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The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

Bihar government disburses Rs 2,900 crore to 74,540 beneficiaries for promoting MSMEs: Official

<ul class="summary-list"><li>Much of the office market may be mired in a downturn, but demand has been strong for high-end space.</li><li>New office construction has dropped off sharply, leading to a potential upcoming shortage.</li></ul>Office vacancy is at a record high in Washington, DC, and the city is regarded as one of the nation's <a target="_blank" href="https://www.businessinsider.com/the-federal-government-is-cutting-back-its-office-footprint-2023-6">most challenged</a> markets – in part because of its heavy reliance on federal tenants that have continued to slim down their spaces.Yet Hilary Goldfarb, a senior managing director at Rockefeller Development who leads the company's Washington, DC, operations, has little doubt about the sleek 400,000-square-foot office property her firm is raising at 600 Fifth St.When the building is completed in mid-2026, Goldfarb says she is "confident it will be full.""This is not hope as a strategy," she added, noting that half of the project was pre-leased to the law firm Crowell &amp; Morning. "It's based on real data and real activity."Across the country, major office markets from New York to San Francisco have been pummeled by the lasting popularity of remote and hybrid work. Newly built, high-end offices, however, are finding takers.That demand has persisted even as office construction has been stifled by higher interest rates and inflation, which have pushed up costs. Worries over the health of the office market have also made lenders reluctant to finance new development.About 30 million square feet of new office space will be completed this year in the US, roughly half of what was built in 2019, before the pandemic, says CBRE, the real estate services firm. In 2025, deliveries will fall even further, to 14 million square feet, CBRE projects.While the overall office market is awash in hundreds of millions of square feet of empty space, CBRE predicts that vacancy in the market's upper segment will drop to pre-pandemic levels by 2027 – around the same time projects that are breaking ground now will be ready.A growing number of office developers have taken notice and see a budding shortage they are eager to cater to. Large office tenants, who often plan their space decisions years in advance, have also begun to recognize that while space options may abound now, they are likely to vanish in the coming years – raising interest in new development."The last six, seven months, there's not just people coming kicking the tires, there's people that are really looking to engage," said Scott Rechler, the CEO of RXR Realty, referring to what he says is growing tenant interest in 175 Park Ave., a 2.8-million-square-foot skyscraper designed by Skidmore, Owings &amp; Merrill that developers RXR and TF Cornerstone are planning next to Grand Central Terminal in midtown Manhattan.The group now aims to begin construction on the more than $4 billion, 1,575-foot-tall tower midway through 2025 and with significantly less pre-leasing than originally planned because of their growing confidence in demand. Asking rents at the tower will be above $200 per square foot, among the highest ever sought in the city."There used to be a point where we thought we would need to pre-lease all of it," Rechler said. "Now, we think that at 500,000 feet, it's probably enough to get going."Rechler said that interest in elite new space had been stoked by other high-end offerings in the market, such as One Vanderbilt, a recently built nearby tower, JPMorgan's new headquarters at <a target="_blank" href="https://www.businessinsider.com/jpmorgan-nyc-headquarters-design-270-park-avenue-request-proposals-2021-4">270 Park Ave.</a>, and a planned skyscraper at 350 Park Ave. that will house the <a target="_blank" href="https://www.businessinsider.com/ken-griffin-citadel-office-space-real-estate-fifth-avenue-2024-8">investment firm Citadel</a>."If your competitors have a building like that that they're identified with and you're trying to be on a parallel path, you're going to say I want to be in a space at the same level or better," Rechler said.<div type="image" title="Large conference room and office space overlooking Midtown Manhattan." height="1852" width="5000" msid="113908775" hostid="261" sizebytes="387772"></div><h2 id="5d3faa99-284e-4185-804a-807a2344cd11">Other developers are laying plans for new towers</h2>The large development firm Related Companies, meanwhile, says that four office towers it has built with Oxford Properties as part of their Hudson Yards mega-project, are now 99% full. The team is readying to begin a new 45-story, 1.1-million-square-foot office property called 70 Hudson Yards next year."We think we're going to be one of the only new buildings in '27, '28 when there's going to be no new supply," Philippe Visser, Related's president of office development, said.Even as overall office vacancy is now at 15.1% in Manhattan, according to CBRE, Visser sees little competition between the overwhelming majority of that empty space and Hudson Yards, where a number of major corporate names have migrated in recent years to take occupancy of newly built buildings. Tenants include Wells Fargo, KKR, BlackRock, Meta, and L'Oréal."All these successful companies who are looking for really dynamic office space want new construction," Visser said.70 