Latest news with #BOR
Yahoo
02-07-2025
- Business
- Yahoo
CCL USG Takes Action to Restructure Student Housing Partnership
Remains Committed to Delivering Award-Winning Housing Experience for Students WARWICK, R.I., June 25, 2025 /PRNewswire/ -- Corvias Campus Living – USG, LLC ("CCL USG"), the project-specific concessionaire and manager of a portfolio of student housing properties as part of a public-private partnership with the University System of Georgia ("USG"), today announced that, following extensive, multi-year efforts to make the program with USG's Board of Regents ("BOR") financially viable, it has commenced a Chapter 11 process to restructure the partnership and achieve a long-term solution for the program. CCL USG remains committed to delivering an award-winning housing experience for students throughout the process. Today's action pertains only to the single-purpose entity, CCL USG. No other entity is included in the proceedings, and all Corvias businesses are operating as usual. Over the past decade, CCL USG has been a dedicated and responsible steward of a student housing program at USG, serving as a steadfast partner to the BOR. Through the partnership, CCL USG is responsible for certain student housing facilities at nine Georgia campuses. It is proud to have been recognized recently for the outstanding quality of its student housing management at these campuses as part of the SatisFacts Community Award for 2024. As currently structured, this student housing program is no longer sustainable. The operating landscape has shifted dramatically since the partnership was formed and, in response, CCL USG has gone above and beyond its contractual requirements – even forgoing its management fee for all but two months over the past five years. The impact of COVID, an escalating cost environment, and lower-than-expected housing revenue and student occupancy across Georgia's University System, among other factors, have left this student housing program operating at a significant loss. Despite previous attempts led by CCL USG to work collaboratively on a solution that would make the partnership viable now and into the future, progress has not been made. CCL USG is now turning to a proven legal process with the objective of returning this student housing program to financial viability through constructive engagement with the BOR and holders of notes issued by CCL USG in connection with the project's 2015 launch. CCL USG takes its commitment to USG students seriously, viewing the restructuring process as the best way to drive toward a long-term solution while protecting and maintaining this USG program for the benefit of the residents who rely on CCL USG to deliver an exceptional student housing experience. While the process moves forward, CCL USG plans to provide the same high-quality operations and maintenance services. The program intends to meet its go-forward obligations to employees, vendors, and other partners utilizing cash on hand, subject to approval as part of the process. Additional information about the proceedings filed in the U.S. Bankruptcy Court for the District of Delaware is available at Morris, Nichols, Arsht & Tunnell LLP is serving as legal advisor and CohnReznick Advisory LLC is serving as financial advisor to CCL USG. About Corvias Campus Living – USG, LLC Corvias Campus Living – USG, LLC is a single-purpose entity that operates and manages certain student housing properties at nine USG campuses: Abraham Baldwin Agricultural College; Georgia Southern University – Armstrong Campus; Augusta University; College of Coastal Georgia; Columbus State University; Dalton State College; East Georgia State College; Georgia State University; and University of North Georgia. Media Contact: Kekst CNC CCLUSGMedia@ View original content: SOURCE CCL USG Sign in to access your portfolio
Hindustan Times
29-05-2025
- Hindustan Times
Noida man on the run for four years over ₹12 crore fraud, held
Noida: A 42-year-old man, absconding for the last four years over an alleged ₹12 crore fraud, was arrested on Wednesday after a four-month-long extensive investigation, police said. The suspect, Prakash Jha, a resident of Mangolpuri, Delhi, defrauded hundreds of flat owners by forging fake Board of Resolution (BOR) documents in his name. 'If a homeowner had not repaid a loan or was facing high-interest rate issues, he claimed to settle the matter and redirected the loan amount to his own bank account, saying he was waiving off interest,' said Sector 63 SHO Avdhesh Pratap Singh. He also forged house registry documents with fake BORs, falsely authorising him to sell the properties. He was nabbed from Sector 63 using electronic surveillance and informers, the SHO added. In August 2021, a Noida-based builder filed a complaint of fraud and cheating against Jha after an embezzlement of ₹12 crore was found during the annual audit. 'Jha, who held an executive position at the builder's office, allegedly created fake BORs in his name for disputed flats. For example, if the homeowner had not repaid a loan or was facing high-interest rate issues, he claimed to settle the matter and redirected the loan amounts to his own bank account, saying he was waiving the interest,' said Sector 63 Station House Officer Avdhesh Pratap Singh. He also forged house registry documents with fake BORs, falsely authorising him to sell the properties. 'With the help of his three accomplices—Navneet Kaur, Gaurav Sharma, and Vishal Katiyar (arrested)—he embezzled ₹12 crore and later left the builder's office without any notice or No Objection Certificate (NOC),' Singh added. An officer involved in the investigation, speaking on the condition of anonymity, said, 'He had set up a four-stage call forwarding system to avoid being traced. His family members, when contacted, claimed he had left home around three years ago and refused to share further details.' 'In 2022, a year after the case was registered, Gautam Budh Nagar police announced a ₹25,000 reward for information leading to his arrest, which was later increased to ₹50,000.' 'With the help of electronic surveillance and informers, the suspect was finally arrested on Wednesday from Sector 63,' SHO Singh added.
Axios
05-05-2025
- Business
- Axios
Property taxes hit low-income areas hard
While office tower values shrank in recent years, homeowners — especially in the city's poorest neighborhoods — paid the price, a new Cook County Treasurer's report says. Why it matters: The study helps explain why homeowners and renters have seen their taxes and rents rise in recent years, adding to the city's housing cost burden. From 2021 to 2023 commercial real estate owners saw their property tax bills drop by $3.3 billion, while homeowners took on nearly $2 billion more in taxes. Yes, but: Those years wreaked havoc on the commercial real estate market as remote work slashed demand for office space. So their lowered valuations and taxes aren't a huge surprise. By the numbers: The analysis revealed that business property owners appealed their valuations more than twice as often as homeowners. While business reductions rose to $25.5 billion from 2021 to 2023 (compared with $9.9 billion from 2015 to 2017), assessed value reductions for homeowners declined. What they're saying: The Board of Review"cut $17.3 billion in commercial property values on appeal, turning $22.5 billion of potential growth into an increase of just $5.2 billion," Cook County Assessor spokesperson Christian Belanger tells Axios. The other side: The BOR reduced the assessment because "the Assessor has been overvaluing properties," BOR commissioner Samantha Steele tells Axios. Our "role is to give the taxpayers their due process. … It's time for the Assessor to do the basic functions of the office and get the assessments right in the first place." Of note: An independent analysis of CCAO and BOR actions suggests that both agencies have mis-assessed values, albeit in different county regions. Rich vs poor neighborhoods: Homeowners in the wealthiest neighborhoods were four times more likely to appeal their assessment than those in the lowest-income areas, the Treasurer's report says. Appeal rates in primarily white neighborhoods were 35.5% but 10.85% in Black and 14.06% in Latino areas. The tax burden from appeals increased by about 5% in high-income areas and about 10% in low-income areas. The intrigue: Filing appeals can seem daunting (and we explain how to do it here), but the analysis suggests it can make a difference, citing these two examples: In one Census tract of Gage Park, a low-income majority Latino community where only 5.2% of homeowners appealed, tax bills rose nearly 23%. But in a tract of high-income, majority white North Center, 60% of homeowners appealed their assessment; tax bills rose less than 15%. What's next: Belanger says the assessor's office will be "sharing information and working with the BOR on joint standards for property valuations" to create a more "uniform process."
