
Presenting a live 90-minute webinar with interactive Q&A Solar Leases: Deal Structures, Key Provisions and Practical Considerations TUESDAY, DECEMBER 12, 2017 1pm Eastern 12pm Central 11am Mountain 10am
More informationRooftop Telecom Leasing: Practical Considerations, Key Provisions and Other Legal Considerations
Presenting a live 90-minute webinar with interactive Q&A Rooftop Telecom Leasing: Practical Considerations, Key Provisions and Other Legal Considerations TUESDAY, NOVEMBER 6, 2018 1pm Eastern 12pm Central
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Structuring Real Estate Development Agreements With Municipalities Leveraging Agreements for Long-Term Development Projects and Addressing Land
More informationIRC Section 743(b) Basis Adjustments: Applying the 754 Election to Distributions of Partnership Property
IRC Section 743(b) Basis Adjustments: Applying the 754 Election to Distributions of Partnership Property An Advanced Case Study of Calculations and Considerations TUESDAY, DECEMBER 15 2015, 1:00-2:50 pm
More informationMastering Partnership Minimum Gain Chargeback Provisions for the Tax Professional
FOR LIVE PROGRAM ONLY Mastering Partnership Minimum Gain Chargeback Provisions for the Tax Professional THURSDAY, JULY 6, 2017, 1:00-2:50 pm Eastern IMPORTANT INFORMATION FOR THE LIVE PROGRAM This program
More informationPublic-Private Partnerships CBA-CLE Real Estate Spring Update March 29, Brent E. Butzin Kaplan Kirsch & Rockwell LLP
Public-Private Partnerships CBA-CLE Real Estate Spring Update March 29, 2018 Brent E. Butzin Kaplan Kirsch & Rockwell LLP bbutzin@kaplankirsch.com Where have P3s Been Used? P3s have more commonly be used
More informationMixed-Use Development: Structuring Air Rights Condominiums and Other Common Interest Community Regimes
Presenting a live 90-minute webinar with interactive Q&A Mixed-Use Development: Structuring Air Rights Condominiums and Other Common Interest Community Regimes Selecting the Optimal Legal Structure, Addressing
More informationNew 2016 ALTA/NSPS Land Title Survey Standards: What Attorneys Need to Know
Presenting a live 90-minute webinar with interactive Q&A New 2016 ALTA/NSPS Land Title Survey Standards: What Attorneys Need to Know Leveraging the Feasibility Assessment Tool for Land Development Deals
More informationSpecial Servicers and Defaulted CMBS Loans Restructuring or Foreclosing Distressed Assets While Navigating Regulatory and Contractual Challenges
Presenting a live 90-minute webinar with interactive Q&A Special Servicers and Defaulted CMBS Loans Restructuring or Foreclosing Distressed Assets While Navigating Regulatory and Contractual Challenges
More informationPublic Storage Reports Results for the Quarter Ended March 31, 2017
News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date April 26, 2017 Contact Clemente Teng (818) 244-8080, Ext. 1141 Public Storage Reports
More informationRecourse and Non-Recourse Debt for Partnerships
Recourse and Non-Recourse Debt for Partnerships Minimizing the Tax Impact of Partner Liability and Debt Allocations Under Sections 752 and 704 WEDNESDAY, DECEMBER 3, 2014, 1:00-2:50 pm Eastern IMPORTANT
More informationDevelopment Agreements Between Municipalities and Private Parties
Presenting a live 90-minute webinar with interactive Q&A Development Agreements Between Municipalities and Private Parties Attracting Private Funding for Long-Term Development Projects, Addressing Land
More informationCarve-Out Transactions: Strategies for Due Diligence and Structuring the Deal
Presenting a live 90-minute webinar with interactive Q&A Carve-Out Transactions: Strategies for Due Diligence and Structuring the Deal WEDNESDAY, JUNE 28, 2017 1pm Eastern 12pm Central 11am Mountain 10am
More informationAvoiding "Due on Transfer" Provisions in Land Trusts and Single-Member LLCs
Presenting a live 90-minute webinar with interactive Q&A Avoiding "Due on Transfer" Provisions in Land Trusts and Single-Member LLCs A Real-World Guide to Garn-St. Germain Act Exemptions WEDNESDAY, MARCH
More informationUCC Battle of the Forms: Confronting Conflicting Terms in Purchase Orders, Invoices and Related Documents
Presenting a live 90-minute webinar with interactive Q&A UCC Battle of the Forms: Confronting Conflicting Terms in Purchase Orders, Invoices and Related Documents Minimizing Disputes Over Contract Formation,
More informationSection 743(b) Adjustments in Multi-Tier Partnerships: Applying Rev. Rul to Upper- and Lower-Tier Entities
FOR LIVE PROGRAM ONLY Section 743(b) Adjustments in Multi-Tier Partnerships: Applying Rev. Rul. 87-115 to Upper- and Lower-Tier Entities TUESDAY, JUNE 20, 2017, 1:00-2:50 pm Eastern IMPORTANT INFORMATION
More informationNew Section 168(k) Bonus Depreciation Regulations: Claiming 100% First-Year Depreciation Deduction Under Tax Reform
FOR LIVE PROGRAM ONLY New Section 168(k) Bonus Depreciation Regulations: Claiming 100% First-Year Depreciation Deduction Under Tax Reform TUESDAY, OCTOBER 30, 2018, 1:00-2:50 pm Eastern IMPORTANT INFORMATION
More informationReal Estate Loan Commitment Letters and Terms Sheets: Negotiating Key Terms