Hudson Yards will feature an array of state-of-the-art features, including a triple-paned glass facade, which greatly enhances the insulating properties of glass exteriors and will make the building more energy efficient and appealing to sustainability-conscious office users.In Lower Manhattan, Larry Silverstein hinted that he is close to moving ahead with plans to erect the final office skyscraper at the World Trade Center, a 2.8 million-square-foot tower designed by architect Norman Foster.Rumors abound that Silverstein is close to signing a large lease with American Express that would allow the project to proceed."Just stay tuned" was all Silverstein would say about the possible deal at the tower, 2 World Trade Center.Silverstein said he was certain other tenants would fill up the remainder of the building's available space once construction is underway."When you put everything this buildings has all together, it's superior," Silverstein said. "It never left my mind that someday we would succeed in accomplishing Tower 2 – and that's where we are today."Manhattan is particularly conducive to new construction in that it has both a large captive audience of corporate office users and a deep inventory of old, outdated office properties that have fallen out of favor.But because there is so little office construction on the horizon nationally, builders have begun to lay similar plans in other markets with similar dynamics.Visser, for instance, says Related expects to break ground on a new 40-story, 925,000-square-foot office tower at 725 W. Randolph St. in Chicago by next year.Although that city is also awash in available space, the building would be one of the only available newly built office properties in the Fulton Market neighborhood, a desirable sub-district in the city's West Loop that is known for its retail and restaurants, he said.Related Ross, a spinoff development firm launched earlier this year by Related's founder, Stephen Ross, is about to begin construction on 15 City Place, a nearly 500,000-square-foot office building in West Palm Beach, Florida. The project is about 70% pre-leased to an undisclosed roster of tenants, according to Jordan Rathlev, a senior vice president of development at the company.Rathlev said he recently received a space inquiry from a financial technology firm that is seeking at least 300,000 square feet – far more than 15 City Place can accommodate. The interest from that tenant and others has given a boost to the company's ambitions to begin building a neighboring office property called 10 City Place that will also be around 500,000 square feet in size."The intent is that they're both going at the same time," Rathlev said, indicating Related's hope that it will sign enough anchor tenancy at 10 City Place to build it and 15 City Place simultaneously.<h2 id="70c57a95-0968-4007-a21d-96efb55c9ff3">A tale of two office markets</h2>There is a yawning gap between the health of top tier office space and the wider market, according to data from CBRE.The firm labels new and heavily renovated spaces that meet a host of quality measures as "prime" – a segment that encompasses only 8% of overall office inventory nationally.A net total of 49.3 million square feet of prime space was absorbed between 2020 and the first quarter of 2024, according to CBRE. Around 170.3 million square feet of net vacancy accrued in the rest of the office market during that same period.Overall office vacancy nationally was 19.1% in June, close to a record level. Prime vacancy was 15.5% and CBRE forecasts that figure will drop by almost half, to 8.2% by 2027, its pre-pandemic average."We believe that this absorption estimate is conservative, and the prime vacancy rate could return to its pre-pandemic level sooner given continued job growth," Jessica Morin, CBRE's director of US office research, said.These top-of-the-market spaces, which charged a 60% premium before the pandemic, are now 84% more expensive than competing spaces.With little supply, that differential could grow."8.2% is a healthy prime market and we expect rent growth in this tranche," Morin said.Driving the solid metrics is a lack of new supply.While a total of 44 million square feet of office space is presently under construction, only about 17.3 million square feet of it, 39% of the total, is considered prime, according to CBRE. 8 million square feet of that is pre-leased, meaning that there is only about 10 million square feet of upcoming available top quality space.<h2 id="ccbe14d6-6f15-40b7-b453-f934e9df0594">Financing remains a sticking point</h2>Even with the tailwinds, financing high end office construction remains a challenge. Banks have grown wary of lending to office projects, even those that are likely to be a financial success, because of broader concerns around declining values, increased foreclosures, and potential financial losses in the sector.Rechler said that RXR was considering "alternative strategies" to arrange financing for 175 Park Ave., as a result."The scale of this project is of a level, I'm not sure you'd be able to get enough traditional banks, as an example, to be a lender," Rechler said.Rechler said RXR has explored other routes to arrange the billions of dollars of debt necessary to fund 175 Park Ave.'s construction, including the municipal bond market, in part because the project includes $500 million of transit upgrades to Grand Central Terminal."I feel good," Rechler said, "that we'll have the right combination of pre-leasing and financing to begin next year."

