Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

THE ASHER FAMILY BUSINESSES Ali saw the family's business interests as having six components: (1) construction projects for private clients; (2) a parcel of undeveloped

image text in transcribed
image text in transcribed
image text in transcribed
THE ASHER FAMILY BUSINESSES Ali saw the family's business interests as having six components: (1) construction projects for private clients; (2) a parcel of undeveloped land in Kamloops, British Columbia; (3) residential income properties in Vernon, British Columbia; (4) a commercial income property based in a retail strip mall in Langley, British Columbia; (5) an income property in Port Moody, British Columbia, with a house of worship under a long-term lease; and (6) the property of the Asher family residence in Richmond, which included a significant amount of undeveloped land with development potential. Each of these components needed to be considered individually as they all had different cash-flow generating abilities, different levels of debt, different capital gains potential, and different ownership structures. Churchgate Ventures Churchgate Ventures (Churchgate) was a separate legal entity controlled by the Asher family. It held a large property in the City of Port Moody, situated about 50 minutes from downtown Vancouver. The property included a place of worship for Shia Ismaili Muslims, the religious community to which the Asher family belonged. The Ismaili Council for British Columbia, a social governance institution, leased the property from Churchgate at a below-market rent, which serviced the property's monthly mortgage payments and taxes. The long-term fate of this property was somewhat complicated. Besides Aziz, there was one other investor from the Ismaili community who had made financial contributions to Churchgate, to provide land for a place of worship for Ismailis. The other investor had never signed any legal documents; thus, Aziz was the sole legal owner. However, based on the other investor's financial contribution, he owned 25.75 per cent while the Asher family owned 74.25 per cent of the property. Aziz had recently received a call from a realtor, who indicated that the Churchgate property was worth around $10 million. The family had no intention of selling the property. At the last Asher family meeting, in April 2014, there had been a broad consensus that the status quo be maintained until such time as either the Ismaili Council or a donor from the community came forward to purchase the property. 3. What are the relevant criteria for evaluating the different alternatives? The criteria specifically considered are short-term effectiveness, long-term effectiveness, permanence, and compliance with applicable laws and regulations. Each alternative should address how each source of contamination is to be eliminated, reduced or controlled, and how site risk is to be reduced. THE ASHER FAMILY BUSINESSES Ali saw the family's business interests as having six components: (1) construction projects for private clients; (2) a parcel of undeveloped land in Kamloops, British Columbia; (3) residential income properties in Vernon, British Columbia; (4) a commercial income property based in a retail strip mall in Langley, British Columbia; (5) an income property in Port Moody, British Columbia, with a house of worship under a long-term lease; and (6) the property of the Asher family residence in Richmond, which included a significant amount of undeveloped land with development potential. Each of these components needed to be considered individually as they all had different cash-flow generating abilities, different levels of debt, different capital gains potential, and different ownership structures. Churchgate Ventures Churchgate Ventures (Churchgate) was a separate legal entity controlled by the Asher family. It held a large property in the City of Port Moody, situated about 50 minutes from downtown Vancouver. The property included a place of worship for Shia Ismaili Muslims, the religious community to which the Asher family belonged. The Ismaili Council for British Columbia, a social governance institution, leased the property from Churchgate at a below-market rent, which serviced the property's monthly mortgage payments and taxes. The long-term fate of this property was somewhat complicated. Besides Aziz, there was one other investor from the Ismaili community who had made financial contributions to Churchgate, to provide land for a place of worship for Ismailis. The other investor had never signed any legal documents; thus, Aziz was the sole legal owner. However, based on the other investor's financial contribution, he owned 25.75 per cent while the Asher family owned 74.25 per cent of the property. Aziz had recently received a call from a realtor, who indicated that the Churchgate property was worth around $10 million. The family had no intention of selling the property. At the last Asher family meeting, in April 2014, there had been a broad consensus that the status quo be maintained until such time as either the Ismaili Council or a donor from the community came forward to purchase the property. 3. What are the relevant criteria for evaluating the different alternatives? The criteria specifically considered are short-term effectiveness, long-term effectiveness, permanence, and compliance with applicable laws and regulations. Each alternative should address how each source of contamination is to be eliminated, reduced or controlled, and how site risk is to be reduced

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Crypto Finance Law And Regulation

Authors: Joseph Lee

1st Edition

0367086611, 978-0367086619

More Books

Students also viewed these Finance questions