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ARTS/ENTERTAINMENT
• TheGovernor’s Office of Economic Development(GOED) board, at its November meeting, approved a $197,000 incentive forCosmic Pictures Inc., doing business asRandom Acts, for the company’s second season of “Random Acts,” a reality TV series that airs on BYUtv. The company is expected to spend $985,000 in Utah, including during principal photography, which is scheduled to take place through March 31. The directors are Brandon Christensen and Steve Olpin. The producers are Sam Wallace and Tom Morrill.
BANKING
•Mountain America Credit Union, West Jordan, has hiredJoshua Cookas an advisor at LPL Financial. Mountain America contracts with LPL Financial to offer investment services. Cook serves the Uintah Basin, including Vernal, Roosevelt and Altamont, plus the Moab area. Cook has more than 16 years of experience in various roles within the financial industry. Cook has a bachelor of science degree in finance and business administration from Weber State University.
DIVIDENDS
• The board of directors ofSkyWest Inc., St. George, has declared a quarterly dividend of 5 cents per share. The dividend will be paid Jan. 6 to shareholders of record Dec. 30. It is the 86th consecutive dividend.
•HollyFrontier Corp., based in Dallas and with a refinery in Woods Cross, has announced that its board of directors has declared a regular quarterly dividend of 33 cents per share. The dividend is payable Dec. 16 to holders of record of common stock Nov. 28.
ENERGY/NATURAL RESOURCES
•Stratean, a Salt Lake City-based microgrid company that is combining a patented “stratified” downdraft gasifier with advanced engineering and software and controls for innovative distributed energy resource management systems, has changed its corporate name toCleanSpark Inc.The company said the change “reflects the company’s commitment to the rapidly growing renewable energy sector and specifically the emerging microgrid market.” The company’s trading symbol has been changed to CLSK.
GOVERNMENT
• TheU.S. Small Business Administration(SBA) has changed the name of its 7(a) loan program to the Advantage Loan Program, and its 504 loan program is now called the SBA Grown Loan Program. There are no substantive changes to either loan program.
INVESTMENT
•Laura Geritz, a former partner and portfolio manager at Wasatch Advisors, and Salt Lake City-basedGrandeur Peak Global Advisorshave announced they have formed a new investment firm,Rondure Global Advisors. Geritz will lead the new firm, which will focus on high-quality “core” equity investing with a long-term view. Rondure’s initial strategies will include a “developing countries” portfolio and an “international” portfolio. The new firm intends to manage separately managed accounts and to launch a series of mutual funds in 2017. Geritz is a former lead portfolio manager of the Wasatch Emerging Markets Small Cap Fund, the Wasatch International Opportunities Fund, and a founding portfolio manager of the Wasatch Frontier Emerging Small Countries Fund. She left Wasatch Advisors in July of this year to explore new paths. She will be the chief executive officer and majority owner of Rondure. Geritz will have her own research and client team, while Grandeur Peak will provide back-office and trading support. Rondure and Grandeur Peak will share a Salt Lake City office.
•Vivint Solar, Lehi, has announced it has secured tax equity commitments totaling $200 million from three investors. The company said the commitments will support investments in solar projects with a total value of over $480 million and will enable the company to install approximately 123 megawatts of residential solar energy systems. The funding will enable the company to design, procure and build solar energy systems for more than 17,000 new residential customers.
•VidAngel, Provo, has raised more than $10 million from customers through a “mini-IPO.” The company’s platform allows users to filter language, nudity, violence and other content from movies and TV shows. The fundraising was from 7,553 customers, and employees and original investors invested more than $900,000.
PHILANTHROPY
•CE Karma, a Salt Lake City-based dental continuing education company, has announced it will launch more than 95 courses in 2017 that will donate 20 percent of proceeds to providing free oral healthcare for in-need patients in communities across the U.S. In collaboration withMissions of MercyandAmerica’s Dentists Care Foundation(ADCF), CE Karma will help provide care to more than 25,000 underserved patients.
