Sunday, March 08, 2020

City of Mesa's ENTERPRISE INVESTMENT FUND Wants $48,875,460.90 More From Taxpayers For ASU Money-Pit (GMP #3)

The Devil's always in the details in all these schemes by Hizzoner John Giles that tricked voters and taxpayers - first with this on-stage performance at Mesa ConCenter in 2014.
Little did we know what schemes Hizzoner John Giles had up-his-sleeves until February 2018 when it was revealed that then AZ State Senator Bob Worsley had scooped-up titles in holding companies buying-up a portfolio of eight (then 10) commercial properties on Main Street for his own private wealth-creation at the same time holding public office. All of it dependent on the ASU scheme.


The Council approved an Intergovernmental Agreement (IGA) with Arizona State University (ASU) for a new building project in February 2018. 
It was a 'scaled-down version' of the $200M proposal for four buildings Mesa taxpayers rejected in 2016 when a $500,000+ privately-financed public relations campaign turned into a major screw-up.
Giles and his cohorts got what they wanted - now with a revised price-tag for $64M for just one new building, adding the renovation of the old IT Building to the sales-pitch.
That all turned into a major 360-Degree Dilemma for the selected constrained site on Pepper Place.
The City and ASU subsequently entered into a lease agreement for the building in November 2018.
Unknown to taxpayers or voters at that time was the additional millions that would be needed - but at the same time city officials also had plans in the behind-the-scenes-planning stages to somehow provide link-ups for other privately-funded projects that used taxpayer-funded and public monies to benefit real estate speculation here in downtown Mesa.



GMP #2 is the second in a series of GMP’s for the ASU @ Mesa City Center building. The total budget from City sources is $63.5 million with an additional $10 million contributed by ASU for a total project budget of $73.5 million.
During the Pre-Construction Phase, the CMAR worked closely with the project team to develop the project design, review the design for constructability, prepare cost estimates, and develop the project schedule.
The last item developed during the Pre-Construction Phase is the “Guaranteed Maximum Price” (GMP) for the project. 

On December 9, 2019, the City Council awarded a contract for GMP No. 2 in the amount of $16,117,229 with a change order allowance in the amount of $805,861.45 (5%) for a total authorization of $16,923,090.45 to DPR Construction to begin constructing the ASU @ Mesa City Center building.

GMP 2 included
> removal of existing improvements within the new building footprint,
> excavation of the building site,
> preparation of the building pad, foundations, and the concrete structure of the building. __________________________________________________________________________
BLOGGER NOTE:
If you go to the site on Pepper Place today, you won't see any of those three items completed.
__________________________________________________________________________
Separating the project into multiple GMP’s accelerated construction to meet the project’s schedule goal. 
This GMP for remaining building work for ASU @ Mesa City Center is the third of a series of GMP’s relating to City Center work.

File #: 20-0295   
Type: Contract Status: Agenda Ready
In control: City Council
On agenda: 3/16/2020
Title: Mesa City Center -
Third Guaranteed Maximum Price (GMP No. 3) -
ASU @ Mesa City Center (District 4) 
GMP No. 1 was approved by Council on November 4, 2019 and included infrastructure improvements to the City’s utilities, communications facilities, and streets needed to support the ASU building, the Plaza, the Studios and any future developments and improvements in the area. GMP No. 2 was approved by Council on December 9, 2019 and included general site demolition, excavation of the building site, building pad preparation, foundations, the concrete building structure, and associated items. This GMP is the third of the series of GMP’s relating to City Center work. The scope of work includes all remaining construction necessary to complete the ASU @ Mesa City Center building. Staff recommends awarding the contract for GMP No. 3 to the selected Construction Manager at Risk, DPR Construction, in the amount of $46,548,058, and authorizing a change order allowance in the amount of $2,327,...
Attachments: 1. Council Report, 2. Project Location Map

_________________________________________________________________________
LEGISLATION

For-Profit Enterprise Schemes / The Tax-Exempt Mormon Church

Nope
Report: Mormon church investment fund had nearly $38 billion
Updated
The church also owned $930 million in Google stock and $855 million in Amazon.
Mormon Church Moves Public Stock Holdings to Single Entity
Published

