Tag: 上海花千坊1314

Assemblymember Chris Holden “Most Disappointed” As Governor Brown Cuts Promised Funding to the Pasadena Playhouse

first_img Community News Top of the News Government Assemblymember Chris Holden “Most Disappointed” As Governor Brown Cuts Promised Funding to the Pasadena Playhouse Published on Tuesday, January 10, 2017 | 6:04 pm Today, Governor Jerry Brown presented his proposed Fiscal Year 2017-18 Budget. For the first time in four years Brown projects a state deficit – $1.6 billion from declining revenue – that he proposes to offset with $3.2 billion in budget solutions.Assemblymember Chris Holden released the following statement:I’m most disappointed in the one million dollar one-time cut in funding for the renovation of the Pasadena Playhouse that already passed in Fiscal Year 2016-2017 Budget. This cut is especially deep as the Playhouse, the official State Theater of California, celebrates its 100th Anniversary.The Playhouse has already committed funds they were promised to the renovation project and it is disingenuous of Governor Brown to take it away six months later.This action sets bad precedent for future budget negotiations and breeds public distrust among tax payers.” More Cool Stuff Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Subscribe 4 recommended0 commentsShareShareTweetSharePin it Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Make a comment Business Newscenter_img Name (required)  Mail (required) (not be published)  Website  Your email address will not be published. Required fields are marked * Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy First Heatwave Expected Next Week Community News HerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyEase Up! Snake Massages Are Real And Do Wonders!HerbeautyHerbeautyHerbeauty15 Countries Where Men Have Difficulties Finding A WifeHerbeautyHerbeautyHerbeauty10 Sea Salt Scrubs You Can Make YourselfHerbeautyHerbeautyHerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeautyBohemian Summer: How To Wear The Boho Trend RightHerbeautyHerbeauty faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Immigration, under the stage lights

first_imgThe history of the U.S. is a story of immigrants. It only makes sense, then, that the tales that people stage — the dramas and comedies — have been deeply influenced by new arrivals. An exhibition at Houghton Library chronicles the fresh talent and innovation that each successive wave of newcomers brought to American theater.“Treading the Borders: Immigration and the American Stage,” on display through Dec. 15, makes use of the extensive Harvard Theatre Collection to illustrate the influence of immigrants from this country’s earliest days. With materials ranging from the oldest extant American playbill (from a 1750 performance of “The Orphan”) through souvenirs of contemporary works like “Hamilton,” the exhibit examines the broad influence of ethnic groups and nationalities on theater, dance, opera, and other performing arts, even as immigration ebbed and flowed around prejudice, hardship, and restrictive laws through U.S. history.“Anywhere there is an immigrant community large enough to sustain it, there’s a flowering of ethnic theater — theater in the language of the immigrant,” said Matthew Wittmann, curator of the Harvard Theatre Collection.Even before this country was founded, Wittman and the show explain, newcomers were bringing their dramatic traditions into the mainstream. With “too many actors in Britain and not enough stages,” as Wittmann put it, English actors such as Walter Murray and Thomas Kean came to seek their fortunes, staging productions of Shakespeare for their colonial compatriots. Before long, however, that dominant British tradition was being changed and challenged by input from the French (via actor Alexandre Placide, for example, who settled in Charleston, S.C.) and others. By the early 1800s, European Jews, Irish, Italians, and — with the San Francisco Gold Rush of 1849 — Chinese immigrants were infusing their traditions and entertainment.,“Anywhere there is an immigrant community large enough to sustain it, there’s a flowering of ethnic theater — theater in the language of the immigrant.” — Matthew Wittmann, curator of the Harvard Theatre Collection, pictured above,In addition to adding their individual talents, the show illustrates, foreign-born artists brought new techniques and innovations. Russian-born actress Alla Nazimova introduced the Stanislavski system when she emigrated in 1905, and in the 1960s Yayoi Kusama would come from Japan and help meld art and performance into something new.The path these artists faced could be difficult. Not only did restrictive laws (starting with the Naturalization Act of 1870) make immigration itself difficult, but the concept of theater itself was often frowned upon in a country founded by Puritans. In response, many performers found themselves split. Some stayed within their own communities, performing in their native languages. Others crossed over by playing what Wittman calls “burlesque versions of themselves to gain access.”Under the name Barney Williams, Irish immigrant Bernard O’Flaherty made a career out of portraying such Irish stereotypes as Ragged Pat and Patty the Piper, while the Polish Jewish comedy team of Joe Weber and Lew Fields mocked their ethnic heritage (Weber was actually born in New York City) with heavily accented “Dutch” (Deutsch or German) characters in vaudeville.,Occasionally, talent could cross over. The illustrious soprano Rosa Ponselle did. Born and raised in an Italian-American family in Meriden, Conn., Ponselle debuted in vaudeville as an ethnic act — singing Italian songs as one of the Ponzillo Sisters — at around age 15. Her talent, however, was undeniable, and she debuted at the Metropolitan Opera at age 19.America has not always been the land of opportunity, however. One display in the exhibit chronicles the careers of African-American talents such as Josephine Baker and Paul Robeson who, along with such Asian American talents as Anna May Wong and Sessue Hayakawa, left to find greater acceptance in Europe. Although Robeson would eventually return, it wasn’t until 1988, the exhibit notes, that an Asian American play, David Henry Hwang’s “M. Butterfly,” would be produced on Broadway. It went on to win Tony Awards for best play and actor.,The exhibit ends on a hopeful note. A photo of B.D. Wong in his Tony-winning role from “M. Butterfly” graces the last case of the exhibit, along with a poster for “Zoot Suit” by playwright Luis Valdez.With such riches on display, the message is clear. Immigrants “continuously revitalize American theater,” concludes Wittmann. “Whenever the door is open to a new group, they contribute.”“Treading the Borders: Immigration and the American Stage” will be at the Houghton Library through Dec. 15.last_img read more