REAL ESTATE
•CMJC Health LLChas purchased a Class C office building at 3902 S. State St., Salt Lake City, fromRavarino Family Interests, a private local investment family. Financial terms were not disclosed. Originally a grocery store built in the 1950s, the building was redeveloped as a call center and will continue to operate as a call center for CMJC Health. The property acquisition will be used for expanding call center operations in Utah for its growing health-based products division. CMJC was represented byAlison Beddard,Peter HanlonandAnnastasia KaessnerofCushman & Wakefield Commerce. Ravarino Family Interests was represented byChris Kirk,Connal GrisleyandTravis Yates, also ofCushman & Wakefield Commerce.
•Berkshire Hathaway HomeServices Utah Propertieshas hiredHeidi Inghamas an associate broker. Ingham has more than 30 years of sales experience. She previously was with Summit Sotheby’s International Realty.
RECOGNITIONS
• Seven Utah philanthropists and 76 volunteers were honored last week at the2016 Utah Philanthropy Dayluncheon at the Grand America Hotel in Salt Lake City. Each year since 1999, theUtah Nonprofits Associationand theAssociation of Fundraising Professionals(formerly Utah Society of Fund Raisers) have honored leaders in philanthropy by presenting awards honoring their efforts at the gala event. TheNorma Matheson Outstanding Volunteer Awardwas presented toJoell Brown, who volunteers at the Homeless Youth Resource Center and continues to nourish homeless youth through mentoring, advocacy work and one-on-one assistance. TheGovernor’s Career Humanitarian Leadership Awardwas presented toLloyd Pendelton, who developed the Saturday meal program at St. Vincent de Paul Center and has created a 10-year plan to end chronic homelessness by promoting self-empowerment. TheLieutenant Governor’s Public Service Awardwas presented toBen McAdams, Salt Lake County mayor, for showing “courage and persistence in standing up for those who need a voice in the community, particularly low-income individuals, while providing a quality of life for all residents of the county.” ThePhilanthropic Leadership Awardwas presented toJames E. Hogle Jr., president of Utah’s Hogle Zoo. TheFoundation Spirit of Giving Awardwas presented toMichel Foundationfor his dedication to “helping mankind one at a time” through a variety of local and international projects focused on neurological rehabilitation for individuals experiencing paralysis from spinal cord injuries, brain injuries and stroke. TheCorporate Spirit of Giving Awardwas presented toNu Skin Enterprises Inc.for exhibiting “a culture of generosity as a core company value by encouraging employees to participate in the annual ‘Force for Good Day’ providing donations and volunteer service to community organizations." TheOutstanding Young Volunteer Awardwas presented toElizabeth Gamarra, who serves as a volunteer mentor at Salt Lake Community College’s Una Mano Amiga center, tutoring ESL students and serving as a role model for young women of color.
• DeJoria Center, Kamas, recently received theENR Mountain States’2016 Award of Meritfor best building renovation/restoration.Layton Constructionoversaw the recent renovation to extend High Star Ranch’s appeal and amenities, and converted an existing barn on the ranch into a state-of-the-art event center. Designed byBrighton Architectural Group, the new 25,000-square-foot venue features a theater and multi-use convention hall that can seat 1,400 people.
RESTAURANTS
• El Pollo Locohas opened a new restaurant at 5675 W. Brud Drive, West Valley City. It is owned and operated by franchisee partnerPoco Loco’s LLC. It is the fourth El Pollo Loco location to open in Utah. The 2,950-square-foot restaurant has seating for 84 guests. The company has more than 450 company-owned and franchised restaurants in Utah and four other states.
RETAIL
•Smith’shas opened a Smith’s Food & Drug store at 614 W. 2600 S., Woods Cross. It is the company’s third store built in Davis County during the past year, for a total capital investment of $71 million. The new store replaces the nearby Smith’s store at 2399 S. Main, Bountiful, which closed Nov. 8. It had 110 managers and associates, and 100 more people were hired for the new, 103,000-square-foot store. The $26 million store will become Smith’s 19th ClickList location, where customers use curbside pickup for their grocery orders placed online from a desktop or mobile device. The 12-acre shopping center is a joint venture betweenThe Thackeray Garn Co., a diversified commercial real estate group, and the landowners,Security Investmentsand theOlson family. The general contractor of the project was Ogden-basedR&O Construction. Smith's has 141 stores in seven states.
•AT&Trecently had a ribbon-cutting ceremony for its new retail store at University Mall in Orem. The “reinvented” store design is the third in Utah and first in Orem. It includes spaces called Connected Experience Zone, Community Zone and the Explore Zone.
RURAL UTAH
• TheGovernor’s Office of Economic Development(GOED) board, at its November meeting, endorsed a pair of Rural Fast Track grants.Johansen & Tuttle Engineering Inc., of Castle Dale in Emery County, was endorsed for a grant of $30,250 to help the company buy various equipment. The $60,525 project is expected to result in one new full-time position. The board endorsed a grant of $25,000 forPeczuh Printing Co., of Price in Carbon County, to help the company buy an additional semi-truck that is expected to allow the company to increase production and expand delivery in both in-state and out-of-state markets. The $158,888 project is expected to result in one new full-time position.
SERVICES
•SoFi, a San Francisco-based startup and online lender, has expanded into the Salt Lake City area with a new office at 2750 E. Cottonwood Heights Parkway, Suite 300, Cottonwood Heights. With 80 employees there currently, the company plans to have 400 employees during the next five years.
• TheC-Suite Networkhas acquired Alpine-basedHero Partners’ Hero Club, a private, invitation-only club to educate and connect chief executive officers. Terms of the agreement were not disclosed. The agreement enables members of the Hero Club to have access to more business services, an extensive C-Suite Network of peers and conferences hosted by the C-Suite Network.
Read more:The Enterprise - Industry Briefs 11 21 16
ARTS/ENTERTAINMENT
• TheGovernor’s Office of Economic Development(GOED) board, at its November meeting, approved a $197,000 incentive forCosmic Pictures Inc., doing business asRandom Acts, for the company’s second season of “Random Acts,” a reality TV series that airs on BYUtv. The company is expected to spend $985,000 in Utah, including during principal photography, which is scheduled to take place through March 31. The directors are Brandon Christensen and Steve Olpin. The producers are Sam Wallace and Tom Morrill.
BANKING
•Mountain America Credit Union, West Jordan, has hiredJoshua Cookas an advisor at LPL Financial. Mountain America contracts with LPL Financial to offer investment services. Cook serves the Uintah Basin, including Vernal, Roosevelt and Altamont, plus the Moab area. Cook has more than 16 years of experience in various roles within the financial industry. Cook has a bachelor of science degree in finance and business administration from Weber State University.
DIVIDENDS
• The board of directors ofSkyWest Inc., St. George, has declared a quarterly dividend of 5 cents per share. The dividend will be paid Jan. 6 to shareholders of record Dec. 30. It is the 86th consecutive dividend.
•HollyFrontier Corp., based in Dallas and with a refinery in Woods Cross, has announced that its board of directors has declared a regular quarterly dividend of 33 cents per share. The dividend is payable Dec. 16 to holders of record of common stock Nov. 28.
ENERGY/NATURAL RESOURCES
•Stratean, a Salt Lake City-based microgrid company that is combining a patented “stratified” downdraft gasifier with advanced engineering and software and controls for innovative distributed energy resource management systems, has changed its corporate name toCleanSpark Inc.The company said the change “reflects the company’s commitment to the rapidly growing renewable energy sector and specifically the emerging microgrid market.” The company’s trading symbol has been changed to CLSK.
GOVERNMENT
• TheU.S. Small Business Administration(SBA) has changed the name of its 7(a) loan program to the Advantage Loan Program, and its 504 loan program is now called the SBA Grown Loan Program. There are no substantive changes to either loan program.
