Latest news with #DevelopmentAgreement
Barnama
21-07-2025
- Business
- Barnama
PDC Cooperating Fully In AMLA Probe Into PWC Project
GEORGE TOWN, July 21 (Bernama) – The Penang Development Corporation (PDC) is giving its full cooperation to police in the investigation by the Bukit Aman Anti-Money Laundering (AMLA) Special Task Force into the Penang World City (PWC) project, which has been linked to the Mobility Beyond Imagination (MBI) investment scheme. Penang Chief Minister Chow Kon Yeow, who is also PDC Chairman, said the corporation has submitted all relevant financial documents and meeting minutes related to the PWC project to Bukit Aman, whose investigation is ongoing at the national level. 'On July 9, the Bukit Aman AMLA team visited PDC as part of a nationwide investigation into the MBI investment scheme. The visit was conducted in accordance with AMLA procedures as part of the authorities' efforts to trace and verify the flow of funds potentially linked to the scheme. 'PDC is giving its full cooperation to assist in investigating any possibility of suspicious fund movements connected to the MBI investment scheme,' he said at a press conference at the Chief Minister's Office in Komtar here today. Elaborating further, Chow said the investigation focuses on payments made to PDC by Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd (TISB), for the purchase of land involved in the PWC project between 2011 and 2019. He said the probe is being conducted under AMLA procedures and involves multiple entities and jurisdictions across the country, with PDC being included as an interested party due to past commercial transactions carried out in accordance with proper processes during that period. 'PDC remains committed to the principles of transparency, integrity and good governance, and will continue to cooperate with all enforcement agencies. The submitted documents include four main agreements signed in relation to the PWC project to date,' he said. He said the four agreements comprise the Sale and Development Agreement between the Penang Chief Minister (Incorporated) [CMI], PDC and Ivory Properties Group Berhad (IPGB) dated Nov 11, 2011; the First Supplemental Agreement between CMI, PDC and IPGB dated Oct 24, 2013; the Second Supplemental Agreement dated June 23, 2014; and the Novation cum Supplemental Agreement involving PDC, CMI, IPGB and TISB dated Nov 1, 2019. He added that land reclamation work for the PWC project is currently about 68 per cent complete, with overall development progress — including current and future phases — reaching 44 per cent.
Time of India
10-07-2025
- Business
- Time of India
Mittal Builders, HoABL to invest ₹2,000 crore on 11-acre project in Mumbai region
NEW DELHI: Realty firm Mittal Builders has tied up with House of Abhinandan Lodha to develop a housing project in Mumbai Metropolitan Region with an investment of Rs 2,000 crore. In a statement on Thursday, Mittal Builders said it has entered into a Joint Development Agreement (JDA) with House of Abhinandan Lodha (HoABL) to co-develop an 11-acre project comprising 30 lakh sq ft, comprising over 4,600 apartments and high-street retail. The project is expected to be launched in the second quarter of 2025-26. "The JV project involves a planned investment of about Rs 2,000 crore and a GDV (gross development value) of over Rs 3,000 crore in the next 3-5 years," the company said. Rahul Mittal , Promoter, Mittal Builders, said, "Naigaon is fast emerging as a key growth centre in the MMR."* The formation of this JV with HoABL brings together two complementary strengths to accelerate Naigaon's evolution into a well-integrated urban destination, he added. Akshay Mittal , Promoter, Mittal Builders, said the company has already delivered 2 million sq. ft. of residential space housing over 2,000 families, and a school educating more than 2,500 students in Naigaon. Rakesh Pai, Chief Operating Officer at HoABL, said the Mittal Builders, which was founded in 1952, portfolio that exceeds 50 million sq. ft. across more than 2,000 buildings in Mumbai, Thane, Pune, Delhi, Bangalore, Hyderabad, and Nagpur. Established in 2020, HoABL has delivered 4 projects totalling about 15 million sq ft of developed land. It is mainly into plotted development and is now foraging into group housing.
