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June 29, 2008

InterNACHIcomsop-2008

InterNACHIcomsop-2008

This edition of InterNACHIcomsop was revised and approved as an International Standard on 05/10/2008, and supersedes all previous editions.

Includes InterNACHIcomsop-2008 document pack. http://www.nachi.org/comsop.htm

InterNACHIcomsop-2008

This edition of InterNACHIcomsop was revised and approved as an International Standard on 05/10/2008, and supersedes all previous editions.
Includes InterNACHIcomsop-2008 document pack.
International Standards of Practice for
Inspecting Commercial Properties

June 26, 2008

Decline-in-Value Reassessments/Home Price Calculator

Calculate the current estimated dollar value of your home using OFHEO's House Price calculator  Home Price Decline Calculator: http://www.ofheo.gov/calculator/ 

ZILLOW ESTIMATES:

http://www.zillow.com/search/RealEstateSearch.htm?addrstrthood=&citystatezip=#view=ver%3D1%26op%3Dsearch%26scen%3Ds1%26map%3D%28Aw%3AAN118450017%21As%3A33930278%21Ae%3AAN118368134%21An%3A33973851%29%26mode%3D%28zoom%3A12%29%26citystatezip%3D90045%26loc%3Dmap 

Decline-in-Value Reassessments
SOUTHERN CALIFORNIA
AUTHORIZED TAX AGENT
The Harris Company REA/C
5780 W. Centinela Avenue
Los Angeles, CA 90045
310.337.1973
harris_curtis@sbcglobal.net
http://assessor.lacounty.gov/extranet/guides/prop8.aspx
http://assessor.lacounty.gov/extranet/list/forms.aspx
Authorized Tax Agent Form Number: EXM-202

Proposition 8 – What is It?
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.1

Eligibility Requirements
You must demonstrate that on January 1, the market value of your property was less than its current assessed value.

You must file a claim form for a Decline-in-Value Reassessment Application (Prop.8) with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1. If December 31 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or mailed and postmarked by the next business day.

The Process

On your claim form, provide the Assessor with information that supports your opinion that the market value for your property is less than the assessed value. The best supporting documentation is information on sales of comparable properties. You should select two comparable sales that sold as close to January 1 as possible, but no later than March 31. You may query the Assessor’s database for sales in your neighborhood by clicking here. While the submission of comparable sales is helpful for the Assessor in determining the market value of your property, applications submitted without comparable sales will be accepted and processed.

An appraiser will review your claim form and the information you provide. Other sales information available to the Assessor may also be considered. If the market value as of January 1 is less than the trended base value2, your assessed value will be lowered to the market value for the fiscal year beginning on July 1. The adjusted value will be reflected on your annual tax bill.

If the current market value is higher than the trended base value, no change in assessed value will be made.

If you disagree with the Assessor’s findings, you may file an appeal with the Assessment Appeals Board. You must file your appeal between July 2 and November 30 for your annual tax bill.

Example
A property was purchased for $500,000. During a three-year period, the real estate market declined and recovered. The property owner filed for a decline-in-value reassessment. The following table shows the trended base value of the property, the market value of the property, and the assessed value of the property. Assumimg a 2% Annual C.P.I.:

Base Value Trended Market Value Assessed Value
Year 1 $500,000 $500,000 $500,000
Year 2 $510,000 $480,000 $480,000
Year 3 $520,200 $510,000 $510,000
Year 4 $530,604 $550,000 $530,604

Frequently Asked Questions

Q. Do properties other than single family residences qualify?

A. Yes. All real property qualifies.

Q. What is a comparable sale?

A. A property sold with features that are similar to your property is a comparable sale. Comparable sales information helps you analyze the value of your home. For example, a property similar in location, zoning, size, number of bedrooms and bathrooms, age, quality and condition to yours that sold in the open market is a comparable sale.

Q. Where can I find comparable sales information?

A. A good place to start is online. The Assessor’s website offers sales information for properties that have sold within the last two years. The same information is available from any Assessor District Office. Also, many websites offer sales information free of charge. A local real estate agent or title agent can also be a valuable source of information.

Q. I filed my Proposition 8 Application by December 31. When and how will I know if my value will be reduced?

A. You will receive notification by mail before July 1.

Q. If my assessed value is reduced, how long will it last?

A. Proposition 8 reassessments are not permanent, but last at least one year. The assessed value may decrease or increase depending on the market value of your property on January 1 of each subsequent year. Your assessed value will never increase more than the trended base value. It is important to remember, however, that base year values suspended by Proposition 8 reassessment values continue to increase by an annual inflation factor of no more than 2% per year.

How Do I File for Proposition 8 Tax Relief?

A claim form is available from several sources. Choose what is most convenient for you.

Online: Forms are available at the Assessor’s website: assessor.lacounty.gov

Email: Send us an email at helpdesk@assessor.lacounty.gov

Phone: Call (213)974-3211

Claim forms may also be requested by mail or in person at any of our offices listed in this brochure.

What Form Do I Need?

Decline-in-Value Reassessment Application (Proposition 8) (RP-87)

——————————————————————————–

1To read the law associated with Proposition 8, see Revenue and Taxation Code, Section 51. It is available online at www.leginfo.ca.gov.

2Property is assessed at the time of sale or transfer (base value) or new construction. That base value increases a maximum of 2% (trend) each year (i.e. trended base value).