What office meltdown? Developers see a shortage of high-end space and are rushing to build it. 

The government on Tuesday announced a series of measures for development of Andhra Pradesh, including arranging <keyword id="20006597" type="General" weightage="20" keywordseo="Rs-15000-crore" source="keywords">Rs 15,000 crore</keyword> this fiscal and in future years for development of the <keyword id="19948211" type="General" weightage="20" keywordseo="Capital-city" source="keywords">capital city</keyword> of the state. Presenting <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said the government will also facilitate special financial support for development of the capital city. Besides, the Centre allocated over Rs 3 lakh crore for schemes benefiting women and girls and stated that it is fully committed for completion and financing of <keyword id="22237410" type="General" weightage="20" keywordseo="Polavaram-irrigation-project" source="keywords">Polavaram irrigation project</keyword>. The minister also announced backward region grant for three districts of the state. The <keyword id="19910625" type="General" weightage="20" keywordseo="Telugu-Desam-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Telugu Desam Party" meta.hostid="83" meta.entityid="Telugu Desam Party">Telugu Desam Party</keyword> (TDP) is a key ally of the BJP in the Centre. Political parties from Andhra Pradesh have protested time and again since 2014 demanding special category status for the state. Special category status is a classification of regions or states by the central government to provide special assistance in the form of tax benefits and financial support for development of the region. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Centre to arrange ₹15,000 crore for development of capital city of Andhra Pradesh

<ul class="summary-list"><li>Toronto's Downsview Airport is being transformed into a residential area for 55,000 residents.</li><li>The $22 billion project will feature seven neighborhoods with housing, businesses, and parks.</li></ul>An old airport in <a target="_blank" class="" href="https://www.businessinsider.com/toronto-things-to-never-do-there-canada-according-to-local">Toronto</a> is being transformed into a new development for almost 55,000 residents.The former Downsview Airport will be refurbished into seven walkable neighborhoods with housing, businesses, and public parks.It will become "a city, within a city," according to the <a target="_blank" class="" href="https://www.northcrestdev.ca/">developer's website</a>.A spokesperson for the developer told Business Insider that the project is expected to cost around $30 billion Canadian dollars, or around $22 billion.Downsview Airport was first used as an air base for the Royal Canadian Air Force in World War II and was most recently a testing facility for the aircraft manufacturer Bombardier, <a target="_blank" class="" href="https://www.wsj.com/real-estate/the-22-billion-plan-to-turn-a-defunct-airport-into-a-small-city-a73ca6ab?mod=real-estate_lead_pos1">The Wall Street Journal</a> reported.<div type="image" title="Downsview airport development" height="1687" width="3000" msid="112573048" hostid="261" sizebytes="1121786"></div>Bombardier sold the site to PSP Investments in 2018 for around $635 million, the Journal reported. The company created Northcrest Developments to manage and oversee the project.But unlike some previous airport developments, where original infrastructures were scrapped, Northcrest is leaning into the site's unique elements.For example, the former runway will be a focal point of the area, connecting all seven neighborhoods with a pedestrian street that will be just over a mile in length.<div type="image" title="Downsview airport runway street" height="1125" width="2000" msid="112573052" hostid="261" sizebytes="121240"></div>It will be seen as "the spine of community life," according to a project document obtained by Business Insider."It's hard to make a planned community seem authentic when everything is brand new," Derek Goring, chief executive of Northcrest Developments, told the Journal."So we really decided to lean into the aerospace legacy," he added.Goring said Northcrest had once considered scrapping the entire site and starting afresh but decided it "was not a good idea," adding that the maintenance and reuse of historic buildings had shown success in other development projects around the world.<div type="image" title="Downsview airport" height="1152" width="2048" msid="112573055" hostid="261" sizebytes="300704"></div>He added that the airport's original hangers, built between the 1950s and 1990s, would be the ideal space for film production, light manufacturing, and clean tech companies."So there's an opportunity to attract companies that actually want to be here but can't because they can't find these types of locations," he said.The project, which is expected to take 30 years to complete, will boast 28 million square feet of residential space and 74 parks and green spaces.It will be able to house nearly 55,000 people and create 22,000 jobs.The first of the seven neighborhoods, the Hanger District, is in the initial development phase and is expected to create 2,850 new homes and 7,000 jobs.It's not the only project of this kind. Developers in Greece are transforming a former Athens airport into an <a target="_blank" class="" href="https://www.businessinsider.com/ellinikon-greece-athens-abandoned-airport-smart-city-photos-2024-6">$8 billion smart city </a>that will have the country's first skyscraper, a high-end mall, and a sports park.Speaking to BI, the developers said they wanted to create a "zip-code paradise" that would combine coastal scenery with technologically advanced, sustainable infrastructure.They estimate that the project's first phase will be completed by 2026.

