VNRC, Others, Challenge St. Albans Wal-Mart Permit

first_imgMONTPELIER Today the Vermont Natural Resources Council (VNRC)and other parties filed legal paperwork challenging an Act 250 permit thatapproves the construction of a new Wal-Mart store in the town of St. Albans. VNRC, Others, Challenge St. Albans Wal-Mart Permit In the motion, the partiescontend that the District 6 commission the local panel that hears Act 250cases in the St. Albans area ignored its own findings when it granted thepermit. For instance, the commissionfound that the store would pollute a nearby brook, would increase trafficcongestion, and could cost as many as 200-297 jobs and cause over 40 businessesto close in St. Albans City. The commission also heard that the projectsdeveloper would pave over prime agricultural soils and that it was questionablewhether the developer would properly reduce the impact of losing those soils.Despite the fact that the commission stated it agreed with all this evidence,the commission granted a permit for construction anyway. If the commission lets thepermit stand as issued, the parties could appeal the case to the EnvironmentalCourt. The conclusions reached bythe commission are simply not supported by their own findings, said SteveHolmes, VNRCs deputy director. The decision is riddled with inconsistenciesand seems to ignore the evidence. ### In their motion to alter, theparties ask the commission to deny the permit for failing to meet several Act250 criteria. Joining VNRC in filing theMotion to Alter the Act 250 permit is alocal group known as Northwest Citizens for Responsible Growth (NWCRG) andnearby farmers Marie Frey and Richard Hudak.  All have been granted party status in the Act 250 process.center_img Web: Also under the permit,Wal-Mart would pay St. Albans City $500,000 to compensate for negative impactsto the city. That, according to Holmes, is a pittance compared with what otherlarge developers have paid other communities. Wal-Mart agreed to pay PimaCounty (in Tucson, Arizona) $35 million roughly two percent of retail salesover 25 years to build a 123,000 square foot store. And, 20 years ago theCity of Rutland and the developer of Diamond Run Mall in Rutland Town executedan agreement as part of an Act 250 permit to provide over $3 million in directand indirect impact fees to offset and mitigate adverse effects of the projecton the city. For example, in their April 4decision authorizing the permit, the district commission heavily criticized afiscal and economic impact study of the regional impact of the store  done by Wal-Marts consultant, sayingthe analysis contained flaws and omissions and in part is not credible.  Nevertheless, the commission issued thepermit relying almost entirely on the consultants report, which estimated only40 lost jobs and 12 lost businesses in St. Albans City. The proposed store would bethe largest in Vermont at 146,755 sq ft. It is proposed for Route 7 near exit20 off I-89. A smaller Wal-Mart store of 100,000-square-feet was proposed forthe same site in the 1990s and was denied in part because of impacts onsurrounding communities. The Messenger editorial said &as the city pursues its negotiationswith Wal-Mart, could a deal be struck in which the city and Wal-Mart wouldagree to a set percentage of gross sales being due the city? The store isexpected to generate sales of $60 million a year, if one percent were dedicatedto the city, thats $600,000 a year. About VNRCThe Vermont Natural Resources Council is an independent, nonprofit research,education, and advocacy organization founded in 1963 to protect Vermontsenvironment, economy, and quality of life. Nearly 6,000 households, businesses,and organizations support VNRCs mission. Closer to home, an editorialin the St. Albans Messenger onDecember 1, 2006, suggested that Wal-Mart pay a considerably higher fee to St.Albans City than the amount in the recently granted permit. The Messenger has consistently editorialized in support of Wal-Martbuilding a store in this location.last_img read more

