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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ABN Amro scheme targets emerging market debt, catastrophe bonds

first_imgThe pension fund has introduced a dynamic investment policy based on nominal interest rates and coverage ratio, scaling back its return portfolio when funding hits 140%.Its matching portfolio is set within a bandwidth, ranging from a minimum of 40%, when 20-year interest rates are negative, to 85%, when 20-year rates are more than 4%.The pension fund has set upper and lower limits on portfolio adjustments, to avoid having to make transactions – and incur trading costs – on limited market movements.As of the end of 2015, its entire interest hedge – also including liquid assets and government bonds – covered 64% of the interest risk on its liabilities.The scheme fully hedged the currency risk on developed market equities.It acknowledged it had failed to grant indexation, as the consumer index had been at zero, adding that its financial position had been too weak to pay any inflation compensation in arrears.As of the end of May, the scheme’s day-to-day funding stood at 114%.The ABN Amro Pensioenfonds has 97,500 participants in total, of whom 19,800 are workers and 25,625 are pensioners. ABN Amro’s €23.5bn pension fund in the Netherlands has started investing in catastrophe bonds and emerging market debt in a bid to further diversify its investment portfolio.According to its 2015 annual report, the scheme is looking to increase its 0.9% allocation to insurance-linked securities to 5%, and its 4.2% allocation to emerging market debt to 10%. The ABN Amro Pensioenfonds reported an overall annual return of 1.7% for 2015, with its return portfolio generating 4.4%, due chiefly to the rebound in equity markets.By contrast, it lost 1.6% on its matching portfolio, due largely to rising interest rates.last_img read more

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Aluko completes Hull fightback

first_img He also expressed his delight with the one man he did manage to get through the door, and Remy repaid his faith in style in his first home start. Newcastle came out of the blocks with genuine purpose and pinned the Tigers back deep inside their own half, and it took them just 11 minutes to get their noses in front. Moussa Sissoko’s cross from the right fell perfectly for Papiss Cisse beyond the far post and although he mishit his volley, the ball sat up nicely for Remy to plant a header past McGregor. However, as Hull retreated behind the ball, they managed to stem the flow, largely frustrated man-of-the-moment Hatem Ben Arfa down the right and central frontman Cisse. They might have been level when the home side failed to deal with a 17th-minute Tom Huddlestone corner, but defender Curtis Davies completely missed his kick, and Jake Livermore was denied by first Mapou Yanga-Mbiwa and then Fabricio Coloccini in quick succession. Danny Graham, without a goal since January, passed up a glorious opportunity to end his drought when he headed straight at Krul from point-blank range with 26 minutes gone, but Hull were back on terms within seconds when the lively Aluko fed the ball into the path of Brady, who fired left-footed through Krul’s legs. For 10 minutes, Pardew’s men found themselves on the back foot with the visitors sensing an opportunity. However, they gradually re-established a momentum and regained the lead a minute before the break when Chester could only block Yohan Cabaye’s shot to Remy, who gleefully stroked the rebound past McGregor. But shambolic defending cost the home side dear within three minutes of the restart when Elmohamady was allowed to meet Brady’s free-kick unopposed and saw his glancing header go in off the post. Stung by the reverse, the Magpies launched an all-out assault on McGregor’s goal, although to little effect. Ben Arfa almost unlocked the door with a 64th-minute free-kick, but Cisse was unable to make contact in front of goal. Another goalless afternoon for Cisse – he has now not scored in 11 games – ended with 17 minutes remaining when he was replaced by Sylvain Marveaux. But it was the visitors who took the lead for the first time three minutes later when substitute George Boyd broke down the left and crossed for Aluko to guide a superb volley past Krul and in off the far upright. Remy might have claimed a hat-trick and salvaged a point in injury-time, but stabbed wide from close range, much to the relief of Tigers boss Steve Bruce as he avenged a 5-1 defeat as Sunderland manager on his last visit to St James’. Sone Aluko stunned Newcastle with a stunning winner as Hull fought back to claim a famous victory at St James’ Park. The Frenchman, the club’s only senior summer addition, struck twice before the break to give his side the lead, much to the delight of watching owner Mike Ashley and director of football Joe Kinnear. However, to the horror of the bulk of a crowd of 51,523, Newcastle endured a dreadful day at the back and were made to pay for their failings. It took Remy just 11 minutes to get his name on the scoresheet, heading home from close range after strike-partner Papiss Cisse had dragged a shot across the face of goal. But after a promising start by the Magpies, they allowed Hull to work their way back into the game and they were level within 15 minutes when Robbie Brady was gifted time and space inside the penalty area to beat Krul. The home side were laboured in the efforts to restore their advantage, but they did so a minute before half-time when Remy pounced on a loose ball to beat goalkeeper Allan McGregor for a second time. But Newcastle failed to learn their lesson and were punished once again with the second half just three minutes old when former Sunderland winger Ahmed Elmohamady ran unchecked on to Brady’s free-kick to level. The home side flattered to deceive for long periods, dominating possession, but creating too little to make the pressure count as the Tigers defended deep to pave the way for Aluko’s late strike. Kinnear, who sat alongside Ashley, had defended his summer transfer dealings in his programme notes, citing “grossly over-inflated” fees and agents’ demands for the lack of permanent signings. Press Association The Nigerian steered an inch-perfect 76th-minute volley past keeper Tim Krul to make it 3-2 after the Tigers had twice come from behind on Tyneside. But Magpies boss Alan Pardew will have been furious with the way his side capitulated on a day when striker Loic Remy demonstrated his potency. last_img read more