Presenting a live 90-minute webinar with interactive Q&A Real Estate Loan Commitment Letters and Terms Sheets: Negotiating Key Terms Structuring Binding Finance Commitments and Balancing Interests of Both
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended
More informationHotel Management Agreements: Key Topics and New Frontiers
Presenting a live 90-minute webinar with interactive Q&A Hotel Management Agreements: Key Topics and New Frontiers Navigating Fees, Exclusivity, Approval Rights, Finance Provisions, Brand Management and
More informationAllocating Environmental Risks and Liabilities
Presenting a live 90-minute webinar with interactive Q&A Allocating Environmental Risks and Liabilities Structuring Contract Provisions to Limit Risk in Commercial Transactions THURSDAY, SEPTEMBER 13,
More informationRemedies Provisions in Commercial Real Estate Sales Contracts Strategies for Buyers and Sellers Negotiating and Enforcing Default Clauses
Presenting a live 90 minute webinar with interactive Q&A Remedies Provisions in Commercial Real Estate Sales Contracts Strategies for Buyers and Sellers Negotiating and Enforcing Default Clauses TUESDAY,
More informationNavigating the New Lease Accounting Standards for Audit Advisers Preparing Clients for the Transition to the Joint Project Lease Reporting
Navigating the New Lease Accounting Standards for Audit Advisers Preparing Clients for the Transition to the Joint Project Lease Reporting TUESDAY, JANUARY 12, 2016, 1:00-2:50 pm Eastern IMPORTANT INFORMATION
More informationCDFA // BNY MELLON DEVELOPMENT FINANCE WEBCAST SERIES The State of P3 Financing
CDFA // BNY MELLON DEVELOPMENT FINANCE WEBCAST SERIES The State of P3 Financing The Broadcast will Begin at 1:00pm EDT Submit your questions in advance using the GoToWebinar control panel View previous
More informationAchieved record annual revenues of $110.0 million for 2018, representing an increase of 5.8%
Clipper Realty Inc. Announces Fourth Quarter and Full-Year 2018 Results Reports Record Annual Revenues, Record Annual Income from Operations and Record Quarterly and Annual Adjusted Funds from Operations
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC FORM 8-K/A
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationCalifornia Statewide Communities Development Authority Open PACE Program Report March 15, 2018 (Updated) 1. Introduction
California Statewide Communities Development Authority Open PACE Program Report March 15, 2018 (Updated) 1. Introduction The California Statewide Communities Development Authority ( CSCDA ) has established
More informationMultifamily Real Estate Investments
Multifamily Real Estate Investments BritLin Investments is a Los Angeles based private multifamily investment firm that co-owns and manages properties nationwide. As a property fund asset manager and manager
More informationP3 for Procurement Practitioners. Alfiya Mirzagalyamova and Scott Baker AECOM
P3 for Procurement Practitioners Alfiya Mirzagalyamova and Scott Baker AECOM The Motivation Demystify P3 procurement Draw from experiences of transit P3s in North America Compare DBB and DBFOM - Availability
More informationConsolidated Financial Statements of ECOTRUST CANADA. Year ended December 31, 2016
Consolidated Financial Statements of ECOTRUST CANADA KPMG Enterprise TM Metro Tower I 4710 Kingsway, Suite 2400 Burnaby BC V5H 4M2 Canada Telephone (604) 527-3600 Fax (604) 527-3636 INDEPENDENT AUDITORS
More informationGASBs Presented by: William Blend, CPA, CFE
GASBs 87-89 Presented by: William Blend, CPA, CFE Leases: Statement 87 Effective Date and General Implementation Effective for Florida fiscal year end 2021. Earlier application is encouraged. Leases should
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Cellphone Tower Regulation: Maximizing Revenue While Protecting Local Interests Structuring Leases, Navigating Siting Challenges, and Complying
More informationFASB Statement No. 167: Ongoing Challenges
Presenting a live 110 minute teleconference with interactive Q&A FASB Statement No. 167: Ongoing Challenges With Consolidating Variable Interest Entities Tackling Issues With Filing Compliant Financials
More informationBill Culton, General Counsel Picerne Military Housing LLC. Dan Ferguson, Partner WeirFoulds LLP. Brad McLellan, Partner Weirfoulds LLP
TO P3 OR NOT TO P3? Bill Culton, General Counsel Picerne Military Housing LLC Dan Ferguson, Partner WeirFoulds LLP Brad McLellan, Partner Weirfoulds LLP Janis Vanderburgh, Senior Counsel York Region Rapid
More informationEXHIBIT A. City of Corpus Christi Annexation Guidelines
City of Corpus Christi Annexation Guidelines Purpose: The purpose of this document is to describe the City of Corpus Christi s Annexation Guidelines. The Annexation Guidelines provide the guidance and
More informationRehabilitation Tax Credits
Rehabilitation Tax Credits Selected Issues in Master Lease Pass-Through Transactions Steven L. Paul Nicholas Romanos February 1, 2010 REHABILITATION TAX CREDITS Selected Issues in Master Lease Pass-Through
More informationThe Basics of Municipal Leasing
The Basics of Municipal Leasing 38 th Annual AGLF Conference May 2, 2018 Chicago, Illinois David G. Roeder, SVP Texas Capital Bank, N.A. How do State & Local Governments Traditionally Raise Capital? 1.
