When is a landowner permitted to use his or her land in a manner prohibited by zoning laws?
What will be an ideal response?
When a community enacts new zoning ordinances, generally there is a public hearing on the proposed change in zoning. Often, the community allows a nonconforming use of a particular property to remain when the zoning of an area changes. This exception to the zoning law occurs when the property in question was being used for a purpose not allowed under the new zoning statutes, but because of the prior use, the owner is allowed to continue using the property in the nonconforming manner. A landowner who wished to use her or his land in a manner prohibited by zoning laws may seek a variance from the appropriate governmental unit, usually a zoning board or a planning commission. A variance is permission to use a piece of land in a manner prohibited by the zoning laws. Variances are generally granted to prevent undue hardship.
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a. true b. false
Gordon Corporation is considering a 30 year project. The present value of all future cash flows from the project is $825,000. Its initial investment is $475,000. Calculate the Profitability Index on this project.
A) 1.14 B) 0.74 C) 0.84 D) 1.74