Construction Company – Oltott Mesz http://oltottmesz.com/ Mon, 26 Jul 2021 03:38:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://oltottmesz.com/wp-content/uploads/2021/06/icon-5-150x150.png Construction Company – Oltott Mesz http://oltottmesz.com/ 32 32 UK government criticized for ‘hammerhead’ approach to corporate governance reform https://oltottmesz.com/uk-government-criticized-for-hammerhead-approach-to-corporate-governance-reform/ https://oltottmesz.com/uk-government-criticized-for-hammerhead-approach-to-corporate-governance-reform/#respond Mon, 26 Jul 2021 03:00:11 +0000 https://oltottmesz.com/uk-government-criticized-for-hammerhead-approach-to-corporate-governance-reform/ Updates on UK business and economy Sign up for myFT Daily Digest to be the first to know about UK business and business news. The architect of UK governance standards for private companies has criticized the government’s plans to extend some of the more stringent regulations for large listed companies to their unlisted counterparts, saying […]]]>

Updates on UK business and economy

The architect of UK governance standards for private companies has criticized the government’s plans to extend some of the more stringent regulations for large listed companies to their unlisted counterparts, saying the changes would have a “significant negative impact”.

Sir James Wates, chairman of the Wates Group, one of the UK’s largest family-owned construction companies, said proposals to broaden the definition of ‘public interest entities’ (PIEs) to include large companies private sector would increase costs and discourage growth and innovation.

The proposed reforms follow a public backlash against corporate bankruptcies at subcontractor Carillion, coffee chain Patisserie Valerie and private retailer BHS.

Wates, who also chairs the Institute for Family Business, said the proposals amounted to a “hammer” and questioned the need to expand the PIE regime, which currently only applies to large listed companies and to financial groups.

“A small number of high-profile cases of bad governance – the examples of Patisserie Valerie and BHS are frequently cited, although it is overstating that they reflect a trend – encourage ministers to be seen as’ doing anything. thing “to” clean up big business, “he told the Financial Times.

The proposed changes would mean that private businesses or those with an Aim List, like Patisserie Valerie until it collapsed over suspected fraud in 2019, would fall under the PIE definition for the first time. if their turnover or number of employees exceeds certain thresholds.

Options for a broader definition, which could more than double the number of PIE firms to around 4,000, were included in a government white paper released in March. A public consultation on the plans, which would also hold directors accountable for the accuracy of the company’s accounts, closed earlier this month.

The changes would be a burden on private companies, Wates said. “The additional audit and reporting requirements would entail considerable costs and, perhaps more worryingly, create disincentives to innovate and grow for many family businesses, a sector that employs 14 million people and represents around one third of UK GDP. “

Expanding the PIE regime “would subject private companies to regulations designed for listed companies,” although they are usually structured in a completely different way, he said.

Instead of imposing more rules on private groups, Wates called on the government to assess the impact of new business reporting regulations introduced in 2019 and to work with private companies to close any gaps in the disclosed information.

He said ministers should allow time “for good practices to spread” after his work to create the Wates principles. This is a voluntary set of corporate governance guidelines for large private companies published in 2018 with the support of the Financial Reporting Council.

Supporters of the proposal believe the changes would increase protection for stakeholders such as employees, pension plan members and supply chains. But some companies, investors and accountants have raised concerns that the overhaul could stifle business growth and increase costs.

Separately, the Charity Commission opposed a proposal to expand the definition of PIE to include large nonprofits and said it was not aware of comparable failures in the charitable sector. to those in the business world.

The government said in a statement: “The largest private companies are of great economic importance – often much greater than some listed companies – so designating them as public interest entities allows for appropriate oversight to mitigate the risk of corporate failures. avoidable businesses and protect UK jobs. “


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Stimson Avenue project experiences minor delays | New https://oltottmesz.com/stimson-avenue-project-experiences-minor-delays-new/ https://oltottmesz.com/stimson-avenue-project-experiences-minor-delays-new/#respond Fri, 23 Jul 2021 18:13:00 +0000 https://oltottmesz.com/stimson-avenue-project-experiences-minor-delays-new/ Athens Mayor Steve Patterson said on Thursday the Stimson Avenue road project is experiencing some minor delays and the city is working with the construction company to possibly extend work shifts. For months, motorists have been greeted on Stimson with one-way signs and a sea of ​​orange cones as Trucco Construction works to repair the […]]]>

Athens Mayor Steve Patterson said on Thursday the Stimson Avenue road project is experiencing some minor delays and the city is working with the construction company to possibly extend work shifts.

For months, motorists have been greeted on Stimson with one-way signs and a sea of ​​orange cones as Trucco Construction works to repair the Stimson Causeway, which was originally built in the 1960s, Patterson said.

The Stimson Avenue Improvement Project will rebuild Stimson Avenue between State Street and Grant Street, according to the city’s website.

Upgrades include replacing city-owned utilities (water, sanitary and storm sewer), installing decorative lighting, improving existing traffic lights, replacing curbs and sidewalks, installing more visible pedestrian crossings and the replacement of the existing roadway with a new concrete roadway.

Now, the project completion date may be pushed back a month due to the age of the road – and what lies below.

Stimson’s Causeway, Patterson said, was in the past the site of the rails from which the Athens Block bricks were shipped. Now, as construction picks up on the project, they’re finding some interesting things.

Patterson recently said construction crews encountered a mysterious pipe system. The system did not appear on any city map or Columbia Gas map.

“So they found themselves encountering more things like this than what’s happened with other projects in town,” Patterson said. “It creates problems when you probe there. “

Due to some delays, the project is now scheduled to end in October, but the city is now anticipating a framework in late November for the road to be fully opened to traffic.

To achieve that goal, Patterson said he’s working with Delaware County-based Trucco to potentially add extra shifts to their construction schedule.

Currently, teams work Monday through Friday on 10 hour shifts. Patterson is investigating the possibility of night or Saturday shifts.

The extra hours of work will increase the cost of the project, but Patterson said it is still expected to fall within the $ 7 million budget for the project.

With construction limiting one-way traffic, local businesses are experiencing a reduction in traffic to their stores, Patterson said. He said he “constantly encourages” residents to patronize the businesses on Stimson Avenue.

“The challenges we face with Stimson are certainly greater than the challenges we have faced with other road projects,” said Patterson. “The challenges this poses to all businesses on any major corridor (during construction) in the city are not unique to Stimson Avenue.”

Trucco Construction could not be reached for comment at the time of posting.


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DTC restaurant sues plumber and spa contractor over flood damage https://oltottmesz.com/dtc-restaurant-sues-plumber-and-spa-contractor-over-flood-damage/ https://oltottmesz.com/dtc-restaurant-sues-plumber-and-spa-contractor-over-flood-damage/#respond Fri, 23 Jul 2021 10:34:34 +0000 https://oltottmesz.com/dtc-restaurant-sues-plumber-and-spa-contractor-over-flood-damage/ Ambli Global at Belleview Station was scheduled to reopen after Labor Day in 2020, but had to postpone the opening date due to flooding at the restaurant. (Photo by Lucy Peterson) A Denver Tech Center restaurant is suing the general contractor and plumber who built a spa next door, alleging their work caused $ 1 […]]]>

Ambli Global at Belleview Station was scheduled to reopen after Labor Day in 2020, but had to postpone the opening date due to flooding at the restaurant. (Photo by Lucy Peterson)

A Denver Tech Center restaurant is suing the general contractor and plumber who built a spa next door, alleging their work caused $ 1 million in flood damage.

Ambli Global, a tapas restaurant with three establishments in Colorado, filed an April 1 lawsuit against Clearwater Mechanical LLC and Alcorn Construction Inc., alleging negligence and trespassing.

Ambli owner Kelly Morrison said flooding was the reason the restaurant had not opened since it closed due to the pandemic.

“We closed like everyone else did for COVID, and our target that we were planning at this time last year was to reopen around Labor Day last year,” she said. declared. “In July of last year, we walked into the restaurant and it had unexpectedly been flooded.”

The location of Ambli Global’s Denver Tech Center, which opened in 2017, is at 6799 E. Belleview Ave. It opened a second Global location in Colorado Springs in July 2020 and Ambli Mexico at FitzSimons, which serves Mexican fare, at 2101 N. Ursula St. in Aurora that same month.

According to the lawsuit, Spa810, located next to Ambli, hired Alcorn Construction to complete construction of its space in 2017. The construction company subsequently hired a plumber, Clearwater Mechanical.

Ambli’s DTC location and Spa810 share common utilities, such as the grease line and sanitary plumbing line at Belleview Station’s Milehouse property, according to the lawsuit.

“During construction of Spa810, Defendant Clearwater negligently connected one of Spa810’s bathroom plumbing drain lines to the property’s grease line instead of the sanitary plumbing line in violation of codes. plumbing “, alleges the lawsuit.

“Defendant Alcorn either negligently approved the incorrect connection or negligently failed to discover the incorrect connection,” he says.

Due to improper connection, paper products and other non-water soluble materials accumulated in the grease line over the course of approximately two years until Spa810 closed in 2019. On July 21, 2020, the lubrication line experienced a backflow of water. , resulting in flooding in the vacant Spa810 space, as well as the approximately 5,500 square foot space of Ambli DTC, according to the lawsuit.

Ambli’s DTC location has been closed since the flooding, which caused more than $ 1 million in damage that “continues to rise every day,” including costs to remedy the flood, clean up and renovate the restaurant, replace damaged business assets and lose profits. The restaurant is asking a judge for an undisclosed amount of compensatory damages in excess of $ 1 million.

“(The restaurant) was pretty destroyed, we had to raise the floor and cut the walls and dampen all the water, which we were able to do quickly. We just got involved in an insurance claim and a lawsuit to get the funds to be able to rebuild, ”Morrison said. “Everything was custom made, so it’s not necessarily a cheap renovation.

Chris Alcorn, president of Alcorn Construction, told BusinessDen that “everything will be done to make things right, and whoever is determined to be at fault and whatever the facts are, we will work with our insurance company to do what is right and resolve the situation.

Clearwater Mechanical declined a request for comment. The two companies have filed counterclaims and responses to the lawsuit.

Clearwater Mechanical denies the allegations and alleges that the damage may have been caused by third parties, “over whom Clearwater had no control or right of control,” the counterclaim states.

Alcorn Construction also denied the allegations in a counterclaim, but added that “to the extent that the plaintiff’s claims are founded, Clearwater is responsible for causing them and is obligated to defend and indemnify Alcorn”, it reads. in the counterclaim.

Ambli is represented by John R. Chase and Alex J. Gunning of Montgomery Amatuzio Chase Bell Jones.

Ambli Global at Belleview Station hopes to reopen in spring 2022, Morrison said.


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Green buildings ignore their construction emissions https://oltottmesz.com/green-buildings-ignore-their-construction-emissions/ https://oltottmesz.com/green-buildings-ignore-their-construction-emissions/#respond Thu, 22 Jul 2021 11:00:22 +0000 https://oltottmesz.com/green-buildings-ignore-their-construction-emissions/ By Matthew L. Cypher and Olivier Elamine 4 minutes Lily Renderings of Amazon’s new HQ2 headquarters in Arlington, Virginia demonstrate innovation and creativity in architecture. The proposed complex comprises 2.8 million square feet spread over three 22-story buildings. The centerpiece of the project will be a swirl of buildings and greenery known as ‘The Helix’, […]]]>

By Matthew L. Cypher and Olivier Elamine 4 minutes Lily

Renderings of Amazon’s new HQ2 headquarters in Arlington, Virginia demonstrate innovation and creativity in architecture. The proposed complex comprises 2.8 million square feet spread over three 22-story buildings. The centerpiece of the project will be a swirl of buildings and greenery known as ‘The Helix’, which will be certified LEED Platinum, the highest sustainability seal issued by the United States Green Building Council. According to Amazon, the resort “will align with Amazon’s climate commitment to be carbon-zero by 2040 and advance Arlington and Amazon’s joint commitment to be leaders in the fight against climate change. climate change”. But will he do it?

Commercial real estate bears an undeniable responsibility in the fight against climate change. In 2016, the built environment consumed 44.8% of all energy in the United States and contributed 38.7% of carbon dioxide emissions, three-fifths of which were produced by commercial real estate. A significant amount of carbon dioxide emissions produced by the built environment occur during the construction phase of a building’s life cycle. One term that is quickly gaining in ease in the industry is incorporated carbon. It represents the sum of all greenhouse gas emissions that have occurred during the construction of a building as opposed to those during the operational phase of the building once completed. This concept of embodied carbon deserves much closer examination given its impact, but it is seldom part of the sustainability calculation that most industry participants envision.

Recent research shows that the ratio of carbon released during construction to that of the building’s operation exceeds a one-to-one ratio when you consider a very optimistic 50-year lifespan. Indeed, more carbon is emitted during the construction of the asset than during its entire lifespan. The impact of emissions of this embodied carbon is occurring today, while post-construction energy savings occur over the next 30 to 50 years, which is too late.

The commercial real estate industry has developed a number of environmental certifications to demonstrate the environmental sustainability of a real estate asset, such as LEED (in the United States) and BREAM (its European equivalent). The inherent flaw in these certifications is their almost total focus on the operational phase of a building’s life cycle and the virtual exclusion of the carbon-intensive construction phase. This reality has led to an industry that has an incomplete and potentially dangerous understanding of the true carbon footprint of any given building.

Unlike operational carbon emissions, which can be more easily addressed through the use of renewable energy sources, there is currently no easy way to reduce carbon emissions from construction. Interestingly, most of the carbon incorporated is not related to the nature of the energy used in the construction process, but to the materials themselves. Cement, which is the most widely used material on the planet after water, emits large amounts of carbon through the chemical reaction that creates it.

The good news is that reducing emissions attributed to the construction of commercial real estate does not require complex technology or substantial investments by taxpayers. Our industry needs to think carefully about new construction given the significant emission load that results from building from scratch and adopt a mindset that first looks at the adaptive reuse of what has already been built. . This would require better education for commercial real estate investors, lenders, architects and occupants. Investors should promote the adaptive reuse and efficiency improvement of existing buildings.

The lending community must also understand their influence given the necessary role of debt capital in a real estate investment, and architects must come up with new approaches that address the issues of functional obsolescence that are common in older buildings. Finally, occupants must also take into account their leadership position in the built environment and consider these renovated assets as good, efficient and inspiring as new constructions and understand that these assets are fundamentally more sustainable and better aligned with the climate transition.

The average office vacancy rate in U.S. cities was 11.5% at the end of 2019, or the equivalent of about 610 million square feet, which is enough to cover about 45 years of net absorption. . The Arlington, Va., Submarket where Amazon is located had approximately 2.1 million square feet of total office availability in the fourth quarter of 2020. The effects of COVID-19 and working from home are only likely to be expected. ” increase the availability of space. Priority should be given to the reallocation of this vacant post and new construction should only be used when no viable renovation is possible.

We can’t help but think about the impact a company like Amazon could have on the climate change conversation if it complemented its approach with adaptive reuse and integration of existing real estate at headquarters2. The real estate industry needs to think critically about our contribution to climate change and not be lulled into one-dimensional sustainability certifications. The global pandemic has made us wonder how we use space, and we would be well advised to use this time of reflection to consider the true environmental consequences of our investments.


Matthew L. Cypher is Atara Kaufman Professor of Practice and Director of the Steers Center for Global Real Estate at the McDonough School of Business at Georgetown University. Olivier Elamine is co-founder and CEO of alstria office REIT-AG.


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Asia’s richest ex-man faces escalating debt crisis https://oltottmesz.com/asias-richest-ex-man-faces-escalating-debt-crisis/ https://oltottmesz.com/asias-richest-ex-man-faces-escalating-debt-crisis/#respond Thu, 22 Jul 2021 01:25:54 +0000 https://oltottmesz.com/asias-richest-ex-man-faces-escalating-debt-crisis/ Hui Ka Yan speaks at a press conference on the sidelines of the Fourth Session of the 12th National People’s Congress March 6, 2016 in Beijing, China. Etienne Oliveau / Getty Images Chinese real estate mogul Hui Ka Yan is rapidly sliding down the wealth rankings. His net worth fell another $ 3.35 billion this […]]]>

Chinese real estate mogul Hui Ka Yan is rapidly sliding down the wealth rankings. His net worth fell another $ 3.35 billion this week, as shares in his Evergrande fell 26%.

The Hong Kong-listed company’s shares have plunged 68% in the past year, and analysts say the once-resourceful mogul appears to be running out of options to avoid a growing debt crisis. It’s a dramatic turn for Hui, who was crowned Asia’s richest person just four years ago, when his net worth peaked at $ 45.3 billion. Today, his fortune currently stands at $ 17.2 billion and it is unclear how much further it could fall.

The besieged tycoon is struggling to reduce total debt that rose another 5% to a whopping 1.95 trillion yuan ($ 301.6 billion) last year. Hui has actually managed to get out of trouble at Evergrande in the past through various means, such as stock investing and selling debt, but this time it’s different, according to Shen Chen, partner of Shanghai Maoliang Investment. Management.

“The Evergrande debt crisis is on the rise,” Shen says. “The business is definitely going to run into problems because it doesn’t have access to new funding, nor can it have assets fast enough to raise funds. “

Investors, for example, fear that financial institutions will cut Evergrande’s funding and demand immediate repayments. Last week, a local court froze 132 million yuan in deposits held by Evergrande’s mainland subsidiary, Hengda Real Estate Group, at the request of creditor China Guangfa Bank. Evergrande threat legal action against the bank, because the loan in question will not be due until March of next year.

Zhou Chuanyi, credit analyst at Singapore-based Lucror Analytics, said Guangfa’s action would likely be prompted by growing concerns about Evergrande’s ability to honor its debts. The company only had 158.8 billion yuan in cash and cash equivalents at the end of 2020, compared to 335.5 billion yuan in loans that were due in the next 12 months, according to its annual report. .

“Under normal circumstances, banks won’t go so far as to sue Evergrande,” she said. “But as creditors get more and more anxious, they will want to protect their money, and the markets fear that more financial institutions will follow suit.”

Evergrande did not respond to email requests for comment. Meanwhile, Hui faces a stricter regulatory environment and his other borrowing options appear to be running out. Trust funding, which Fitch Ratings says accounts for around 40% of the company’s interest-bearing debt, is currently being drastically tightened in China. And as a company that remains in violation of the country’s “three red lines” policy, which was introduced last year to reduce the systemic risk of excessive debt in the real estate industry, Evergrande cannot issue new obligations in the offshore. market this year.

The company managed to use its own funds to arrange a HK $ 13.6 billion ($ 1.75 billion) payment for bonds due in June, as well as interest payments on all other notes denominated in dollars, but the market relief was short-lived. Investors are still worried that Evergrande is simply swapping one form of debt for another. Its trade and other debts, including bills of exchange, increased 13.5% to 829.2 billion yuan last year.

Invoices, technically not classified as interest-bearing debt, allow Evergrande to pay suppliers at a fixed future date after having already received goods or services. Compared to investors in bonds or stocks, bill holders usually have a lower priority in claiming their payments. Evergrande had defaulted on commercial invoices several times in the past, before finally agreeing to Pay construction companies in June.

“Suppliers are much less willing to accept commercial invoices from Evergrande now,” Zhou says. “When the business has money on its hands, it can simply choose to pay the other creditors first.”

Analysts say the billionaire can still raise funds by selling discounted properties and publicizing non-essential affiliates. He collected 321 billion yuan in cash from real estate sales in the first half of the year according to unaudited results. Last year it listed its real estate services unit in Hong Kong, raising $ 1.8 billion.

Today, the company plans to go public with its bottled water unit, Evergrande Spring, in Hong Kong, according to Bloomberg. But Shanghai Maoliang’s Shen says it’s unclear how investors would react, especially when the parent company is mired in its own financial problems.

He cites the results of HNA Group and chip giant Tsinghua Unigroup as examples of how the future of Evergrande could play out. Indebted companies are moving towards restructuring after debt defaults and past credit-fueled acquisitions failed to boost their businesses.

Electronics retailer Suning can also serve as a roadmap, according to Zhou of Lucror Analytics. Its former billionaire chairman Zhang Jindong resigned after losing control of the debt-strapped company. Earlier this month, Suning secured a $ 1.36 billion bailout from a state-led investor group that acquired a 16.96% stake. Zhang, a friend of Hui’s, once waived his right to a 20 billion yuan payment from Evergrande.

“Bringing in strategic investors is the best way for Evergrande,” she says. “But Hui may not want to completely relinquish control. He may end up giving up stakes bit by bit.


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Infrastructure and Energy Alternatives, Inc. Wins Colorado Wind Construction Contract https://oltottmesz.com/infrastructure-and-energy-alternatives-inc-wins-colorado-wind-construction-contract/ https://oltottmesz.com/infrastructure-and-energy-alternatives-inc-wins-colorado-wind-construction-contract/#respond Wed, 21 Jul 2021 13:00:00 +0000 https://oltottmesz.com/infrastructure-and-energy-alternatives-inc-wins-colorado-wind-construction-contract/ INDIANAPOLIS, July 21, 2021 (GLOBE NEWSWIRE) – Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“AIE” or the “Company”), a leading infrastructure construction company with expertise in renewable energy and in civil engineering, today announced that the Company has been awarded the contract for the Panorama wind farm. Leeward Renewable Energy, a leading renewable energy company […]]]>

INDIANAPOLIS, July 21, 2021 (GLOBE NEWSWIRE) – Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“AIE” or the “Company”), a leading infrastructure construction company with expertise in renewable energy and in civil engineering, today announced that the Company has been awarded the contract for the Panorama wind farm. Leeward Renewable Energy, a leading renewable energy company and OMERS Infrastructure holding company, awarded this project to IEA Constructors, a subsidiary of IEA that manages large-scale renewable energy projects and heavy civilian infrastructure.

The award is for the construction of the 145-megawatt large-scale wind farm in Weld County, Colorado. Construction of the Panorama wind farm will begin in July and is expected to be completed in December 2021. The IEA will itself provide all engineering, procurement and construction needs for the project, including the construction of 23 miles of roads. access roads, the improvement of existing public and private access roads, the installation of foundations, the unloading of equipment and the erection of 66 Vestas wind turbines.

The state of Colorado is actively committed to reducing greenhouse gas emissions and currently ranks eighth in the country for harnessing wind, solar and energy storage capacity. According to the most recent report released by the American Clean Power Association, about 26% of all electricity produced in Colorado comes from renewable sources – enough energy to power 2.1 million homes.

“Wind is fast becoming a power source of choice in Colorado, and the IEA is delighted to partner with Leeward Renewable Energy to help expand the state’s renewable power generation,” said Chris Hanson, IEA Executive Vice President for Renewable Energy. “The Panorama wind farm will not only serve as a major source of job creation for Colorado, but will also bring the state closer to its goal of producing 100% clean energy by 2040.”

“Leeward Renewable Energy is pleased to partner with the IEA on the Panorama Wind Farm to build a sustainable wind power plant in County Weld,” said Andrew Flanagan, Development Director of Leeward Renewable Energy. “We are proud to be working alongside the IEA team to deliver a clean energy solution to the State of Colorado as it pursues its emissions targets.”

To date, the IEA has built over 20 gigawatts of renewable energy projects across North America. The IEA has been ranked No. 2 for wind turbine construction among the Engineering News-Record’s 2020 Top 400 entrepreneurs. For more information on the IEA ENR rankings, please visit enr.com.

About the IEA

Infrastructure and Energy Alternatives, Inc. is a leading infrastructure construction company with expertise in renewable energy and civil engineering. Based in Indianapolis, Indiana, with operations nationwide, the IEA’s service offering covers the entire construction process. The Company offers a full range of delivery models, including full engineering, procurement and construction, turnkey, design-build, plant balance and subcontracting services. The IEA is one of the largest suppliers to the renewable energy industry and has completed more than 240 utility-scale wind and solar projects in North America. In heavy civilian space, the IEA offers a number of specialized services, including environmental remediation, industrial maintenance, specialized transport infrastructure and other site developments for public and private projects. For more information, please visit the IEA website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.

About Leeward Renewable Energy, LLC

Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 22 renewable energy facilities in nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar and energy storage projects in the US energy markets, with 17 gigawatts under development covering more than 100 projects. Leeward is a holding company of OMERS Infrastructure, an investment arm of OMERS, one of the largest defined benefit pension plans in Canada with net assets of C $ 105 billion (as of December 31, 2020) . For more information visit www.leewardenergy.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate”, “expect”, “could”, “could”, “intend” ”,“ Plan ”and“ believe ”, among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operational, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual results or future events to differ materially from those projected in the forward-looking statements in this press release. For a full description of the risks and uncertainties that could cause actual results to differ from our forward-looking statements, please refer to the IEA’s periodic filings with the Securities & Exchange Commission, including those described as ” risk ”in the IEA Annual Report on Form 10 -K filed on March 8, 2021 and in any Quarterly Report on Form 10-Q filed thereafter. The IEA assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Contact:

Kimberly esterkin
ADDO Investor Relations
iea@addo.com
310-829-5400


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Number of “occurrences” to determine policy limits in construction defect cases in California | Snell & Wilmer https://oltottmesz.com/number-of-occurrences-to-determine-policy-limits-in-construction-defect-cases-in-california-snell-wilmer/ https://oltottmesz.com/number-of-occurrences-to-determine-policy-limits-in-construction-defect-cases-in-california-snell-wilmer/#respond Tue, 20 Jul 2021 18:36:23 +0000 https://oltottmesz.com/number-of-occurrences-to-determine-policy-limits-in-construction-defect-cases-in-california-snell-wilmer/ Insurance policies generally have different policy limits depending on the number of “occurrences”. For example, the amount of money recoverable under an insurance policy may be $ 5 million per event with an aggregate limit of $ 20 million. Therefore, when determining policy limits, deductible liability, or contemplating a settlement in a construction defect case, […]]]>

Insurance policies generally have different policy limits depending on the number of “occurrences”. For example, the amount of money recoverable under an insurance policy may be $ 5 million per event with an aggregate limit of $ 20 million. Therefore, when determining policy limits, deductible liability, or contemplating a settlement in a construction defect case, parties must consider two issues. First, what constitutes an event in the context of a construction defect? Second, how do the courts determine the number of occurrences?

