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Maureen Megowan

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Terranea Resort to Offer Camps for Kids

11-12-09
Maureen Megowan

The Terranea Resort in Rancho Palos Verdes is offering camps for kids in various themes including movie production, video game creation, fencing, and Jedi training. Dates for these camps include the following: 2009 Camps: December 19- 23, December 26-30 (no Jedi or Fencing Camp 12/26-30) 2010 Camps: April 5-9, April 12-16, June 14-18 and June 21-25. The camps include the following:

Movie Production (Grades 7-10)
Film camp in California is perfect for anyone interested in making their own movies. Coordinated by Planet Bravo, students work in small production groups to plan, produce, edit and package their own short movies. All students leave camp with a DVD of their movie. Cost: $495 per student.

Video Game Creation (Grades 4-6):
Also coordinated by Planet Bravo, this camp teaches students how to make their own interactive video game. In a few simple clicks, they assign behaviors and conditions to their objects, and the game comes to life. All students leave this video game camp with their games online and on a USB drive. Cost: $495 per student.

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Jedi Training Camp
In partnership with Swordplay Studio in Burbank, Terranea presents Jedi training camp for children ages 4-12. Campers create their own Jedi character and develop their balance and coordination through fun Jedi training games, and lessons in how to wield a light saber. Surprise visits from some of the favorite Star Wars characters, as guest instructors, make this an experience of a lifetime. Cost: $500 per participant.

Fencing Camp
Campers are introduced to one of Hollywood's favorite art forms- fencing! Students receive instruction in footwork and technique, take part in fencing drills and games, learn about the history of fencing and even compete in an in-class fencing tournament. Cost: $380 per participant.

A stay at this Southern California resort is not required to participate in the camps and no experience is necessary. A special $195 per room rate will be offered to all participants during the camp dates. Cost for the camps includes a buffet lunch each day. Reservations can be made at http://www.terranea.com/california-family-vacations.php or by calling (310) 265-2800.

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South Bay Galleria Unveils Remodel Plans

11-12-09
Maureen Megowan

The South Bay Galleria Shopping Center, located west of Hawthorne Boulevard and south of 177th Street unveiled plans for a $32 million renovation of the southern part of the shopping center.

The 11 acrea area today is home to the discount Cinema 3 theater, a Bank of America branch and a building that once housed Thrifty Drug and CompUSA stores. A fenced-off dirt lot behind the theater is all that's left to show of an old bowling alley demolished a few years ago. The owner of the center, South Bay Associates, a subsidiary of Galleria owner Forest City Commercial Group, explained that the renovation will include a nearly 110,000-square-foot complex that incorporates three anchor tenants and six to seven smaller retailers.

for Daily Breeze

The company's goal is to start work in the second quarter of 2010 and open the new center in the third quarter of 2011, Lee said.

As the SouthBay South project heads through the approval process, Redondo Beach is eager to see the transformation of another nearby retail site: the large building abandoned earlier this year by the closure of the Expo Design Center.

That tract is owned by Home Depot, which is looking to either lease or sell all of its former Expo properties, a company spokeswoman said.

An artist's rendering of the South Bay Galleria remodel.

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Rocky Point to remain open to Fisherman

11-11-09
Maureen Megowan

The kelp beds of Rocky Point off of the Lunada Bay area of Palos Verdes Estates will remain open to fisherman based on a decision of a state panel selected to enforce the Marine Life Protection Act . The panel had selected a compromise plan that had taken into consideration proposals from groups representing both the fisherman as well as conservation groups.

The popular fishing area near Rocky Point would remain open under the latest Blue Ribbon Task Force proposal. (Steve McCrank/Daily Breeze Staff Photographer)

The panel did vote to include areas including portions of La Jolla, Swami's Reef, Malibu and Santa Catalina Island, Rocky Point was excluded . Rocky Point is a productive area and receives significant fishing pressure, but closing it to fishing would have dealt an economic blow to Redondo Sportfishing and other landings, and might have caused private fishing boat owners to pull their vessels from King Harbor.

for Daily Breeze

Additional information on this issue may be found at www.easyreadernews.com/story.php?StoryID=20035366 . The plan still must be approved by the California Fish and Game Commission, which will convene on the issue next month.

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Congress Extends Loan Limits for Government funded loans

11-08-09
Maureen Megowan

The Congress recently passed an extension of the increased loan limits passed last year, which increased the limits on the amount of a loan funded or guaranteed by the FHA or Fannie Mae and Freddie Mac in certain high cost areas such as California from the previous $625,500 limit to $729,750. These limits are based on 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The new limits have now been extended through 2010. The higher limits had been set to expire at the end of 2009 returning back to $625,500.

These increases created a new range of loans called "Super Conforming Loans" or " Conforming Jumbos" from $417,000 to $729,750 (in some cases limited to an upper limit of $625,500). These loans are generally priced only an eighth of a point higher than conforming loans under $417,000.

Jumbo loans in excess of these limits are currently available at rates of aprox. one half point higher.

Interest rates for conforming and jumbo conforming loans are now available for rates of less than 5%.

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President Signs Extension of First Time Home Buyers Credit and New credit for current owners buying a home

11-08-09
Maureen Megowan

The President has signed into law an extension of the $8,000 first time home buyers credit which also added a new $6,500 tax credit for existing homeowners buying a new principal residence. The details of the new law are as follows:

For homes purchased between between January 1, 2009 and April 30, 2010:

1) The credit is 10% of the homes purchase price, limited to $8,000, and does not have to be paid back (unless the property is sold within 3 years - See #7 below).
2) The credit is limited to first time home buyers and principal residences. Any home that will be used as a principal residence will qualify for the credit, provided that if the home is purchased after November 6, 2009 it must be for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.
3) The definition of first time home buyer is someone who did not own a principal residence within 3 years of the date of closing of the new purchase.For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
4) The credit is only for a limited time. The contract date of the sale must be between January 1, 2009 and April 30, 2010. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
5) Income limits for phase out of Tax credit
a)To receive the full credit, for sales through November 5, 2009, single taxpayers must have earned (modified adjusted goss income) less than $75,000 and married taxpayers must have earned less than $150,000. The tax credit is phased out proportionally for taxpayers who exceed these income limits by up to $20,000. The credit is zero at an income level of $95,000 for single taxpagyers, and $170,000 for married taxpayers.To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
b) For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
6) The credit is a "refundable credit", which means the credit is deducted from the taxes owed, and if the net result is less than zero, the amount is refunded to the taxpayer. Therefor, even if you pay no taxes, you will receive the credit which will be paid to you. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.
7) The buyer must hold the property for at least 3 years or the tax credit wil have to be returned (exceptions are for sale due to death or divorce ).
8) Those people who took advantage of the $7,500 first time home buyers credit in 2008, must still pay the credit back over a 15 year period.
9) Two unmarried individuals buying a principal residence may allocate the credit "in any reasonable manner"
10) The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year´s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this. Therefor, you can choose the year that yields the largest credit amount.
11)Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.



Federal Tax Credit for qualified move-up buyers ( not first time home buyers):

1) The tax credit is for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).and is equal to 10 percent of the home´s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
2) The law defines a tax credit qualified move-up home buyer ("long-time resident") as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
3) The income limits are the same as for the $8,000 first time home buyers credit described above for homes purchased after November 6, 2009.
4) The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year´s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this. Therefor, you can choose the year that yields the largest credit amount.
5)Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.

**NOTE: The information contained at this site is for educational purposes only and is not intended for any particular person or circumstance. A competent tax professional should always be consulted before utilizing any of the information contained at this site.**

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