Pasadena School Board to Hear Plans for ‘Controversial’ Solar Power Plan

first_img Name (required)  Mail (required) (not be published)  Website  Community News Business News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Subscribe Plans for a “controversial” District-wide PUSD solar power project will be heard by the Board of Education Thursday.According to a PUSD agenda report, the project envisions district power expenditure savings of up to $17 million over the length of the 25-year contract.“It’s such a long-term commitment,” said Board member Scott Phelps Wednesday. “It’s such an unknown, I guess that’s why it’s controversial. We don’t know what the power rate will be. We’re doing it because there’s an estimate that they will increase, and so we locked in lower rates.”PUSD signed a Power Purchase Agreement (PPA) with PFMG Solar in 2018 for construction and operation of the PUSD solar project. PFMG has since been sold to Constellation, a subsidiary of Exelon, which owns six utility companies across the US.Under the PPA, PUSD will not spend any funds from project inception to completion; additionally, there will be no maintenance costs for the next 25 years.The school district shall pay a reduced rate of energy costs, approximately $.05 or less per kilowatt-hour. Over 60 percent of PUSD’s electricity requirements can be supplied by solar power, resulting in large power savings, the PUSD said.According to spokesperson Dave Snyder of Constellation, the rate is 5 cents per kW/h less than they would otherwise pay if they were purchasing energy from the utility.Phelps added, “We just don’t know what will happen over 25 years. Long-term power contracts remind me too much of what happened to the State of California during the games Enron and others were playing.”According to a January 2020 U.S. Energy Information Administration (EIA) report, “The EIA expects that wholesale electricity prices in many areas of the country in 2020 will be lower than last year, reflecting the lower costs for natural gas as a fuel for power generation.”The report also forecast that wholesale prices in the Southwest will rise 5% in 2020, as a result of the recent retirement of some coal-fired generating units. In 2021, EIA expects that “wholesale power prices will increase in most areas, as a result of an expected 9% increase in the cost of natural gas.”EIA also forecast that the U.S. retail price for the residential sector will average 1 cents/KWhh (kilowatt hours) in 2020, which is 1.2% higher than the average retail price in 2019. Forecast residential prices will increase by an additional 1.2% in 2021, said the report.Phelps said he didn’t know whether or not the agreement was a “bad idea.”“I just don’t like a lack of flexibility,” he said, adding, “Then again, we have to pay whatever we are charged now by Pasadena Department of Water and Power and Edison so maybe it’s not any worse.”According to Phelps, a number of Southern California school districts have solar panels in parking lots. Those districts may have purchased the equipment with school bonds, he said.According to the District agenda report, construction of the solar panels under Phase 1 is slated to begin this month, at no cost to PUSD nor to the City of Pasadena. The first phase will include installation at Coombs Elementary School, John Muir HS, Cleveland ES, Don Benito FS, Hamilton ES, and McKinley, with completion expected by the end of June.The second phase of the project, will begin construction in February, with completion expected around July or August. Phase 2 will include installation work at Rose City High School, Field ES, Longfellow ES, Madison ES, Sierra Madre MS, Washington STEAM, and Blair HS. Completion of Phase 2 is expected in July or August.Phase 3 and Phase 4 of the project begin construction later, with the latest completion date around December 2020. In all, 28 PUSD campuses will have solar power plants, upon the completion of the project.The Board of Education meeting begins at 4:30 p.m. at PUSD Headquarters, at 351 S. Hudson Ave., Pasadena. More Cool Stuff 8 recommendedShareShareTweetSharePin it Uncategorized Pasadena School Board to Hear Plans for ‘Controversial’ Solar Power Plan District-wide plan will lock in energy rates for 25 years By EDDIE RIVERA, Community Editor Published on Thursday, January 30, 2020 | 5:07 am EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimescenter_img Your email address will not be published. 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Title Touches Everything: Streamlining Communications in Default Servicing