Tax Reduction, Tax Appraisal, Authorized Tax Agent

 

Los Angeles COunty Cities Served:

Acton (93510)
Agoura Hills (91301)
Agoura Hills (91376)
Alhambra (91801)
Alhambra (91802)
Alhambra (91803)
Alhambra (91804)
Alhambra (91841)
Alhambra (91896)
Alhambra (91899)
Altadena (91001)
Altadena (91003)
Arcadia (91006)
Arcadia (91007)
Arcadia (91066)
Arcadia (91077)
Artesia (90701)
Artesia (90702)
Avalon (90704)
Azusa (91702)
Baldwin Park (91706)
Bell (90201)
Bell Gardens (90202)
Bellflower (90706)
Bellflower (90707)
Beverly Hills (90209)
Beverly Hills (90210)
Beverly Hills (90211)
Beverly Hills (90212)
Beverly Hills (90213)
Burbank (91501)
Burbank (91502)
Burbank (91503)
Burbank (91504)
Burbank (91505)
Burbank (91506)
Burbank (91507)
Burbank (91508)
Burbank (91510)
Burbank (91521)
Burbank (91522)
Burbank (91523)
Burbank (91526)
Calabasas (91302)
Calabasas (91372)
Canoga Park (91303)
Canoga Park (91304)
Canoga Park (91305)
Canoga Park (91309)
Canyon Country (91351)
Canyon Country (91386)
Canyon Country (91387)
Castaic (91310)
Castaic (91384)
Cerritos (90703)
Chatsworth (91311)
Chatsworth (91313)
City of Industry (91714)
City of Industry (91715)
City of Industry (91716)
Claremont (91711)
Covina (91722)
Covina (91723)
Covina (91724)
Culver City (90230)
Culver City (90231)
Culver City (90232)
Culver City (90233)
Diamond Bar (91765)
Downey (90239)
Downey (90240)
Downey (90241)
Downey (90242)
Duarte (91009)
Duarte (91010)
El Monte (91731)
El Monte (91732)
El Monte (91734)
El Monte (91735)
El Segundo (90245)
Encino (91316)
Encino (91416)
Encino (91426)
Encino (91436)
Gardena (90247)
Gardena (90248)
Gardena (90249)
Glendale (91201)
Glendale (91202)
Glendale (91203)
Glendale (91204)
Glendale (91205)
Glendale (91206)
Glendale (91207)
Glendale (91208)
Glendale (91209)
Glendale (91210)
Glendale (91221)
Glendale (91222)
Glendale (91225)
Glendale (91226)
Glendora (91740)
Glendora (91741)
Granada Hills (91344)
Granada Hills (91394)
Hacienda Heights (91745)
Harbor City (90710)
Hawaiian Gardens (90716)
Hawthorne (90250)
Hawthorne (90251)
Hermosa Beach (90254)
Huntington Park (90255)
 
 
 
Inglewood (90311)
Inglewood (90312)
Inglewood (90313)
Inglewood (90397)
Inglewood (90398)
La Canada Flintridge (91011)
La Canada Flintridge (91012)
La Crescenta (91214)
La Crescenta (91224)
La Mirada (90637)
La Mirada (90638)
La Mirada (90639)
La Puente (91744)
La Puente (91746)
La Puente (91747)
La Puente (91749)
La Verne (91750)
Lake Hughes (93532)
Lakewood (90711)
Lakewood (90712)
Lakewood (90713)
Lakewood (90714)
Lakewood (90715)
Lancaster (93534)
Lancaster (93535)
Lancaster (93536)
Lancaster (93539)
Lancaster (93584)
Lancaster (93586)
Lawndale (90260)
Lawndale (90261)
Littlerock (93543)
Llano (93544)
Lomita (90717)
(90801)
(90802)
(90803)
(90804)
(90805)
(90806)
(90807)
(90808)
(90809)
(90810)
(90813)
(90814)
(90815)
(90822)
(90831)
(90832)
(90833)
(90834)
(90835)
(90840)
(90842)
(90844)
(90845)
(90846)
(90847)
(90848)
(90853)
Long Beach (90888)
Long Beach (90899)
(90001)
(90002)
(90003)
(90004)
(90005)
(90006)
(90007)
(90008)
(90009)
(90010)
(90011)
(90012)
(90013)
(90014)
(90015)
(90016)
(90017)
(90018)
(90019)
(90020)
(90021)
(90022)
(90023)
90024)
90025
90026
90027
90028
(90029)
(90030)
(90031)
(90032)
(90033)
(90034)
(90035)
(90036)
(90037)
(90038)
(90039)
(90040)
(90041)
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(90043)
(90044)
(90045)
(90046)
(90047)
(90048)
(90049)
(90050)
(90051)
(90052)
(90053)
(90054)
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(90056)
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(90063)
(90064)
(90065)
(90066)
(90067)
(90068)
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(90101)
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(90103)
(90189)
Lynwood (90262)
Malibu (90263)
Malibu (90264)
Malibu (90265)
Manhattan Beach (90266)
Manhattan Beach (90267)
Marina del Rey (90292)
Marina del Rey (90295)
Maywood (90270)
Mission Hills (91345)
Mission Hills (91346)
Mission Hills (91395)
Monrovia (91016)
Monrovia (91017)
Montebello (90640)
Monterey Park (91754)
Monterey Park (91755)
Monterey Park (91756)
Montrose (91020)
Montrose (91021)
Mount Wilson (91023)
Mt Baldy (91759)
Newhall (91321)
Newhall (91322)
North Hills (91343)
North Hills (91393)
North Hollywood (91601)
North Hollywood (91602)
North Hollywood (91603)
North Hollywood (91605)
North Hollywood (91606)
North Hollywood (91609)
North Hollywood (91611)
North Hollywood (91612)
North Hollywood (91615)
North Hollywood (91616)
North Hollywood (91618)
Northridge (91324)
Northridge (91325)
Northridge (91327)
Northridge (91328)
Northridge (91329)
Northridge (91330)
Norwalk (90650)
Norwalk (90651)
Norwalk (90652)
Norwalk (90659)
Pacific Palisades (90272)
Pacoima (91331)
Pacoima (91333)
Pacoima (91334)
Palmdale (93550)
Palmdale (93551)
Palmdale (93552)
Palmdale (93590)
Palmdale (93591)
Palmdale (93599)
Palos Verdes Peninsula (90274)
Panorama City (91402)
Panorama City (91412)
Paramount (90723)
Pasadena (91101)
Pasadena (91102)
Pasadena (91103)
Pasadena (91104)
Pasadena (91105)
Pasadena (91106)
Pasadena (91107)
Pasadena (91109)
Pasadena (91110)
Pasadena (91114)
Pasadena (91115)
Pasadena (91116)
Pasadena (91117)
Pasadena (91121)
Pasadena (91123)
Pasadena (91124)
Pasadena (91125)
Pasadena (91126)
Pasadena (91129)
Pasadena (91131)
Pasadena (91182)
Pasadena (91184)
Pasadena (91185)
Pasadena (91188)
Pasadena (91189)
Pasadena (91191)
Pasadena (91199)
Pearblossom (93553)
Pico Rivera (90660)
Pico Rivera (90661)
Pico Rivera (90662)
Playa del Rey (90293)
Playa del Rey (90296)
Pomona (91766)
Pomona (91767)
Pomona (91768)
Pomona (91769)
Pomona (91797)
Pomona (91799)
Porter Ranch (91326)
Rancho Palos Verdes (90275)
Redondo Beach (90277)
Redondo Beach (90278)
Reseda (91335)
Reseda (91337)
Rosemead (91770)
Rosemead (91771)
Rosemead (91772)
Rowland Heights (91748)
San Dimas (91773)
San Fernando (91340)
San Fernando (91341)
San Gabriel (91775)
San Gabriel (91776)
San Gabriel (91778)
San Marino (91108)
San Marino (91118)
San Pedro (90731)
San Pedro (90732)
San Pedro (90733)
San Pedro (90734)
Santa Clarita (91350)
Santa Clarita (91380)
Santa Clarita (91382)
Santa Clarita (91383)
Santa Clarita (91390)
Santa Fe Springs (90670)
Santa Fe Springs (90671)
Santa Monica (90401)
Santa Monica (90402)
Santa Monica (90403)
Santa Monica (90404)
Santa Monica (90405)
Santa Monica (90406)
Santa Monica (90407)
Santa Monica (90408)
Santa Monica (90409)
Santa Monica (90410)
Santa Monica (90411)
Sherman Oaks (91403)
Sherman Oaks (91413)
Sherman Oaks (91423)
Sherman Oaks (91495)
Sierra Madre (91024)
Sierra Madre (91025)
Signal Hill (90755)
South El Monte (91733)
South Gate (90280)
South Pasadena (91030)
South Pasadena (91031)
Stevenson Ranch (91381)
Studio City (91604)
Studio City (91614)
Sun Valley (91352)
Sun Valley (91353)
Sunland (91040)
Sunland (91041)
Sylmar (91342)
Sylmar (91392)
Tarzana (91356)
Tarzana (91357)
Temple City (91780)
Toluca Lake (91610)
Topanga (90290)
Torrance (90501)
Torrance (90502)
Torrance (90503)
Torrance (90504)
Torrance (90505)
Torrance (90506)
Torrance (90507)
Torrance (90508)
Torrance (90509)
Torrance (90510)
Tujunga (91042)
Tujunga (91043)
Universal City (91608)
Valencia (91354)
Valencia (91355)
Valencia (91385)
Valley Village (91607)
Valley Village (91617)
Valyermo (93563)
Van Nuys (91388)
Van Nuys (91401)
Van Nuys (91404)
Van Nuys (91405)
Van Nuys (91406)
Van Nuys (91407)
Van Nuys (91408)
Van Nuys (91409)
Van Nuys (91410)
Van Nuys (91411)
Van Nuys (91470)
Van Nuys (91482)
Van Nuys (91496)
Van Nuys (91497)
Van Nuys (91499)
Venice (90291)
Venice (90294)
Verdugo City (91046)
Walnut (91788)
Walnut (91789)
Walnut (91795)
West Covina (91790)
West Covina (91791)
West Covina (91792)
West Covina (91793)
West Hills (91307)
West Hills (91308)
West Hollywood (90069)
Westlake Village (91363)
Whittier (90601)
Whittier (90602)
Whittier (90603)
Whittier (90604)
Whittier (90605)
Whittier (90606)
Whittier (90607)
Whittier (90608)
Whittier (90609)
Whittier (90610)
Whittier (90612)
Wilmington (90744)
Wilmington (90748)
Winnetka (91306)
Winnetka (91396)
Woodland Hills (91364)
Woodland Hills (91365)
Woodland Hills (91367)
Woodland Hills (91371)
Woodland Hills (91399)

Warehouse Management Today: Balancing Financial Pressures and Growing Demand

Traditional linear supply chains with sequential processes are evolving into complex global ecosystems that are highly responsive to customer requirements.

This SAP white paper describes how an adaptive supply chain network allows all the stakeholders in the supply chain – both internal and external to the enterprise – to share knowledge, make collaborative decisions and immediately respond to changing conditions. Trading partners can avoid costly supply chain problems. Moreover, firms can enhance their financial position and improve their supply chain economics.

 

http://solo.tradepub.com/free/w_sapx79/prgm.cgi

 

SBA Introduces Two New Online Finance Courses for Small Business Owners

*********************************************

Release Date: June 26, 2008

Contact: Cecelia Taylor (202) 401-3059

Release Number: 08-65

Internet Address: http://www.sba.gov/news

SBA Introduces Two New Online Finance Courses for Small Business Owners

WASHINGTON ─ The U.S. Small Business Administration has introduced two

new free online finance courses to help small business owners with the basic

principles of finance and borrowing.

The new self-paced courses, Finance Primer: Guide to SBA’s Loan Guaranty

Programs at http://app1.sba.gov/sbtn/registration/index.cfm?CourseId=29 and

How to Prepare a Loan Package at

http://app1.sba.gov/sbtn/registration/index.cfm?CourseId=28, walk business

owners through steps that answer questions about what debt financing is,

what loan programs are available, what small businesses should know about

borrowing money, how to prepare a loan package and how loan requests are

reviewed by lenders.

"It is important for the SBA to provide information tools to help our nation’s

entrepreneurs who desire the personal freedom and economic independence

that can come with business ownership," said SBA Acting Administrator Jovita

Carranza.

The Finance Primer gives an overview of the SBA’s loan guaranty programs to

help small businesses understand the variety of financial resources, including

those from the SBA.

The finance courses can help entrepreneurs avoid some of the common

mistakes made such as securing the wrong type of financing, miscalculating

the amount of financing required, and underestimating the cost of borrowing

money.

The Loan Package course includes small business links to related information,

and refers course participants for direct support in preparing a loan request to

appropriate resources that include SBA’s district offices, SBA resource partners

and lenders.

Course participants who complete the 30-minute online training programs can

earn a certificate of completion from the SBA, with their name, date and

course title.

The new finance courses have been added to a menu of more than 26 online

tutorials offered by the SBA. On a typical day, 800 to 2,000 customers

register for free online courses offered by the SBA through its virtual training

campus at the Small Business Training Network (SBTN) (www.sba.gov/training).

# # #

Unlocking Value: More Banks Discovering Gold in Sale-Leaseback Deals

After Watching Big Banks Scrub Owned Property Off Their Balance Sheets, Small and Mid-Market Players Now Getting A Piece of the Action

 
Nicholas S. Schorsch, chairman/CEO, left; and William Kahane, president, COO and treasurer of American Realty Capital, were among the earliest to engineer large-scale SLB transactions for single-tenant net lease properties such as retail banks.
Several community and regional banks, already squeezed by the subprime mortgage crisis, tightened consumer lending and falling share prices, are following the lead of some banking giants and pursuing sale-leasebacks as a hedge against current economic volatility. The strategy allows banks to raise cash while pruning unneeded brick-and-mortar assets from their balance sheets.

In addition to large deals by the likes of Citi, Wachovia and SunTrust to monetize a portion of the real estate they owned and occupied, smaller and middle-market banks such as Harleysville National Bank, Independent Bank Corp. and Old National Bank Corp. have unveiled sale-leaseback transactions of their own in recent months.

Nicholas S. Schorsch, a real estate executive noted for pioneering the concept, has made buying and leasing back middle-market bank branches a cornerstone of his business strategy. Last month, New York-based American Realty Capital, headed by Schorsch and former Morgan Stanley exec William M. Kahane, announced an agreement with New York-based investment bank Sandler O’Neill and Partners, L.P. to partner on long-term net lease sale-leasebacks with financial institutions holding between $500 million and $50 billion in assets.

Editor's note: Can sellers in sale-leasebacks still get top dollar, or should they wait until the market recovers? E-mail me at rdrummer@costar.com and responses may be included with this article.


Increasingly, banks are realizing they can operate without owned real estate, opting to sell the assets and sign triple-net leases that allow them to control the property for up to 40 years. In one fell swoop, banks can raise cash through a sale-leaseback while slicing property operating and depreciation costs from their bottom line. The ball is now rolling and more deals are in the pipeline, net lease experts say.

Banks Ride Herd On SLB Trend


"It’s a growing trend in the industry. We are actively working on three or four portfolios of bank branches with institutional clients of ours," said Jeff Hughes, senior director with the Tulsa, OK-based Stan Johnson Co., which handled the Old National Bank sale leaseback transaction for a client, selling the bank’s corporate headquarters facilities in downtown Evansville, IN for $78 million. Subsequently, it facilitated the sale of a $110 million portfolio of Old National suburban bank branches.

"The banking industry is not unlike others; there’s a bit of herd instinct. When you see your peers structuring large, high-profile transactions, it attracts a lot of attention. When they start realizing the benefits, it creates a bit of a trend, which we’re certainly seeing today," Hughes said.

Selling branches in bulk allows banks to quickly shed redundant assets, Nick Schorsch told CoStar Advisor. Banks can achieve higher returns on investment by lending to borrowers rather then spending capital on fixed real estate operating costs. Sale-leasebacks provide operational flexibility for financial institutions while at the same time giving banks downside protection against a fickle, cyclical real estate market.

"Financial institutions can increase liquidity by monetizing their non-earning assets, moving them off their balance sheets while improving efficiency ratios and eliminating underutilized properties," Schorsch said. "For the banks, this ultimately translates into creating shareholder value and improved earnings."

Long-term leases with minimal rollover give American Realty Capital "a predictable and stable cash flow," which translates into stable risk-adjusted returns for investors, Schorsch said.

As reported previously in Advisor, retail banking is but one of a growing assortment of corporate users, private companies and institutional owners seeking to unlock the value of their assets. The current anguish in credit markets -- and its especially severe impact on financial institutions -- has fueled the urgency for banks in particular to restructure their balance sheets.

Bank-owned real estate can be an important source of liquidity, earnings and capital for an institution, said Tom Killian, a principal and manager of the sale-leaseback effort at Sandler O’Neill.

"The rationale for banks to consider sale-leaseback transactions of bank-owned property is straightforward," according to Killian. "Such a transaction could enable the bank to raise cash to meet strategic and funding needs, convert non-earning, 100%-risk-weighted assets into potentially lower risk-weighted, interest-earning assets, mitigate potential risk of decline in market value of owned real estate, monetize off-balance-sheet value into earnings over the life of the lease, and potentially bolster GAAP (Generally Accepted Accounting Principles) earnings," Killian said.

The deals have their limitations. Sale prices can and probably will increase when the market rebounds. Banks must recognize the sale as a deferred rather than an immediate gain, and must amortize the income over the life of the lengthy lease. But the income helps, as does the removal of asset operating costs and depreciation, replaced in the expense column by market-rate rents. By ridding themselves of fixed assets, smaller institutions can sometimes even lower the burdensome capital reserve levels required by regulators.

Editor's note: Can sellers in sale-leasebacks still get top dollar, or should they wait until the market recovers? E-mail me at rdrummer@costar.com and responses may be included with this article.


In some of the larger sale-leaseback deals of recent months:

  • SunTrust Bank in April closed the final portion of the $736 million sale and leaseback of property to Oak Brook, IL-based Inland Real Estate Acquisitions in nine southern states. The deal involves 433 triple-net lease properties encompassing more than 2.2 million square feet, which SunTrust will lease back for 10 years with an option for multiple renewals.

    "Not only will these sale leaseback transactions remove non-earning assets from the balance sheet, but we will lower occupancy costs by compressing space utilization by 25% to 35% in our moderate to large office buildings," SunTrust President/CEO James M. Wells III told investors earlier this year. "This will obviously drive ongoing occupancy expense benefits. Given the difficult operating environment, I can assure you that we will remain vigilant on costs and continue to explore additional ways to improve efficiency."

  • Transactions such as the $99.7 million sale-leaseback of 25 bank branches to SunTrust Equity Funding provided Old National with about $226 million in cash for redeployment and reduced non-earning assets and deferred liabilities in the third and fourth quarter of 2007, Old National CFO Chris Wolking noted in a conference call.

    "Our net interest margin and net interest income both benefited from our disciplined deposit pricing, the sale-leaseback of our real estate and the first-quarter balance sheet restructuring we executed," Wolking said. "Cash generated from our sale-leaseback transactions allowed us to reduce certain high-cost deposits and borrowings."

  • In December, Citigroup sold its iconic midtown Manhattan office property in Tribeca to SL Green Realty (NYSE: SLG) in a deal valued at $1.58 billion. Last month, Citi sold 47 retail branches in Manhattan, Queens, Brooklyn, and Westchester/Suffolk counties to an Irish investment group called Markland Holdings Ltd. for $100 million.

    Mark T. Fitzgibbon, a principal and director of equity research at Sandler O’Neill, noted that equity investors generally don’t assign much credit to the off-balance sheet worth of bank-owned real estate when they value a company. He cited the major transactions by Citi and SunTrust as evidence that banks are beginning to unlock the value of their brick-and-mortar holdings.

    "During the difficult financial environment facing many banks, it is important for bank management to turn over all the rocks to find sources of earnings, capital and liquidity," Fitzgibbon said.

    Early Believers


    Schorsch and Kahane anticipated the trend in 2003, long before many others in the commercial real estate industry. Before founding American Realty Capital last year, Schorsch and Kahane steered the growth of American Financial Realty Trust (AFRT), where they acquired more than 1,500 properties valued at more than $5 billion. Over the last five years, American Realty’s executive team has negotiated and closed a total of more than $7 billion in bank branch and net lease real estate transactions.

    Schorsch and Kahane left AFRT in 2006. For the next year, Schorsch, bound by a non-compete agreement with his former employer, steered away from bank-operated real estate and focused on sale-leaseback deals for grocery store, pharmacy and chain store retail properties.

    In November of last year, Gramercy Capital Corp. acquired AFRT in a $3.3 billion deal that closed in March. Freed from the noncompete agreement, Schorsch immediately went back to doing bank deals, announcing plans for American Realty Capital LLC to buy and lease back 14 branches and two offices from Pennsylvania-based Harleysville National Bank for nearly $39 million.

    American Realty Capital isn’t limiting itself to the middle market, however. In March, an affiliate of ARC announced an agreement with Wachovia Bank, N.A. to exclusively acquire surplus branches nationwide. American Realty Capital II entered into an agreement with Wachovia to acquire up to 100 branches this year, many at major intersections and shopping center pads, with a total value of more than $100 million.

    A subsidiary of American Realty Capital serves as the external manager of American Realty Capital Trust, a non-traded public real estate investment trust (or REIT). ARCT, launched early this year, has registered to sell up to $1.5 billion of common stock, with a focus on acquisition of fully occupied, net-leased, single-tenant retail properties with long-term leases to high-credit or investment grade tenants.

    "Even in today’s historic dislocation in the capital markets, there’s still an abundance of equity capital ready, willing and able to invest in well-located properties with long-term net leases with good, solid credit tenants -- and that’s what these bank branch and headquarters transactions offer," concluded Stan Johnson Co.’s Jeff Hughes. "Even with the current difficulties, it’s a good place to put your investment. With long-term passive leases in place, there’s still a great appetite for that product type, so it’s going to continue to grow in importance in the commercial real estate investment world."
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    June 25, 2008

    Property Tax Appeals

    Property Tax Appeals

    Home: Property Assessment Appeals: Public Education Program: Public Education Current Seminar Schedule

    CURRENT SEMINAR SCHEDULE

    The Assessment Appeals Public Education Program was developed to help taxpayers better understand the assessment appeals process in Los Angeles County. This program features seminars and brochures on the assessment appeals process.

    All Seminars are free and approximately 90 minutes in length. For recorded information on the current seminar schedule call (213) 974-4240.

    WHAT the Seminar Covers
    WHO Should Attend
    WHEN and WHERE the Seminars are Held
    HOW to Prepare for Your Hearing
    Accommodation for persons with disabilities
    Assessment Appeals Overview
    Seminar Presentation

     

    WHAT the Seminar Covers

    Taxpayers appeal rights When and how to file an application for reduction in assessment. How to prepare for a hearing, admissible and inadmissible evidence, what will happen at the hearing and what to expect after the hearing.

    Back to Top

     

    WHO Should Attend

    Homeowners who are interested in learning about the assessment appeals process are welcome including anyone who has already filed an application with the Assessment Appeals Board.

    Back to Top

     

    WHEN and WHERE the Seminars are Held

    Seminars will be conducted year-round in various locations throughout the county.
    Select a City:
    Culver City | El Monte | Glendale | Lakewood | Santa Clarita | Van Nuys

    El Monte
    Jack Crippen Senior Center - Crafts Room

    3120 N. Tyler Avenue – El Monte, CA 91731
    10:00 a.m.  Thursday – May 22, 2008
    Room capacity is 45 people,
    seating will be on a first come, first served basis
    Free Parking

    Back to "When & Where the Seminars are Held"

    Van Nuys
    Bernardi Senior Center
    6514 Sylmar Avenue – Van Nuys, CA 91401
    2:00 p.m.  Wednesday – June 25, 2008
    Free parking, entrance on Hamlin St.
    [Get Directions]

    Back to "When & Where the Seminars are Held"

    LIBRARIES

    Culver City
    Culver City Public Library
    4975 Overland Avenue – Culver City, CA 90230
    10:00 a.m. Monday – May 19, 2008
    Free parking behind the library
    [Get Directions]

    Back to "When & Where the Seminars are Held"

    Glendale
    Glendale Public Library
    222 E. Harvard St. – Glendale, CA 91205
    10:00 a.m. Wednesday – April 16, 2008
    Library will validate 3 hrs parking
    corner of Maryland & Harvard

    Back to "When & Where the Seminars are Held"

    Lakewood
    Angela M. Iacoboni Library
    4990 Clark Avenue – Lakewood, CA 90712
    10:00 a.m. Monday – June 23, 2008
    Room Capacity is 125 people

    Back to "When & Where the Seminars are Held"

    Santa Clarita
    Santa Clarita Public Library
    23743 W. Valencia Blvd – Valencia, CA 91355
    1:00 p.m. Wednesday – April 2, 2008
    Free Parking

    Back to "When & Where the Seminars are Held"

    Accommodation for Persons with Disabilities

    American Sign Language (ASL) Interpreters are available with at least three business days’ notice before the seminar date. Please telephone (213) 974-1431 (voice) or (213) 974-1707 (TDD), from 8:00 a.m. to
    5:00 p.m., Monday through Friday.

    Spanish language translation and assistive listening devices are available upon request by calling the above numbers.

    For more information visit our website: http://bos.co.la.ca.us/categories/propertytaxappeals.htm

    Back to Top

    En Espanol
    DONDE y CUANDO se llevan a cabo los seminarios:

    El Monte
    Jack Crippen Senior Center - Crafts Room

    3120 N. Tyler Avenue – El Monte, CA 91731
    10:00 a.m.  Jueves – 22 de Mayo, 2008
    Espacio para 45 personas solamente.
    El primero que llegue asegurará su asiento.
    Estacionamiento Gratis

    Van Nuys
    Bernardi Senior Center

    6514 Sylmar Avenue – Van Nuys , CA 91401
    2:00 p.m.   miércoles – 25 de Junio, 2008
    Estacionamiento gratis; entrada en la calle Hamlin.

    BIBLIOTÉCAS

    Culver City
    Culver City Public Library

    4975 Overland Avenue – Culver City, CA 90230
    10:00 a.m. Lunes – 19 de Mayo, 2008
    Estacionamiento gratis

    Glendale
    Glendale Public Library
    222 E. Harvard St. – Glendale, CA 91205
    10:00 a.m. Miercoles – 16 de Abril, 2008
    La biblioteca validará estacionamiento de 3 horas.
    Esquina Maryland y Harvard

    Lakewood
    Angela M. Iacoboni Library
    4990 Clark Avenue – Lakewood, CA 90712
    10 :00 a.m. Lunes – 23 de Junio, 2008
    Espacio para 125 personas

    Santa Clarita
    Santa Clarita Public Library
    23743 W. Valencia  Blvd. – Valencia, CA 91355
    1 :00 p.m. Miercoles – 2 de Abril, 2008
    Estacionamiento Gratis

    Intérpretes de Lenguaje por Señas Americano son disponibles si Ud. solicita 3 días antes del seminario.Favor de llamar al (213) 974-1431 (voz) o al (213) 974-1707 (TDD), de 8:00 a.m. - 5:00 p.m., lunes a viernes.

    Intérpretes y aparatos para escuchar en el idioma español son disponibles a petición llamando a los teléfonos ya mencionados.

    Para mas informacion visite: http://bos.co.la.ca.us/categories/propertytaxappeals.htm

     

     

    Back to Top

    This schedule will be updated as changes occur.
    Last update March 31, 2008.

    Illinois attorney general says she'll sue Countrywide Financial

    By Caryn Rousseau, The Associated Press
    June 25, 2008
    CHICAGO -- Countrywide Financial Corp. engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit that Illinois' attorney general planned to file Wednesday.

    The lawsuit against the nation's biggest mortgage lender -- planned for the same day shareholders were scheduled to vote on the company's takeover by Bank of America Corp. -- stems from information from documents subpoenaed by the state beginning last fall, as the number of foreclosures nationwide began to skyrocket.

    "Countrywide's conduct has contributed to the high number of foreclosures in Illinois and caused significant harm to the public, the market and scores of Illinois borrowers and homeowners," according to a draft of the lawsuit provided by Atty. Gen. Lisa Madigan's office this evening.

    A spokeswoman for the Calabasas company declined to comment on the litigation.

    Robyn Ziegler, a spokeswoman for Madigan, said the lawsuit would be filed Wednesday in Cook County Circuit Court. In the complaint, Madigan said that Countrywide offered unfair loans with risky features, used misleading sales techniques and encouraged employees and brokers through incentives to sell more high-risk loans.

    "Unfair and deceptive advertising, marketing and sales practices were utilized to push mortgages, while hiding the real costs and risks to borrowers, including enticing borrowers with low teaser rates, low monthly payments and 'no closing cost' loans that failed to make clear and conspicuous," according to the lawsuit, which also names as defendants Countrywide Chairman Angelo Mozilo and David Sambol, the lender's chief financial officer.

    Among other things, Madigan wants Countrywide to pay restitution to all affected consumers who lost their homes or loans. She also asks for 90 days to review any loans that are in or near foreclosure to see whether borrowers can pursue affordable options.

    Countrywide, like many in the mortgage industry, has suffered under the weight of the sub-prime mortgage fallout as thousands of customers default on home loans.

    Defaults and subsequent foreclosures have been most pronounced on adjustable-rate mortgages made to borrowers with past credit problems. The sub-prime loans typically require a lower monthly payment in the first two or three years before resetting to higher interest rates and much larger payments.

    Countrywide, which has been under scrutiny by federal and state authorities, also faces numerous other lawsuits related to its lending practices.

    It agreed in January to sell itself to Bank of America Corp. for $4 billion in stock. The deal is now valued at about $2.8 billion, reflecting a decline in Bank of America's stock price over the last six months.

    The acquisition received clearance from the Federal Reserve this month, and Countrywide shareholders are scheduled to vote on it Wednesday morning during a meeting at the lender's headquarters.

    Assuming shareholders give their approval, Charlotte, N.C.-based Bank of America has said it could close the deal as early as July 1.