Building a Solid Partnership

first_imgIn February every year IT industry’s collective thoughts turn towards Berlin where Cisco hosts its annual European conference, Cisco Live Europe or CLEUR. VCE/EMC had a major presence at the show as the Diamond sponsor and it was a great opportunity for us to connect with our customers, partners and peers.IT transformation in the digital age was firmly on the agenda. Cisco Live show theme ‘We’re ready. Are you?’ forced participants to take a pause and think about the state of their IT.  The overarching theme was explored in various keynotes and breakout sessions which were all designed to highlight how customers and partners can leverage the dominant technology trends of IoT, mobile, analytics, network and data center automation, and Cloud while protecting against expanding security threats.The show theme strongly complemented the VCE/EMC theme, ‘Redefine Infrastructure’ highlighting that a robust and a scalable infrastructure provides the best foundation for modern data center. Our booth was a hive of activity with a constant stream of visitors wanting to learn more about our products and solutions.Paul and I got ready for our session by taking a picture with the product that started it allWe hosted two breakout sessions. First was a joint session hosted by Tom O’Reilly, CTO EMEA and Antony Smith from RenaultSports F1, a long standing VCE customer. The session highlighted how CEOs are increasingly seeing IT as a driver of digital business innovation and growth responsible for survival in markets with emerging disruptive forces. This presentation addressed technology market trends, the current state of enterprise data centers, and how technologies such as software defined, converged and hyper-converged platforms can help customers plan and architect their next generation data center. Having an F1 customer present a real life use case where Vblock Systems™ was foundational to the company’s high performance and scalable IT environment that supports its need for big data and real-time analytics was the highlight for me.Jointly delivered with Paul Carr from Cisco, my session focused on how Cisco and VCE are extending converged infrastructure market leadership through the Vblock Systems. As VCE, EMC’s Converged Platforms business continues to innovate and build its market leading converged and hyper-converged portfolio – I’m extremely enthusiastic and excited about our continued partnership with Cisco. My thoughts were echoed in a recent blog by Frank Palumbo, Senior Vice President at Cisco where he outlined our continued joint successes.Cisco Live this year was even more special as we launched our first ever jointly engineered EMC and VMware hyper-converged Infrastructure Appliance – the VxRail. Its appearance on the booth caused much excitement and interest from the attendees.The vArchitects at the EMC booth were kept busy giving demos of the VxRailA full house for both the sessions, it was exciting to see that our messages resonated with attendees who actively engaged in the post-session Q&A. If you want a deep dive on any of keynotes and breakout sessions, you can access them here.We are at Cisco Live in Melbourne, Australia, 8-11 March 2016. So if you’re down under and attending the show, be sure to drop by our booth.For now it’s Auf Wiedersehen from me!last_img read more

