The federal opportunity zone program (26 U.S.C. Sec. 1400Z et seq., the “OZ Program”) provides tax benefits to encourage private investment in economically distressed areas. More than 8,700 census tracts, located in every state, Washington, D.C., and five U.S. territories, were designated as opportunity zones. Proponents hoped that investments in these communities would spur economic … Continue Reading
In 2015, the City of Pittsburgh enacted the Paid Sick Days Act (the “Act”). The Act requires all private employers within the City of Pittsburgh to provide paid sick leave benefits to all full or part-time employees under the following guidelines: • Employers with 15 or more employees must provide workers with up to 40 … Continue Reading
By James Doerfler and Alison Wickizer Toepp on Posted in Real Estate (U.S.)
The American Institute of Architects (AIA) contracts, the most commonly used set of construction contract forms on commercial projects in the United States, recently released the second part of its once-in-a-decade updates to the 2017 versions of its primary forms. A Client Alert was issued summarizing the changes, which are described at length in a … Continue Reading
The construction industry is witness to some fascinating developments, particularly around trophy properties in prime US coastal cities. Within the US –and California particularly- we’re seeing a large number of reputable, experienced contractors banding together to pitch and win construction contracts on trophy properties. Companies that once ferociously competed have joined forces under Joint Venture … Continue Reading
In early July 2017, in a case titled Valley Forge Towers Apartments N, LP, et al. v. Upper Merion Area School District & Keystone Realty Advisors, LLC, No. 49 MAP 2016, the Pennsylvania Supreme Court delivered a landmark decision constitutionally curbing the rights of taxing jurisdictions to file selective appeals under Pennsylvania’s Consolidated County Assessment … Continue Reading
In a landmark case titled Valley Forge Towers Apartments N, LP, et al. v. Upper Merion Area School District & Keystone Realty Advisors, LLC, No. 49 MAP 2016, issued July 5, 2017, the Pennsylvania Supreme Court (the “Court”) constitutionally curbed the rights of taxing jurisdictions to file selective appeals often called reverse tax appeals under … Continue Reading
Several types of bonds exist in the development world. So, which type of bond is best for your project? A payment and performance bond is a combination instrument. It’s first a payment bond that guarantees that the contractor will pay the labor and material costs they are obliged to pay. But it’s also a performance … Continue Reading
New York Governor Andrew Cuomo introduced his FY 2018 budget proposal on January 17. The proposal includes several significant revenue-raisers, including a few that could impact the New York real estate market. Income Tax – Sourcing of Gain From Sale of Interests in Entities Holding Co-op Shares – Currently, if an individual who is not … Continue Reading
Welcome to 2017 and the first posting of the New Year on realestatelegalupdate.com. In a Law360.com article published on January 2nd titled “California Real Estate Legislation and Regs to Watch in 2017,” Andrew McIntyre of Law360 addresses the challenges facing the California real estate market in the new year. Simon Adams of Reed Smith is quoted extensively in … Continue Reading
Blighted residential and commercial properties are a major impediment to rehabilitation and redevelopment efforts in cities and towns throughout Pennsylvania. However, late in the 2016 legislative term, the Pennsylvania House and Senate enacted new laws that will change the rehabilitation and redevelopment landscape. On November 4th, 2016 Governor Tom Wolf signed into law Senate Bill … Continue Reading
In a recent Law360.com article written by Andrew McIntyre, the author addresses three issues in converting parking to accommodate the growing need for E-commerce delivery space and the future effects of driverless vehicles: Zoning Market unpredictability Cost The article discusses the efforts some developers are making to build flexibility into today’s parking space construction to … Continue Reading
In a recent Washington Post article titled “Don’t be confused when it comes to condo insurance,” Robert Diamond of Reed Smith’s Tyson office offered his observations on the complexities of condominium insurance coverage. In some jurisdictions, when a unit owner is found to be negligent — such as when a bathtub overflows or there is a kitchen … Continue Reading
Finding an apartment in New York City is a journey in stress management. You’ve done your internet research. You’ve climbed a thousand steps. Now, you’ve found the place of your dreams. Is it too good to be true? It might. Why? Because the financial standing to qualify for that apartment is an entirely different matter. … Continue Reading
Companies like Uber, Tesla, and Google are racing to bring driverless cars to the public. Uber is utilizing its experience as a service provider and its knowledge of demand patterns and customer behavior to compete with carmakers. Starting this week, Uber is offering riders in Pittsburgh the chance to hail a driverless car (though a human will … Continue Reading
The Texas Historic Preservation Tax Credit (THPTC) is a little known incentive program established through Texas House Bill 500 during the 83rd Texas Legislative Session. With the goal of making historic preservation projects more economically viable and feasible in the state, the THPTC offers a 25 percent franchise tax credit for eligible rehabilitation costs for … Continue Reading
Pennsylvania organizations hoping to increase development of public amenities and parks along Pennsylvania’s waterfronts may soon benefit from the new “Waterfront Development Tax Credit” enacted as part of Act 84, and signed into law by Governor Wolf on July 13, 2016. Intended to “encourage private investment in waterfront property”, the new law grants tax credits … Continue Reading
In a Law360.com article published on July 12th titled “4 Ways Brexit Could Shape The US Real Estate Landscape,” Andrew McIntyre of Law360 looks at four ways attorneys say the Brexit could play out in the following US real estate market areas: Office investment increases Lower interest rates Declining US hotel occupancy rates Luxury residential gets a … Continue Reading
Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment appeal information. Washington County Washington County rolled out informal notices setting forth the tentative reassessment values for tax year 2017 for commercial properties last week, … Continue Reading
Starting July 1, 2016 Virginia local governments must, in reviewing a residential rezoning or concept plan amendment, determine whether a requested land use exaction addresses an impact that is “specifically attributable” to the proposed new residential development. Virginia’s unique proffer system allows a rezoning applicant to voluntarily offer to provide reasonable conditions governing the proposed … Continue Reading
Dusty Elias Kirk was interviewed this morning on Pittsburgh NPR station WESA concerning the upcoming property reassessments in Washington County, PA, the county immediately south of Pittsburgh’s home Allegheny County. This is the first reassessment of property in Washington County in over 35 years. Allegheny County last reassessed in 2012. Nearby Butler County hasn’t reassessed property values … Continue Reading
Washington County, Pennsylvania recently concluded its first county-wide reassessment in over thirty-five years, with reassessment values effective for the 2017 tax year. Property owners will receive two separate notices regarding the new values. The first notice will be a Notice of Informal Review which will be mailed to property owners starting March 1, 2016. These notices … Continue Reading
In a Law360.com article published on January 4th titled “California Real Estate Legislation and Regulation to Watch in 2016,” Andrew McIntyre of Law360 addresses the challenges facing the California real estate market in the new year. Here are the items on the 2016 legislative agenda: Proposition 13 Bay Area Housing Earthquake retrofitting San Francisco’s Proposition M Overall … Continue Reading
In a Law360.com article published on December 23rd titled “4 Areas of Retail Real Estate to Watch in 2016,” Andrew McIntyre of Law360 writes about the changes we will see in retail in the new year. The four developing areas are: Unlocking Additional Value Moving to Smaller Spaces Opening new categories of restaurants Tinkering with the … Continue Reading
In a Law360.com article published on December 17th titled “4 Common Errors in Year-End Race to Seal Real Estate Deals,” Simon Adams of the San Francisco office of Reed Smith offered his thoughts on the risks that appear when speed becomes a requirement of year end deals. Andrew McIntyre of Law360 identifies the following common … Continue Reading