More informationAccounting for Leases
Office: Business Services Procedure Contact: Director of Business Services Related Policy or Policies: Noted within procedure statement Revision History Revision Number: Change: Date: 001 Update content
More informationNAVAL AIR STATION (NAS) PATUXENT RIVER Potential EUL Project Proposed Modernized Work Campus
NAVAL AIR STATION (NAS) PATUXENT RIVER Proposed Modernized Work Campus Summer 2010 Frequently Asked Questions For more information, please contact: Ed Zeigler Director, Public Affairs HQ, Naval District
More informationGlendale, California - PS Business Parks, Inc. (AMEX: PSB), reported operating results for the fourth quarter and the year ending December 31, 2001.
News Release PS Business Parks, Inc. 701 Western Avenue P.O. Box 25050 Glendale, CA 91221-5050 www.psbusinessparks.com For Release: Immediately Date: January 30, 2002 Contact: Mr. Jack Corrigan (818) 244-8080,
More informationDee Wisor Denver, Colorado
Dee Wisor TITLE OF PRESENTATION dee.wisor@butlersnow.com 720-330-2300 CLIENT/LATERAL NAME 4600 South Syracuse 9 th Floor DATE Denver, Colorado 80237-2709 1 SELECTED TAX ISSUES IN CONNECTION WITH PUBLIC
More informationChapter 08 - Long-Term Assets. Chapter Outline
Section 1 Plant Assets I. Cost Determination Plant assets are tangible assets used in a company's operations that have a useful life of more than one accounting period. Consistent with cost principle,
More informationSelect Income REIT Announces Third Quarter 2017 Results
FOR IMMEDIATE RELEASE Contact: Christopher Ranjitkar, Director, Investor Relations (617) 796-8320 Select Income REIT Announces Third Quarter 2017 Results Third Quarter Net Income of $0.35 Per Share Third
More informationIAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice
www.pwc.com.au IAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice Agenda Introduction Key topics o Fair value o PPP Projects Refinancing
More informationSales Associate Course
Sales Associate Course Chapter Seventeen Real Estate Investments and Business Opportunity Brokerage 1 Investment Analysis Most important consideration: Economic soundness Land use controls Zoning Deed
More information... ARMADA HOFFLER PROPERTIES REPORTS FOURTH QUARTER 2013 RESULTS
PRESS RELEASE.......................................... ARMADA HOFFLER PROPERTIES REPORTS FOURTH QUARTER 2013 RESULTS Core FFO of $7.1 Million, $0.22 Per Diluted Share Operating Property Portfolio at 94.4%
More informationCPACE Financing Overview
CPACE Financing Overview Commercial Property Assessed Clean Energy (CPACE) Introduction CPACE is an innovative financing tool that enables building owners to fund 100% of the cost of energy efficiency
More informationHeiwa Real Estate Co., Ltd.
