Salt Lake City: Official Development News Thread - Part 3

[delts145]

It's Official: Broadway Park Lofts A Go!!

Salt Lake City RDA loans $4.5 million to Broadway Park Lofts

saltlakecitydigs.com

Financing » Board votes unanimously to finish project halted by housing crash.

By Christopher Smart
| The Salt Lake Tribune
First Published Nov 14 2012 05:06 pm • Last Updated Nov 15 2012 07:30 pm

http://www.sltrib.com/sltrib/money/55278844-79/lofts-park-project-south.html.csp

The Salt Lake City Redevelopment Agency is pumping new blood, in the form of a $4.5 million loan, into the partially finished Broadway Lofts near Pioneer Park.

"The significance is we finally have a rock-solid developer to finish the project," said Kyle LaMalfa, chairman of the RDA board, which is made up of the Salt Lake City Council.

"It’s been an eyesore," he said. "We’ve been hoping for an opportunity to boost Pioneer Park and the 300 South corridor with new residents in this project."...


(Kim Raff | The Salt Lake Tribune) The unfinished south tower of the Broadway Park Lofts, 336 W. 300 South, has been purchased by Micah Peters and James Chellis. The Salt Lake City RDA has loaned them $4.5 million to complete the project. The Broadway Park Lofts in Salt Lake City, Utah on November 14, 2012.

[delts145]

I noticed in the article that they are using the Telegraph Exchange building on 847 S. and 800 E. as collateral. Now I'm curious about the Telegraph Exchange Building. Is that the historic structure I'm thinking it is? I remember coming upon this old mid-rise in that area in a seemingly odd place to it's surroundings, but I can't find any pics.


Redevelopment Agency of Salt Lake City:

http://www.slcrda.com/meetingsmin/2012/BOD/111312/9.C.PBL_Loan.pdf

...2. The RDA will secure senior lien positions on the Broadway Park Lofts and the Telegraph
Exchange Building. The RDA will release the lien on the Telegraph Exchange Building
when Loan 1 on the Broadway Park Lofts is retired....

.

[stayinginformed]

The Telegraph Building looks nice. I hope that with the proceeds of completing Broadway Park Lofts, they can renovate the Telegraph Building.

[delts145]

Thanks Stayinginformed for the pic. That is the one I was thinking about.

[delts145]

Utah jobless rate down to 5.2 percent in latest report


Utah\'s unemployment rate dropped to 5.2 percent in October, as state officials report a seasonally adjusted 8,700 jobs were added since September. (Laura Seitz, Deseret News)

The Associated Press
Published: Friday, Nov. 16 2012 10:20 p.m. MST

http://www.deseretnews.com/article/76561...down-to-52-percent-in-latest-report.html

SALT LAKE CITY — Utah's unemployment rate dropped to 5.2 percent in October, as state officials report a seasonally adjusted 8,700 jobs were added since September.

October's job count was 1,258,600, up 2.3 percent — or 28,300 — from the same time a year ago, according to the Department of Workforce Services.

"These results certainly stand out in contrast to the national backdrop, proving yet again that a business-friendly approach is the best way to allow Utahns to prosper," Gov. Gary Herbert said Friday...



Job growth keeps truckin’ upward in Utah

Labor » Hiring at C.R. England, elsewhere pushes down unemployment rate to 5.2%.

By Paul Beebe
| The Salt Lake Tribune

http://www.sltrib.com/sltrib/money/55292963-79/rate-utah-percent-unemployment.html.csp

First Published Nov 16 2012 09:33 am • Last Updated Nov 16 2012 06:38 pm

Utah’s unemployment rate in October fell for the third consecutive month, while job growth accelerated to a four-month high, the state Department of Workforce Services said Friday...

[delts145]

Utah well positioned for 'robust expansion' if economic recovery accelerates

“The recovery has taken hold, but if that recovery can start to accelerate Utah is really well positioned to eventually have a robust expansion.” Juliette Tennert, Office of Planning and Budget Demographic and Economic Analysis


TRAX riders get on and off the train at 250 south Main street in Salt Lake city Friday, Sept. 28, 2012. (Scott G Winterton, Deseret News)

»By Jeff Finley, Deseret News
Published: Saturday, Nov. 17 2012 7:20 p.m. MST

http://www.deseretnews.com/article/86556...on-if-economic-recovery-accelerates.html

robust expansion.”

Juliette Tennert, Office of Planning and Budget Demographic and Economic Analysis
SALT LAKE CITY — In a slow recovery, any sign of improvement is welcome.

More Americans felt financially secure in 2011 than they have since 2005, according to a report released by the Economic Security Index in October. Yet despite the surge in economic security the report notes that nearly 20 percent of Americans still experienced a significant loss of revenue in 2011.

