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Current Events: Scott Street development, infrastructure plans

Current Events: Scott Street development, infrastructure plans

MISSOULA – This edition of Current Events with founding editor of the Missoula Current Martin Kidston takes an in-depth look at development efforts in the Scott Street area.

“That’s the ever-moving target out there with that project that’s unfolding on city property. The city owns 19 acres out there. They’ve given roughly nine acres to this development that is taking place off Scott Street. That project will include roughly 70 townhomes and condos on an affordable land trust to keep those homes permanently affordable,” Kidston explained. “It also includes 250 market-rate apartments along with a convenience store, a grocery store and a daycare, a big central plaza with a green space. It’s a really neat project. The problem is it gets pushed down the road because of economic headwinds — such as the cost of labor, the shortage of labor, the cost of lumber, and interest rates now going up. The developer said last week that this could get pushed off another year.”

Another project that is possibly being eyed for the Scott Street area is a new facility for Mountain Line.

“Yeah, the same area and kind of the same situation. Mountain Line received a letter of intent from the city to buy that property last week. Mountain Line needs that letter to apply for a roughly $50 million federal grant which they would use — if they receive it — to build a new transit facility and maintenance shop and garage in the Scott Street area on roughly eight acres. Three of those acres are on city property,” Kidston noted. “Mountain Line is looking to move over there as well, relocate their facilities from where they are currently at on Shakespeare Street. They need this new space urgently, they say. They can’t mean their goals of electrification and route expansion unless they have more room to operate.

One concern with the possible Scott Street projects is the additional infrastructure work that will be needed in the area.

“The city admitted this week — the first time I heard them say it — that Scott Street will likely reach its breaking point in the near future when all these new apartment units, housing projects, and transit facilities come online. Scott Street is really the only way in and out of that neighborhood,” Kidston said. “The city has received grant funding from the EPA to begin designing a road network in there. As far how they’re going to fund that road network still needs to be determined. That will include right-of-way purchases. A new interchange there at Interstate 90. Turner Street will be extended. So, there’s a lot of work there. It’s kind of pie in the sky thinking right now. All of this stuff is a vision, it’s a plan, it’s all in the works but none of it has come to fruition at this time.”

The federal government would need to be involved in the infrastructure work if an additional interchange on I-90 were to be built.

“Yes, if it’s a federal route. All that road structure south from the Interstate between the railroad tracks and the Interstate needs to be grown as well. There’s really nothing in there but garbage trucks and school buses, so there’s a lot of work to do, and it’s going to require a lot of cash,” Kidston concluded.

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Holyoke kicks off green infrastructure events Saturday

Holyoke kicks off green infrastructure events Saturday

HOLYOKE, Mass. (WGGB/WSHM) -On Saturday, the city of Holyoke kicked off a series of events on “green infrastructure” storm water management. The event, part of a three-part series offered by the City of Holyoke, celebrated facilities that manage rainfall using plants.

Western Mass News attended Saturday’s event at the Holyoke Library, where we caught up with the Director of Conservation and Sustainability, Yoni Glogower, who explained the project.

“These are facilities designed to intersect rainwater and let them absorb into the water instead of just cart them directly into our sewer system,” Glogower explained.

Glogower said the rain garden at the Holyoke Library was installed back in 2012. The goal of the green infrastructure project is to bring improvements and maintenance to the rain gardens while also helping to educate the city.

Rain gardens help to prevent pollution by keeping chemicals and other debris from our roads out of our water systems, like the Connecticut River.

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IL&FS Rs 55,000-cr Debt Resolved: The Timeline of Events So Far

IL&FS Rs 55,000-cr Debt Resolved: The Timeline of Events So Far

Nearly three years after veteran banker Uday Kotak was handed over the chairmanship of IL&FS board by the government, the new management has so far resolved debt worth Rs 55,000 crore, which is over half of its total outstanding of Rs 99,000 crore as of October 2018.

Of the 347 entities under the IL&FS Group as of October 2018, a total of 246 entities stand resolved, leaving 101 entities to be resolved in the next financial year.