To the Shareholders of Heiwa Real Estate Co., Ltd. INFORMATION DISCLOSED ON THE INTERNET UPON ISSUING NOTICE CONCERNING THE CONVOCATION OF THE 94th ORDINARY GENERAL SHAREHOLDERS MEETING THE 94th FISCAL
More informationFront Yard Residential Corporation Reports Third Quarter 2018 Results
Front Yard Residential Corporation Reports Third Quarter 2018 Results November 7, 2018 CHRISTIANSTED, U.S. Virgin Islands, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Front Yard Residential Corporation ( Front Yard
More informationCOST SEGREGATION UNCOVERING HIDDEN CASH FLOW
1800 Avenue of the Stars Suite 310 Century City, CA 90067 (310) 798-3123 info@braunco.com COST SEGREGATION UNCOVERING HIDDEN CASH FLOW Why not recover at least 5 to 10 cents for every dollar you spend
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Leveraging Development Agreements Between Municipalities and Private Parties Attracting Private Funding for Long-Term Development Projects and Addressing
More informationPS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2017
News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: April 25, 2017 Contact: Edward A. Stokx (818) 244-8080, Ext. 1649 PS Business
More informationSelect Income REIT Announces Second Quarter 2016 Results
FOR IMMEDIATE RELEASE Contact: Christopher Ranjitkar, Director, Investor Relations (617) 796-8320 Select Income REIT Announces Second Quarter 2016 Results Second Quarter Net Income of $0.34 Per Share Second
More informationNews Release. PS Business Parks, Inc. 701 Western Avenue P.O. Box Glendale, CA
News Release PS Business Parks, Inc. 701 Western Avenue P.O. Box 25050 Glendale, CA 91221-5050 www.psbusinessparks.com For Release: Immediately Date: May 3, 2001 Contact: Mr. Jack Corrigan (818) 244-8080,
More informationValue-added P3 s: two case studies Long Beach Civic Center & Los Angeles Convention Center
Value-added P3 s: two case studies Long Beach Civic Center & Los Angeles Convention Center CDFA Intro Public Private Partnership (P3) Public Finance Webinar Ignacio Barandiaran June 21, 2018 Disclosures
More informationExtra Space Storage Inc. Reports 2017 Fourth Quarter and Year-End Results
Extra Space Storage Inc. Reports 2017 Fourth Quarter and Year-End Results February 20, 2018 SALT LAKE CITY, Feb. 20, 2018 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading
More informationMidstream Executory Contracts in Bankruptcy After Sabine
Presenting a live 90-minute webinar with interactive Q&A Midstream Executory Contracts in Bankruptcy After Sabine Navigating Court Treatment of Transportation, Gathering and Processing Agreements; Negotiating
More informationMidstream Executory Contracts in Bankruptcy After Sabine
Presenting a live 90-minute webinar with interactive Q&A Midstream Executory Contracts in Bankruptcy After Sabine Navigating Court Treatment of Transportation, Gathering and Processing Agreements; Negotiating
More informationSaskatchewan Municipal Financing Tools
Saskatchewan Municipal Financing Tools The following is a list of financing tools currently available to Saskatchewan municipalities. Authority for a municipality to use any of these tools is provided
More informationLLC Operating Agreements: Minimizing the Impact of a Member's Death, Divorce or Bankruptcy
Presenting a live 90-minute webinar with interactive Q&A LLC Operating Agreements: Minimizing the Impact of a Member's Death, Divorce or Bankruptcy Buy-Sell and Other Provisions to Prevent Disruption and
More informationLiabilities Assumed in Certain Transactions Announcement
Liabilities Assumed in Certain Transactions Announcement 2003 37 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Advance notice of proposed rulemaking. SUMMARY: The IRS and Treasury are considering
More informationRetail Opportunity Investments Corp. Reports Strong First Quarter Results & Raises FFO Guidance
April 27, 2016 Retail Opportunity Investments Corp. Reports Strong First Quarter Results & Raises FFO Guidance $17.4% increase in FFO Per Diluted Share 7.6% Increase in Same-Center Cash Net Operating Income
More informationMixed-Use Developments: Lessons Learned From Recent Deals Navigating Zoning, Financing, Community Buy-In, and Other Challenges
Presenting a live 90-minute webinar with interactive Q&A Mixed-Use Developments: Lessons Learned From Recent Deals Navigating Zoning, Financing, Community Buy-In, and Other Challenges WEDNESDAY, NOVEMBER
More informationCAPITAL ASSET POLICY
CAPITAL ASSET POLICY POLICY STATEMENT Morningside College, through each of its operating departments acquires and disposes of capital assets. Each department is responsible for following College procedures
More informationThe Affordable Housing Credit Improvement Act of 2017
The Affordable Housing Credit Improvement Act of 2017 Sponsored by Representatives Pat Tiberi (R-OH) and Richard Neal (D-MA), the Affordable Housing Credit Improvement Act of 2017 would enact numerous
More informationExtra Space Storage Inc. Reports 2018 Fourth Quarter and Year-End Results
Extra Space Storage Inc. Reports 2018 Fourth Quarter and Year-End Results February 20, 2019 SALT LAKE CITY, Feb. 20, 2019 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading
More information