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Homes are a Better Investment than Retirement Savings Next: Looking for a Universal Solution Subscribe February 2, 2018 2,155 Views Title Touches Everything: Streamlining Communications in Default Servicing Demand Propels Home Prices Upward 2 days ago Share Save Title insurance and title-related products are an integral, and often expensive, part of the mortgage default process. Every aspect of default servicing touches title, from loss mitigation to REO disposition. Although many servicers have designed their internal functions, groups, and departments to optimize loan management, their workflow design can have the unintended consequence of creating silos. As a title provider, it has been our observation that many of these default servicing silos don’t always communicate effectively with each other when it comes to title issues, causing redundancy and adding to cost.This lack of internal communication about title appears to be counterintuitive. After the 2008 mortgage crisis, scores of regulatory changes and internal best-practices reviews were installed. Today, servicers are better-than-ever equipped to handle cross communications within default servicing due to single-point-of-contact assignments, LOS and servicing technology enhancements, and just plain old interdivision management oversight. Title is the one constant that potentially touches each department that has not been addressed and streamlined overall. Various title products ordered during the default servicing process may include the Deed Report, also known as Legal and Vesting (L&V); Property Report, often referred to as Ownership & Encumbrance (O&E); American Land Title Association (ALTA) Residential Junior Loan Policy; and the Full ALTA Title Policy.One department may order a similar type of title product that another department has already ordered, just because “that is the way it’s been done for a long time.” Simple title search work ordered for the foreclosure department could assist the bankruptcy or workout areas using the initial product ordered from one or many of the departments involved.Prior to the crisis, there was a movement to unify and/or reuse mortgage title-related products in aspects of the foreclosure and REO departments. The term used for the unification of these products was called “Cradle-to-Grave.” The concept was simple: a title commitment would be ordered at the initiation of foreclosure, supplanting the simple title update. During the long foreclosure process, the title commitment would be used to cure any and all defects prior to the foreclosure sale. At foreclosure sale, a simple and inexpensive date-down would be ordered to ensure lien priority prior to REO. If the loan moved into REO for handling post-foreclosure sale, then the foreclosure commitment could be converted to an insurable product, an Owner’s Title Policy (OTP). The marketable OTP could be procured very quickly and cheaply using the same title provider and product used throughout foreclosure.Although the concept was rudimentary and evolving prior to 2008, Cradle-to-Grave was adopted by many servicers, particularly special servicers who specialized in default servicing as they focused on reducing investor costs (severity) while looking for speed of execution (recency). Following 2008, however, the default servicing industry (and the entire mortgage servicing industry) had too much on its plate as delinquencies spiked across the country. Cradle-to-Grave and title unification took a back seat to HAMP I and II, HAFA, HARP, SPOC, consent orders, new CFPB regulations, national servicing standards, etc. The industry was in complete dislocation, with all hands on deck, grappling with a very new set of complex and sometimes conflicting servicing standards. Buzzwords like velocity, recency, and expense control were a thing of the past in the default world following the meltdown. The ship needed to get righted as focus turned toward much more pressing and immediate matters.Fast forward 10 years and mortgage servicing has found its footing. The time is right to look for title unification efficiencies within default servicing and to manage expenses throughout an expensive process. This unification of title products is low-hanging fruit. We now have better communication than ever within default servicing. The systems and personnel all “talk” to one another. Processes are no longer opaque. With a keen eye for efficiencies and cost savings, it is time to reexamine at how title products can be used throughout all default workflows, not just between the foreclosure and REO. Default title unification can be put into practice by using an experienced title provider who can help navigate across default-department boundaries by using and re-using similar title products throughout the life-of-loan within default servicing. Home / Daily Dose / Title Touches Everything: Streamlining Communications in Default Servicing  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Tagged with: cradle-to-grave Default Servicing Foreclosure Title Insurance title unification Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Journal, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago cradle-to-grave Default Servicing Foreclosure Title Insurance title unification 2018-02-02 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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Union Treasurer resigns

first_imgThe Treasurer of the Oxford Union, Charles Malton, has resigned. Malton’s letter of resignation was addressed to all the elected members of the Standing Committee and the Returning Officer. In his letter of resignation, Charles Malton, a student at Christ Church, said, “I am saddened that an institution which I have held in such high regard, has become such a toxic environment”.In his letter, he states that, “Two weeks ago I voted in favour of the Union paying for Ben Sullivan’s legal fees, believing that in doing so I was protecting the Union against rumours rather than what have now transpired to be formal allegations. I later made a speech defending this decision. These decisions were taken in good faith, but I now recognize that they were misguided.“People are innocent until proven guilty and I have every hope that Ben will prove to be innocent. However, the way in which many within the Union have handled this situation over the last few weeks is not behaviour that I would wish to associate myself with, and in which I have played no part. As such I no longer feel comfortable continuing to be involved with this society.”The resignation follows a week in which the Union has attracted national attention follwing the arrest of the Oxford Union President Ben Sullivan, on Wednesday, on suspicion of rape. Sullivan was later bailed without charge.The President-elect of the Oxford Union, Mayank Banerjee, announced that he would be acting President until further notice on Thursday night at an Oxford Union debate. In a speech to the house, Banerjee said, “It would be useless for me to pretend that tonight is business as usual.” Malton’s resignation follows his defence of the Union Standing Committee’s original decision at the beginning of term to cover Ben Sullivan’s £1,200 legal expenses. He voted to withdraw the claim later that week, following Sullivan’s decision to cover his own fees. This follows the resignation of the Union Librarian Kostas Chryssanthopoulos last Saturday. Mayank Banerjee, acting President of the Oxford Union, commented “It fills me with great regret to hear of Charles’ resignation. This has been an emotional time for everyone, and Charles has been a fantastic colleague and friend. The Oxford Union and I wish him all the best for the future”“I would also like to clear up any ambiguity about the position of the President, Ben Sullivan. Following his arrest on Wednesday Ben and I decided that it would be best for me to take over much of the day to day running of the Union for the time being, to give him some time to consider his position. Although I am currently acting as President, I would like to stress that he has not at this stage stepped down.”Charles Malton’s full letter:Dear Mr Acting President,I am writing with immense sadness to tender my resignation.Two weeks ago I voted in favour of the Union paying for Ben Sullivan’s legal fees, believing that in doing so I was protecting the Union against rumours rather than what have now transpired to be formal allegations. I later made a speech defending this decision. These decisions were taken in good faith, but I now recognize that they were misguided.People are innocent until proven guilty and I have every hope that Ben will prove to be innocent. However, the way in which many within the Union have handled this situation over the last few weeks is not behaviour that I would wish to associate myself with, and in which I have played no part. As such I no longer feel comfortable continuing to be involved with this society.I am saddened that an institution which I have held in such high regard, has become such a toxic environment. I am only sorry that I did not tender my resignation earlier when I first became aware of how the situation was being handled.I will not be seeking any further office within this organisation so I wish it the very best for the future.Yours Sincerely,Charles Maltonlast_img read more

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