Milton tax plan approved by state

first_imgThe state has given the Town of Milton a green light for its Tax Increment Financing District, a move that will allow the town to keep some of the property taxes generated by new development to fund infrastructure instead of sending them all to the state.Recently the Vermont Economic Progress Council gave final approval to the Tax Increment Financing (TIF) District Plan after many hours of deliberation that included a meeting in Milton, public comment, and a tour of the town and the proposed TIF District.  This authorization will help the town of Milton undertake and pay for the necessary infrastructure improvements that will foster responsible economic and community development, said Karen Marshall, Chairwoman of VEPC. A TIF district epitomizes sustainable community development, Marshall said. It funds and builds infrastructure improvements that will foster economic prosperity through commerce and creation of new jobs, it fosters thoughtful, well planned community land use and transportation options, and better housing and health outcomes for the people who live and work there.The TIF District was previously approved by the Milton Select Board on September 15, 2008 following public hearings in April and September that year. The residents, planners and select board have been working toward the development of a town core for a number of years, said Milton Town Manager Sandy Miller. The approval of the Town Core TIF District is an important step as we seek to make strategic infrastructure improvements which will help create additional affordable housing and job opportunities.The authorization allows the Town of Milton to use incremental property tax revenues to finance certain public infrastructure projects like roads, lighting and sidewalks, parking, and sewers that will stimulate real property development within the TIF District.That development, in turn, will generate incremental property tax revenues that otherwise would not have been raised to pay for the infrastructure debt.The TIF District Plan approval was conditioned on the exclusion of some parcels that were included in the original TIF District application and the conditional inclusion of other parcels.Also, before any TIF District debt can be incurred, the town must submit a TIF District Financing Plan for VEPC approval which will detail the debt amounts and types of debt instruments that the town will utilize.Then the voters of Milton must approve debt levels and any bonds to be issued by the town for TIF District infrastructure projects. There is still much work to be done and reaping the benefits of this approval will not happen overnight, Miller said. We are appreciative of the thoughtful and thorough process the Vermont Economic Progress Council staff and board members engaged in which led to the approval of our TIF District application.  The TIF District was the first considered under reforms passed by the General Assembly in 2006. To approve the application, the VEPC board determined that: The real property development would not occur or would occur in a significantly different and less desirable manner unless the incremental property tax revenues helped to pay for the public infrastructure. The Town of Milton met several process criteria including public hearings and the development of a TIF District Plan. The Town of Milton approved and pledged the same proportion of incremental municipal property tax revenue as requested of the state. The proposed infrastructure and real property development are compatible with approved municipal and regional development plans and the project has clear local and regional significance for employment, housing, and transportation improvements. The proposed real property development meets one of four location criteria. The infrastructure and real property development will accomplish several public good outcomes, namely new affordable housing and improved and enhanced transportation systems.With a TIF District the value of the properties within the district are frozen at the time of approval by the municipality. All property taxes generated by that original base value continue to go to the municipality and the education fund.For 20 years, the property taxes generated by any increment above that base value are shared, with 75 percent going to the TIF District infrastructure debt and 25 percent going to the municipality and state education fund.The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor that considers applications to the state s economic incentive programs.VEPC is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.For more information, visit: www.thinkvermont.com/vepc(link is external)last_img read more

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China passes sweeping HK security law, heralding authoritarian era