The Economic Security Index is a publication by the Institution of Social and Policy Issues at Yale University.

For the past 25 years ESI has measured household economic instability by tracking Americans who experience a 25 percent or greater loss of household resources. This could be because of the loss of a job, but it also takes into account resources after paying for medical care and financial debts...

.

[delts145]

I came across this article by accident this morning. Somehow it had passed my notice. Now I'm curious as to what you
guys thought of it. Please tell me how it worked out, especially those who live in or frequent Downtown often.

Another thing I couldn't help but notice from the great shots by Paul Vargas is how unbelievebly clean the streets
in Downtown Salt Lake City are. I'm so envious. LOL, not quite sure what this scene would look like if the pianos were
being photographed in Downtown L.A.

Salt Lake City street pianos invite public to ‘Play Me’

Downtown SLC » Art project comes to Utah, adding music to ‘urban environment.’


Scott Sommerdorf | The Salt Lake Tribune) Sarah Shipp, Salt Lake City, plays one of the
painted pianos to be displayed around downtown for the urban art installation "Play Me, I'm Yours," sponsored by
the Utah Museum of Contemporary Art.

By Sean P. Means| The Salt Lake Tribune

First Published Jun 14 2012 12:29 pm • Last Updated Jun 20 2012 04:19 pm

http://www.sltrib.com/sltrib/entertainment/54305995-81/piano-pianos-downtown-jerram.html.csp

Mendelssohn mixed with the rhythms of traffic Thursday morning as the Utah Museum of Contemporary Art unveiled a
public-art project that will put pianos on the streets of Salt Lake City.

Ten upright pianos, each painted by local artists, were set to be installed around downtown Salt Lake City on
Thursday — ready to be played by the public as part of the "Play Me, I’m Yours" project, now through June 30...


streetpianos.com

...Price noted that Utah leads the nation, per capita, in piano ownership, so there should be plenty of Utahns interested
in trying their hands at the downtown instruments. Musical groups — from choirs to rock bands — are invited to use
the pianos for public rehearsals or an impromptu performance. Everyone also can take video or photos and upload them
to a website, slcstreetpianos.com, for anyone to see.

Courtesy Nelson Vargas Photography @
http://www.flickr.com/photos/nelson_vargas/7402150026/sizes/l/in/photostream/





















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[UTPlanner]

The Telegraph Exchange Building is a great building and apparently is in really great shape inside still. It has a long history of uses but I know most recently it was used as a warehouse for the LDS Church. It was also a Bishop's Storehouse at some point in time. Because the ceilings are so high, it would make amazing loft-style apartments.

[Future Mayor]

Originally Posted by UTPlanner

The Telegraph Exchange Building is a great building and apparently is in really great shape inside still. It has a long history of uses but I know most recently it was used as a warehouse for the LDS Church. It was also a Bishop's Storehouse at some point in time. Because the ceilings are so high, it would make amazing loft-style apartments.

I have thought that for years.

[delts145]

I remember several years ago when I was walking through that neighborhood. The first thought that came to mind when I saw the Telegraph Exchange Building, was what a great place it would be to live in.

[DerrickSLC]

The "Play Me, I'm Yours" piano exhibit turned out amazingly beautiful. It helped an already unique urban environment transform into an interactive experience for creativity. It added an element of surprise to those who heard nothing about it and to those who don't participate downtown regularly outside of their daily work routine. The pianos allowed all walks of life, those with proper training to those who never played a piano before, the ability to particpate.

I watched the installation of the piano on 200 East and 400 South right outside my office, kittty-corner to the Main Library. The installers could barely get the piano put together before a gentleman stepped up to be the first to play. The piano on Broadway and State Street seemed to have a lot of activity, having the coffee shop and being the central location for lunch options. The range of piano players were intriguing. Many enjoyed drawing a crowd but quite a few didn't seem to like the attention and would sneak away when spectators would gather.

The exhibit took place in the weeks leading up to the Utah Arts Festival, one of the largest in the West, fittingly. Though the pianos were all throughout downtown, the other location that I remembered was right outside of Squatters Pub Brewery. Check Squatters Facebook photos page, as they had three kids from different backgrounds take their opportunity to play and I had frequently seen someone at the piano while passing by. I had met a fellow blogger/online friend and his girlfriend as they were traveling cross-country to Portland at Squatters during that time. They both had mentioned all of the pianos seen around downtown and how it was something they had never seen.

What I enjoyed most was the surprise; allowing anyone of any age, of any talent level or skill, to engage with disregard of the surrounding environment or maybe enthralled by it to perform. Whether for themselves, their family with their video recording, or a stranger politely asking to a picture. It broke the daily routine for those who even noticed it.