A former airport in Canada is being transformed into a $22B development with 7 unique neighborhoods 

<ul class="summary-list"><li>The Central Florida tourism board will vote on a development plan with Disney next week.</li><li>Local small businesses urged board members to approve the deal in a public hearing.</li></ul>Local businesses are throwing their support behind <a target="_blank" href="https://www.businessinsider.com/disney-world-desantis-development-deal-fifth-theme-park-2024-6">Disney's $17 billion development deal</a>, saying it could invigorate the local economy and boost sales.The Central Florida Tourism Oversight District's board of supervisors discussed the pending development deal in a <a target="_blank" href="https://www.youtube.com/watch?v=c7OC_4ivplc">25-minute meeting</a> on Wednesday at its Lake Buena Vista headquarters.The development agreement could usher in a new era of expansion for Disney, which reigns king in Central Florida with its four major theme parks and deep ties in the community. The deal also symbolizes a detente between Disney and <a target="_blank" href="https://www.businessinsider.com/disney-florida-settlement-deal-lawsuits-over-2024-3">Gov. Ron DeSantis</a>, who essentially commandeered control of the tourism district after a <a target="_blank" href="https://www.businessinsider.com/disney-desantis-feud-timeline-parental-rights-education-florida-2023-4">legal battle</a> with the company.During a public hearing, members of the Disney Springs food industry strongly urged board members to approve the agreement. <a target="_blank" href="https://www.businessinsider.com/best-restaurants-disney-springs-florida-places-to-skip-from-local-2023-12">Disney Springs</a> is a shopping and entertainment complex with dozens of dining options.<div type="image" title="Disney Springs in Florida" height="2533" width="3800" msid="110748250" hostid="261" sizebytes="1276692"></div>George Miliotes, the owner and operator of Wine Bar George, said he and his wife's families have operated small businesses in the Central Florida region for decades."The one thing we're sure of is that investment and reinvestment guarantee growth and excellence," he told board members. "So, when we see the billion-dollar number in front of the investment that's on the table, we get very excited."He added: "We know that we're securing the future if we make this investment."A representative for three Disney Springs restaurants — Splitsville Luxury Lanes, Chef Art Smith's Homecomin', and Everglazed Donuts &amp; Cold Brew — took the podium next."I'm here because we support the agreement," she said. "It shows that the district and Disney are ready and willing to resume working together to do good things for the state of Florida."She said the plan could bring more jobs to Central Florida, improve economic development, and attract more tourists."There's also a commitment to bringing infrastructure improvements in the district with contributions from both parties. This will benefit all of us that live and work in this district," she said.A final vote on the development agreement is scheduled for June 12.<div type="image" title="Mickey Mouse in a parade on Main Street at the Magic Kingdom Park at Walt Disney World." height="3712" width="5568" msid="110748251" hostid="261" sizebytes="599522"></div>The development deal, viewed by Business Insider, would allow Disney to spend billions of dollars on Walt Disney World properties over the next 10 to 20 years.Disney officials haven't shared how the large investment would be used, but an industry insider told the <a target="_blank" class="editor-rtfLink" href="https://www.orlandosentinel.com/2024/05/31/disney-world-expansion/">Orlando Sentinel</a> that a fifth theme park might be on the docket.The tourism board said the agreement would require Disney to create a local business hiring program for construction goods and services. The media conglomerate would also have to award a minimum of 50% of all construction work to local businesses.A statement from the tourism board said Disney also agreed to fund at least $10 million in "attainable housing.""With Walt Disney World's substantial investments, we anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefiting Central Florida's community," the district administrator, Stephanie Kopelousos, said in a statement to BI.