first_imgBeijing on Tuesday unveiled new national security laws for Hong Kong that will punish crimes of secession, subversion, terrorism and collusion with foreign forces with up to life in prison, heralding a more authoritarian era for China’s freest city.As the law came into force, authorities were set to throw a security blanket across the heart of the city’s financial center on Wednesday after activists vowed to defy a police ban and rally against the measures.Local media said up to 4,000 officers would be deployed to stamp out any protests. “The punitive elements of the law are stupefying,” Simon Young, a law professor at the University of Hong Kong’s law school and a barrister, told Reuters.”Let us hope no one tries to test this law, for the consequences to the individual and the legal system will be irreparable.”The legislation pushes Beijing further along a collision course with the United States, Britain and other Western governments, which have said it erodes the high degree of autonomy the city was granted at its July 1, 1997, handover.Britain and some two dozen Western countries urged China to reconsider the law, saying Beijing must preserve the right to assembly and free press.The United States condemned the legislation as a violation of Beijing’s international commitments and vowed to go on acting “against those who smothered Hong Kong’s freedom and autonomy.”Washington, already in dispute with China over trade, the South China Sea and the coronavirus, began eliminating Hong Kong’s special status under US law on Monday, halting defense exports and restricting technology access.China, which has rejected criticism of the law by Britain, the European Union, Japan, Taiwan and others, said it would retaliate.Hong Kong leader Carrie Lam, in a video message to the United Nations Human Rights Council in Geneva, urged the international community to “respect our country’s right to safeguard national security”.She said the law would not undermine the city’s autonomy or its independent judiciary.Authorities in Beijing and Hong Kong have repeatedly said the legislation is aimed at a few “troublemakers” and will not affect rights and freedoms, nor investor interests.As the law was passed in Beijing, the Chinese People’s Liberation Army garrison in Hong Kong held a drill which included exercises to stop suspicious vessels and arrest fugitives, according to the Weibo social media account of state-run CCTV’s military channel.’Overpowering’In their most severe form, crimes will be punishable with life in prison. Punishments otherwise largely go up to 10 years. Properties related to crimes could be frozen or confiscated.The security legislation will supersede existing Hong Kong laws where there is a conflict and mainland Chinese authorities could exercise jurisdiction over some major cases.Interpretation powers belong to the Chinese parliament’s top decision-making body.Judges for security cases will be appointed by the city’s chief executive.According to the law, a new national security agency will be set up for the first time in Hong Kong and will not be under the jurisdiction of the local government. Authorities can carry out surveillance and wire-tap people suspected of endangering national security, it said.Those asking foreign countries to sanction, blockade or take other hostile action against Hong Kong or China could be guilty of colluding with foreign forces.Authorities shall take necessary measures to strengthen the management and servicing of foreign countries’ and international organizations’ branches in Hong Kong, as well as foreign media and NGOs in the city, the law says.”We can all start again,” pro-Beijing heavyweight Maria Tam, a member of China’s National People’s Congress, told reporters.Activists and pro-democracy politicians said they would defy a police ban on a rally on the handover anniversary on Wednesday.”We will never accept the passing of the law, even though it is so overpowering,” said Democratic Party chairman Wu Chi-wai.A majority in Hong Kong opposes the legislation, a poll conducted for Reuters this month showed, but support for the protests has fallen to only a slim majority.Dozens of supporters of Beijing popped champagne corks and waved Chinese flags in celebration in front of government headquarters.”I’m very happy,” said one elderly man, surnamed Lee.”This will leave anti-China spies and people who brought chaos to Hong Kong with nowhere to go.” Topics :center_img China’s parliament passed the detailed legislation earlier on Tuesday, giving Beijing sweeping powers and setting the stage for radical changes to the global financial hub’s way of life.Beijing had kept full details shrouded in secrecy, giving Hong Kong’s 7.5 million people no time to digest the complex legislation before it entered into force at 11.00 pm (1500 GMT) on June 30.The timing was seen as a symbolic humiliation for Britain, coming just an hour before the 23rd anniversary of when Hong Kong’s last colonial governor, Chris Patten, a staunch critic of the law, tearfully handed back Hong Kong to Chinese rule.Amid fears the law will crush the city’s freedoms, prominent activist Joshua Wong’s Demosisto and other pro-democracy groups said they would dissolve.last_img read more