Governor Douglas Announces $1 Million in Grants for Economic Development, Housing, Home Heating Projects

first_imgGovernor Douglas Announces $1 Million in Grants for Economic Development, Housing, Home Heating ProjectsST. JOHNSBURY, Vt. (July 24, 2008)- Governor Jim Douglas has announced the award of more than $1 million in community development grants to five communities that will create new jobs by helping an employer lower their energy costs; rehabilitate and build new affordable housing; and help low-income Vermonters heat their homes this winter.At a ceremony at Weidmann Electrical Technology Inc. today the governor announced that the largest Vermont Community Development Program award – $460,000 – will help St. Johnsbury develop, build, and lease a high voltage substation to supply the company with lower cost electric power.”As a result WETI will lower its overall electrical costs, create 12 jobs, and further secure its future in St. Johnsbury,” Douglas said. “This is an investment in a company and jobs that are critical to this area and this state.”vThe grant to the town will be sub-granted to the St. Johnsbury Development Fund, which will own the substation and lease it to Weidmann, a worldwide manufacturer and fabricator of high voltage electrical insulation that employs roughly 250 people.”This direct power transmission will give WETI access to ‘rate 5 power’, approximately a $250,000 annual savings to the company,” Douglas said. “Subsequently that will make the site more attractive for future investment by its parent company.””We are very grateful to the state and Governor Douglas for this investment,” said WETI Vice President and General Manager John Goodrich. “This company has been committed to the St. Johnsbury community for roughly 40 years, and this shows the state is committed to our success.”In addition, the Town of Colchester is receiving $250,000 that will be loaned to Housing Vermont and the Champlain Housing Trust to construct 42 new apartments on Mallet’s Bay Avenue.Of the 42 homes, 36 will be affordable for low and moderate income Vermonters and six of the homes will be rented at market rates in order to encourage a mixed-income neighborhood. The majority of the homes will be townhouse style with laundry hook-ups and a small deck, while 10 of the homes will be one-story flats so that five of the homes are wheelchair accessible.”These apartments will help relieve the housing shortage, particularly affordable housing, that both Chittenden County and our state face,” Douglas said.Other Vermont Community Development Program grants include $152,000 that will be used to make a deferred loan to Rockingham Area Community Land Trust (RACLT) to rehabilitate 28 units of affordable rental housing owned by RACLT in Bellows Falls; $15,000 to help the Town of St. Johnsbury bring its Community Center to into compliance with the Americans with Disabilities Act; and $30,000 to conduct a senior housing feasibility study in East Montpelier.Finally, a $100,000 grant to the City of Rutland will be used to help a small business that will turn scrap wood into firewood for low-income residents.That money will help establish Wood Works, a micro-enterprise that turns felled trees on powerline corridors into useable wood products such as firewood that will be made available to low to moderate income households.”Wood Works also plans on providing job training, a livable wage, and business and personal skills to as many as 12 underemployed citizens in Rutland County,” Douglas said. “And they’ll do this while helping their neighbors cope with the high cost of heating fuel this winter.”He also praised the dedication of community leaders and volunteers who work as partners with the State of Vermont to support and improve the quality of life for Vermonters.”These grants are so important because they will leverage nearly $16.4 million in other resources and help address critical needs in these communities,” Douglas said. The Vermont Agency of Commerce and Community Development awards the competitive grants, based on recommendations of the Vermont Community Development Board and approval of Secretary Kevin Dorn.For information about the Vermont Community Development Program, please see the Agency of Commerce and Community Development website at: http://www.dhca.state.vt.us/VCDP/index.htm(link is external)###last_img read more