INVESTMENT
•Laura Geritz, a former partner and portfolio manager at Wasatch Advisors, and Salt Lake City-basedGrandeur Peak Global Advisorshave announced they have formed a new investment firm,Rondure Global Advisors. Geritz will lead the new firm, which will focus on high-quality “core” equity investing with a long-term view. Rondure’s initial strategies will include a “developing countries” portfolio and an “international” portfolio. The new firm intends to manage separately managed accounts and to launch a series of mutual funds in 2017. Geritz is a former lead portfolio manager of the Wasatch Emerging Markets Small Cap Fund, the Wasatch International Opportunities Fund, and a founding portfolio manager of the Wasatch Frontier Emerging Small Countries Fund. She left Wasatch Advisors in July of this year to explore new paths. She will be the chief executive officer and majority owner of Rondure. Geritz will have her own research and client team, while Grandeur Peak will provide back-office and trading support. Rondure and Grandeur Peak will share a Salt Lake City office.
•Vivint Solar, Lehi, has announced it has secured tax equity commitments totaling $200 million from three investors. The company said the commitments will support investments in solar projects with a total value of over $480 million and will enable the company to install approximately 123 megawatts of residential solar energy systems. The funding will enable the company to design, procure and build solar energy systems for more than 17,000 new residential customers.
•VidAngel, Provo, has raised more than $10 million from customers through a “mini-IPO.” The company’s platform allows users to filter language, nudity, violence and other content from movies and TV shows. The fundraising was from 7,553 customers, and employees and original investors invested more than $900,000.
PHILANTHROPY
•CE Karma, a Salt Lake City-based dental continuing education company, has announced it will launch more than 95 courses in 2017 that will donate 20 percent of proceeds to providing free oral healthcare for in-need patients in communities across the U.S. In collaboration withMissions of MercyandAmerica’s Dentists Care Foundation(ADCF), CE Karma will help provide care to more than 25,000 underserved patients.
REAL ESTATE
•CMJC Health LLChas purchased a Class C office building at 3902 S. State St., Salt Lake City, fromRavarino Family Interests, a private local investment family. Financial terms were not disclosed. Originally a grocery store built in the 1950s, the building was redeveloped as a call center and will continue to operate as a call center for CMJC Health. The property acquisition will be used for expanding call center operations in Utah for its growing health-based products division. CMJC was represented byAlison Beddard,Peter HanlonandAnnastasia KaessnerofCushman & Wakefield Commerce. Ravarino Family Interests was represented byChris Kirk,Connal GrisleyandTravis Yates, also ofCushman & Wakefield Commerce.
•Berkshire Hathaway HomeServices Utah Propertieshas hiredHeidi Inghamas an associate broker. Ingham has more than 30 years of sales experience. She previously was with Summit Sotheby’s International Realty.
RECOGNITIONS
• Seven Utah philanthropists and 76 volunteers were honored last week at the2016 Utah Philanthropy Dayluncheon at the Grand America Hotel in Salt Lake City. Each year since 1999, theUtah Nonprofits Associationand theAssociation of Fundraising Professionals(formerly Utah Society of Fund Raisers) have honored leaders in philanthropy by presenting awards honoring their efforts at the gala event. TheNorma Matheson Outstanding Volunteer Awardwas presented toJoell Brown, who volunteers at the Homeless Youth Resource Center and continues to nourish homeless youth through mentoring, advocacy work and one-on-one assistance. TheGovernor’s Career Humanitarian Leadership Awardwas presented toLloyd Pendelton, who developed the Saturday meal program at St. Vincent de Paul Center and has created a 10-year plan to end chronic homelessness by promoting self-empowerment. TheLieutenant Governor’s Public Service Awardwas presented toBen McAdams, Salt Lake County mayor, for showing “courage and persistence in standing up for those who need a voice in the community, particularly low-income individuals, while providing a quality of life for all residents of the county.” ThePhilanthropic Leadership Awardwas presented toJames E. Hogle Jr., president of Utah’s Hogle Zoo. TheFoundation Spirit of Giving Awardwas presented toMichel Foundationfor his dedication to “helping mankind one at a time” through a variety of local and international projects focused on neurological rehabilitation for individuals experiencing paralysis from spinal cord injuries, brain injuries and stroke. TheCorporate Spirit of Giving Awardwas presented toNu Skin Enterprises Inc.for exhibiting “a culture of generosity as a core company value by encouraging employees to participate in the annual ‘Force for Good Day’ providing donations and volunteer service to community organizations." TheOutstanding Young Volunteer Awardwas presented toElizabeth Gamarra, who serves as a volunteer mentor at Salt Lake Community College’s Una Mano Amiga center, tutoring ESL students and serving as a role model for young women of color.
