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Found 5 results

  1. California Cities Face Bankruptcy Curbs By BOBBY WHITE MAY 28, 2009 As California seeks more funds from its cash-strapped cities and counties to close a $21 billion budget deficit, some state legislators are pushing a plan that could compound municipalities' pain by making it tougher for them to file for bankruptcy. The bill would require a California municipality seeking Chapter 9 bankruptcy protection to first obtain approval from a state commission. That contrasts with the state's current bankruptcy process, which allows municipalities to speedily declare bankruptcy without any state oversight so that they can quickly restructure their finances. The bill, introduced in January, has passed one committee vote and could reach a final vote by mid-July. The bill was sparked by the bankruptcy filing last year of Vallejo, Calif., just north of San Francisco. Vallejo's city leaders partly blamed work contracts with police and firefighters for pushing the city into bankruptcy, and won permission from a bankruptcy court in March to scrap its contract with the firefighters' union. That spurred the California Professional Firefighters to push for statewide legislation to curtail bankruptcy, said Carroll Willis, the group's communications director. "What we don't want is for cities to use bankruptcy as a negotiating tactic rather than a legit response to fiscal issues," he said, adding that he worries cities may work in concert to rid themselves of union contracts by declaring bankruptcy. If the bill passes, it could hurt cities and counties by lengthening the time before they can declare bankruptcy. That creates a legal limbo during which a municipality is more vulnerable to creditors. The proposed state bankruptcy commission would be staffed by four state legislators, which some critics worry could politicize the bankruptcy process. "This bill is impractical," said John Moorlach, a supervisor in Orange County, Calif., which filed for bankruptcy in 1994. "In many instances, haste is important. If you can't meet payroll but have to delay seeking protection, what do you do?" California towns and counties face a catalog of troubles. Earlier this month, voters rejected five budget measures, sending the state deficit to $21 billion. To overcome the gap, Gov. Arnold Schwarzenegger has proposed borrowing $2 billion from municipalities, using a 2004 state law that lets California demand loans of 8% of property-tax revenue from cities, counties and special districts. But that proposal lands as California municipalities are already facing steep declines in tax revenue because of the recession. Dozens are staring at huge deficits, including Pacific Grove and Stockton, which have publicly said they are exploring bankruptcy. Assemblyman Tony Mendoza, a Democrat who introduced the bankruptcy bill, said the initiative is needed to protect the credit rating of California and its ability to borrow and sell bonds. Mr. Mendoza added that he wants to avoid bankruptcy's repercussions on surrounding communities by offering a system that examines all of a municipality's options before filing for bankruptcy. "Municipalities should have a checks and balance system in place based on the fact that all economies are interconnected," he said. Dwight Stenbakken, deputy executive director for the California League of Cities, a nonprofit representing more than 400 cities, said the group is lobbying against the bill because "there's nothing a state commission can bring to the process to make this better." Write to Bobby White at [email protected]
  2. Cities Collapsing throughout the USA The Coming Depression April 7, 2009“With enough abandoned lots to fill the city of San Francisco, Motown is 138 square miles divided between expanses of decay and emptiness and tracts of still-functioning communities and commercial areas. Close to six barren acres of an estimated 17,000 have already been turned into 500 “mini- farms,” demonstrating the lengths to which planners will go to make land productive. The city, like the automakers, has to shrink to match what’s left, said June Thomas, a professor of urban and regional planning at the University of Michigan in Ann Arbor. “The issue is how,” she said. “There’s no vision.” “People are moving out of the city, trying to find work,” said David Martin of Wayne State University’s Urban Safety Program. Those who stay “can’t afford to move out.” “Property abandonment is getting so bad in Flint that some in government are talking about an extreme measure that was once unthinkable — shutting down portions of the city, officially abandoning them and cutting off police and fire service. … [Mayor] Brown said that as more people abandon homes, eating away at the city’s tax base and creating more blight, the city might need to examine “shutting down quadrants of the city where we (wouldn’t) provide services.” He did not define what that could mean — bulldozing abandoned areas, simply leaving the vacant homes to rot or some other idea entirely.” “Cul-de-sac neighborhoods once filled with the sound of backyard barbecues and playing children are falling silent. Communities like Elk Grove, Calif., and Windy Ridge, N.C., are slowly turning into ghost towns with overgrown lawns, vacant strip malls and squatters camping in empty homes.” “In its depth and suddenness, the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again). … But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.”