Yahoo
27-02-2025
- Entertainment
- Yahoo
Actors' Equity And The Broadway League Reach Agreement On Thorny Issues Around New Work Development
Actors' Equity Association has reached a deal with the Broadway League on a new five-year Development Agreement, resolving an eight-month strike prohibiting Equity members' participation in early stages of development work. The National Council of Actors' Equity Association, the labor union representing more than 51,000 professional actors and stage managers in live theatre, announced today that it had voted to ratify a new five-year Development Agreement, concluding an eight-month strike against The Broadway League, the trade organization representing theater producers and owners. More from Deadline Broadway Stars To Perform Kennedy Center's Canceled 'Finn' Musical At New York Town Hall; Andrew Rannells, Andrea Martin, Kelli O'Hara, Bonnie Milligan, Jessie Mueller & More Join Benefit Broadway's 2024-2025 Season: 'Redwood' & All Of Deadline's Reviews 'Buena Vista Social Club' And 'Operation Mincemeat' Sell Out Preview Performances; 'Gypsy' Slips With Audra Absent - Broadway Box Office The new agreement is effective immediately and extends to February 11, 2029. The Development Agreement is used for the development of new works by Broadway League producers, usually prior to an intended Production Contract engagement. The new agreement guarantees a cumulative pay increase of over 8% for Equity members, achieving the union's top goal for this collective bargaining agreement. Gains also include increased pre-production time for stage managers and the establishment of a joint working group between the union and employers to create a new audition access program. 'Today is a day to celebrate the hard work of Equity's team in getting us back into the rehearsal halls and making some magic,' said Equity Negotiating Team Chair Stephen Bogardus, adding, 'This was a long strike, but it was worth it.' Many Broadway shows rely on the Development Agreement early on, including this season's Boop, Death Becomes Her, The Last Five Years, Left On Tenth, Maybe Happy Ending, Real Women Have Curves, Smash and A Wonderful World. The previous agreement expired last February, and Equity ceased issuing new Development contracts in June. At the time, the League's Jason Laks noted that the contract under negotiation covers only short-term employment in the early stages of development work on projects that may or may not ever become fully-realized productions. The negotiations did not involve any current Broadway or touring productions. This summer, Equity and the Broadway League will bargain for a new Production Contract, the collective bargaining agreement governing Broadway shows. Best of Deadline How To Watch The 2025 Oscars Online And On TV How Jon Gries' Return To 'The White Lotus' Could Shape Season 3 Which Colleen Hoover Books Are Becoming Movies? 'Verity,' 'Reminders Of Him' & 'Regretting You' Will Join 'It Ends With Us'
Yahoo
20-02-2025
- Business
- Yahoo
Potbelly Sandwich Works Expands in Virginia Markets with Franchise Expansion Led by Former CEO
CHICAGO, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), the beloved neighborhood sandwich shop, is excited to announce a major expansion in the Northern Virginia market through an extension of its Shop Development Agreement (SDA). This new agreement builds on the company's existing partnership with former CEO Bryant Keil and his son Hampden Keil, with plans to open additional Potbelly locations in several areas of Northern Virginia. The development of these eight locations aligns with Potbelly's strategic growth plan to expand its footprint through franchising in the State of Virgina and other key markets nationwide. The company remains eager to partner with passionate multi-unit operators to expand its footprint in its remaining untapped territories in the State of Virginia and Maryland. With a focus on enriching the dining options in Virginia, this expansion underscores the brand's commitment to fostering strong connections with its customers and communities. Bryant Keil, former CEO of Potbelly, brings unparalleled experience and passion for the brand's mission to his role as a franchisee. Together with his son, Hampden Keil, the duo is poised to expand Potbelly's presence in Virginia, delivering the brand's signature toasted sandwiches, hand-dipped shakes, flavorful soups, and warm, welcoming atmosphere to these bustling communities. Their combined expertise and dedication continue to enhance Potbelly's reputation for creating vibrant neighborhood hubs. The new shops are expected to contribute to local economic growth by creating numerous job opportunities. Further announcements regarding specific site locations and grand opening events will be shared as plans progress. For more information about Potbelly Sandwich Works' available franchise opportunities, please contact: Maureen DiStefanoSales Director, Potbelly Sandwich WorksPhone: 445-287-1182Email: About PotbellyPotbelly Corporation is a neighborhood sandwich concept that has been feeding customers' smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country - with more than 440 shops in the United States including more than 90 franchised shops in the United States. For more information, please visit our website at in to access your portfolio
Yahoo
14-02-2025
- Business
- Yahoo
Former Bee Cave City Manager added to lawsuit against industrial warehouse
BEE CAVE, Texas (KXAN) — The City of Bee Cave added a new defendant to its lawsuit against developers of the industrial warehouse off Highway 71. The nearly 270,000-square-foot business park sits next to a residential area in Bee Cave's extra-territorial jurisdiction. The facility under construction is near the intersection of State Highway 71 and Serene Hills Drive. PREVIOUS COVERAGE: Bee Cave City Council votes to file lawsuit to stop development near residential area Online plans showed the property would have three buildings with 80 docking bays that could hold big rigs, warehouse space and offices. The lawsuit alleged developers violated a development agreement it signed with the city in 2015. The city also claimed noise and light pollution disrupts residents' ability to get good sleep. The City said it amended the lawsuit by introducing fraud allegations and adding former City Manager Clint Garza as a defendant. The lawsuit alleges the developers relied on Garza to allegedly withhold information about the warehouses from the City Council. According to the lawsuit, developers emailed Garza instead of going through the proper channels. 'This carefully orchestrated scheme was designed to create the appearance of 'notice' tothe City (i.e., emails to Garza) while allowing Defendants to avoid any real oversight and proceedwith development in violation of the Development Agreement,' the lawsuit stated. The City also claimed that Garza allegedly received payments for facilitating developments without council oversight. The lawsuit stated Garza met with Wheelock representatives in 2019 to discuss 'upcoming opportunities' related to the property. Wheelock, also known as WS-COS Development, was the original owner of the property. The City alleged that Wheelock 'specifically instructed all potential or new owners and developers not to communicate with the City about those projects.' KXAN reached out to Garza via his social media. We are waiting for a response. A spokesperson for Velocis, a developer for the project, called these new claims baseless. PREVIOUS COVERAGE: Judge allows construction to continue at controversial industrial park in Bee Cave Bee Cave has already wasted hundreds of thousands of dollars on a failed attempt to stop construction. These new allegations are an attempt to distract from their own mismanagement and the Court's rejection of their claims. The City should stop wasting public resources on this failed effort.' Spokesperson for Velocis Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
