Planning Considerations. In planning the buyout provisions in shareholder, partnership or operating agreements, Code Section101(j) adds a new level of analysis to the equation. Complying with the notice and consent requirements is an easy first step. Even so, the impact of excess insurance proceeds should be addressed when one is relying on the exception for amounts paid to an insured's heirs under Code Section 101(j)(2)(B). In such a case, whether the entity or the family of the deceased principal receives the proceeds can affect whether the excess insurance proceeds will be included or excluded from gross income as the proceeds are excluded from gross income to the extent of the amount paid to the heirs. However, if the entity retains excess insurance, it may be included in gross income unless another exception applies to exclude the insurance proceeds. The benefits and risks of alternative sources of funding a buy out should also be weighed. While life insurance can be a ready source of liquidity, the tax considerations discussed above along with the insurability of the principals and the need for a constant stream of up-front cash payments for premiums may not make economical sense for every client. When life insurance contracts are not attractive, other alternatives exist to fund a buyout. A cash buyout avoids the tax risks associated with Section 101(j), but requires that the business have a significant cash reserve on hand to satisfy the buyout, which when depleted may affect the operations or credit worthiness of the business. The entity could borrow funds to avoid using its own cash, but the risk is whether credit will be available or at a reasonable interest rate. Installment payments are a practical solution where the installments are tied to the valuation of the consideration, which can be partially based on the projected cash flow of the business. If the projected cash flow, however, does not follow suit, the payees will be exposed to the general credit risk of the entity or the personal guarantees of the other principals. Finally, the business may self-fund with an investment fund. This may allow the business to better manage its cash reserves and be prepared to be liquid. However, this also requires an up-front diversion of cash from the business operations and tax on the distributions and appreciation of the investments. Overall, life insurance contracts continue to be an attractive solution for funding buyout provisions in shareholder, partnership and operating ag...
Planning Considerations. The property proposed for development falls within the boundaries of Tax Increment Finance District 2 . The TIF District was established as part of the Urbana Downtown Tax Increment Area II Conservation-Redevelopment Plan and Projects (TIF 2 Plan, adopted December 16, 1986, and currently proposed for amendment). The TIF allows for the City of Urbana to apply TIF funds for public infrastructure and other eligible improvements within the Redevelopment Project Area. As stated in the Downtown Strategic Plan adopted February 4, 2002, the area along Broadway Avenue is suitable for additional commercial uses as a key entrance to the downtown. It is hoped that the completion of other downtown projects, such as Lincoln Square Village and Stratford Residences will attract new commercial developments that will help serve the retail and service needs of the community and region. Bear Properties own the remainder of the Xxxx Sports site and is interested in pursuing future development upon expiration of current leases. The leveraging of private funds to redevelop and improve properties in the North Broadway Avenue area is consistent with the goals of the TIF 2 Plan and the Downtown Strategic Plan. It is also a goal to increase the amount of commercial business space in the City of Urbana and to increase the property tax base within TIF 2. In light of these facts, it is in the City’s best interest to provide certain financial incentives in order to allow this project to occur. Fiscal Impact The agreement commits the developer to $200,000 of rehabilitation of the existing facility. An EAV increment of $66,000 would yield approximately $5,600 annually in TIF tax revenue. Sales, utility and other City taxes and fees are not specifically calculated; however, total revenues should exceed $8,000 annually. Taxes will also be levied against the vacated right-of-way. The loan and grant program is a one-time cost of $13,740.33.
Planning Considerations. 3.1 The material planning consideration in respect of this application is whether or not the S.106 contributions set out in paragraph 1.3 can be paid at a later date whilst still allowing the Council sufficient time to deliver the infrastructure required to support the development.
