Wednesday, January 22, 2014

Tommy’s Big Move

LDS Prophet and Mega-Corporate-Sole President Thomas S Monson is aged.  Rumors abound that he may suffer from severe health limitations in his capacity as "prophet".  He may even be convalescing in his many residences—by my count now standing at 4 addresses.

That’s a lot of property for a man whose 60-year career spent most of its time, since his 30th birthday, employed as a "clergy" of the LDS Church (starting as a mission president). The four residences total in value just under $2 million by most recent assessments.  Most of you already know about his primary home in Salt Lake City at  4125 S Carter Cir, Salt Lake City, UT 84124. (Parcel 22-04-202-080-0000).   Many know about his latest vacation home at 140 W Farm Rd. Midway, UT 84049.  (Parcel 00-0001-3776 ).     And his old family property up Provo Canyon at 6742 North Fairfax Dr   (Parcel 540370053007 ). 
However, as most do not know, the LDS Church apparently also granted Tommy a condo worth upwards of $600K at Gateway Condos, on 40 North State Street in Salt Lake. Now, he doesn't outright own this penthouse, but he's lived there for many years rent free and does as he wishes there. The condo complex is actually a downtown Salt Lake 8-floor building, with well-to-do penthouses on the top level.  Four condos sit atop the tower, in 8-A, 8-B, 8-C and 8-D.  Three of these apartments are owned by Property Reserve Inc. (PRI)—the main property arm of LDS Inc.  These include 8-A, 8-B & 8-D.Interestingly, condo 8-C is listed as owned by the Corporation of the Presiding Bishopric, and is the most valuable, at nearly $600K. ( Parcel 09-31-385-057-0000 )

My contact in the Utah market that often gives me good property information (going under the online moniker "Bite Me") tells me that unit 8-C is officially listed as over 8,190 sq.ft., but that includes other areas owned in the building that constitute a part of unit 8-C.  It's real square footage should be similar to the other "C" unit on the 7th floor, probably somewhere around 2,500 sq.ft.  Units at the Gateway Condos complex are difficult to buy, rarely hitting the market.  Property Reserve Inc. seems to have a first right of refusal on everything.  Perhaps that is so they can keep "undesirables" out, similar to how it works at a co-op board in NYC.

The 40 N State St property is a secured building. Access is very controlled and any real estate showings of 'For Sale' units are strictly by private showing. Besides PRI and the Corp of the Presiding Bishopric as church owners, additional entities that appear owned by the church include: Deseret Development Holding Company, LLC., and also Deseret Title Holding Company.
The Gateway Condos are managed under the Utah Properties Management Association (UPMA), formerly known as Zion Securities and affiliated with the many-armed LDS “Reserve Inc.”  companies.   There’s more to UPMA going on right now that might interest my readers.

In his nearly 51 years as an apostle, Tommy has spent a lot of hours at the Church Office Building (COB).  It’s now an aged building at 42 years old, and rumor has it, Tommy’s developed Big Plans to move to a new office before he goes.  UPMA is making plans for the Church to construct an even bigger church office building at the corner of 100 S and Main, right next to the newly announced and
upcoming “Crown Jewel” Performing Arts Center (est. 2016 completion).    This new version COB-2 will sit across 100 S from City Creek Center, and rumor has it, should be much larger than COB-1, with Goldman Sachs as an anchor tenant.  (however, Goldman Sachs has a long term lease at 222 S Main which may be hard to break.)  It should be luxurious and pricey, just like City Creek Center, with underground access for those officious church leaders working the $60-billion corporation of the LDS empire.
Despite all the excess cash and momentous building of the LDS kingdom, Tommy’s big move, however, might hit a roadblock from across the dark pond, because Tom has made a move. (dark pond could just mean a metaphor for death, folks)  News coming...  The question is, how aged is Tommy and will he use his age-limitations to squirm out of storms on the horizon?  I know some of my friends have read my (unpublished) novel, and one of the victims shed some very little light on events like the ones we are seeing unfold.  I think before the performing arts center is even framed, you will be entertained.

This ain't some old school church. This is the new Mega-Church Office!

Postscript:  The delay in the latest Topic Essay addressing the ~13 issues the church wants to address is rumor from an insider of the Church History dept who says, “They [the  Topic essays] were scheduled to be released every two weeks through March. However, they typically try post them as quickly as they get the green light from the Quorum. It could be as simple as the Quorum being busy with other things. I dunno. But rest assured, nobody involved were thinking these would be the 'silver bullet' to those who have already gone down the rabbit-hole. The best explanation for these articles is on the comments of the recent 'Mormon Matters' podcast episode which dealt with the Book of Mormon translation article.”

Now I ask, what could be diverting the Quorum from green lighting these essays, which are clearly in que to post on the Topic website?  Something has their attention, and it isn't this pressing matter of members' concerns.  Could it be building better church offices?  Could it be sinking tithing?  Could it be Monson's health?  Could it be across the pond?  Well...we shall see.