Anonymous donor gives a further £1.5m to Community Foundation

first_imgTina CostelloCostello said:“When I was told the amount of money we’d be receiving, I had to pull my car over – I was just overwhelmed.“This incredible amount of money will allow us to develop our own grant-giving programmes for the first time. The majority of our grant programmes are donor led which is great, because it means our donors have a strong say and personal involvement in who benefits from their money.“However, this wonderfully generous anonymous donor has given us the freedom to develop and implement our own grant programmes, based on evidence of need across our region.“The anonymous donor has been instrumental in changing the landscape and direction of the charity and has enabled us to grow and develop in the way we support our communities.“This money is allowing us to move in a new direction and I’m looking forward to getting started.”  234 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis13 Anonymous donor gives a further £1.5m to Community Foundation AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis13 Advertisement “I have to say a massive thank you to the donor for continuing to support us – it shows an incredible amount of faith in what we do and I couldn’t be prouder.“The Building Better Lives initiative was made possible thanks to their money, and we hope to distribute the money to projects in the next few months.“But I still couldn’t believe how large their recent donation was. We can’t wait to use the money to transform people’s lives.”  233 total views,  1 views today An anonymous donor has made a third major gift to the Heart of England Community Foundation, bringing the total value of her or his gifts to £7.5 million in a little over one year.The latest gift of more than £1,584,094 follows an initial gift of £4 million in May 2018 and of £2 million in October 2018. As a community foundation, The Heart of England Community Foundation is a specialist grant-making charity which awards money to local voluntary and community groups on behalf of a range of donors.The latest donation was given because “the donor has been so impressed with how the Foundation has managed the original donation”.The total amount given by the donor makes it by far the largest amount of money received from one donor in the Foundation’s 24 year history. Unusually for such a major gift, the new donation is unrestricted, which means the Community Foundation will have control over where the funding will be distributed, rather than being led by its donor. Building Better livesThe original donation of £4 million has been used to set up the ‘Building Better Lives’ initiative by the Foundation. The scheme will be used to support up to three projects across the West Midlands Region that have a successful track record and expertise in delivering capital projects and support for vulnerable and disadvantaged people.Costello added: Tagged with: anonymous community foundations Major gift About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of Researching massive growth in giving. Howard Lake | 24 July 2019 | Newslast_img read more

