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ASSOCIATIONS
- ULI (Urban Land Institute) Utah has announced that Beth Holbrook has begun her term as the Advisory Board chair for the Utah District Council. Holbrook, trustee at Utah Transit Authority, succeeds Michael Brodsky, owner of Brodsky Built, who had served in that role since April 1, 2021. As chair, Holbrook will guide the efforts of a 20-person board. Holbrook’s career includes working in the financial sector, establishing a real estate firm in 2002, working starting in 2010 as director of the Business Resource Center in Salt Lake City for Zions Bank, and serving as the public sector solutions manager for Waste Management of Utah. She also has served on the Bountiful City Council starting in 2007. Holbrook also is a previous president of the Utah League of Cities and Towns and has served on the Utah Transit Authority Board of Trustees, representing Davis, Weber and Box Elder counties, since 2018, and continues to serve on several other boards in Utah. ULI Utah also announced that Monica Rafferty has accepted the role of chair of the Diversity, Equity and Inclusion Committee. Rafferty is a commercial real estate agent at InterNet Properties Inc.
CORPORATE
- Extra Space Storage Inc., a Salt Lake City-based owner and operator of self-storage facilities in the United States, has announced that its operating partnership, Extra Space Storage LP, has priced a public offering of $450 million aggregate principal amount of 5.5 percent senior notes due 2030. The notes were priced at 98.878 percent of the principal amount and will mature on July 1, 2030. The offering was expected to close on or about June 16. Wells Fargo Securities, BMO Capital Markets, TD Securities, J.P. Morgan, PNC Capital Markets LLC, Truist Securities, US Bancorp and BofA Securities are acting as the joint book-running managers for the offering. Regions Securities LLC, BOK Financial Securities Inc., Huntington Capital Markets, Scotiabank, Zions Capital Markets, Citigroup, Fifth Third Securities Inc., Academy Securities and Ramirez and Co. Inc. are acting as the co-managers for the offering. The operating partnership intends to use the net proceeds of this offering to repay amounts outstanding from time to time under its lines of credit, and for other general corporate and working capital purposes, including funding potential acquisition opportunities.
ECONOMIC INDICATORS
- Utah is ranked No. 30 among “State Economies with the Most Racial Equity,” compiled by WalletHub. In order to determine which states have the most racial equality in terms of employment and wealth, it compared the 50 states and the District of Columbia across eight key metrics. The data compared the difference between white and black Americans in areas such as annual income, unemployment rate and homeownership rate. The top-ranked state is Alaska. The bottom-ranked entity is the District of Columbia. Details are at https://wallethub.com/edu/state-economies-with-most-racial-equality/75810/.
- Salt Lake City is ranked No. 126, Provo-Orem is No. 139 and Ogden-Clearfield is No. 166 on a list of “Most Expensive Metro Areas for Renters,” compiled by Lawn Love. It compared 172 of the biggest U.S. metros based on three categories. It looked at average rent prices, year-over-year rent changes, and the share of renters spending over 30 percent of their income on rent and utilities, among nine total metrics. It said the average rent price in Salt Lake City is $1,498. The figure for Provo-Orem is $1,390, while it is $1,385 in Ogden-Clearfield. On a breakout list, Ogden-Clearfield is No. 4 for the lowest share of cost-burdened renters. The highest price overall is in the New York-New Jersey metro, at $2,106. The lowest in the rankings is in Sioux Falls, South Dakota, at $1,028. Details are at https://lawnlove.com/blog/most-expensive-metro-areas-to-rent/#rankings.
- Utah is the eighth-most improved state for retirees, according to a study by Metal-res.com. Utah advanced 24 spots over a five-year span as a retirement destination. The study noted Utah’s robust economy offering retirees a stable financial environment, infrastructure development, modernized amenities, improved access to healthcare services and expanded outdoor recreational offerings. Virginia moved up the most, up 38 spots over five years. Kentucky fell 44 spots. Details are at https://www.metal-res.com/retirement/most-improved-states-for-retirement-over-5-years/.
- Utah is ranked No. 36 among the “happiest states in the U.S. this year,” compiled by Scholaroo. It examined various factors contributing to a happy life. Utah was No. 2 for physical health, No. 8 for employment, No. 19 for leisure activities, No. 23 for social policies, No. 43 for personal finance, No. 49 for mental health, and No. 50 for personal relationships. The top-ranked state overall is Massachusetts. The No. 50 state is West Virginia. Details are at https://scholaroo.com/report/happiest-states/.
- Salt Lake City is ranked No. 57 and West Valley City is No. 179 on a list of “Best Cities for Single Dads to Live,” compiled by LawnStarter. It compared the 200 biggest U.S. cities based on six categories, such as affordability and work-life balance. It specifically looked at child care costs, public schools quality and support programs, among 35 total metrics. The top-ranked city is Bellevue, Washington. The No. 200 city is Brownsville, Texas. Details are at https://www.lawnstarter.com/blog/studies/best-cities-single-dads/#rankings.
- Four Utah cities are listed among 179 “alternative’ romantic destinations” across the nation, a list compiled by HoneymoonAlways.com. They are No. 29 Escalante, No. 33 Cedar City, No. 39 Park City and No. 118 Springdale. The website commissioned a poll involving 3,000 couples to ascertain which alternative romantic destinations they are most eager to visit this year. The top-ranked destination is St. Augustine, Florida. The No. 175 city is Versailles, Indiana. Details are at https://www.honeymoonalways.com/americas-alternative-romantic-destinations/.
GOVERNMENT
- The U.S. Department of the Interior has announced that 29 local governments in Utah will receive a total of $46.2 million in Payments in Lieu of Taxes (PILT) funding for 2023. Because local governments cannot tax federal lands, annual PILT payments help to defray the costs associated with maintaining community services. PILT payments are made for tax-exempt federal lands administered by the Department’s bureaus, including the Bureau of Land Management, Bureau of Reclamation, U.S. Fish and Wildlife Service, and National Park Service. In addition, PILT payments cover federal lands administered by the U.S. Forest Service, the U.S. Army Corps of Engineers, and the Utah Reclamation Mitigation and Conservation Commission. Payments are calculated based on the number of acres of federal land within each county or jurisdiction and the population of that county or jurisdiction.
HEALTHCARE
- HealthEquity Inc., a Draper-based health savings account custodian, has named James M. Lucania as executive vice president and chief financial officer. He succeeds Tyson Murdock, who will remain CFO during a transition period. Lucania has experience and financial expertise with substantial fintech experience, most recently serving as CFO since 2016 at Ascensus Holdings. Prior to that, he was at CheckPoint Systems, ultimately serving as CFO. Lucania also served in various positions at Miller Buckfire & Co. and Levine Leichtman Capital Partners.
HOSPITALITY
- Lodging Dynamics Hospitality Group, a Provo-based hotel management company, has appointed Michael McLaws as vice president of finance. McLaws’ background is in finance and accounting within the premium-brand hospitality sector. He has served in positions at organizations including Hilton Hotels and Resorts, Marriott International, H&M Short Line Railroad and other hospitality management companies.
INSURANCE
- Alliant Insurance Services, based in California, has hired Tina Alford as vice president within its Employee Benefits Group. Based in Salt Lake City, Alford will focus on supporting organizations throughout the Rocky Mountain region by designing and deploying comprehensive employee benefits strategies and solutions. Alford has more than two decades of experience in sales, consulting and relationship management, most recently serving as a principal at an international insurance, benefits and consulting firm. She also has experience as a business development professional in the payroll and technology industries.
NONPROFITS
- Civica Inc., a Lehi-based nonprofit aimed at increasing the reliability of the drug supply chain by reducing drug shortages and related high prices, has hired Jay Benson as chief marketing and supply chain officer. Benson succeeds Russ Gall, who recently announced his retirement. Benson has 30 years of experience in the biopharmaceutical industry, including clinical and commercial manufacturing, global strategy development, and tech transfer and commercialization of new therapies. Prior to joining Civica, Benson was with Thermo Fisher Scientific, most recently serving as the vice president of global operations for the Clinical Diagnostics Division and prior to that serving as vice president/general manager of North America operations at Biologics. He also spent four years with Takeda, leading multiple biologics drug substance manufacturing facilities, and 11 years with Bayer Pharmaceuticals in multiple roles supporting Biologics technical operations and strategy development.