Berkshire Bank parent holds annual meeting

first_imgBerkshire Bank,Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) held its annual meeting of shareholders on May 5 in Pittsfield, Massachusetts. President and CEO Michael P Daly reported on Berkshire’s recent accomplishments and outlook. He discussed Berkshire’s plans to increase core earnings per share by 40-50% in 2011, and noted a 25% increase in core earnings in the most recent quarter. He reviewed the Company’s strong capital, liquidity, and asset quality. Daly reported on the progress towards completing the pending merger with Legacy Bancorp in the third quarter of 2011 and summarized Berkshire’s financial goals, including achieving a$2.00 core earnings per share run rate by the end of 2012. He also reported that Berkshire’s stock produced a 10.5% total return to shareholders in 2010, maintaining a five year total stock return above the industry average.Shareholders approved all proposals which were presented at the meeting. These were:The election of the following four existing directors to new three year terms: Michael P. Daly,Susan M. Hill, Cornelius D. Mahoney and Catherine B. MillerApproval of a non-binding proposal to give advisory approval of the Company’s executive compensation programs and policies  Approval of a non-binding proposal to have shareholders annually vote on executive compensationApproval of the 2011 Equity Incentive PlanRatification of the selection of PricewaterhouseCoopers LLP as Berkshire’s independent registered public accounting firm for fiscal year 2011BACKGROUNDBerkshire Hills Bancorp is the parent of Berkshire Bank – America’s Most Exciting Bank(SM).  The Company has $3.2 billion in assets and 48 full service branch offices in Massachusetts, New York, andVermont.  The Company provides personal and business banking, insurance, and wealth management services.  Berkshire Bank provides 100% deposit insurance protection for all deposit accounts, regardless of amount, based on a combination of FDIC insurance and the Depositors Insurance Fund (DIF). The Company completed the acquisition of Rome Bancorp on April 1, 2011 and currently has a pending agreement to acquire Legacy Bancorp. For more information, visit www.berkshirebank.com(link is external) or call 800-773-5601.  FORWARD LOOKING STATEMENTSCertain statements contained in this news release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (referred to as the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (referred to as the Securities Exchange Act), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.These forward-looking statements are subject to significant risks, assumptions and uncertainties.  Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact, changes in the level of non-performing assets and charge-offs; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, securities market and monetary fluctuations; political instability; acts of war or terrorism; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowings and savings habits; changes in the financial performance and/or condition of our borrowers; technological changes; acquisitions and integration of acquired businesses; the ability to increase market share and control expenses; changes in the competitive environment among financial holding companies and other financial service providers; the quality and composition of our loan or investment portfolio; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, compensation and benefit plans; the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; greater than expected costs or difficulties related to the opening of new branch offices or the integration of new products and lines of business, or both; and/or our success at managing the risk involved in the foregoing items.Additional factors that could cause the results of Berkshire to differ materially from those described in the forward-looking statements can be found in the filings made by Berkshire with the Securities and Exchange Commission, including the Berkshire Hills Bancorp Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and the Berkshire Hills Bancorp Registration Statement on Form S-4 for the registration of common stock to be issuable upon the planned completion of the merger of Legacy Bancorp, Inc.  Berkshire’s actual results, performance or achievements, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Berkshire’s past results of operations do not necessarily indicate future results. You should not place undue reliance on any of the forward-looking statements, which speak only as of the dates on which they were made.Berkshire is not undertaking an obligation to update these forward-looking statements, even though its situation may change in the future, except as required under federal securities law.  Berkshire qualifies all of its forward-looking statements by these cautionary statements.ADDITIONAL INFORMATION FOR STOCKHOLDERSThe proposed transaction with Legacy Bancorp, Inc. will be submitted to its stockholders for their approval and to Berkshire’s stockholders for their approval.  In connection with the proposed Legacy merger,Berkshire has filed with the Securities and Exchange Commission (“SEC”) a preliminary Registration Statement on Form S-4.  When it becomes final and effective, it will include a Proxy Statement of Legacy Bancorp and a Proxy Statement/Prospectus of Berkshire, as well as other relevant documents concerning the proposed transaction.  Stockholders are urged to read these documents as they become available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.  A free copy of the Proxy Statement/Prospectus as well as other filings containing information about Berkshire Hills and Legacy may be obtained at the SEC’s Internet site (http://www.sec.gov(link is external)).  You will also be able to obtain these documents, free of charge, from Berkshire Hills Bancorp at www.berkshirebank.com(link is external) under the tab “Investor Relations” or from Legacy Bancorp by accessing Legacy Bancorp’s website at www.legacy-banks.com(link is external) under the tab “Investor Relations.”Berkshire and Legacy and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Legacy Bancorp in connection with the proposed merger.  Information about the directors and executive officers of Berkshire Hills Bancorp is set forth in the proxy statement for Berkshire Hills Bancorp’s 2011 annual meeting of stockholders, as filed with the SEC on a Schedule 14A on March 24, 2011.  Information about the directors and executive officers of Legacy Bancorp is set forth in the proxy statement for Legacy Bancorp’s 2010 annual meeting of stockholders, as filed with the SEC on a Schedule 14A on March 25, 2010.  Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus documents regarding the proposed mergers as they become available.  Free copies of these documents may be obtained as described in the preceding paragraph.NON-GAAP FINANCIAL MEASURESThis document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”).  These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition.  They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information.  A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables.  In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.  The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense.  These measures exclude amounts which the Company views as unrelated to its normalized operations, including merger costs and restructuring costs.  Similarly, the efficiency ratio is also adjusted for these non-core items.  Additionally, the Company adjusts core income to exclude amortization of intangibles to arrive at a measure of the underlying operating cash return for the benefit of shareholders.  The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.  Non-GAAP adjustments in 2010 and 2011 are primarily related to expense charges related to the Rome and Legacy mergers.SOURCE Berkshire Hills Bancorp, Inc. PITTSFIELD, Mass., May 6, 2011 /PRNewswire/ —last_img read more