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Swedish funds name new leaders for property and infrastructure arms

first_imgChristina Fernström, CFO, RikshemMeanwhile, Rikshem – a Swedish property company jointly owned by pension funds AP4 and AMF – has appointed Christina Fernström as its new permanent CFO.She replaces Jacob Bruzelius who has become the company’s head of analysis and portfolio strategy, a newly created role. Fernström was acting CFO since October 2018 when Bruzelius left the job.Prior to this, she worked as CFO for Swedish railway owner and operator Jernhusen, and for Swedish property developer Fastighets Tornet.Bruzelius has worked at Rikshem since 2012, when he joined the company from the Royal Bank of Scotland where he was head of the global restructuring group.Rikshem’s property portfolio is worth SEK47.4bn, according to the company’s website.The AP funds have stakes in several real assets groups, including public sector property specialist Hemsö (owned by AP3 and AB Sagax), power distribution network Ellevio (owned by a consortium including AP1 and AP3), residential housing group Willhem (owned by AP1) and CityHold, (a joint venture between AP1, AP2 and Nuveen). She was previously CIO at real estate investor Areim and Stockholm housing specialist Sveafastigheter.Vasakronan was bought by Sweden’s buffer funds – AP1, AP2, AP3 and AP4 – in 2008 and has since grown to be one of the largest real estate companies in Europe, according to its website.Elsewhere, Polhem Infra – which was set up by AP1, AP3 and AP4 in April this year – has appointed Mikael Lundin as chief executive.Lundin will take up the role on 1 October, taking over from Johanna Tesdorpf who has been acting chief executive during the formation of the company.Per-Håkan Westin, chair of Polhem, said Lundin had “long and solid industrial experience in the energy sector and has a deep understanding of how this sector works and how Polhem Infra can contribute to developing primarily Sweden’s infrastructure”.Lundin has been a consultant for the past two years, during which time he was interim chief financial officer of PostNord. Previous roles include that of chief executive of the Nordic electricity exchange Nord Pool in Oslo, and various senior positions within the Fortum Group and Vattenfall.Tesdorpf will continue to work at Polhem Infra for some time after October 1 as support for Lundin and the company, the firm said.Polhem was set up to invest in unlisted Swedish companies with a focus on infrastructure. Vasakronan, a real estate investment company co-owned by Sweden’s four main national pensions buffer funds, has hired Johanna Skogestig (pictured) as its new chief executive.center_img She will start her new role on 1 November, taking over from Fredrik Wirdenius, who has led the SEK144bn (€13.5bn) Swedish property manager for 11 years. His decision to step down was announced in April.Skogestig has worked at Vasakronan since 2015, having responsibility for the company’s analysis and transaction operations. She also sits on the boards of real estate groups Fastighets AB Regio and Cibus.last_img read more

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Purple & Bold: Kostas Antetokounmpo prepares for a Milwaukee reunion with his MVP brother