Planning Considerations. It is recognised that the Community Councils have no direct decision making power in the planning process. However, the views of the local community, that are relevant in planning terms to the consideration of planning applications, will be given weight by those involved in the decision making process. (Ref. Steps 16 - 19 Process Flowchart). Planning officers are committed to assisting Community Councils stay as informed as possible, where requested, by explaining the planning process, the detail of applications and any key considerations in their determination and helping CC’s focus on the key areas of concern associated with a planning application. Just as there is the expectation that planning officers should provide guidance to potential applicants on how to progress an application throughout the duration of the process, planning officers should similarly provide guidance, when requested, to Community Councils and the PLO (Planning Liaison Officer) on how best to phrase their suggestions and concerns to ensure that they are material planning considerations.
Planning Considerations. It is recognised that, as part of consideration of a rezoning of land of this nature, it must be demonstrated that the land is safe and suitable for the proposed development the zone will facilitate. To this end, it is recognised that a number of ‘specialist’ assessments may be required – such as a cultural heritage assessment, flora & fauna assessment or soil contamination assessment. These assessments have not been commissioned as yet, as this submission seeks the Council’s in principle support for the proposal per se. Further detail – including any relevant specialist assessments - can be provided as part of the formal documents for referral and exhibition of a Planning Scheme Amendment. Notwithstanding this, the following responses to the relevant considerations are provided, based on site investigations to date.
Planning Considerations. Site Name: HMS Velox MMO Plan Area Boundary: South Inshore SMP: N/A Cell: N/A Policy: N/A Planning Authority: MMO HER: Hampshire International Designation: SAC (South Wight Maritime) National Designation: rMCZ (Bembridge) Identified Users: Hampshire and Wight Trust for Maritime Archaeology (HWTMA) Various Sport Divers Consultees: Receiver of Wreck HWTMA IFCA: Southern Aggregate/Offshore Energy: N/A A1.4 Archaeological Significance Criteria (DCMS 2010) Comments Rating (Low- High) Period: “all types of monuments that characterise a category or period should be considered for preservation.” HMS Velox was launched in 1902 and sank in 1915. The vessel’s conception, construction and use spanned a period of intense development in naval technology. This process, driven in part by the naval arms race between Britain and Germany witnessed the ascendancy of the dreadnought class of battleship and the development of turbine propulsion. HMS Velox was amongst the first Royal Navy ships to be powered by a turbine and is representative of this period of innovation and technological development. In addition, the latter part of the vessel’s career took place during World War One, a period of extremely high global significance. HIGH Rarity: “there are some monument categories which are so scarce that all surviving examples which still retain some archaeological potential should be preserved. In general, however, a selection must be made which portrays the typical and commonplace as well as the rare. This process should take account of all aspects of the distribution of a particular class of monument, both in a national and a regional context.” The remains of HMS Velox represent the known and located remains of a turbine powered Torpedo Boat Destroyer dating to the pre-Dreadnought era of the Royal Navy. In this regard the vessel is relatively unique with only limited, slightly later contemporaries, for example HMS Blackwater. HIGH
Planning Considerations. The Landowner covenants with the Agency:
Planning Considerations. 4.1.1 Official Plan Blocks 38, 39 and 40 are located within the “Urban Area” designation of the Regional Official Plan. Secondary planning policies for Blocks 39 and 40 were established by OPA 400, which was approved by the Region on June 29, 1995. OPA 400 requires that prior to development the City of Xxxxxxx must approve a block plan. Amendment No. 600 to the Vaughan Official Plan (City’s New Official Plan) was approved by the Region on June 28, 2001 and January 24, 2002. OPA 600 updated the requirements for block plan approval and also required completion of a tertiary plan for the Vellore District Centre, located at the intersection of Major Mackenzie Drive and Weston Road.
Planning Considerations. 3.1 The material planning consideration in respect of this application is whether or not the applicant has adequately demonstrated that the planning obligation relating to affordable housing would cause the development to be unviable thus justifying a degree of flexibility in relation to the affordable housing obligation.
Planning Considerations. 7.1 Having regard to the relevant policies of the development plan it is considered that the main issues arising from this application are:
