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if the sentence you are analysing contains a modal verb, then it is positioned in ‘I’,any other verbs then being located in VP.
(English Syntax and Argumentation - Bas Aarts)
At first, I think the The bold clause should be "...is located..." but then I realize it might be in the form of a non-finite clause (ing clause with a subject) but I'm not sure. If it isn't, how you describe this usage? Is this common in English?
The clause you ask about is indeed a non-finite clause headed by a present participle (being located).
A clause of this sort is called an absolute clause. Unlike an ordinary participle clause, whose subject is inferred to be a constituent of the main clause and which thus is taken to modify that constituent, an absolute clause has its own subject. It has consequently only a very loose connection to the main clause: it is essentially an independent clause which is formally subordinated (by its non-finite verb) to its main clause so that it is cast as a ‘supplement’ to that main clause.
This answer and this one have more to say about absolute clauses.