Florida locals endorse Disney World's new $17 billion development

<ul class="summary-list"><li>83 House Republicans voted against a bill to fund large portions of the federal government.</li><li>40 did so despite securing millions of dollars in funding for their districts.</li></ul>On Wednesday, 83 House Republicans voted against a roughly $460 billion package of bills to fund large swaths of the federal government.Forty of them did so despite requesting — and securing — millions of dollars in federal funding for a variety of projects in their districts.Take Rep. Lauren Boebert for example. The Colorado Republican announced on Wednesday that she would vote against what she dubbed the "Swamp Omnibus," slamming the bill as a "monstrosity" that "funds the Green New Deal."That's despite the bill including more than $20 million that she herself had requested for projects across the state's 3rd congressional district, which she <a target="_blank" href="https://www.businessinsider.com/lauren-boebert-district-switch-carpet-bagging-2023-12">recently abandoned</a> to seek reelection in a safer district on the other side of the state.That included $5 million to develop a water reservoir in Wolf Creek, $2.2 million for water infrastructure in Craig, and millions more for highway improvements in the district that she jointly requested with Democratic Sens. Michael Bennet and John Hickenlooper.Boebert's office did not respond to a request for comment.There's also Republican Rep. Tim Burchett, who secured more than $12 million in earmark funding for his East Tennessee district."Everything that we've asked for, I could defend," Burchett told Business Insider after the vote. "I don't think you can defend some of that stuff that's in there. It's just too much."That included more than $2.3 million for a health screening program for the University of Tennessee Medical Center, $2 million for an affordable housing project in Knoxville, and more than $2 million to establish a Healthcare Supply Chain Data Engineering Center at Lincoln Memorial University in Harrogate, a small town on the Kentucky border.Yet Burchett was among the Republicans who voted against the bill, which included the entirety of his earmarks. He cited both the cost of the bill and the fact that it was a package of six appropriation bills, which he said he'd prefer to vote on individually."There are things that are in there that I can't support," said Burchett. "And I just made that commitment to the folks back home."Through a process known as congressionally directed spending — colloquially known as "earmarks" — members of Congress can request federal funding for individual projects in their districts.<div type="image" title="Rep. Tim Burchett of Tennessee also voted against the bill, despite securing more than $12 million for his district." height="1500" width="2000" msid="108279690" hostid="261"></div>The idea behind the practice, which Democrats brought back in 2021 after Republicans banned the practice 10 years earlier, is to give lawmakers a more personal stake in government funding legislation, inspire bipartisanship, and grease the wheels of the legislative process.Yet Wednesday's vote shows that logic only goes so far and that <a target="_blank" href="https://www.businessinsider.com/mike-garcia-earmarks-omnibus-government-spending-2024-1">plenty of Republicans</a> are willing — in the words of former House Speaker Nancy Pelosi — to "vote no and take the dough."It's a practice that's landed some Republicans in hot water recently, including Rep. Maria Elvira Salazar of Florida.After Business Insider <a target="_blank" href="https://www.businessinsider.com/maria-elvira-salazar-650000-federal-funding-small-business-voted-against-2023-12">first reported</a> on the congresswoman touting $650,000 that she secured in a December 2022 government funding bill, she was pressed on it by a local journalist, and the <a target="_blank" href="https://www.businessinsider.com/video-maria-elvira-salazar-forgets-how-voted-chips-science-funding-2024-1">interview did not go well.</a>In another instance from last year, Sen. Tommy Tuberville of Alabama <a target="_blank" href="https://www.businessinsider.com/tommy-tuberville-federal-broadband-funding-voting-against-bipartisan-infrastructure-2023-6">celebrated billions in broadband funding</a> that the federal government was providing for his state, despite voting against the Bipartisan Infrastructure Law that provided it.But Republicans weren't the only ones to vote against the bill on Wednesday, despite securing earmark funding. Democratic Reps. Maxwell Frost of Florida and Mark Takano of California both voted against the legislation over gun policy changes in the bill.Wednesday's bill, which still has to pass the Senate, will only partially fund the government, though it contains the vast majority of the earmarks.Congress has until March 22 to pass another package of bills that will fund the rest of the government.Here are the 40 Republicans who voted against the bill, despite securing earmark funding:<ul><li>Jodey Arrington of Texas</li><li>Jack Bergman of Michigan</li><li>Gus Bilirakis of Florida</li><li>Lauren Boebert of Colorado</li><li>Mike Bost of Illinois</li><li>Tim Burchett of Tennessee</li><li>Ben Cline of Virginia</li><li>Mike Collins of Georgia</li><li>James Comer of Kentucky</li><li>Dan Crenshaw of Florida</li><li>John Curtis of Utah</li><li>Scott DesJarlais of Tennessee</li><li>Byron Donalds of Florida</li><li>Brad Finstad of Minnesota</li><li>Michelle Fischbach of Minnesota</li><li>Matt Gaetz of Florida</li><li>Marjorie Taylor Greene of Georgia</li><li>Morgan Griffith of Virginia</li><li>Harriet Hageman of Wyoming</li><li>Andy Harris of Maryland</li><li>Diana Harshbarger of Tennessee</li><li>Clay Higgins of Louisiana</li><li>Wesley Hunt of Texas</li><li>Darin LaHood of Illinois</li><li>Barry Loudermilk of Georgia</li><li>Anna Paulina Luna of Florida</li><li>Brian Mast of Florida</li><li>Cory Mills of Florida</li><li>Greg Murphy of North Carolina</li><li>Troy Nehls of Texas</li><li>Bill Posey of Florida</li><li>Cathy McMorris Rodgers of Washington</li><li>John Rose of Tennessee</li><li>Keith Self of Texas</li><li>Greg Steube of Florida</li><li>Claudia Tenney of New York</li><li>Jeff Van Drew of New Jerey</li><li>Beth Van Duyne of Texas</li><li>Mike Waltz of Florida</li><li>Randy Weber of Florida</li></ul>