KeyBank commits $5 billion in capital to small businesses over next three years

first_imgKeyBank (NYSE:KEY) announced that it will provide $5 billion in capital to qualified small business owners over the next three years.  The announcement comes on the heels of this morning’s meeting between Vice President Biden and 13 top U.S. banks, including Key, where the discussion included the state of small businesses lending.To meet the bank’s lending goal, hundreds KeyBank Relationship Managers throughout several of the bank’s segments will work closely with local business owners in Key’s 23 districts.  KeyBank segments committed to the goal include: Small Business, Business Banking, Commercial Banking, Key4Women, Small Business Administration (SBA), Community Development Lending, and Native American/Agriculture.  Forums, workshops, in-person financial reviews, and the infrastructure of more than 300 ‘business intensive’ branches will bolster their efforts.‘Small businesses are the engine of the economy, and are critical to job creation.  We are committed to their success,’ said KeyCorp Chairman and CEO Beth Mooney, ‘and our five billion dollar lending goal is our way of making that commitment known.’The announcement is made amid the backdrop of continued economic uncertainty among business owners.  The Federal Reserve’s Beige Book, released earlier this month, indicated that demand for business loans remained unchanged or weakened in nearly half the Federal Reserve districts, and moderately stronger in several others.According to the September NFIB Small Business Optimism Index, small business confidence in the future of the economy dropped to 88.1 percent in August, but the frequency of reported capital outlays over the past six months rose 2 points, the first improvement in many months.  In addition, the percent of owners planning capital outlays in the next three to six months rose 1 point to 21%.  ‘Right now, we are seeing cautious optimism among small business owners,’ said Maria Coyne, executive vice president and head of Key’s Business Banking segment. ‘At the moment, access to capital is critical to small business growth, and that’s where we can help.’Key has a ‘Preferred Lender Program’ status from the SBA and is the ninth-ranked lender in SBA volume nationally.  Key has consistently placed among the nation’s top 30 SBA lenders over the past 14 years and is one of only four banks to have achieved this status.   # # # As one of the nation’s largest financial services companies and top small business lenders, Key provides financial services to thousands of businesses in 14 states. Key’s commitment to lend to qualified business owners includes support of women business owners, Native American business owners, and all industries, including the manufacturing, nonprofit, healthcare, and service sectors. Through Key’s nationally recognized Key4Women program, Key has twice exceeded its lending goals to women business owners and is currently on track to exceed its third goal of lending $3 billion to women business owners by 2012.  About KeyCorpCleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $90 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/(link is external). KeyBank is Member FDIC.    CLEVELAND, OHIO, September 20, 2011 ‘  last_img read more