    Apartment Groups Ask Supreme Court to Decide Whether Participation in Section 8 Housing Should be Mandatory

    Apartment Groups Ask Supreme Court to Decide Whether Participation in Section 8 Housing Should be Mandatory
    Published: June 12, 2008

    By Anuradha Kher, Online News Editor
     
    Washington, D.C.--An alliance of apartment organizations have joined forces to file a “friend of the court” brief asking the United States Supreme Court to decide whether states and localities can force property owners to participate in the federal Section 8 program by passing laws that make it illegal to deny voucher holders based on their source of income.

    “When Congress created the Section 8 program, it explicitly made the program voluntary because it recognized that there are costs and burdens imposed on property owners who choose to participate,” says Jim Arbury, NMHC/NAA senior vice president of government affairs. “Now states and localities are trying to alter the voluntary nature of the program by passing so-called “source of income” non-discrimination laws that essentially make property owner participation mandatory.”

    “Not only do these state and local laws contradict Congressional intent, they also impose an unconstitutional burden on property owners,” explained Arbury. “We believe that the voluntary nature of the federal law should preempt these state and local laws.”

    The National Multi Housing Council (NMHC) and the National Apartment Association (NAA), along with the Louisville (KY) Apartment Association, are spearheading the effort. The National Leased Housing Association, the Apartment and Office Building Association of Metropolitan Washington, the Delaware Apartment Association, the Greater Lexington (KY) Apartment Association, the Mobile Bay Area Apartment Association and the New Jersey Apartment Association are joining in the efforts.

    Until now, all federal appeals courts that have considered the preemption issue, have upheld the supremacy of federal law or Congressional intent where it directly conflicts with a state or local law. However, state court rulings--including the Maryland state ruling at issue in the brief--have rejected the federal preemption argument in the context of the Section 8 program (Glenmont Hills Associates Privacy World at Glenmont Metro Center v. Montgomery Country, Maryland).

    “Based on these conflicting rulings at the state and federal level, we believe the case is appropriate for review by the U.S. Supreme Court,” says Douglas Culkin, CAE, president of NAA. “Unless the Supreme Court acts, these conflicts are likely to become more numerous as more and more state and local governments attempt to effectively amend a federal statute.”

    Arbury also added that though states and localities are struggling with a shortage of affordable housing, mandating participation in the Section 8 program is not an effective solution to the problem and could actually jeopardize the success of the Section 8 programs.

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    June 20, 2008

    CIVIL PROCEDURE, PROPERTY LAW & REAL ESTATE, TAX LAW

    CIVIL PROCEDURE, PROPERTY LAW & REAL ESTATE, TAX LAW
    Mayer v. L&B Real Estate, No. S142211
    In an action to quiet title brought after plaintiffs learned that a portion of certain commercial property they owned had been sold at a tax sale, a court of appeals' ruling finding that action was barred by the statute of limitations is reversed where, contrary to the court of appeals' ruling, the quiet title action was timely filed because plaintiffs were in undisturbed possession of the property until they received notice that a portion of their property had been sold, and the one-year statute of limitations did not begin to run until that time. Read more in DOC...   Read more in PDF...

    Federal Arbitration Act (“FAA” or the “Act”),

    The United States Supreme Court has ruled that when parties to arbitration agreements utilize the expedited review procedure provided by the Federal Arbitration Act (“FAA” or the “Act”), the judicial review available to them is limited to that which is provided for by the Act. Accordingly, parties to an arbitration agreement which contains a provision calling for expanded judicial review may not rely upon the FAA for enforcement of that provision. Hall Street Associates, LLC v. Mattel, Inc., No. 06-989, 552 U.S. ___ (March 25, 2008)

    Congress enacted the FAA in 1925 in response to the hostility of American courts to the enforcement of arbitration agreements. The Act, in Section 2, provides that a written arbitration provision in a contract involving commerce is “valid, irrevocable and enforceable,” regardless of whether enforcement is sought in state or federal court. The Act provides mechanisms allowing a party to secure swiftly a stay of litigation (Section 3) and an affirmative order to proceed in arbitration (Section 4). The Court has previously recognized that these reflect Congress’ clear intent to move parties to an arbitrable dispute out of court and into arbitration as quickly and easily as possible.

     For more visit:  http://www.jacksonlewis.com/legalupdates/article.cfm?aid=1321

     

     

     

    HB 1353 (Madden/Isgar) strengthens Colorado's Conservation Easement Tax Credit Program

    OFFICE OF GOV. BILL RITTER, JR.

    FOR IMMEDIATE RELEASE

    THURSDAY, JUNE 5, 2008

    CONTACT:

    Evan Dreyer, 720.350.8370, evan.dreyer@state.co.us

    GOV. RITTER SIGNS FINAL BILLS OF 2008 LEGISLATIVE SESSION INTO LAW

    At a state Capitol ceremony, Gov. Bill Ritter today signed the final bills from the 2008 legislative session -- lauded by the governor as the "Education Session" for groundbreaking accomplishments in education reform and education funding. Gov. Ritter signed 475 bills into law this session.

    In addition to education accomplishments, Gov. Ritter also touted gains made in Colorado's burgeoning New Energy Economy, business development, health-care reform and natural-resources protection.

    Gov. Ritter also bid farewell to several term-limited lawmakers at today's ceremony, including Rep. Rosemary Marshall and House Majority Leader Alice Madden.

    In a special tribute to Madden, the final bill signed today was Madden's House Bill 1353, which will provide greater transparency, accountability and oversight for Colorado's Conservation Easement Tax Credit Program.

    "It's been a privilege and an honor to work with all of the departing lawmakers," Gov. Ritter said. "The bills I'm signing today all represent progress and a pragmatic approach to solving problems and getting things done for the people Colorado."

    The eight measures signed at the final ceremony of 2008:

    HB 1353 (Madden/Isgar) strengthens Colorado's Conservation Easement Tax Credit Program to prevent abuses. Conservation easements are sold or donated by private landowners to nonprofit or governmental entities to guarantee that a parcel of land will never be developed.