[jedikermit]

I agree with everything DerrickSLC said there...and that's coming from me, the most non-musical person I know.

[delts145]

Very cool, and thanks for sharing that DerrickSLC. Hopefully, this will become an annual tradition in Downtown SLC.

[delts145]

Salt Lake City area ranked the No. 6 of 100 most-competitive metro for jobs in U.S., according to study

By Amberlee Lovell, Deseret News
Published: Monday, Nov. 19 2012 2:00 p.m. MST

http://www.deseretnews.com/article/86556...o-for-jobs-in-US-according-to-study.html

PROVO — The Provo-Orem area is the fourth-most competitive metro for jobs in the United States, according to a recent study by Economic Modeling Specialists Intl.

This means that, since the recession, the Provo-Orem area is creating jobs at the fourth-fastest rate in the nation. Likewise, Salt Lake City is ranked sixth for competitive metros.

The most competitive metro is San Jose, Calif., with 3.5-percent due growth in 2012. The Utah urban metros were also beat by Austin, Texas, and Bakersfield, Calif. Salt Lake was ranked one spot lower than Houston, Texas.

EMSI used four considerations for the analysis: industrial mix effect, national growth effect, expected change and regional competitiveness effect.

In other words, they weighed how national forces and local competitive forces affected each other while looking for overall job change from the past two years.

Rankings came from 100 metro areas' jobs gains and losses. The percent was then calculated. Provo-Orem had 2.8 percent — the fourth-fewest total jobs of the 100 metros, which is estimated to be about 211,639. Salt Lake's was 2.6.

"This metro area just south of Salt Lake City has seen surprisingly large job gains in professional, scientific, and technical services," said the EMSI report about the Provo-Orem area.

@ http://www.economicmodeling.com/2012/11/07/infographic-americas-most-competitive-metros/

[jedikermit]

I've been in Seattle for the last week at a national conference with several thousand history teachers. The nerdity was deep. Overwhelming at times. Staying in a larger city, at a large Hyatt that was part hotel, part condos, around the corner from the Seattle Convention Center, I had a lot of opportunity to think about what Salt Lake City is missing out on. Not that Salt Lake City would be competing with Seattle for the largest conventions, but that we're missing out on conferences that go to comparably-sized cities. In recent years I've attended conferences in Denver, Philadelphia, Washington DC, Kansas City--all of which do a better job of integrating their visitors' hotel and convention centers than we do in Salt Lake. Which is to say, we don't really do it at all. We're missing out on a lot of business (and tax dollars) that would be coming into the state--not just the conventions and the hotel, but the restaurants and shopping and entertainment that come along with it. I spent way too much money in Seattle, and I'm a freaking tightwad when it comes to travel...we're missing out on the $$$ of these people, many of whom actually do want to come here, but are being turned away because there's no room at the inn. Or...hotel.

This morning on the way in to work I heard a news story--from now until November 30th, Ben McAdams (county mayor-elect) has a Public Input Portal on his website. He and his transition team are looking for ideas and information from the public. I encourage you to put in a good word or two for the convention center hotel--let them know that it's important to you, for whatever reason. ...I know there are some of you here that don't want to see the county tax dollars involved in supporting a convention center hotel in any way, and I understand that--you can put in your input too.

Here's the link to his website--I assume he'll have something else in place to collect feedback after he actually becomes county mayor--this is just his first step. http://benmcadams.com/feedback/

[stayinginformed]

I noticed on my way home today that the gas station on the northwest corner of 9th east and 400 south has now been demolished. I am looking forward to seeing that intersection becoming even more dense.

[(Eco)nomy_404]

Photo from simtropolis.com

SALT LAKE CITY - According to new data released by the Bureau of Labor Statistics Monday, the unemployment rate for the state of Utah dropped by another 0.2% in October 2012 to settle at a multi-year low of 5.2%. With the state unemployment rate having dropped an astounding 0.8% in just the past 3 months, Utah now ranks within the 5 states with the lowest unemployment rates in the country. North Dakota (3.1%) continued to lead the nation in September while Nebraska (3.8%), South Dakota (4.5%), and Iowa (5.1%) continued to log rates lower than Utah`s 5.2%.

Utah`s labor market continued to show its surprising resilience from the Great Recession as more people found work while less found themselves in the unemployment line. Utah`s labor force continued to strengthen in October as 5,360 more people found work across the state while 2,248 less were unemployed than in September. Though still short 50,953 jobs from Utah`s pre-recession employment peak in 2008 - and with an unemployment rate still double the record-low of 2.4% set in 2007 - the state`s job market shows ever more encouraging signs of systemic improvement.