  3. evenko annonce avec fierté que selon les chiffres compilés par Venues Today*, le Centre Bell se classe au premier rang des arénas les plus achalandés au Canada et figure au troisième rang mondial ! Au Canada, le Centre Bell devance l'Air Canada Centre de Toronto, qui occupe le cinquième rang mondial. Ce palmarès est basé sur le nombre de concerts et les recettes des amphithéâtres de 15 001 à 30 000 sièges, du 16 octobre 2011 au 15 octobre 2012. Venues Today, magazine international couvrant le volet affaires de l'industrie du divertissement et du sport, recense l'achalandage des plus grands amphithéâtres au monde. Voici le classement des vingt premières places en 2012: 1.O2 Arena, London, U.K. 2.Staples Center, Los Angeles 3.Bell Centre, Montreal 4.Allphones Arena, Sydney 5.Air Canada Centre, Toronto 6.Madison Square Garden, New York 7.Wells Fargo Center, Philadelphia 8.Verizon Center, Washington 9.O2 World, Berlin, Germany 10.HP Pavilion at San Jose (Calif.) 11.Philips Arena, Atlanta 12.Thomas & Mack Center, Las Vegas 13.Consol Energy Center, Pittsburgh 14.Amway Center, Orlando, Fla. 15.American Airlines Arena, Miami 16.Coliseo de Puerto Rico, San Juan 17.Prudential Center, Newark, N.J. 18.Rexall Place, Edmonton, Alberta 19.American Airlines Center, Dallas 20.Honda Center, Anaheim, Calif. De plus, selon une étude réalisée par la firme de Secor pour le compte d'evenko, '' les spectacles d’evenko figurent parmi les attraits touristiques les plus importants de la métropole'' et ''constituent plus du tiers de l'assistance à des spectacles et événements au Québec.'' Nous remercions tous les spectateurs du Québec ainsi que les nombreux visiteurs canadiens et étrangers qui continuent, année après année, d'assister aux différents événements présentés au Centre Bell. (* 2012 Year-End "Top Stops". Based on concert and event grosses from Oct. 16, 2011-Oct. 15, 2012, as reported to Venues Today. Venue/Location/No. of Seats/Total Gross/Total Attendance/No. of shows.) ------------------------------------------------------- evenko is proud to announce that as per Venues Today* the Bell Centre has been ranked number one arena in Canada and 3rd top arena in the world! In Canada, the Bell Centre placed ahead of the Air Canada Centre, taking 5th position worldwide. The rankings are based on concert and event grosses from October 16, 2011 to October 15, 2012 in the amphitheatre category of 15,001 to 30,000 seats. Venues Today is a leading international trade publication that covers the business side of entertainment and sports, particularly as it relates to venues. Here are the 2012 '' 20 Top Stops'': 1.O2 Arena, London, U.K. 2.Staples Center, Los Angeles 3.Bell Centre, Montreal 4.Allphones Arena, Sydney 5.Air Canada Centre, Toronto 6.Madison Square Garden, New York 7.Wells Fargo Center, Philadelphia 8.Verizon Center, Washington 9.O2 World, Berlin, Germany 10.HP Pavilion at San Jose (Calif.) 11.Philips Arena, Atlanta 12.Thomas & Mack Center, Las Vegas 13.Consol Energy Center, Pittsburgh 14.Amway Center, Orlando, Fla. 15.American Airlines Arena, Miami 16.Coliseo de Puerto Rico, San Juan 17.Prudential Center, Newark, N.J. 18.Rexall Place, Edmonton, Alberta 19.American Airlines Center, Dallas 20.Honda Center, Anaheim, Calif. Moreover, according to a Secor study which was recently conducted for evenko: ″The events promoted by evenko are amongst the most important tourist attractions of the city″ and are ″a staple of the cultural industry in Quebec -- more than a third of the overall attendance at shows and events in the provinc″. We thank all patrons in Quebec and visitors from Canada and abroad who continue, year after year, to attend the various events presented at the Bell Centre. (* 2012 Year-End "Top Stops". Based on concert and event grosses from Oct. 16, 2011-Oct. 15, 2012, as reported to Venues Today. Venue/Location/No. of Seats/Total Gross/Total Attendance/No. of shows.)
  4. You’ll probably be surprised if you live in Brookside to know that the median home price went up 17 percent in the past year — to more than $3 million. Actually, that’s Brookside, N.J., No. 10 on Forbes’ list of most expensive ZIP codes. Here they are, with median home price and percentage change from last year. The two New York City areas are listed by ZIP. 1. Alpine, N.J., $4,139,041, -23% 2. Atherton, Calif., $3,849,133, -26% 3. New York 10014, $3,521,514, -24% 4. Duarte, Calif., $3,444,773, +18% 5. Beverly Hills, Calif., $3,367,167, -5% 6. Rancho Santa Fe, Calif., $3,362,493, -12% 7. Santa Barbara, Calif., $3,284,652, -9% 8. Los Altos Hills, Calif., $3,277,500, +4% 9. New York 10065, $3,176,534, -10% 10. Brookside, N.J., $3,121,115, +17% Interesting footnote: “Stop Acting Rich,” Thomas J. Stanley (John A. Wiley & Sons) The author who brought us “The Millionaire Next Door” and “The Millionaire Mind” is back with a volume on the value of thrift, subtitled “And Start Living Like a Real Millionaire.” Stanley’s research finds that those who want to be rich spend a lot more than people who actually are rich — and that the real millionaires’ frugality often had a lot to do with their accumulating real wealth. "About 90% of millionaires lives in homes valued at under $1 million." Meanwhile only about 27% of homes valued at more than $1 million are owned by millionaires. http://www.kansascity.com/business/story/1504749.html
  5. Urban areas see revival in housing construction http://www.usatoday.com/money/economy/housing/2009-03-10-urban-construction_N.htm?csp=34
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