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Investing in Georgia: Economic Development Newsletter - August 2014

Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - A report on the volume of private activity bond issuances in the United States generally and in...more

IRS Releases New Guidance on Beginning of Construction

The IRS recently released Notice 2014-46 (the Notice) which provides welcome guidance to tax equity investors and developers on the construction of wind, geothermal, biomass, landfill gas and certain hydropower and marine...more

Nevada Supreme Court Clarifies Mechanic and Materialman Lien Issues

On August 7, 2014, the Nevada Supreme Court issued two opinions dealing with the priority of mechanics’ liens and the proof required for a materialman to establish a lien. These cases provide valuable guidance to lenders,...more

Construction Law Alert: “P3” is Way More than a New Buzzword - North Carolina's Approval of Public-Private Partnerships and...

August 23rd marks the one-year anniversary of House Bill 857 (“HB 857”) becoming law in North Carolina. Through the enactment of HB 857, the Tar Heel state opened its doors to what is commonly referred to across the country...more

Foreign Investors Still Stimulating Miami’s Real Estate Boom

Miami, once the poster child for the recent housing bubble and subsequent crash, now has the strongest housing market in the U.S. and is one of the exclusive high-end real estate “export” economies in the world. This...more

Notice 2014-46 Provides Additional Guidance on Eligibility of Wind and Other Renewable Energy Facilities for the PTC or the ITC

On August 8, 2014, the Internal Revenue Service (IRS) released Notice 2014-46 (the “Notice”), which provides some important clarifications with respect to the requirement that construction of a project commence prior to...more

Port of Miami Tunnel Open for Traffic

On August 3, 2014, the Florida Department of Transportation (FDOT) and the Port of Miami achieved an important milestone when the est. $1 billion Port of Miami Tunnel opened for traffic. The project consists of twin tunnels...more

Arizona DOT Announces Procurement Decision for South Mountain Freeway Project

The Arizona Department of Transportation announced today its decision to deliver the $1.9 billion South Mountain Freeway Project under a single design-build-maintain public-private partnership. While there will be a...more

Changes Made to the Pennsylvania Mechanics’ Lien Law to Protect Holders of Open-End Mortgages and Residential Property Owners

Mechanics’ liens grant contractors and subcontractors an interest in improvements made to real property to secure the payment obligations of owners to contractors, and of contractors to subcontractors. While these liens...more

Indiana I-69 Section 5 Availability Payment Project Closes Financing

On July 23, 2014, the Indiana Finance Authority closed financing on its second availability payment P3 project, the I-69 Section 5 highway project, a 21-mile reconstruction project located outside of Bloomington Indiana, the...more

President Obama Seeks To Expand Market for P3 Transportation Projects

As part of his ongoing effort to urge Congress to address the nation’s critical infrastructure needs, President Obama recently announced the signing of an executive order creating the Build America Investment Initiative (the...more

Important Increase in Home Builder Sentiment

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released on July 16th increased to 53. That is up four points from the June figure of 49 and represents the first time since January that the...more

Groundbreaking Cross-border Airport Terminal Linking Tijuana to San Diego Breaks Ground

Sheppard Mullin client, Otay Tijuana Venture, announced this week that a cross-border pedestrian bridge linking San Diego with Tijuana’s A.L. Rodríguez International airport will be set to open next year. The project, which...more

President Announces Public-Private Partnership Initiative for Infrastructure Development

President Obama has announced an initiative to encourage public-private partnerships for infrastructure development. Along with the recently touted “infrastructure bank,” Thursday’s announcement shows additional...more

City of Miami Adopts Public-Private Partnership Ordinance

The City of Miami has recently adopted a public-private partnership (“P3?) ordinance. The new City ordinance, combined with the recently passed Florida state P3 legislation, and Miami-Dade County P3 resolution, continue to...more

Homebuilding Trends Outlined in New Report

Homebuilding strengthened in 2013, but remains below historical averages, concludes The State of the Nation’s Housing report recently released by the Joint Center for Housing Studies of Harvard University. According to this...more

Pennsylvania Mechanics' Lien Law Amended, Clarifying Open-End Construction Loan Mortgage Priority

On July 9, 2014, Pennsylvania Governor Tom Corbett signed into law Act 117 of 2014, which amends the Pennsylvania Mechanics' Lien Law (MLL), 49 P.S. 1101, et seq., to provide that a construction loan secured by an open-end...more

Surprising Shakeup in Construction Lending: New Law Kisses Kessler Goodbye

On July 9, 2014, Governor Tom Corbett signed into law Act 117 of 2014 which amends the Mechanics’ Lien Law to grant lien priority to open-end mortgages over mechanics’ liens, provided that sixty percent (60%) of the proceeds...more

News for Contractors and Construction Lenders in Arizona and Nevada – The Contractors' Lien May Trump the Bank's

In addition to an arid climate and plenty of sunshine, Arizona and Nevada have something more to offer contractors: a potentially advantageous position over lenders when a project goes bad. When a project derails and...more

Summary of HUD’s LEAN 232 Program E-Mail Blast: Office of Residential Care Facilities (ORCF), June 26, 2014

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

Construction Lenders Beware: Unbonded Stop-Payment Notices May Be Worth More Than The Paper They Are Written On

A common perception in the construction industry is that the most valuable part of an unbonded stop payment notice is the paper it is written on, at least when it is served on a construction lender. While an unbonded stop...more

Homebuilder Confidence Rises to Six Month High

Good news for the homebuilding industry came earlier this week when the National Association of Homebuilders/Wells Fargo released the housing market index. Its numbers showed that homebuilders’ confidence rose to 49 points...more

Fourth Circuit Reestablishes Subcontractors’ Right to Perfect Liens After Bankruptcy Filing

The Fourth Circuit Court of Appeals recently ruled in the case of In re Construction Supervision Services that the property interest underlying a subcontractor’s lien on funds arises from the date it first furnishes labor or...more

Nossaman Develops Model Social Infrastructure P3 Bill

Many federal, state and local government agencies are looking for innovative and cost effective methods to deliver essential social infrastructure such as educational facilities, hospitals and criminal justice facilities and...more

Water Resources Legislation Could Lead to Increase of U.S. Water P3s

President Obama recently signed into law the Water Resources and Reform Development Act of 2014 (WRRDA). The statute begins to address ways to fund the billions of dollars necessary to update the country’s drinking water...more

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