These 40 House Republicans voted against millions of dollars in federal funding that they secured for their districts 

<ul class="summary-list"><li>The Central Florida Tourism Oversight District is set to vote on a development plan with Disney.</li><li>The plan would greenlight $17 billion in development at Walt Disney World over 10 to 20 years.</li></ul>Rumors that Walt Disney World may build a fifth theme park in Central Florida have persisted for years. Now, there's some good news for anyone hoping those rumors are true.A potential development agreement between Central Florida's tourism board and The Walt Disney Company could usher in the expansion.The Central Florida Tourism Oversight District is set to host a public hearing on Disney's development plan during a meeting next week before voting on June 15.If approved, the agreement would be a major thaw in relations between Disney and the tourism board, which Gov. Ron DeSantis' administration effectively commandeered from Disney last year. DeSantis appointed five people to the tourism board, but two have since left their positions.As now written, the agreement would allow Disney to spend $17 billion to further develop Walt Disney World over the next 10 to 20 years, according to a statement from the tourism board."With Walt Disney World's substantial investments, we anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefiting Central Florida's community," the district administrator, Stephanie Kopelousos, said in a statement to Business Insider.The tourism board said the agreement would require Disney to find local contractors for any construction and award a minimum of 50% of all construction work to Florida businesses. It would also require Disney to fund "attainable" housing projects.Disney officials haven't detailed how the billions would be spent, but an industry insider told the <a target="_blank" class="editor-rtfLink" href="https://www.orlandosentinel.com/2024/05/31/disney-world-expansion/">Orlando Sentinel</a> that a fifth theme park could join its roster of existing properties.Magic Kingdom opened to the public in 1971, followed by Epcot in 1982, Disney's Hollywood Studios in 1989, and Animal Kingdom in 1998.Disney CEO Bob Iger skirted a question about a new Florida theme park during an earnings call in February, the Sentinel reported."We're already hard at work at basically determining where we're going to place our new investments and what they will be," Iger said. "You can pretty much conclude that they'll be all over, meaning every single one of our locations will be the beneficiary of increased investment."Representatives for The Walt Disney Company and Walt Disney World didn't respond to a request for comment from Business Insider.<h2 id="86badf12-afb6-4783-a7d8-a5a44f97eb4e">DeSantis vs. Disney</h2><div type="image" title="Ron DeSantis" height="1667" width="2500" msid="110642423" hostid="261"></div>The pending development agreement between the tourism board and Disney follows a <a target="_blank" href="https://www.businessinsider.com/disney-desantis-feud-timeline-parental-rights-education-florida-2023-4">contentious legal battle</a> that was initiated in 2022.The battle began when Disney publicly opposed DeSantis' so-called <a target="_blank" href="https://www.businessinsider.com/disney-ceo-bob-chapek-florida-dont-say-gay-bill-2022-3">"Don't Say Gay" bill</a>. DeSantis lashed out at the entertainment conglomerate and attempted to upend a long-standing arrangement that allowed Disney to self-govern through its Reedy Creek Improvement District.DeSantis gained control of the Reedy Creek Improvement District in February last year. His administration renamed it the Central Florida Tourism Oversight District, and DeSantis appointed its board supervisors, effectively removing Disney's autonomy over development in the area.The former Reedy Creek Improvement District board members tried to push through a development deal before they were ousted. But after a series of court battles, Disney and the new tourism board finally <a target="_blank" href="https://www.businessinsider.com/disney-florida-settlement-deal-lawsuits-over-2024-3">reached a settlement</a> in March.That settlement <a target="_blank" href="https://apnews.com/article/disney-florida-ron-desantis-settlement-91040178ad4708939e621dd57bc5e494">nullified the last-minute deal</a> that the former Reedy Creek board members pushed through. The settlement then suggested Disney and the new board work together on a new development deal.