The IF&FS group retained its overall resolution estimate at Rs 61,000 crore. The Rs 55,000-crore debt resolution represents over 90 per cent of the overall estimated resolution value. Resolution of the remaining Rs 6,000 crore debt will move into FY23.

The tenure of Kotak as non-executive chairman will end on April 2 and the Ministry of Corporate Affairs has appointed C S Rajan as IL&FS’ chairman and MD for six months with effect from April 3. Here’s the timeline of the events so far:

How the Kotak-led new board resolved this debt

The new board followed a three-pronged strategy of ‘Resolution, Restructuring and Recovery’ to maximise recoveries for all classes of creditors. It also adopted an equitable distribution approach and balanced the interests of stakeholders.

IL&FS had a total outstanding debt of over Rs 99,000 crore as of October 2018. Out of this Rs 55,000-crore debt has been resolved through debt resolution initiatives, monetisation, debt discharge, cash available across companies and InvIT unit due to be issued, and transactions approved by courts and tribunals.

According to a statement by IL&FS group, “An application has been filed with the NCLAT for undertaking interim distribution of Rs 16,000 crore of cash and InvIT units available across the Group. Over 75 per cent of this will be distributed to creditors of three large holding companies – IL&FS, IFIN and ITNL.”

The incremental resolution of over Rs 2,700 crore since November 2021 comprises Rs 1,080 crore from sale of IL&FS Headquarters (TIFC) in BKC Mumbai, Rs 900 crore under Khed Sinnar claim settlement with NHAI, Rs 230 crore from settlement of IFIN’s non-performing loan accounts and Rs 520 crore from other recoveries. In addition, the Group continues to service debt of Rs 1,000 crore across companies.

ITNL completed transfer of two road assets, Sikar Bikaner Highway Ltd and Moradabad Bareilly Expressway Ltd, to Roadstar Infra Investment Trust at a cumulative enterprise valuation of Rs 4,200 crore, the group said in the statement.

Transfer of the remaining special purpose vehicles (SPVs) to the InvIT is being undertaken in multiple phases.

Events Before Uday Kotak at the helm (June-October 2018)

June: IL&FS Transportation Networks (ITNL), the group’s transport subsidiary, delayed a repayment of Rs 450 crore of inter-corporate deposits from Small Industries Development Bank of India (SIDBI). Subsequently, rating companies ICRA and CARE Ratings downgraded ITNL’s debt papers/credit facilities citing weak financials.

In July, the IL&FS group’s founder and Chairman Ravi Parthasarathy stepped down, citing health reasons. LIC MD and nominee Hemant Bhargava took over as the group’s non-executive chairman


— Its another subsidiary IL&FS Financial Services defaulted on commercial paper repayments running in few hundred crores but it made the payment in the same month after 2-3 days

— The group defaulted on a Rs 1,000-crore loan, and one of its subsidiaries defaulted on Rs 500-crore dues owed to SIDBI.

— ICRA, CARE and Brickwork Ratings downgraded the group’s various borrowing programmes worth over Rs 12,000 crore to ‘default’ or ‘junk’ grades. ICRA removed all group entities from its rating watch.

— The Reserve Bank of India (RBI) initiated a special audit.

— The group defauled on several short-term loans, totalling Rs 440.46 crore, including bank loans, term deposits and short-term deposit.

— Former LIC chairman S B Mathur took over as the IL&FS group chairman on September 15.

— September 18: Markets regulator Sebi started looking into the IL&FS matter with regards to rating agencies and the impact on mutual funds.

— September 21: DSP Mutual fund sold commercial papers of Dewan Housing Finance Ltd (DHFL). IL&FS Financial Services MD and CEO Ramesh C Bawa resigned.

— September 24: IL&FS lost access to fundraising through commercial papers.

— September 29: IL&FS at its annual general meeting raised Rs 4,500 crore via rights issue and increased borrowing limit to Rs 35,000 crore, from Rs 25,000 crore. It roped in Alvarez and Marsal as a specialist agency to execute its debt restructuring plan.

In October, the government-appointed new board superseded the company’s previous one, under the chairmanship of Uday Kotak and five other new board members.

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