Interest only? Market analyst slams UBS survey finding 1 in 3 borrowers clueless about home loans

first_imgNearly a quarter of interest-only borrowers who are already under high stress are considering selling their property, according to UBS.Thirty-five per cent of interest-only borrowers said they were already under “moderate” stress, while 36 per cent said they were under “high stress”, according to the survey of more than 900 people who had taken out home loans over the past year.UBS analysts described the findings as “concerning”, with $640 billion worth of interest-only mortgages outstanding in Australia. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Global investment bank UBS has found 1 in 3 borrowers with interest-only mortgages don’t know they have them. Photo: Kenzo Tribouillard.“We are concerned that it is likely that approximately one third of borrowers who have taken out an interest only mortgage have little understanding of the product or that their repayments will jump by between 30-60 per cent at the end of the IO period (depending on the residual term),” UBS analyst Jonathan Mott said.“While these loans are well secured, we believe many borrowers may face substantial stress as interest rates rise or when they revert to principal and interest.” Heritage-listed unit block sells for first time in 80 years More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour ago Mortgage stress continues to rise Brisbane’s most in-demand suburbs Interest-only loans don’t require any payment of the loan’s principal amount for a fixed period at the start of the loan, meaning monthly repayments are lower at the beginning but jump dramatically later on. A UBS survey has found 1 in 3 borrowers with interest-only home loans don’t know they have them.A NATIONAL property market analyst has slammed a UBS survey finding a third of borrowers with interest-only home loans don’t even know they have them.The global investment bank survey also found nearly a quarter of interest-only mortgage holders who are already under high stress are considering selling their property, while 17 per cent will need to draw down other lines of credit to meet higher interest rates. UBS analysts are concerned 1 in 3 borrowers with interest-only mortgages are clueless. Picture: Alex Wisser.However, the UBS analyst believes there is a real risk many consumers do not realise their mortgage payments will rise in this manner.But Simon Pressley, who is the managing director of buyers agency Propertyology, has rejected the UBS survey findings.Mr Pressley said it was “unbelievable” that one third of borrowers with interest-only mortgages would not have realised what kind of loan they were taking out.“It’s one of the biggest decisions you make and it’s not a hard concept to understand,” he said.“I can’t imagine anyone would be that silly.” Propertyology managing director Simon Pressley. Picture supplied.Mr Pressley questioned the motivation of the investment bank and the small sample size of the survey. “Why are they making these statements? There’s no way in the world they could back that up because the sample’s so small — what’s their motive?”“They’re accusing a large segment of this country of being fools. “These loans aren’t new, so why are they going totally out of their way to make these massive, scary big statements.” Earlier this year, the Australian Prudential Regulation Authority introduced measures that put a restriction on new interest-only lending to 30 per cent of all new loans.Many banks responded by hiking rates for interest-only loans.The findings come as mortgage stress continues to rise, with ratings agency Moody’s reporting that late mortgage payments had hit a five-year high.last_img read more

Wife of “Dog the Bounty Hunter” Dies at 51

first_imgThe wife of Dog the Bounty Hunter has died. According to sources, 51-year-old Beth Chapman died on Wednesday at a hospital in Honolulu.Chapman had been in a medically-induced coma for several days, the result of a two-year battle with throat cancer.It’s 5:32 in Hawaii, this is the time she would wake up to go hike Koko Head mountain. Only today, she hiked the stairway to heaven. We all love you, Beth. See you on the other side.— Duane Dog Chapman (@DogBountyHunter) June 26, 2019 She and her husband, Duane “Dog” Chapman, starred in the television show, “Dog the Bounty Hunter.” It featured the adventures of the couple’s family-owned bounty hunting business from 2004 to 2012.A native of Denver, Colorado, Beth Chapman was the youngest woman to receive a bail license in that state, until her daughter later broke that record.The couple raised 12 children together and split time at their homes in Hawaii and Colorado.Duane and Beth, along with their son Leland, starred in another reality series on CMT, called “Dog and Beth: On the Hunt,” from 2013 to 2015.WGN America was planning to debut a new series, “Dog’s Most Wanted,” with the couple next year.The network released the following statement regarding Beth Chapman’s passing:“We are deeply saddened by the tragic news that Beth Chapman lost her battle with cancer today. She was an exceptional woman, fiercely loyal and passionate about her family and she was a true joy to work with. All of us at WGN America will miss her tremendously. Our thoughts and prayers are with Duane, her family, loved ones and millions of fans.”last_img read more