Disney's new development deal with DeSantis could pave the way for a Disney World expansion of mythic proportions

<ul class="summary-list"><li>The Central Florida Tourism Oversight District approved a $17 billion development deal with Disney.</li><li>The development plan could allow Disney World to build a fifth major theme park and two minor parks.</li></ul>Central Florida's tourism district unanimously approved a $17 billion <a target="_blank" href="https://www.businessinsider.com/disney-world-desantis-development-deal-fifth-theme-park-2024-6">development deal with Disney</a> that could mean a new era for the company's profitable theme parks.Members of the <a target="_blank" href="https://www.oversightdistrict.org/meetings/cftod-board-of-supervisors-meeting-5/">Central Florida Tourism Oversight District's</a> board of supervisors pushed through the landmark deal on Wednesday evening during a meeting at its Lake Buena Vista headquarters.The deal comes amid a détente between <a target="_blank" href="https://www.businessinsider.com/disney-desantis-feud-timeline-parental-rights-education-florida-2023-4">Disney and Florida Gov. Ron DeSantis</a>, whose administration took control of the local tourism district from the entertainment conglomerate last February. Disney had previously self-managed any development in the area with little government oversight.The resulting legal battle between Disney and the DeSantis administration began in 2022 but ended this March when both parties <a target="_blank" href="https://www.businessinsider.com/disney-florida-settlement-deal-lawsuits-over-2024-3">agreed to a settlement</a>.<div type="image" title="Disney, Magic Kingdom" height="1293" width="2000" msid="110952536" hostid="261"></div>"This is the day we have all been looking forward to," Board Member Brian Aungst said prior to the vote. "Walt Disney World is inextricably intertwined in the fabric of Central Florida."After the vote, Board Member Charbel Barakat thanked DeSantis for his leadership, inspiration, and "tireless efforts" to reach a deal with Disney.A representative for DeSantis called the agreement a "big win" in a statement to BI."Disney and the state of Florida continue working well together under CFTOD's new governance structure, and we are pleased to see CFTOD and Disney reach a new development agreement that secures up to $17 billion in future investment in the state of Florida," Communications Director Bryan Griffin said. "This agreement is a big win for central Florida and will lead to numerous jobs and improved guest experiences."The development deal, a version of which Business Insider reviewed, will allow Disney to spend billions of dollars on its Walt Disney World properties over the next 10 to 20 years.It will also permit Disney to build a fifth major theme park and two minor theme parks — something Disney fans have fantasized about for years. Reddit boards and Disney-themed discussion forums have long speculated about the so-called "fifth gate," or a potential fifth theme park that would join the four existing locations.Disney hasn't discussed how or when it could pursue the massive project, but fans have clamored for a villain-centric theme park in the past. Another popular idea was a Star Wars-based attraction, which came to life in 2019 when <a target="_blank" href="https://www.businessinsider.com/star-wars-galaxys-edge-opening-at-disney-world-2019-8">Disney unveiled Galaxy's Edge</a>.The development deal also authorizes Disney to add more rooms to its Central Florida hotel and expand its retail and restaurant space.In return, Disney must award at least 50% of its related construction work to Florida-based businesses and fund at least $10 million toward "attainable housing projects." The company must also donate at least 100 acres of its land to the tourism district.In a hearing last week, <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/florida-disney-world-development-deal-desantis-local-support-2024-6">local businesses came out in support of the deal</a>, which they view as an opportunity to grow the local economy and increase sales."The one thing we're sure of is that investment and reinvestment guarantee growth and excellence," George Miliotes, the owner and operator of Wine Bar George in Disney Springs, told board members. "So, when we see the billion-dollar number in front of the investment that's on the table, we get very excited."He added: "We know that we're securing the future if we make this investment."