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Provost Quick addresses racism, Charlottesville in letter to USC community

first_imgIn a letter sent to the USC community Monday morning, Provost Michael Quick condemned racism and other forms of discrimination, calling USC a multicultural community of people from diverse backgrounds.A screenshot of the letterThe letter came nine days after Aubtin Heydari, a senior majoring in screenwriting, was reportedly injured while counter-protesting a white supremacist rally in Charlottesville, Va. “Intense political rhetoric divides our nation, and incidents of bias and discrimination degrade our humanity,” Quick wrote in the statement. “We denounce all forms of hatred, racism, and bigotry.”Two days before the letter from the Provost’s office was released, a statement of solidarity for Heydari began circulating on social media, reaching over 700 signatures in two days.The petition was started by the USC Cinema and Media Studies Graduate Association. In it, the student organization affirms its support for Heydari, who was hit when a vehicle ran into him and 19 other counter-protesters, one of whom was killed. The statement also included a reaction to USC’s lack of support for Heydari at the time, especially since other institutions had denounced hate and racism immediately after the violent attacks in Charlottesville occurred.On Sunday, however, Elizabeth Daley, the dean of the School of Cinematic Arts, addressed the petition and said that SCA reached out to Heydari the Monday following the Charlottesville attacks.Daley also denounced hatred and racism, and expressed her support for Heydari.“We worked over the course of last week to ensure that all necessary accommodations by the relevant student support offices would be made upon his return. [ … ] I feel it is important to share the fact that our response in support of our student was immediate and thorough, and will continue as long as necessary,” Daley said.Philana Payton, a Ph.D. student in cinema and media studies who helped write and circulate the petition, said that she was shocked USC did not immediately release a statement about the Charlottesville attacks.“Our biggest concern is the fact that the University has yet to make any public denouncement of the alt-right, white supremacists, ‘unite the right’ rallies and neo-Nazis that are terrorizing cities across the country,” Payton said. Subsequent to the petition’s publication, the post was later updated to say that Heydari had been contacted by USC administration.Heydari said he was grateful for the support, as he recovers from his injuries at a hospital in Charlottesville.“The fact that they put this petition together and so many people signed it really touches me in a very sincere way,” Heydari said.Heydari also said he received an email from Lynette Merriman, associate vice provost for campus crisis support and intervention. He added that the message was time-marked as Aug. 13, a day after the Charlottesville attacks. Heydari said he only saw the email recently.“I have been informed that you were a victim of the tragic events in Charlottesville this weekend,” the email read. “ I am so, so sorry to hear that you were injured. Please let me know if we can do anything to assist you … do not hesitate to contact me.”Heydari declined to comment in regard to the specifics of his injuries and the occurrences in Charlottesville, but the letter to SCA from Daley said that he had a successful surgery and will be returning to campus in the coming weeks. “All my life I have been called a terrorist because of my ethnicity,” Heydari posted on his Facebook the night of the Charlottesville attacks. “Today I was hit by one in a car. He was a white man.”The petition ended by thanking Heydari for his contributions to equality and social justice, both in Charlottesville and at USC.“Heydari is consistently on the frontlines advocating for transformative social justice both on and off campus,” the statement read. “We are thankful that he survived the Charlottesville terrorist attack and that he is healing. We will continue to stand in solidarity with Heydari as he prepares to return to campus.”The letter sent out by the Provost’s office also reminded students the importance of the diversity of ideas and backgrounds.“In a place like USC where a diversity of perspectives and opinions are welcomed, and even necessary for our mission, we must find ways to respect and honor differences while also affirming our shared values and aspirations,” Quick wrote.last_img read more

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