First, parties should be aware that what constitutes an event will generally be defined by applicable policy. In cases of construction defects, insurance policies generally define an event as “an accident, including continuous or repeated exposure to the same or similar adverse conditions” which results in property damage. See, for example, Safeco Ins. Co. of America v. Fireman’s Fund Ins. Co., 148 Cal.App. 4th 620, 631 (Cal.App. 2007); Tidwell Enterprises, Inc. v. Financial Pacific Ins. Co., Inc., 6 Cal.App. 5th 100, 107 (Cal.App. 2016). However, parties should consider the definition of an event in the specific policy applicable to their project to determine coverage.

Second, parties should be aware that courts usually determine the number of events under an insurance policy (and therefore policy limits) based on the causes of the damage, not the type or amount. For example, in Ins. Co. v. Liberty Surplus Ins. Co., faulty work by a subcontractor caused water intrusion in several areas of a casino. 2014 WL 12558121, at * 1 (CD Cal. April 9, 2014). The California court found that there had been two separate events: (1) improperly installed handrails and (2) faulty installation of window systems and sliding doors. Identifier. to 6. The court explained that if a single injury, such as a water intrusion, has multiple causes, there have been multiple occurrences under an insurance policy. Identifier. at 5. If, however, the large-scale water intrusion had been caused solely by the failure to apply the sealant, it likely would have been a one-time event. Identifier. to 6.

Likewise, in Liberty Mutual Fire Ins. Co. v Bosa Devel. California II, Inc., a developer and an insurance company were arguing over the number of incidents under an insurance policy after defects were discovered in a condominium project. 2020 WL 1864645, at * 1 (SD Cal. April 13, 2020). The promoter argued that there had been one event: his negligent supervision of several subcontractors. Identifier. to 6. The court disagreed and ruled that there had been three events: (1) the negligent installation of flat concrete, balconies and waterproofing, (2) a faulty plumbing installation and (3) the selection of unsuitable construction materials. Identifier. to 8. The court invalidated the proponent’s argument, explaining that if the negligent supervision of a general contractor constituted a single event, “there would never be more than one event during the same construction project. construction, regardless of the variety of damage ”. Identifier.

Therefore, parties involved in a construction defect case should pay close attention to the cause of the alleged damage. If all damage is from a single source or process, this may constitute a single event for the purposes of determining policy limits. Conversely, if there is a single type of damage caused by multiple failures, it may constitute more than one event and trigger higher policy limits. Consulting a competent insurance lawyer may be a suitable first step.


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Digging in: Officials inaugurate new Moses Lake food bank https://oltottmesz.com/digging-in-officials-inaugurate-new-moses-lake-food-bank/ https://oltottmesz.com/digging-in-officials-inaugurate-new-moses-lake-food-bank/#respond Tue, 20 Jul 2021 08:11:20 +0000 https://oltottmesz.com/digging-in-officials-inaugurate-new-moses-lake-food-bank/ LAKE MOSES – Dirt flew in and there were smiles all around at the opening ceremony for the new Moses Lake food bank on Monday afternoon. Peny Archer, director of Community Services at Moses Lake, which runs the food bank, compared it to a whole list of milestones in life, like buying that first home. […]]]>


LAKE MOSES – Dirt flew in and there were smiles all around at the opening ceremony for the new Moses Lake food bank on Monday afternoon.

Peny Archer, director of Community Services at Moses Lake, which runs the food bank, compared it to a whole list of milestones in life, like buying that first home.

“My cheeks are actually starting to ache from smiling today,” Archer said.

Food bank operators and the organization’s board of directors have been fundraising for the project for the past seven years.

The land for the new location, at the intersection of Grape Drive and State Route 17, was donated by Chris and Mick Hansen in 2014. The land was given to a trust by Chris Hansen’s father, Marc Marchand, who ordered it to be used for charitable purposes.

Marchand owned a construction business in Moses Lake and was well known throughout the Columbia Basin. The handles of the shovels used during the first shovelful on Monday were painted in the green Marchand used on his construction machinery.

“This is going to be so awesome,” said Chris Hansen.

Contractor Scott Schurman said construction is expected to begin next week, pending approval of all permits. Construction is expected to take about a year.

The total cost of the project has been estimated to be around $ 2.9 million, but additional spending has brought the cost to around $ 3.9 million, Chris Hansen said.

Besides fundraising, the project received a big boost from State Senator Judy Warnick, R-Moses Lake, said Chris Hansen. The project received two allocations from the state investment budget as a result of Warnick’s work, $ 2 million in 2019 and $ 1.9 million in 2021.

