Tag Archives: agreement

Nevada board approves student testing agreement

Nevada will certainly award a nearly $51.5 million agreement for student screening services after dumping its previous service provider previously this year following a series of computer system problems that afflicted the system.

The state Board of Examiners on Tuesday unanimously approved a four-year contract with market heavyweight CTB/McGraw-Hill to develop, provide, score and report the list of standardized tests that thousands of public school students take every year in Nevada.

A seven-member evaluation panel scored CTB/McGraw-Hill’s bid, with an overall cost of $51.48 million, above 10 other rivals, including Measured Progress Inc. . That Dover, New Hampshire-based company failed to repair systemic glitches that avoided the state from transitioning to digital testing in the spring.

Just 30 percent of the approximately 214,000 third- through eighth-grade students expected to take the new tests successfully finished the evaluations, and that failure prompted Gov. Brian Sandoval to question the ability of CTB/McGraw-Hill to carry out any much better.

“Very first time, shame on them. Second time, shame on us,” Sandoval throughout the board’s meeting.

Officials with the Nevada Department of Education and CTB/McGraw-Hill’s proposed subcontractor, Data Acknowledgment Corp., or DRC, resolved his issues and highlighted similar work DRC finished in Michigan and Pennsylvania.

Doug Russell, senior vice president of education programs at DRC, also noted that his company transitioned 10 states with no online screening to a digital system.

“We have not had any issues in any other client states,” included John Bandy, primary information officer for DRC.

In addition, Steve Canavero, state deputy superintendent for student success, discussed that the arrangement with CTB/McGraw-Hill includes numerous clawback provisions that would recover the full part of the contract’s value if it fails to supply the complete scope of services.

Canavero said a new provision of the agreement covers liability for the security of student data personal privacy, though the subcontractors anxiety they presently manage delicate details with other customers such as the Internal Revenue Service and U.S. Department of Defense.

Also Tuesday, the Board of Examiners unanimously authorized a $247,500 loan for the state treasurer’s workplace to construct and maintain a registration program for Nevada’s new education savings accounts.

Chief of Personnel Grant Hewitt said the treasurer’s office already has gotten more than 1,000 applications for that program, which offers about $5,000 for students to attend private school or for homeschooling, considering that early enrollment began late July. By comparison, the education cost savings program in Arizona has actually enrolled about 1,300 students total in its fifth-year of execution, according to Hewitt.

“Our research study shows there have to do with 6,000 open independent school seats in Nevada today,” he stated.

“There are around 8,000 homeschool households in Nevada today,” Hewitt included. “Our company believe about 60 percent of those (households) will have an interest in utilizing the (education savings) accounts.”

The Nevada Legislature’s interim finance committee meets next week to consider last approval of the loan, which Hewitt said will be repaid through a 3 percent administration charge for all education savings accounts.

Contact Neal Morton at [email protected]!.?.! or 702-383-0279. Discover him on Twitter: @nealtmorton.

Caesars announces brand-new restructuring support agreement with leading loan providers

Caesars Entertainment Corp. said late Friday it reached an “amended reorganizing support contract” with its biggest lenders as the company attempts decrease the bulk of its pc gaming industry-high $22.8 billion in long-lasting debt.

In a statement filed prior to midnight (PST), Caesars said the contract “declares” the support of the largest creditors for the restructuring of the business’s largest running division, which was placed into bankruptcy in January. The company did not reveal any new factors to consider it gave the loan providers for restored support.

The plans for the restructuring remains the exact same; Caesars is asking a federal bankruptcy judge in Chicago to transform Caesars Home entertainment Operating Co. into a genuine state investment trust. The division, which has $18.4 billion in financial obligation, manages Caesars Palace, Caesars Atlantic City, Harrah’s Reno and more than a lots local properties. The restructuring is anticipated to trim nearly $10 billion of financial obligation from the books.

Last month, Caesars struck an agreement with a group of its second-lien financial obligation holders on the restructuring plan, which also includes folding another running division, Caesars Development Partners, back into the parent business.

“Today’s agreement demonstrates Caesars Entertainment and CEOC’s continuous efforts to finish the restructuring of CEOC consensually and expeditiously,” the business said in a statement.

Caesars was handed a setback last week when the bankruptcy judge stated the company might not pursue a quick appeal to his judgment that permits bondholder lawsuits to proceed.

Caesars wants to reverse the ruling, saying four suits by bondholders in New York and Delaware might push the whole Las Vegas-based company into bankruptcy.

Contact press reporter Howard Stutz at [email protected]!.?.! or 702-477-3871. Follow @howardstutz on Twitter.

Equity Commonwealth Verifies Written agreement to Sell Illinois Center Bldgs. for $376 Million

Equity Commonwealth (NYSE:EQC), the Chicago-based REIT headed by Sam Zell, confirmed reports that it is under contract to sell its 2 Illinois Center structures in Chicago’s East Loop at 111 East Wacker Dr. and 233 North Michigan Ave. for a gross list price of $376 million, or roughly $185 per square foot.

The buyer of the two inter-connected, 32-story towers is reported to be New York-based AmTrust Real estate Corp. The two-building equipment totals 2.1 million square feet of office and retail area that was 73.5 % leased at the end of the very first quarter. The equipment had actually been listed with Eastdil Secured.

Significant tenants consist of Bankers Life and Casualty Co., Combined Insurance Co. of America, Taft Stettinius & & Hollister, LLP, Clear Channel Communications, Young & & Rubicam and the U.S. Department of Health & & Human Services.

The sale is part of an approach by the REIT’s brand-new management under Zell and CEO David Helfand to sell off much of the REIT’s property profile generated under its previous management.

For AmTrust, the pending acquisition will certainly contribute to its growing Chicago presence. The private realty financial investment supervisor bought Kemper Insurance coverage’s 41-story headquarters at 1 E. Wacker Drive in July 2013, and in June 2014 bought the 43-story tower at 30 N. LaSalle St., before receiving the smaller 24-story 33 N. Dearborn St. previously this year. The REIT has two other Chicago office buildings, 33 W. Monroe St. and 135 S. LaSalle St.