Dems blast tax-exempt sport venues

first_imgJoyce Hogi of the South Bronx told of her community’s attempt to stop the Yankees from building a stadium on local parkland. Residents, she said, are barred from parking in the stadium’s four garages, the park rebuilt for the neighborhood was created atop the concrete garages, and the entire area is an “economic dead zone” offseason. Experts said during the past 15 years, U.S. cities have granted stadiums $15billion in subsidies and rarely see the creation of jobs and economic revitalization promised. Activists also questioned the noneconomic benefits to taxpayer financing of stadiums. While supporters often point to the civic pride and enhanced image of cities with gleaming new stadiums, Rashid said one only needs to look toward Detroit, which has hosted the World Series, the All-Star Game and the Super Bowl. “We’ve had the top events and all of the television exposure. Is your image of Detroit really significantly improved?” he asked the panel, to widespread laughter. Lawmakers, meanwhile, said they would consider forcing developers who engage in citywide campaigns to push approval of their projects to comply with federal fundraising limits if the projects fall under tax-exempt-bond status. Kucinich advocated reversing a recent IRS ruling that allows stadiums to use previously prohibited private payments for debt service on tax-exempt bonds.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! WASHINGTON – New York’s Yankee Stadium and Detroit’s Comerica Park came under fire Thursday as House Democrats blasted taxpayer subsidies of sports venues and questioned new uses of federally tax-exempt bonds to pay for arena construction. Calling tax-exemption for stadiums “the financial equivalent of steroids,” Rep. Dennis Kucinich, D-Ohio, chairman of the House Government Reform subcommittee on domestic policy, charged that taxpayer-financed stadiums enrich team owners, not communities. But experts testifying before the panel said the more than $300million in subsidies and other perks that Los Angeles officials are poised to bestow upon the developers of the Grand Avenue and l.a.live projects may be acceptable. “It has to be better than just a stadium,” Brad Humphreys, an economics professor at the University of Illinois, Urbana-Champaign, said after the hearing. The $2.05 billion Grand Avenue redevelopment project, now two years in the making, includes a 16-acre park, 2,000 condominiums and a luxury hotel. Construction is set to begin this year. Boosters estimate that the project will create 29,000 construction jobs and 5,900 permanent jobs. But the price tag to the taxpayers will be $95million, as well as $30million in public improvements. The $2.5 billion l.a.live complex, meanwhile, calls for $300million in public financing through a loan, tax breaks and fee waivers. The 4million-square-foot entertainment-commercial complex across from Staples Center is expected to include condos and two luxury hotels. “There’s more sustainable economic activity going on” in mixed-use facilities than stadiums, Humphreys said. “You leverage your subsidy more.” He and other experts had no such positive words for stadiums. They and several community activists told story after story of unfulfilled promises of jobs and economic revitalization in exchange for millions of taxpayer dollars. “The blessings of major league sports have yet to rain down upon us,” said Frank Rashid of Detroit, a founder of the Tiger Stadium Fan Club and an opponent of the Tigers’ move in 2000 to Comerica. last_img read more

Powered by WordPress & Theme by Anders Norén