Article by (Eco)nomy_404
Statistics retrieved from BLS - Utah Economy at a Glance:
http://www.bls.gov/eag/eag.ut.htm

State-by-State unemployment rankings chart: http://www.bls.gov/web/laus/laumstrk.htm

[Makid]

SLC Council seeks to reduce surface parking lots downtown.
SLC » City Council aims to trim numbers, create a vibrant core.

http://www.sltrib.com/sltrib/news/55245021-78/parking-lots-downtown-surface.html.csp

In its quest to make downtown more vibrant, Salt Lake City is opening another front on its war on blight — taking aim at surface parking lots.

About 20 percent — some 55 acres — of downtown’s central business district is paved over for surface parking lots that planners say suck the life out of the city’s pedestrian experience.

Earlier this fall, the City Council began to formulate a pair of ordinances that would make it difficult for building owners to demolish structures without plans to replace them. The newest proposal would prohibit demolition of buildings to make way for surface parking lots.

However, new lots would be allowed behind buildings and 75 feet from the sidewalk. Temporary surface lots could be paved in some circumstances, and the proposal could not be retroactive.

The proposed ordinance is aimed at the area from North Temple to 700 South between 200 East to 200 West, which encompasses 269 acres of buildable land, according to Salt Lake City planners.

"Surface lots leave the perception you have nothing to go to," he said. "We want streets where there is somewhere to go on every block."

Penfold said his proposal "closes a loophole" in the ­city’s ongoing effort to reduce surface lots. Presently, in the downtown zone, they are allowed as a "conditional use."

The council’s efforts may not bear fruit overnight, but Kirk Huffaker, executive director of the Utah Heritage Foundation, said the ordinances the council is pursuing are crucial for the future of downtown.

[StevenF]

Originally Posted by (Eco)nomy_404

Photo from simtropolis.com

SALT LAKE CITY - According to new data released by the Bureau of Labor Statistics Monday, the unemployment rate for the state of Utah dropped by another 0.2% in October 2012 to settle at a multi-year low of 5.2%. With the state unemployment rate having dropped an astounding 0.8% in just the past 3 months, Utah now ranks within the 5 states with the lowest unemployment rates in the country. North Dakota (3.1%) continued to lead the nation in September while Nebraska (3.8%), South Dakota (4.5%), and Iowa (5.1%) continued to log rates lower than Utah`s 5.2%.

Utah`s labor market continued to show its surprising resilience from the Great Recession as more people found work while less found themselves in the unemployment line. Utah`s labor force continued to strengthen in October as 5,360 more people found work across the state while 2,248 less were unemployed than in September. Though still short 50,953 jobs from Utah`s pre-recession employment peak in 2008 - and with an unemployment rate still double the record-low of 2.4% set in 2007 - the state`s job market shows ever more encouraging signs of systemic improvement.

Article by (Eco)nomy_404
Statistics retrieved from BLS - Utah Economy at a Glance:
http://www.bls.gov/eag/eag.ut.htm

State-by-State unemployment rankings chart: http://www.bls.gov/web/laus/laumstrk.htm

I don't think the numbers will look as nice with the Hostess plant shut down. losing 600 jobs in 1 day isn't good. I am pretty sure the opening of Adobe is the largest contributor for the last month or two's job growth.

[(Eco)nomy_404]

I don`t mean to bring politics onto this blog, but I have recently heard some speculation that the economies of the more conservative "red" states are superior to those of the more liberal "blue" states. Obviously there are many factors that go into what could define a state as having a "strong" or "weak" economy. If you were to look solely at unemployment rates, however, it appears to not have much correlation at all as to how the majority of such states`electorates align themselves politically.

Of the 25 lowest state unemployment rates, 13 voted "red" while 12 voted "blue" the past couple election cycles. Sure Utah, a very Republican-leaning state, has one of the lowest unemployment rates in the nation. Even so, Democratic-leaning states like Iowa also boast some of the best unemployment rates in the country. The South is heavily dominated by conservative political ideology yet has a conglomerate of some of the highest unemployment rates in the nation. Fiercely liberal New England is home to some of the lowest and highest unemployment rates in the nation with Vermont (5.5%) and New Hampshire (5.7%) standing side-by-side some of the highest rates in the country like Rhode Island (10.4%) and New Jersey (9.7%). Nevada currently holds the highest unemployment rate in the nation, yet it is far from being the most liberal state. Looking at this one economic barometer alone, it seems pretty clear to me that factors such as population growth, age distributions, diversification of economic sectors, etc are reflected more in the economic conditions of certain states than political ideologies are. I imagine if one were to look at other economic statistics, the non-political correlation would be similar between states.

Sorry for the tangent, I just found such speculation to be rather ridiculous.