5 takeaways about Ithaca development from the 2018 Planning Report

first_imgThis year, however, thanks to the relative dearth of projects, it kinda ends up all over the place. Cornell has its big project; Stewart Park has its playground; 128 West Falls Street and Falls Park are Fall Creek and Fall Creek adjacent; GreenStar and 327 West Seneca Street are on the West End; and in the State Street Corridor respectively; while Maguire and 744 South Meadow Street are down in the big box mecca of Southwest Ithaca.In fact, there are no Downtown or Collegetown projects in the list of new site applications filed, which is a first since they started putting these reports together about a decade ago. Once again, this probably is more a statistical quirk in timing than those neighborhoods suddenly looking like terrible investments.4. Student housing’s lost its luster. Affordable housing creation is still struggling.If you look at the past decade of new housing creation in the city of Ithaca, the majority of it is private student housing. Since 2008, 1,550 housing units have been built, which includes 34 LMI/affordable for-sale units, and 23 affordable market-rate for-sale units. Of the 1,493 rentals, 1,103 are student rentals, 189 are LMI/affordable rentals, and 201 are market-rate rentals geared towards the general public. Long story short, 71 percent of the housing units built since 2008 are geared towards students, which is not something most of the public wants to see or hear.However, over the past couple of years, the housing pipeline has taken on a decidedly different mix. There are 473 housing units underway right now across the city. Nine of those 473 are geared to students, just 2 percent. The reason for that is purely pragmatic. The student housing developers are hesitant to add more to the market because they know Cornell’s readying itself to add 2,000 beds to the student market and mandating sophomores live on campus, actions which will make a significant dent in the student market. Plus, the addition of Maplewood in the town of Ithaca has already created a little more slack than the student housing developers are used to, or want for that matter. So they’re holding off for a few years, plain and simple.However, of the remaining 464, none are LMI/affordable, and none are for-sale. They’re general market apartments, projects like Harold’s Square and City Centre and Library Place (the Old Library site, which is senior housing but still gets grouped in this category).Photos: A look at City Centre progress as construction end nearsThe major problem with affordable housing isn’t getting projects in the pipeline – it’s getting them funded. As previously covered here, it’s a very competitive and complicated process to get the grants and tax credits needed to secure construction loans, since affordable housing doesn’t have the profit margins needed to secure bank financing. Only one project, Visum Development’s 327 West Seneca Street, has committed to a 2019 construction start, and Visum has a little more flexibility than most affordable developers because it has student housing in Collegetown to help subsidize the costs. Secondly, its affordable units are slotted on the moderate side of LMI, 80-90 percent of area median income, vs. the 30-80 percent or 50-80 percent seen with most affordable housing developers. Meanwhile, projects from Lakeview and Finger Lakes ReUse are still trying to obtain funds to build their affordable housing plans.5. There are very big plans in the works for Ithaca.If you’re an avid reader of the Voice, most are these are familiar. Carpenter Business Park. South Hill student housing, which is 815 South Aurora (and actually has 49 units with 141 beds, not 151). The Visum projects on West State and West Seneca. City Harbor. The Green Street Garage Redevelopment by The Vecino Group. The Immaculate Conception redevelopment by INHS (which has a community meeting on the 12th to scope out ideas on how to get those 50-75 units). The Chain Works District, which instead of the 915 units over 15 years as is often said, the figure used is 444 units over 5-10 years.Then there’s that last one, “Collegetown Projects.” That’s new. It’s been rumored for a couple of months now, but this is the first time there’s been any mention of it in a public document.“As for the Collegetown project, we can’t give a statement other to say that we expect a Planned Unit Development application in time for the March 13th Planning Committee Meeting. We do think it will be transformational for the City. More to come,” said City of Ithaca Planning Director JoAnn Cornish.In the meanwhile, if the Voice has any news to break on that mystery project, we will get it out there as soon as possible. 3. No one neighborhood dominates this year’s report.In previous years, the Planning Report is primarily filled with projects in Collegetown and Downtown, which given the city’s 2014 revision of zoning in Collegetown, and its push for urban mixed-use spaces, that made a lot of sense. Brian Crandall reports on housing and development for the Ithaca Voice. He can be reached at [email protected] More by Brian Crandall Your government news is made possible with support from: ITHACA, N.Y. — As it always does around this time each year, the City of Ithaca’s Planning Department has released its annual report of activity – completed, underway and soon to come. Like a post-season analysis, this report is useful in getting an idea on what the status of real estate development is at this time, and what needs to be considered as the city moves ahead into 2019.Here at The Ithaca Voice, we’ve delved into the numbers and identified key points and surprising details from the 2018 report, including mention of a major 900,000 square-foot mixed-use project planned for Collegetown.1. It’s an annual snapshot. But that doesn’t mean it’s a good snapshot.The opening line to the report says this:“As with any annual report – this one is a snapshot in time that may not accurately reflect the larger context.”There’s a reason for that. Look at the number of site plan approvals in 2018. The number plunged to only six approvals, a total not seen since the Great Recession. The number of staff approvals, which are typically for new single-family homes or other smaller development plans, was fairly consistent with previous years.Another value that plunged – the number of housing units approved for construction. In 2018, a grand total of 19 were approved. Twelve of those are LMI (low-moderate income, another phrase for affordable housing) units at 327 West Seneca Street. Another five are in 128 West Falls Street, which was a re-approval of a project that was first greenlighted four years ago. The other two approved units are not described; they fall under “scattered-site development”, the catch-all for the staff-level approvals mentioned above.For comparison, 2017 was a really big year for approved development in the city, when a grand total of 568 housing units are approved. Looking further back, in 2016, the city approved 62 housing units, 95 units in 2015, and 129 units in 2014. So once again, 2018 was the lowest total for new housing units since the recession.The dismal housing production statistic for 2018 is not an issue. It’s a statistical quirk. For the record, 473 housing units are under construction in the city at the moment, it just so happens that most of those were approved in 2017 (and most of the 203 housing units expected to start construction in 2019 were also approved in 2017). Meanwhile, other big projects like Cornell’s 2,000-bed North Campus Expansion went through most of their environmental review in 2018, but have yet to be approved. This is the equivalent of being told you got a score of 60 percent on a test, only to find out the average was 60 percent. You don’t get the full picture with one year.2. Cornell paid the city some hefty project feesWhile housing permits and site plan reviews were way down in 2018, it was actually the most lucrative year ever for planning department fees, a little over $208,000. That’s because of Cornell.The 800-pound gorilla of projects, the Cornell North Campus Residential Expansion is expected to add over 2,000 beds and about 800,000 square feet of institutional/dormitory space on Cornell’s North Campus. As one would expect for a very large project, it comes with a large construction cost, which the city estimated at $128 million (the project is worth $175 million, but that higher figure includes soft costs like design, engineering and legal work, and is reflective of what it would be if assessed for market value, not what it costs to build).As one might expect, such a large project generates a large fee. On the city’s graduated system ($1.50 per $1,000 for construction projects that cost $100,000 or more), that meant $192,000 in fees, the vast majority of the fund received in 2018.Side note – if you look closely, the two charts above have different fee totals for 2018, with the figure in the first chart stating $201,000. According to planning board staff, that was a miscalculation, and the $208,127 figure in the second chart is the correct total. Brian Crandall Tagged: city of ithaca, joann cornish, planning report last_img read more