Warnick said the project has become very important to her. Agriculture is the backbone of the local economy and the hungry people here were just not good, he said.

Warnick said Archer’s hard work was instrumental in achieving the goal.

“She just wouldn’t give up,” Warnick said.

The approximately 10,000 square foot building will house the food bank’s regional distribution center as well as its local distribution area. The food is delivered to the Moses Lake food bank and then redistributed to 34 food banks in central Washington, Archer said.

Hansen also credited Lisa Whitney for her help in drafting grant applications for the project. Whitney said donations were still accepted on the food bank’s website, www.mlfood.org.

“It’s a great day,” said Chris Hansen.

Cheryl Schweizer can be contacted by email at cschweizer@columbiabasinherald.com.


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Sudz Up Grooming in Anthem https://oltottmesz.com/sudz-up-grooming-in-anthem/ https://oltottmesz.com/sudz-up-grooming-in-anthem/#respond Mon, 19 Jul 2021 13:30:29 +0000 https://oltottmesz.com/sudz-up-grooming-in-anthem/ Saturday was Madisyn and Scott Morris’ special day. The daughter and father spent a few days at the rodeo. Some Saturdays they would have coffee and rummage through antique shops. Others were for simple joys, like going in a car to watch the cows. Now that they own Sudz Up Grooming in Anthem, they haven’t […]]]>

Saturday was Madisyn and Scott Morris’ special day.

The daughter and father spent a few days at the rodeo. Some Saturdays they would have coffee and rummage through antique shops. Others were for simple joys, like going in a car to watch the cows.

Now that they own Sudz Up Grooming in Anthem, they haven’t had a day apart.

“Every day is now daddy-daughter day,” said Madisyn Morris.

They bought a towable pet grooming trailer with washing and trimming stations and opened their business on April 15. Since then, the Morris has treated more than 350 dogs in the Phoenix subway. They use all-natural products and both are certified in pet CPR. They are booked weeks in advance.

Since the pandemic, Scott Morris has seen an opportunity in the mobile grooming industry. More people are buying or adopting dogs and fewer people want to take their dogs to physical grooming stores, the Morrises said.

Although they’ve only been on the road for three months, Sudz Up has been in the works for almost 35 years.

“The spark of hope”: AZ farm cares for homeless pet owners’ dogs as they ask for help



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New Ocala VA clinic nearing completion after a year of construction https://oltottmesz.com/new-ocala-va-clinic-nearing-completion-after-a-year-of-construction/ https://oltottmesz.com/new-ocala-va-clinic-nearing-completion-after-a-year-of-construction/#respond Sun, 18 Jul 2021 17:00:49 +0000 https://oltottmesz.com/new-ocala-va-clinic-nearing-completion-after-a-year-of-construction/ A new VA outpatient clinic is nearing completion from its location southwest of Ocala. After construction began in June 2020, major construction of the new 60,000 square feet took about a year and teams are currently putting the finishing touches to the clinic. The new VA clinic in southwest Ocala, Florida The North Florida / […]]]>

A new VA outpatient clinic is nearing completion from its location southwest of Ocala.

After construction began in June 2020, major construction of the new 60,000 square feet took about a year and teams are currently putting the finishing touches to the clinic.

The new VA clinic in southwest Ocala, Florida

The North Florida / South Georgia Division of the US Department of Veterans Affairs regularly posts photos of the construction progress of the facility.

“As of June 14, phases 1 and 2 of the project are practically complete. They install floor coverings in phase 3 and lay ceiling tiles in phases 3 and 4, ”reads an article from the organization.

Aerial view of the new VA clinic in Ocala Florida
Aerial view of Ocala VA clinic from June 2021

The new clinic will offer a wide variety of services, including primary care, mental health care, audiological optometry, sample collection and telehealth services.

Ocala Investors, LLC is the developer and owner of the property, which is located directly behind RaceTrac, Bojangles and Culver’s, which is under construction.

The main contractor in charge of the project is the Doster Construction Company.

Right across State Road 200, CarMax completed construction and opened the doors to its new Ocala plant earlier this year.

Culver’s, which was announced earlier this year, has made rapid progress in building its location along State Road 200, which is right next to Bojangles.

Chicken Salad Chick has opened a new location nearby, the first in Ocala and the second in the Tri-County area.

Although an opening date has not yet been announced, when it does open, the Ocala VA clinic will operate Monday through Friday, 7:30 a.m. to 4:30 p.m.


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