- Bridge 21 Park City, a nonprofit with the goal of having every Summit County resident with neurodiversity to have the opportunity to find a home in their own community, has signed agreements to acquire four new homes in the Silver Creek Village community east of Park City as part of its mission of providing safe and appropriate housing for the young adult, neurodiverse population. A recent market analysis completed by Neuruo-Inclusive Housing Solutions (NIHS) on behalf of Bridge 21 revealed that there are over 3,000 neurodiverse young adults residing in Summit County. The acquired homes are being built by Hillwood Homes and should be complete and ready to house residents by spring 2024.
- The Christmas Box International’s annual “Christmas in July” campaign aims to help over 1,000 abused and neglected children in Utah. It is collecting funds and essential items for children and families served by The Christmas Box House emergency shelters and 22 statewide resource centers. It is asking for the community’s help to prepare children with their summer and back-to-school essentials, including swimsuits, sunscreen, hygiene kits, $50 Visa birthday cards, and school backpacks and supplies. Drop-off locations are listed at https://thechristmasbox.org/wish-lists-2023/.
PHILANTHROPY
- Salt Lake Community College has received a grant valued at $100,000 per year, for up to four years, from Johnson Controls to train students for jobs in the building automation sector, including HVAC, fire and security industries. Since 2021, the Johnson Controls Community College Partnership Program has awarded funding to community colleges in North America with a focus on vocational programs. Grant recipients have the opportunity to renew the grant for up to three additional years. At SLCC, about $15,000 of the grant will be in equipment and the other $85,000 will go into training. It will support tuition costs for 30 students annually, and SLCC will work closely with Johnson Controls experts to acquire equipment and materials and develop curriculum for training that will prepare students for a variety of career pathways in the building automation sector.
REAL ESTATE
- CBRE, a Texas-based commercial real estate services and investment firm, has named Erin Laney Barr as managing director and market leader for its Salt Lake City business. She will oversee operations and drive the offices’ growth strategy for all advisory services lines of business. Laney Barr joined CBRE in January 2022 as a transaction manager. Her background includes time as a real estate attorney in Southern California and vice president of business development at the Economic Development Corporation of Utah. Her education includes a bachelor’s degree in economics from the University of Utah.
- Richmond American Homes of Utah Inc., a subsidiary of M.D.C. Holdings Inc., has had the grand opening of a new, fully-furnished Yorktown model home at Heron Hills at 3243 S. Blue Heron Drive, Saratoga Springs. The community offers ranch and two-story floor plans. The two-story Yorktown is one of five Richmond American floor plans available at Heron Hills.
RESTAURANTS
- Smashburger, a fast-causal restaurant chain, has signed a multi-unit development agreement to further expand its footprint in Utah, bringing five new locations to Salt Lake City. Leading the expansion in the market is multi-unit franchisee Michael Walker of Zuvachs LLC., who acquired two existing Smashburger locations in Salt Lake City through the deal. Walker started his career as a general manager for Sonic Drive-In and holding managerial titles for other large brands like Burger King, Walker has over a decade of experience in the restaurant industry. In November 2019, Walker and his business partners, Ralph Bohn, Joe Carpenter and Melanie Castillo, formed Zuvachs LLC and began their franchising journey. In addition to the group’s portfolio of Smashburger restaurants, Walker and Zuvachs are set to build five Fazoli’s locations in Greater Salt Lake City. Founded in 2007, Smashburger has over 240 locations across 34 states and seven countries. It has added 26 locations since the beginning of the year.
SCHOLARSHIPS
- Western Governors University has announced a new scholarship opportunity aimed at adult learners who live in rural areas of the country. The “Learn Where You Live” scholarship is valued at up to $3,000 and is available to new students or returning graduates who want to further their education at WGU. Scholarship recipients will receive up to $750 per six-month term, renewable for up to four terms. Applicants must live in a rural area of the U.S. as is designated by the U.S. Census Bureau.
TRANSPORTATION
- England Logistics, a Salt Lake City-based freight brokerage firm, has announced the election of Justin Olsen, vice president of legal and risk, to the Transportation Intermediaries Association board of directors. TIA is an organization for third-party logistics professionals in North America and abroad. Olsen and other board members will oversee and guide the organization’s strategic direction and initiatives. Olsen has more than 30 years of experience as a practicing transportation law attorney. England Logistics has a long history of active participation in the TIA, with representatives serving on multiple committees and the board of directors.