PPF to increase alternatives portfolio with £500m energy mandate

first_imgThe UK’s defined benefit (DB) £16.3bn (€19.7bn) lifeboat fund is set to increase its exposure to the growing energy market, tendering a £500m private equity mandate.The Pension Protection Fund (PPF) said it is looking for a manager to handle £400m-500m in allocations to the US oil and gas sector while also investing in renewable energy.The US has in recent years seen significant growth in the field of hydraulic fracturing, or fracking, a method whereby natural gas is extracted from lower layers of sediment after it it flooded with a blend of water and chemicals. Asked if the mandate could include exposure to fracking, a spokeswoman for the PPF would only say it would look at “all options” presented by fund managers. The investment will form part of the fund’s alternatives allocations, which has a strategic allocation of 22.5% after the fund overhauled its investment structure earlier this year.At the end of March, the PPF had £444m, or 2.7%, in private equity, with a strategic allocation of 4% to the asset class.It said it wanted to appoint two or three managers as part of a framework agreement investing in  energy or related companies, mainly in North America and OECD countries.The agreement is expected to last around four years with the possibility to extend this by a further four years.Interested fund managers must have a targeted fund size of over $400m (€308m) with close to 80% of the fund allocated to traditional energy investments, or closely related holdings.The move by the PPF comes after it delivered a marginal negative return over the last financial year after its liability-driven investments (LDI) dragged down returns.It suffered a negative 0.7% return on overall investments which rose to 3.4% after stripping out the fund’s LDI book.Earlier this year the fund overhauled its investment structure changing from holding 30% in risk assets to a more dynamic approach.It will now allocate 58% to LDI strategies, 22.5% to alternatives and 12.5% to hybrid assets that both provide risk exposure and match liability payments with inflation expectations.It transferred some of its property holdings into the hybrid portfolio, thus decreasing what assets came under its alternatives banner.The fund’s move into private equity holdings in the energy sector come after it also made moves to enter the direct lending space, and threw its weight behind smart beta.In January this year, it announced it would begin lending around £150m to UK corporates as it searched for two managers to manage the mandate.It also changed the strategic benchmark for its equity managers from a market-capitalisation approach to a smart beta minimum volatility method.last_img read more