first_imgOne of his favorite high school haunts was a nearby location of Blaze Pizza – whose most famous investor is LeBron James. Kostas now calls it a “crazy” coincidence.“It was right by my high school,” he said. “So I know LeBron now, so I might ask him for a gift card or something – no, no, just kidding.”Kostas is in a strange position between the two teams who have paced their respective conferences so far. If the playoffs started today, the Lakers and Bucks might be favored to meet in the NBA Finals. He also has competing interests in the MVP race: Between the two teams, there are three likely candidates.Being up close to James and Davis is different from being around his brother. As abnormal as Giannis’ workout routine might seem, it’s normal to Kostas, who works out with all of his brothers in the offseason. Watching James and Davis work has given him an appreciation for what it takes for others to reach a higher level.It might seem tempting for teammates to hit Kostas up for Giannis intel, but he said that so far, it hasn’t been the case.“Not yet at least,” he said. “At least not really. I wouldn’t really know. I know the way (Giannis) works, but I wouldn’t even know what he does with the team.”That’s not to say they don’t talk: Kostas estimated that he talks with his brothers usually about once a day. The Antetokounmpos are famously tight-knit. Giannis sat his brothers alongside him for the post-game press conference of the All-Star Game last February, and both attended the NBA Awards in Santa Monica this summer when Giannis received his first MVP award.It might seem daunting for a younger brother of such an accomplished star to try to make his own way. But Danny Green, who has a younger brother playing at Indiana, said the league is largely indifferent to those kinds of challenges.“Everybody has brothers,” he said. “There’s four Holidays out there. There’s a lot of Plumlees, a couple Zellers. Nobody feels bad for any of the brothers that’s not as good as the other. They all made great careers for themselves.”While the odds run against the Antetokounmpo family producing a second MVP-winning brother, there are indications that Kostas could make it in the league. He’s averaging 13.1 points and 7.1 rebounds for the South Bay Lakers. His field goal percentage has improved from 52.5 percent last year to 62.1 percent this year. While his dimensions help him play defense, he said his goal is to become a stronger offensive player.Even Green, who has no ingrained sympathy for a brother trying to rise out of a towering shadow, sees the positive signs.“Kostas, I think, is still on his way,” he said. “He’s still young and learning. He has a lot of potential. I think he’s going to be big for us at some point and big for this league at some point.”Kostas hopes that’s sooner rather than later, of course, even though Giannis took some time to emerge as an All-Star-caliber threat. In every Lakers game, he hopes the score starts to slant so he can get an opportunity for NBA minutes. In Indiana, even with Anthony Davis out, the Lakers sat their two-way players – Coach Frank Vogel called them “insurance.”Maybe in time, that will change, Kostas thinks. Maybe he’ll end up earning a little more time with the Lakers. And while Western Conference and Eastern Conference teams only play each other twice per season, maybe there will be more opportunities down the road if the Lakers and Bucks make it far enough along in the postseason.For now, the Brothers Antetokounmpo aren’t making any summer plans.“That’s our plan: both being busy in June, playing against each other hopefully,” he said. “We don’t need to talk about offseason plans yet.”— Kyle GoonEditor’s note: Thanks for reading the Purple & Bold newsletter. To receive the newsletter in your inbox, sign up here.Don’t move, don’t even linkThe end of the streak – The Lakers finally lost away from Staples Center, in a way that reinforced how impressive their streak was.The ankle everyone’s wondering about – The genesis of Anthony Davis’ up-in-the-air status for Thursday’s super-match.Trusting the patient – This look at how the Lakers let Davis play through soreness seems salient.Old friends in Indy – Frank Vogel was in his element, at least before the game started, as Nate McMillan noted how strange it was to see a friend team up with an old enemy.While others rest – LeBron keeps chasing wins, and it’s working, Mirjam wrote. Newsroom GuidelinesNews TipsContact UsReport an Error AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThis is life for two-way contract players trying to make it from the fringes of the NBA: You toil in the G League for most of the season until you get a long-awaited call that is likely to mean a redeye cross-country flight to meet the NBA team. When you get there, not even a locker is assured.But Antetokounmpo was more than happy to make the trip for one reason in particular: At the end of this five-game road swing is Milwaukee, where his family lives and where his name carries the ring of local royalty. Kostas can’t wait to be on the same floor as his brother, Giannis, who you have probably heard of – and who definitely has two cubbies.When the Lakers take on the Bucks on Thursday night, he’ll have a lot of reasons to be racked with excitement.“Two best teams in the NBA right now going head-to-head,” Kostas said Sunday. “So like, as a fan I want to watch that game. As a player, I want to be playing in that game. It would be amazing to be on that trip.”Greece was the first home he truly loved, but Milwaukee was the second. Kostas spent three years at Dominican High School, north of the city in Whitefish Bay, as his brother was developing into a mold-breaking forward for the Bucks. The younger Antetokounmpo can claim something that Giannis can’t: He won high school state championships with the Knights in 2015 and 2016.center_img Editor’s note: This is the Wednesday, Dec. 18 edition of the Purple & Bold newsletter. To receive the newsletter in your inbox, sign up here.In an NBA locker room, the ultimate sign of respect is an extra cubby. Even when teams travel, their best players get more room in cramped visiting quarters.LeBron has two cubbies. A.D. has two cubbies.It should tell you a little bit about the status of 22-year-old Kostas Antetokounmpo to know that, on Sunday evening in Atlanta, he didn’t have a locker at all. The 6-foot-10 forward sat on a folding chair in a narrow corridor between the lockers and the showers, eating chicken and broccoli while watching game film on an iPad. A few feet above his head, his nametag was pasted on the wall to mark his tiny patch of unremarkable territory.last_img read more

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