• DeJoria Center, Kamas, recently received theENR Mountain States’2016 Award of Meritfor best building renovation/restoration.Layton Constructionoversaw the recent renovation to extend High Star Ranch’s appeal and amenities, and converted an existing barn on the ranch into a state-of-the-art event center. Designed byBrighton Architectural Group, the new 25,000-square-foot venue features a theater and multi-use convention hall that can seat 1,400 people.
RESTAURANTS
• El Pollo Locohas opened a new restaurant at 5675 W. Brud Drive, West Valley City. It is owned and operated by franchisee partnerPoco Loco’s LLC. It is the fourth El Pollo Loco location to open in Utah. The 2,950-square-foot restaurant has seating for 84 guests. The company has more than 450 company-owned and franchised restaurants in Utah and four other states.
RETAIL
•Smith’shas opened a Smith’s Food & Drug store at 614 W. 2600 S., Woods Cross. It is the company’s third store built in Davis County during the past year, for a total capital investment of $71 million. The new store replaces the nearby Smith’s store at 2399 S. Main, Bountiful, which closed Nov. 8. It had 110 managers and associates, and 100 more people were hired for the new, 103,000-square-foot store. The $26 million store will become Smith’s 19th ClickList location, where customers use curbside pickup for their grocery orders placed online from a desktop or mobile device. The 12-acre shopping center is a joint venture betweenThe Thackeray Garn Co., a diversified commercial real estate group, and the landowners,Security Investmentsand theOlson family. The general contractor of the project was Ogden-basedR&O Construction. Smith's has 141 stores in seven states.
•AT&Trecently had a ribbon-cutting ceremony for its new retail store at University Mall in Orem. The “reinvented” store design is the third in Utah and first in Orem. It includes spaces called Connected Experience Zone, Community Zone and the Explore Zone.
RURAL UTAH
• TheGovernor’s Office of Economic Development(GOED) board, at its November meeting, endorsed a pair of Rural Fast Track grants.Johansen & Tuttle Engineering Inc., of Castle Dale in Emery County, was endorsed for a grant of $30,250 to help the company buy various equipment. The $60,525 project is expected to result in one new full-time position. The board endorsed a grant of $25,000 forPeczuh Printing Co., of Price in Carbon County, to help the company buy an additional semi-truck that is expected to allow the company to increase production and expand delivery in both in-state and out-of-state markets. The $158,888 project is expected to result in one new full-time position.
SERVICES
•SoFi, a San Francisco-based startup and online lender, has expanded into the Salt Lake City area with a new office at 2750 E. Cottonwood Heights Parkway, Suite 300, Cottonwood Heights. With 80 employees there currently, the company plans to have 400 employees during the next five years.
• TheC-Suite Networkhas acquired Alpine-basedHero Partners’ Hero Club, a private, invitation-only club to educate and connect chief executive officers. Terms of the agreement were not disclosed. The agreement enables members of the Hero Club to have access to more business services, an extensive C-Suite Network of peers and conferences hosted by the C-Suite Network.
Read more:The Enterprise - Industry Briefs 11 21 16