    The new and tougher standards signed into law today include increased accountability for conservation easement appraisals, a certification program for the groups that hold conservation easements, strengthened oversight and enforcement of the state tax credit, and the creation of a Conservation Easement Oversight Commission.

    "In Colorado, almost a million acres have already been protected to safeguard working farms and ranches, wetlands, migratory habitat, historical areas and scenic views," Rep. Madden said. "Much of this land would have been sold to the highest bidder for construction of a new subdivision or office park if it were not for our state's innovative efforts to protect Colorado's natural and cultural heritage."

    For a complete list of 2008 legislation Gov. Ritter has signed into law, click here.

     

    Legislators Call for More Accountability in Colorado’s Conservation Easement Tax Credit

    Vow to “make a successful program stronger”

    Co_state_rep_kathleen_curryCo_state_rep_bernie_buescherCo_state_rep_alice_d_maddenDENVER— Vowing to “make a successful program stronger,” House Majority Leader Alice Madden (D-Boulder), Rep. Bernie Buescher, (D-Grand Junction), and Rep. Kathleen Curry(D-Gunnison) trumpeted their legislation to add an extra layer of accountability for state conservation easement tax credits.

    The measure, House Bill 1353, will build upon changes enacted last year which increased the standards, transparency and accountability for the tax credits.

    Conservation easements are sold or donated by private landowners to nonprofits or government agencies to guarantee that a parcel of land will never be developed.  Property owners may continue using their land as it has been used but give up the rights to sell the land to developers in the future or to develop it themselves.

    The drafting of HB 1353 was guided by the Colorado Conservation Easement Tax Credit Task Force, led by Rep. Madden.  The 2007 task force included legislators, landowners, state officials and land trust representatives. 

    “Colorado has benefited from conservation easements in every corner of the state that protect farms, ranchland, wildlife habitat, scenic and historic landscapes and other unique natural lands.  These are places that could have been lost forever to development without the state tax credits,” said Rep. Madden.  “Our goal is to make this successful program stronger.”

    “Unfortunately, a few bad actors have misused this program, Rep. Madden added.  “This will be the last nail in the coffin of those who would defraud taxpayers through inflated appraisals and slight of hand, chopping up of lands in a way that would impress a chef at Benihana.”

    “These legislators have been leaders in protecting the intent of this important program while eliminating the possibility for abuses,” said Jill Ozarski, executive director of the Colorado Coalition of Land Trusts. “This bill will offer further assurances to taxpayers that the program is cost-effective while allowing Colorado to stay one step ahead of the bulldozers as we work to protect irreplaceable lands.”   
        
    “Conservation easements are a cost-effective way to safeguard Colorado’s agricultural traditions and beautiful places.  In Mesa County, too often I have seen the heart-breaking sight of peach trees destroyed so that sub-divisions can be built,” said Rep. Buescher.

    -- Posted by staff

    June 16, 2008


    From: HUD USER News
     
    FY 2009 Fair Market Rents
     
    On Thursday, June 12, the U.S. Department of Housing
    and Urban Development published for public comment in
    the Federal Register HUD's Proposed Fiscal Year (FY)
     2009 Fair Market Rents (FMRs) for the (Section 8)
    Housing Choice Voucher Program and Moderate
    Rehabilitation Single Room Occupancy Program. The
    public comment period will be open through August 1.
    The Proposed FY 2009 FMRs, developed by HUD's Office
    of Policy Development and Research (PD&R), use data
    drawn from updated 2000 Census data, the American
    Community Survey (ACS), Random Digit Dialing
    telephone rent surveys, and Consumer Price Index rent
    and utility indexes.
     
    Simultaneous with publication of the Proposed FY 2009
     Fair Market Rents, PD&R is posting a documentation
     system on our website, www.HUDUSER.org. This system will
    allow users to review the underlying data and
    computations used in developing the proposed FMRs for
    each of the approximately 2,400 FMR areas in the
    country.
     
    Analysis of Gainesville Housing Market Area
     
    HUD USER has posted a new Comprehensive Housing Market
    Analysis (CHMA) report for the Gainesville, Florida
    Housing Market Area. CHMAs contain valuable information
    for builders, mortgage lenders, borrowers, local
    planners, and others who need to keep up with an area's
    housing conditions and trends. Prepared by field
    economists in HUD's Office of Policy Development and
    Research, these reports provide data that are useful in
    anticipating changes in the demand for new housing. This
    analysis of the Gainesville housing market area
    describes the economic, demographic, and housing
    inventory characteristics from 1990 to 2000, from 2000
    through September 2007, and projections from October 1,
    2007 to October 1, 2010.
     
    This CHMA, as well as previously published reports
    covering housing markets across the nation, is available
    at www.huduser.org/publications/econdev/mkt_analysis.html.
    All reports are available as free downloads.
     
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    fields of housing and community development informed of
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    Department of Housing and Urban Development's Office of
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    will be sent via the eList. The HUD USER and Regulatory
    Barriers Clearinghouses value your privacy; we do not
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    June 15, 2008

    Free Safety and Health Evaluations for Your Small Business

    Free Safety and Health Evaluations for Your Small Business
        Visit OSHA's On-site Consultation Program Web page to get valuable information on how this program helps you to provide a safer working environment for your employees. The service is provided only at your request and is delivered at no cost. Employers who use the service to develop and operate an exemplary safety and health management system may also qualify to participate in the Safety and Health Achievement Recognition Program (SHARP). For additional information, visit our Web link at http://www.osha.gov/dcsp/smallbusiness/index.html, or call 202-693-2220.

    June 14, 2008

    Regulatory Barriers Clearinghouse

    Regulatory Barriers Clearinghouse
    Strategy-of-the-Month Club
     
    June 2008
     
    Revitalization can transform declining older
    neighborhoods into highly sought after real estate,
    attracting higher-income households. Although the
    results can revamp neighborhoods, the influx of
    higher-income households can also lead to increased
    rents and property taxes, a loss of affordable housing
    units, and displacement of low-income residents. This
    process of neighborhood transformation is known as
    gentrification. To help guide local governments in