QLD Reds star James O’Connor on his new Brisbane home

first_imgUnique is best. Where do you live and why? James O’Connor attempts to break away from the defence during the round 1 Super Rugby AU match between the Queensland Reds and the NSW Waratahs at Suncorp Stadium on July 03. Photo: Bradley Kanaris/Getty Images.QUEENSLAND Reds flyhalf James O’Connor recently moved to Brisbane from the Gold Coast, where he has put his family home on the market.The 30-year-old rugby union star has made a stellar comeback to the game, helping Queensland break an 11-match, seven-year drought at Suncorp Stadium last Friday night when they beat NSW 32-26 in the opening match of Super Rugby AU. Auchenflower, because it’s close to the city and so easy to jump on the Pacific Highway and get down to the Gold Coast. Plus, it still has that small suburb feel. It’s a renovated old Queenslander, with high ceilings and a very open floor plan.It also has great city views and gets a nice afternoon breeze. Queensland Reds rugby star James O’Connor at his family home which he is selling at Paradise Point. Picture: Nigel Hallett. What would you change about your home? What is the best thing about your suburb? More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoIt’s walking distance to anything you need. I have cafes, shops, parks, a dog park, the stadium and public transport all on my door step. If money was no option, what would be your fantasy home and where? What do you love about your home? What’s the biggest lesson you’ve learned/best advice you’ve been given when it comes to property? I’m in the process of making it more private.I really want to create an almost forest feel, with a lot of big trees and plants, and bamboo to give it a really protected vibe. I’d love to get some property in the hinterland, where I could have running water, grow my own food and have access to a national park off it, possibly. last_img read more

Working long hours ‘raises heart attack risk’

first_img Share 27 Views   no discussions Tweet Share Working more than 11 hours a day rather than the usual 9am to 5pm markedly increases heart disease risk, say UK experts.The magnitude of risk goes up by 67% for people who work long hours, they say in Annals of Internal Medicine.The University College London team base their findings on over 7,000 civil service employees whose health they have been tracking since 1985.They suggest GPs should now be asking their patients about working hours.Lead researcher Professor Mika Kivimäki said: “Considering that including a measurement of working hours in a GP interview is so simple and useful, our research presents a strong case that it should become standard practice.“This new information should help improve decisions regarding medication for heart disease.“It could also be a wake-up call for people who overwork themselves, especially if they already have other risk factors.”Hard graftOver the course of the 11-year study, 192 of the participants suffered a heart attack.People who worked 11 hours or more a day were more than half as likely again to have a heart attack than those who worked shorter hours.And adding working hours to well-established heart risk factors, such as high blood pressure, made the researchers’ predictions far more accurate.If GPs were to add this to their usual list of heart questions they might spot 6,000 more of the 125,000 people who suffer heart attacks in the UK each year, the researchers suggest.Studies are now needed to see if getting people to cut back on their working hours will improve their heart health, they add.Professor Stephen Holgate of the Medical Research Council, which part-funded the investigation, said: “This study might make us think twice about the old adage ‘hard work won’t kill you’.“Tackling lifestyles that are detrimental to health is a key area for the MRC, and this research reminds us that it’s not just diet and exercise we need to think about.”Professor Peter Weissberg of the British Heart Foundation said: “These most recent findings raise the possibility that long working hours may increase the risk of a heart attack.“But further studies are required to confirm this association and clarify how it might be used to change our current approach to assessing someone’s risk of developing heart disease and what advice we give on working conditions.”Experts suspect a number of underlying factors may be at play, such as undetected high blood pressure, stress, anxiety or depression, and being a driven, aggressive or irritable personality.Source: BBC Newscenter_img Sharing is caring! Share HealthLifestyle Working long hours ‘raises heart attack risk’ by: – April 5, 2011last_img read more