Exceeds Educational and Experience Requirements Set-Forth
by California Debt and Investment Advisory Commission (CDIAC) Guidelines
The California Debt and Investment Advisory Commission (CDIAC) published Appraisal Standards for Land-Secured Financings that have been utilized by California public entities as a basis for their land-secured financings under the Mello-Roos Act; these concepts with regards to independence as well as qualifications and experience, are applicable to other types of municipal bond financings as well.
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Independence
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1. Avoids Conflicts of Interest: Knowing that developers and builders may influence the outcome of a market absorption study, market absorption analysts should describe their business relations with developers and builders during the past three years in the market absorption study.
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1. Empire Economics conducts market absorption and other related studies EXCLUSIVELY for governmental entities, and this has provided numerous public entities with a high level of comfort.
2. Empire Economics, as part of its study, signs a Certification of Independence stating that Empire Economics has NO contractual relationships with the developers/builders. |
Qualifications and Experience
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1. Educational Qualifications: The market absorption analysts should possess at least a Bachelor’s degree but preferably an advanced degree with courses in real estate and economics.
2. Experience with Land-Secured Financings: The market absorption analysts should possess a minimum of five years of experience in performing market studies for land-secured financings. Additionally, they should be well versed in analyzing economic and real estate data that relates to the pricing and absorption of properties contained within a CFD/AD and through this experience be capable of addressing issues unique to land-secured financing, including the use of Price Points in the Rate and Method of Apportionment. |
1. Dr. Joseph T. Janczyk, President of Empire Economics, received his Doctorate in Economics from the University of California. As a tenured Economics Professor at the California State University, he taught courses in microeconomics, macroeconomics, regional economics, and computer modeling.
2. During the past 30 years, Empire Economics has prepared studies for 500+ Bond Issues, providing the comfort level required for numerous California counties, cities, school districts, water districts and other special districts to finance over $14 billion worth of capital improvement projects. |
So, Empire Economics surpasses the minimum recommended qualifications as set-forth by CDIAC Standards with respect to independence as well as qualifications and experience.