The James A. Farley Post Office Building in New York City will be transformed into a rail station and retail center by a team that includes Related Cos., Skanska AB and Vornado Realty. The state tapped the group for the $1.6 billion project.
The University of Massachusetts board of trustees has OK'd $212 million in capital improvements, part of a plan to spend $2.5 billion over the next five years. Projects include a $71 million parking garage, an $18 million dining hall and renovations to several existing buildings.
Audi, BMW and Daimler are working with top technology firms to develop 5G wireless capabilities for connected mobility solutions. The automakers, Intel, Ericsson, Nokia, Huawei and Qualcomm created the 5G Automotive Association to develop tech standards for vehicle-to-infrastructure communications and other smart transportation initiatives.
A North Carolina man faces charges of tax fraud and allegations that he provided fraudulent surety bonds worth about a half-million dollars to the IRS. A conviction could lead to maximum sentencing of three years per count in the indictment.
Surety bonds are one of several acceptable forms of security for oil and gas companies that have liabilities for decommissioning wells in the outer continental shelf, says the Bureau of Ocean Energy Management. Other acceptable forms are cash and securities accepted by the Treasury Department, as well as self-insurance by companies that successfully undergo financial screening.
Prices of homes in the US are getting close to their record highs before the financial crisis, but that doesn't mean a bubble is likely to burst anytime soon, says David Blitzer, chairman of the index committee at S&P Dow Jones Indices. While prices have soared for two years, mortgage debt on single-family homes is well below its 2008 peak.
Two researchers compared three ways of funding road improvements and construction: indexing the gas tax to inflation, charging an inflation-adjusted gas tax along with a sales tax, and implementing a miles-driven tax. "[A]lthough a mileage fee is politically and technologically difficult to achieve, it is the only measure that avoids a declining tax revenue in the long run," said Jerome Dumortier of Indiana University-Purdue University Indianapolis.
The Senate was unable to gather enough votes to move forward with a continuing resolution that would keep federal agencies running through Dec. 9, with the measure getting only 45 of the 60 votes necessary to limit debate. A major sticking point is the lack of funding to address the water crisis in Flint, Mich.
Tishman Construction welcomed the arrival of a 205-foot construction crane at the $950 million MGM Springfield casino project in Massachusetts. The site has about 1,000 workers each day, and that number will soon double.
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