Iowa, Nebraska, and South Dakota Law Firm News
On behalf of the American Bar Association’s Forum on the Construction Industry, Attorney Anthony Osborn will be speaking at multiple law schools, including the University of Iowa College of Law, over the next few months. The presentations are designed to educate law students regarding the opportunities available through the ABA, and encourage them to get involved in the ABA’s Construction Forum. Anthony’s practice focuses on business litigation and construction law, and he has taken on an active role within the Construction Forum and within local construction-related groups, including the Homebuilders Association of Iowa.
Attorney Bruce Smith of the Goosmann Law Firm spoke at the 2014 Business & Industry Seminar sponsored by Cain Ellsworth & Company, LLP on October 28th at the Terrace View Event Center in Sioux Center, Iowa.
April 30, 2014. Attorney Anthony Osborn received a favorable jury verdict in a state court lawsuit in Union County, South Dakota. In the trial, Osborn represented a contractor seeking damages against a property owner due to the owner’s failure to pay for certain construction materials and services. While the owner had filed a counterclaim, alleging defective workmanship and resulting damages, the jury found Osborn’s client was not negligent, awarded no damages on the owner’s counterclaim, and awarded monetary damages in favor of Osborn’s client.
Attorney Anthony Osborn, of the Goosmann Law Firm, was recently featured in the March 2014 issue of the American Bar Association's (ABA) Construction Newsletter "Under Construction", the newsletter of the ABA forum on the Construction Industry, for his co-authored article which talks about "How to Draft Lawsuits to Trigger Insurance Coverage".
Goosmann Law Firm Shareholder Anthony Osborn has been confirmed for a second-year term on the Iowa State Bar Association’s Construction Law Section Council. The Construction Law Section Council consists of a select group of Iowa attorneys with significant interests and experience in construction law, and serves to inform the State Bar of legal developments and legislative changes which are relevant to the construction industry. Learn more about the Goosmann Law Firm’s construction practice.
All across the United States, real estate values have dropped dramatically. Many properties have not been accurately reassessed for property tax purposes. Property taxes are meant to be based on the value of the property. A property tax assessor places both an assessed and taxable value on a property, often based on what it would cost to replace the property. This assessed and/or taxable value of the property directly relates to the amount of property tax each property owner pays. Issues with property taxes lie with whether the property is really worth what the assessor says it is. What is the property's fair market value (FMV), as opposed to its replacement cost? This question is especially important for industrial and commercial taxpayers with multiple business locations. Many property owners are overpaying on property taxes, as there may be a substantial gap between the assessed value and the actual value of the property.
KTIV News Channel 4 highlights the ups and downs of securing Historic Tax Credits in order to preserve the integrity of historical buildings during commercial real estate development. Some say the program is over-restrictive and inflexible. While others are able to showcase the positive results that come from taking advantage of Historic Tax Credits - commercial spaces can then compete in a competitive market after renovation. The Goosmann Law Firm, PLC restored the historic Lerch building that had been sitting vacant for several years. Located in downtown Sioux City, we are proud to have preserved the Lerch building for the Siouxland community.
Tax Increment Financing (TIF) is a helpful tool your business can utilize when developing commercial property. Cities or counties (Tax Authority) designate TIF Areas to encourage economic development in specific geographic areas. Here is how it works: The Tax Authority freezes the tax valuation of the site before development. In exchange for a minimum assessed property value, the Tax Authority may reimburse the developer for costs of construction for development of the property or invest in public improvements to aid in its development. The Tax Authority then uses the incremental taxes to pay the indebtedness it accrued as a result of the development agreement it enters with the developer.