DeSantis tourism board approves $17 billion development deal with Disney that could pave the way for a 5th theme park

Wooing the middle class ahead of the general elections, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Thursday announced a scheme to help those living in rented accommodations or slums to acquire a house. Parallely, she also announced building 2 crore more houses for the rural poor in the next five years under the continuing <keyword id="3905678" type="General" weightage="20" keywordseo="PM-Awas-Yojana" source="Orion">PM Awas Yojana</keyword> (Grameen). Presenting a vote on account for 2024-25, also known as interim budget for the period till the new government comes into office after general elections, she said the Modi government in the last 10 years has endeavoured to provide each a house, water, electricity, cooking gas and bank account as part of the inclusive development. "Our government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorized colonies' to buy or build their own houses," she said. The finance minister highlighted that the implementation of the PM Awas Yojana (Grameen) continued despite the disruptions caused by the COVID-19 pandemic. "Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families," she said. In order to achieve the target of 'Housing for All' in rural areas, the <keyword id="19910940" type="General" weightage="20" keywordseo="ministry-of-rural-development" source="keywords">Ministry of Rural Development</keyword> is implementing Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) with effect from 1st April 2016 to provide assistance to eligible rural households. The overall target is to construct 2.95 crore pucca houses with basic amenities by March 2024. The central assistance under PMAY-G is released directly to the State/UT considering the State/UT as a unit. Further release of these funds to beneficiaries in various Districts/Blocks/GPs is done by the respective State Government/UT Administration. "The amount of Central Share of funds released to the States/UTs for construction of houses under PMAY-G during the last five years, which is from the financial year 2018-19 to 2022-23 was around Rs 1,60,853.38 crore," according to an official statement in December.

Govt to launch scheme to help middle class buy or build own house; 2 cr more rural houses

<ul class="summary-list"><li>The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said.</li><li>Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector.</li></ul>The US's top financial watchdog is seeking penalties worth billions of dollars from Ripple Labs, the company behind the XRP cryptocurrency, its chief legal officer said.Stuart Alderoty wrote <a target="_blank" href="https://twitter.com/s_alderoty/status/1772339308151849153">on X</a> that the Securities and Exchange Commission asked US District Judge Analisa Torres to fine Ripple $2 billion. He added that the SEC would make a redacted version of its court papers public on Tuesday."As we all have seen time and again, this is a regulator that trades in statements that are false, mischaracterized and designed to mislead. They stayed true to form here," Alderoty said."Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple — and the industry at large."The SEC sued Ripple, its CEO Brad Garlinghouse, and cofounder Chris Larsen in 2020, although it <a target="_blank" href="https://www.reuters.com/markets/us/sec-dropping-claims-against-ripple-executives-court-filing-2023-10-19/">dropped its claims against Garlinghouse and Larsen</a> last year.In July, Torres ruled that Ripple's sales of XRP on public exchanges hadn't violated US trading laws. However, it found that Ripple had unlawfully offered <a target="_blank" href="https://markets.businessinsider.com/news/currencies/sec-crypto-crackdown-unregistered-security-winklevoss-gemini-kraken-ftx-2023-2">unregistered securities</a> when it sold $728.9 million worth of the token to hedge funds and other institutional investors.Ripple will file a reply next month before the case goes to trial, Alderoty said.The former American Express and HSBC general counsel isn't the first of the blockchain company's execs to criticize the SEC.In January, Garlinghouse told the World Economic Forum in Davos that chair <a target="_blank" href="https://www.cnbc.com/2024/01/16/ripple-ceo-calls-us-sec-chair-gary-gensler-a-political-liability.html">Gary Gensler was a "political liability"</a> because of his track record of regulating crypto, adding that the financial watchdog's crusade against the digital asset space was the "definition of insanity".As well as suing Ripple, the SEC rejected spot bitcoin ETFs for more than a decade before finally <a target="_blank" href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">approving 11 earlier this year</a>. It's also brought lawsuits against big crypto exchanges including Coinbase, Binance, and Kraken.<a target="_blank" href="https://markets.businessinsider.com/currencies/xrp-usd">XRP</a> is the world's sixth-largest cryptocurrency by market capitalization, per data from <a target="_blank" href="https://coinmarketcap.com/">CoinMarketCap</a>. It was worth just over $35 billion on Tuesday.Neither the SEC nor Ripple immediately responded to requests for comments from Business Insider.

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These 40 House Republicans voted against millions of dollars in federal funding that they secured for their districts

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