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49ers file for arbitration in Levi’s Stadium rent dispute

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SANTA CLARA, Calif. (Diya TV) — The San Francisco 49ers filed for arbitration Tuesday with the city of Santa Clara after attempts to negotiate lower rent for Levi’s Stadium failed.

The 49ers and Santa Clara city officials have been negotiating lower rent since last November for the remainder of the team’s 40-year lease agreement at the stadium. The team has argued that it is entitled to a $4 million rent decrease under the terms of the lease agreement because of better-than-expected financial performance.

“We’re disappointed that this has to be the next step but unfortunately it’s the only option we have left,” 49ers President Al Guido said in an interview Tuesday. “It’s not the greatest use of time, money and energy.”

In 2013, the Niners agreed to pay $24.5 million in rent per year, however, the team’s contract allows for a one-time “rent reset” after the first year of operation — this essentially adjusts the rent amount based on changes in revenue, updated costs and developments. Last year, the 49ers withheld more than $5 million in rent payments as the team pushed for lower payments.

The 49ers proposed lowering the rent amount to $19 million per year, under the “rent reset” clause. The proposal was made due to the stadium being built for $136 million under budget and an $8 million increase in revenue.

City officials worry the amount won’t be enough to cover future debt obligations.

“We weren’t comfortable with the numbers that were presented and I’m not sure all the expenses were included, including police and fire expenses,” said Mayor Lisa Gillmor. “Our council was concerned about the transparency and how we were asked to reset the rent at the 11th hour.”

The team offered an increase from the $19 million offer to $20.25 million, according to Niners’ management, to “avoid the expense and distraction of arbitration.” But city leaders wanted to lock in $24.5 million again.

The initial $24.5 million rent was based on a 40-year projection of revenues and expenses. Guido said it’s “too much” based on the lease’s mathematical formula.

Gillmor, in her first term as mayor, has been notoriously known for questioning the contract between the team and city during her tenure as a council member. She won’t allow this to turn into the city versus the 49ers, and agreed arbitration was the best route for both sides to take.

“I knew this was coming,” she said. “I think it will probably improve our relationship because it gets the process of evaluating these numbers out of our hands and into the hands of a third party.”

How long the arbitration process will last remains to be seen. However, it is estimated the steps will cost both sides six-figures in legal fees, with the losing party usually ordered to pay the others fees.

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WordPress Resources at SiteGround

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WordPress is an award-winning web software, used by millions of webmasters worldwide for building their website or blog. SiteGround is proud to host this particular WordPress installation and provide users with multiple resources to facilitate the management of their WP websites:

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WordPress is considered an easy to work with software. Yet, if you are a beginner you might need some help, or you might be looking for tweaks that do not come naturally even to more advanced users. SiteGround WordPress tutorial includes installation and theme change instructions, management of WordPress plugins, manual upgrade and backup creation, and more. If you are looking for a more rare setup or modification, you may visit SiteGround Knowledgebase.

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SiteGround experts not only develop various solutions for WordPress sites, but also create unique designs that you could download for free. SiteGround WordPress themes are easy to customize for the particular use of the webmaster.

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Stock surge continues as Dow hits 20,000 for the first time

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NEW YORK (Diya TV) — After weeks of close calls, the Dow Jones made history on Wednesday blowing past a key level for the first time in its history. The Dow climbed 156 points to 20,069, and was joined in the record territory by the S&P 500 and Nasdaq.

Dow hits 20000

Dow hits 20000

 

The stock market milestone leaves the Dow up more than 1,700 points since the election of President Donald Trump last November, and speaks towards the enthusiasm investors have about the prospects for the U.S. economy.

Wall Street is clearly betting that Trump’s plans to slash taxes, ramp up infrastructure spending and cut regulation will make the American economy grow faster. If that happens, without any disruptions to global trade, it could propel corporate profits, the lifeblood of stock prices. However, the jump in stocks is also a reflection of the solid economy Trump inherited from former President Obama. The U.S. has added jobs for a record 75 straight months and the country’s unemployment rate is sitting near a 10-year low.

The milestone shows how much has changed in the U.S. economy over the past eight years. The index crashed to a low of 6,440 in March 2009 as Wall Street was gripping from the feared complete collapse of the American financial system.

While the economic rebound from the Great Recession has been slower than many hoped, the unemployment rate is now at the lowest level since 2007 and corporate profits have climbed to record highs.

Few expected the Dow to rise so much, especially after a Trump victory. In fact, many feared a market crash if Trump upset Hillary Clinton.

Instead, Wall Street embarked on a post-election rally that carried the Dow above both the 19,000 and 20,000 levels. The Trump rally cooled off in recent months and Wall Street hit a bit of a psychological roadblock leading up to the 20,000 level. On January 6, the Dow got incredibly close, rising to 19,999.63 before backing off. Traders on Wall Street had fun with it, with some creating hats that said: “Dow Almost 20,000.”

One reason for the pause: investors want more details on the timing and effectiveness of the stimulus plans rolled out by the new administration.

Bank stocks have been among the biggest winners since the election on Wall Street. JPMorgan Chase and Morgan Stanley have soared more than 20 percent, while Goldman Sachs is up nearly 30%, as investors bet on higher interest rates and less regulation under Trump.

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Berklee Indian Ensemble presents “Arz-E-Niyaz” to honor Mughal Era poetry

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BOSTON (Diya TV) — The Berklee Indian Ensemble, paying homage to Ghalib Sahab, who would have turned 219 years old Tuesday, presented its project, a poem titled “Arz-E-Niyaz” in collaboration with award winning vocal virtuoso, Vijay Prakash. The production also included Kathak dance elements from Meera Seshadri.

Arz-E-Niyaz was composed by Sashank Navaladi, a recent graduate of the Berklee College of Music, where the Ensemble are located. The production is set to couplets by Mirza Ghalib, the last great poet of the Mughal Era, and one of the most influential Urdu poets of all time.

Prakash, the collaborator on this project, hails from Karnataka and is one of the world’s most sought-after Indian playback singers. He has multiple hits that have been recorded in Hindi, Kannada, Telugu, Tamil and Malayalam. The poem is written by the preeminent Urdu and Persian Sufi poet of the 19th century, Mirza Ghalib. Written in the form of eight couplets, ‘arz-e-niyāz-e-ishq’ literally translates to the ‘supplication for the blessings of love.’

The Ensemble have a history of rich and celebrated collaborations with other artists, including A. R. Rahman, Armeen Musa and Shankar Mahadevan.

Launched in 2013, the Berklee India Exchange is an on-campus initiative establishing a platform for cultural conversation about Indian music through artist residencies, musical collaborations and performances, according to the school’s website. Have a look at the new video below:

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