The code used to perform the data analysis for this article can be found here.
In the coming days, Truth & Transparency will be publishing interactive graphs illustrating the known worth of the Mormon Church’s portfolio over time.
This is a tremendous effort with many features planned. If you want to support this work, please consider making a donation today.
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With The Turnaround Over, It Is Now Time To Buy:
Zions Bancorporation National Association (ZION) and Warrior Met Coal Inc. (HCC)
ENSIGN PEAK ADVISORS, INC. bought a fresh place in Zions Bancorporation National Association (NASDAQ:ZION).
The institutional investor bought 1.8 million shares of the stock in a transaction took place on 12/31/2019. In another most recent transaction, which held on 12/31/2019, MILLENNIUM MANAGEMENT LLC bought approximately 1.3 million shares of Zions Bancorporation National Association In a separate transaction which took place on 12/31/2019, the institutional investor, CITADEL ADVISORS LLC bought 1.3 million shares of the company’s stock. . .
Having a look at past record, we’re going to look at various forwards or backwards shifting developments regarding ZION.
The firm’s shares fell -11.06 percent in the past five business days and shrunk -22.66 percent in the past thirty business days.
In the previous quarter, the stock fell -25.67 percent at some point.
The output of the stock decreased -9.77 percent within the six-month closing period, while general annual output lost -27.32 percent.
The company’s performance is now negative at -30.47% from the beginning of the calendar year.
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The Mormon Church Amassed $100 Billion.
It Was the Best-Kept Secret in the Investment World.


Image result for Ensign Peak Advisors
The SEC filing is standard for institutional investment managers with assets of at least $100 million but while the church has met that threshold for years, the SEC website does not show any earlier filings by Ensign Peak Advisors. A church spokesman declined to answer questions about why the recent filing was made, the Tribune reported.
The filing does not include all the church's financial holdings and the church is not required to report investments in property or private companies. Ensign Peak Advisors is just one of the church's investment firms, said church historian D. Michael Quinn.
“It's great detail that we haven't had before,”
Quinn said. “But it's only part of the picture.”
The filing comes after a former church investment manager, David Nielsen, said he filed a complaint with the IRS in November alleging the church has improperly built a $100 billion investment portfolio using member donations that are supposed to go to charitable causes. He argues the church owes billions of dollars in taxes and he wants a cut of that as part of a reward the IRS offers whistleblowers.
The IRS has said federal tax laws do not allow it to confirm or discuss any complaints.
After Nielsen went public with his allegation, church officials defended how they use and invest member donations. The vast majority of member donations are used to fund church operations, temples, missions, education and humanitarian needs while another portion is “methodically safeguarded through wise financial management and the building of a prudent reserve for the future,” church spokesman Eric Hawkins said in a statement in December.
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The church uses the money donated through tithing to run its operations and sends the excess to Ensign Peak Advisors to invest, the Tribune reported.



















 

            
 

Saturday, March 07, 2020

This News Just Won't 'Go-Away': Mesa Public Schools Scandal Re-Surfaces

Obviously now "ousted" Ember Conley has no intention  to turn-the-page on what is still a smoldering topic.
HEADLINE YESTERDAY
Ousted Mesa Superintendent issues public statement, calls accusations "false and misleading" (By Danielle Lerner 03.06.2020)
BLOGGER NOTE: Right from the very beginning on this blog questions were raised about the selection process to hire Ember Conley as the superintent of the largest school district in the State of Arizona, when her only prior administrative experience was in a much smaller school district with only 45,000 students in Park City, Utah. Michael Cowan, the previous superintendent was forced to resign over the same "financial irregularities" in his inner circle.
"Still, Conley maintains there was no wrongdoing and says she resigned because of personal challenges and the demands of the superintendent job.
She says in part, "There is no mystery or wrongdoing... This situation in Mesa has resulted in hundreds of hours being taken away from educating the students and has eroded the public trust. It is troubling to read reports of wrong-doing or deception on the part of the Superintendent, which are false and misleading."
YES IT IS - From both sides in these non-stop attempts by city officials to try-to-fix problems in the generations-old political system by smoothing-over and damping-down the oxygen in the room when scandals flare-up time-and-time again.  
"Mesa Public Schools, responding to the public statement by saying, "The Governing Board appreciates the service of Dr. Conley during her term as superintendent and wishes her well in future endeavors." 
The district is currently searching for a permanent replacement and hopes to name a new superintendent by April 14
_________________________________________________________________________
Ousted Mesa Superintendent issues public statement, calls accusations "false and misleading"
(Image inserts from other sources)
MESA, AZ — For the first time, Dr. Ember Conley is directly responding to questions regarding her paid administrative leave last fall, and eventual resignation as superintendent of Mesa Public Schools.
In a 14-minute video and three-page written statement Conley recounts her achievements as superintendent and addresses the restructuring of district leadership and questions regarding executive team compensation.
She resigned amid questionable spending on executive pay raises and contracts that may not have received Governing Board approval, which violates state law.
A district internal audit later found there were more than $140,000 in unapproved raises for eight different members of the superintendent’s staff, along with two contracts which were never approved by the board, totaling $270,000.
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Other headline stories:


MESA, AZ (3TV/CBS 5) -- After the superintendent of Arizona's largest school district resigned back in December, the public finally got answers to some ...
4 hours ago