Wednesday, April 29, 2009
Tacoma council members provided a big octane boost Tuesday for the long-planned LeMay Automobile Museum.
Council members approved a resolution clearing the way for the museum to apply for a $3.5 million loan from the federal Department of Housing and Urban Development's Section 108 program.
Museum officials said they would use the money to leverage other financing that will allow them to break ground this year on a museum near the Tacoma Dome.
David Madeira, museum president and chief executive, said the loan – combined with funding from the New Market Tax Credit Program – would give the museum 100 percent of its goal and allow it to move ahead with construction of the $28.4 million first phase.
It could take a couple of months to get the final approval on the tax credits, but Madeira said the project qualifies for the program and there is no reason to believe it won't take place.
"It's a great night," Madeira told The News Tribune. "We appreciate the city's partnership and help getting this done."
Council members, stung by criticism from taxpayers, emphasized that the federal government is the source of the loan funds – not the city's general fund.
"It is not in fact a loan from the city," said Councilman Mike Lonergan after reading from a letter from a constituent. "We are not giving anything away."
Lonergan said council members believe there is an economic development benefit from the museum, and they are "not putting any of the city’s own limited resources" into the loan.
Councilwoman Marilyn Strickland said the museum will serve as "our own economic stimulus package." It will provide construction jobs to women and minority-owned companies, and give Tacoma a tourist attraction, Strickland said.
Tacoma has participated in the Section 108 program for about 20 years. Mayor Bill Baarsma noted that money from the program was used to save the Sheraton hotel, now known as the Hotel Murano.
The museum would have up to seven years to repay the loan, and the debt will be secured by the museum building and land, pledge from a capital fund-raising campaign and cars from the museum collection.
SOURCE : http://www.thenewstribune.com/news/local/tacoma/story/724823.html
Council members approved a resolution clearing the way for the museum to apply for a $3.5 million loan from the federal Department of Housing and Urban Development's Section 108 program.
Museum officials said they would use the money to leverage other financing that will allow them to break ground this year on a museum near the Tacoma Dome.
David Madeira, museum president and chief executive, said the loan – combined with funding from the New Market Tax Credit Program – would give the museum 100 percent of its goal and allow it to move ahead with construction of the $28.4 million first phase.
It could take a couple of months to get the final approval on the tax credits, but Madeira said the project qualifies for the program and there is no reason to believe it won't take place.
"It's a great night," Madeira told The News Tribune. "We appreciate the city's partnership and help getting this done."
Council members, stung by criticism from taxpayers, emphasized that the federal government is the source of the loan funds – not the city's general fund.
"It is not in fact a loan from the city," said Councilman Mike Lonergan after reading from a letter from a constituent. "We are not giving anything away."
Lonergan said council members believe there is an economic development benefit from the museum, and they are "not putting any of the city’s own limited resources" into the loan.
Councilwoman Marilyn Strickland said the museum will serve as "our own economic stimulus package." It will provide construction jobs to women and minority-owned companies, and give Tacoma a tourist attraction, Strickland said.
Tacoma has participated in the Section 108 program for about 20 years. Mayor Bill Baarsma noted that money from the program was used to save the Sheraton hotel, now known as the Hotel Murano.
The museum would have up to seven years to repay the loan, and the debt will be secured by the museum building and land, pledge from a capital fund-raising campaign and cars from the museum collection.
SOURCE : http://www.thenewstribune.com/news/local/tacoma/story/724823.html
Labels: Auto Mobile Carburetor, Auto Mobile Engine System, Auto Transport, Auto Transport Fuel System, Automobile, Automobile Brake System, Latest Cars
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Friday, April 24, 2009
The Union ministry for heavy industries has asked states to set up a single-window clearance system for the automotive sector for
putting upcoming manufacturing projects on the fast track.
The idea is to offer manufacturers all local clearances such as factory licenses, land allotment, environmental certifications, and power supply at a single facility, according to Surjit Mitra, additional secretary, ministry of heavy industries and public enterprises.
He said the absence of a single window system was one of the main reasons why India was unable to fully utilise the twin advantage of possessing one of the largest pools of talented scientists, engineers and technicians in the world at extremely competitive costs.
Currently, the automobile industry in India is concentrated around manufacturing hubs like Manesar in Gurgaon, Pune and Chennai. “We are giving a special thrust to last mile connectivity between ports and auto hubs and creation of specialised port infrastructure for handling vehicle exports. Ports like Chennai and Mumbai have already improved their connectivity and are able to handle more automobile exports, “ said Mr Mitra.
The attempts by heavy industry ministry to speed up the setting up of single window clearance at state level comes at a time when the automobile industry in India is emerging out of the slowdown blues. On a sequential basis there has been a marked up-tick in the primary dispatches by the major auto players since the beginning of the year. Passenger cars and two-wheelers are two segments that have seen a revival in demand of late.
The Indian auto market grew 0.7% to 97.2 lakh units in FY 09 with the government’s stimulus package helping to revive demand. The government had cut excise duty by 4% on all vehicles and reduced excise duty to 8% from 10% on commercial vehicles and auto parts.
http://economictimes.indiatimes.com/News/Economy/Govt-proposes-single-window-clearance-for-automakers/articleshow/4427692.cms
putting upcoming manufacturing projects on the fast track.
The idea is to offer manufacturers all local clearances such as factory licenses, land allotment, environmental certifications, and power supply at a single facility, according to Surjit Mitra, additional secretary, ministry of heavy industries and public enterprises.
He said the absence of a single window system was one of the main reasons why India was unable to fully utilise the twin advantage of possessing one of the largest pools of talented scientists, engineers and technicians in the world at extremely competitive costs.
Currently, the automobile industry in India is concentrated around manufacturing hubs like Manesar in Gurgaon, Pune and Chennai. “We are giving a special thrust to last mile connectivity between ports and auto hubs and creation of specialised port infrastructure for handling vehicle exports. Ports like Chennai and Mumbai have already improved their connectivity and are able to handle more automobile exports, “ said Mr Mitra.
The attempts by heavy industry ministry to speed up the setting up of single window clearance at state level comes at a time when the automobile industry in India is emerging out of the slowdown blues. On a sequential basis there has been a marked up-tick in the primary dispatches by the major auto players since the beginning of the year. Passenger cars and two-wheelers are two segments that have seen a revival in demand of late.
The Indian auto market grew 0.7% to 97.2 lakh units in FY 09 with the government’s stimulus package helping to revive demand. The government had cut excise duty by 4% on all vehicles and reduced excise duty to 8% from 10% on commercial vehicles and auto parts.
http://economictimes.indiatimes.com/News/Economy/Govt-proposes-single-window-clearance-for-automakers/articleshow/4427692.cms
Labels: Auto Mobile, Auto Mobile Carburetor, Auto Mobile Engine System, Auto Transport Fuel System, Automobile Brake System, Automotive, Latest Cars
posted bykanth
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