Family Financial Connections archive
Date: September 2015

09/26/2015

ABJ Real Estate Roundup: Jump For DelightRejoice– Altitude Trampoline Park Goes To Austin

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o JDI Holdings acquired 9.1 acres at the southeast corner of Southwest Parkway and Terravista Drive. Tony Gulla of ACRE One stood for the purchaser.

o Altitude Trampoline Park subleased 39,805 square feet in a former Albertsons grocery shopsupermarket at 6800 Westgate Blvd. This will be the Fort Worth-based business first Austin location but numerous trampoline parks have opened around town in recentover the last few years. Albertsons closed its 10 Austin shops in 2006, however obviously had a long-lasting lease at the website. John Zikos, Christopher Gibbons and Cheryl Hillside of Dallas-based Venture Commercial Property represented Albertsons LLC in the sublease plan. Records at the Travis Central Appraisal District show that Levy Cannon West LLC has been the building owner since 2005. Joseph Williams of The Woodmont Co. represented the tenant. Gateway Church leased the rest of the website– 18,025 square feet. Tommy Tucker with Elliott Properties Inc. represented the renter.

o SSCK Holdings purchased a 34,750-square-foot commercial building at 1300 Goforth Roadway in Kyle. Tony Gulla of ACRE One stood for the buyer.

o A-1 Self Storage, based in San Diego, bought AAA Storage South Lamar at 1710 S. Lamar Blvd. DevelopedIntegrateded 1975, the property includes 5 single-story buildings and about 3,186 square feet of retail area on 1.76 acres. The Travis Central Appraisal District shows the previous owner sat Kinney Lamar Properties LLC. This is A-1s first Austin acquisition.

o An unnamed purchaser acquired the 26,718-square-foot Balcones View workplace building, 11130 Jollyville Road. Jay Legg of HPI Corporate Solutions represented the seller, and Turner Wimberly of ACRE One stood for the buyer.

o An unnamed purchaser bought a 7,500-square-foot commercial structure at 18108 Foust Dr. in Buda. Tony Gulla of ACRE One stood for the buyer.


09/25/2015

What Real Estate Battles Say About Church

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Exactly what makes a church, a church? Is it the buildings? The programs? The members? These concerns enter your mind with recent actualproperty deals involving (formerly) sacred ground.

The Los Angeles genuine estate fight over a previous convent involving pop star Katy Perry has actually attracted great attention, however its not the only controversial sale of church home in Southern California.

In Newport Beach, the LA Episcopal diocese has obviously decided that townhomes must replace a regional church. In May, unbeknownst to its ministers or parishioners, Bishop J. Jon Bruno announced that the diocese had actually sold St. James the Great Church for $15 million to a local developer who has plans to build expensive townhomes on the site.

These 2 examples are the leading edge of what is most likely to be a more typical incident– churches being offeredcost their actual estate value because of decreasing memberships and aging parishioners who can not support the requirements of the physical plant. We saw this with the Crystal Cathedral. Both it and St. James the Great are wealthy, but little and aging, congregations.So, what preciselyjust what is

a church?The St. James the Great leadership

and members have actually concentrated on their structure( and understandably so), specifying on their Save St. James the Great website that the Episcopal diocese is selling the soul of the church. St. James the Great is a young church

, started after the original St. James Church withdrew from the United States Episcopal Church and aligned itself with the Anglican Church in North America. The new St. James the Great bought structure this objective parish into a successful church, provided just 20 months within which to do it, although obviously they were never ever apprised that the clock was ticking on their efforts. In fact, I wouldnt be surprised if this whole offer was a long-lasting realproperty play from the beginning. In 2013 the diocese won a long court battle over the exact same home with the previous parish, which desired to keep the church building. The diocese might have prepared to offer the home after winning it back from the break-off church all along.But, if we look at either the Anglican St. James or the Episcopal St. James the Great, neither church is drawing in biggreat deals of members, nor are they attracting really many younger members and their households. These are, to put it candidly, older, white, upper-middle class churches that keep a liturgy that appeals to less people nowadays. St. James the Great is locatedlies in a town where many individuals are at the beach or breakfast on Sunday early mornings, and it is likewise located in a lively local spiritual marketplace. Within a couple of miles of St. James, there are no fewer than a dozen churches of all types, including another Episcopal church, a number of megachurches, a franchise outlet of Saddleback Church(the megachurch from south Orange County)and other smaller sized churches. Their future is reliant on their capability to compete with whatever these other churches need to provide their current and potential members. There are individuals within the LA Episcopal Diocese– consisting of Bishop Bruno– who both acknowledge the issues facing the church, and are supporting experiments within the church to see if other types of congregational life might be established that also preserve ties to the older customs. Through the USC Center for Religion and Civic Cultures research on spiritual creativity and innovation, weve seen several examples of such speculative Episcopal churchgoers in the LA location: Holy Spirit

Silver Lake, which satisfies in an art gallery area above a restaurant; Thoms in Huntington Beach, which now is focused nearly completely on their Laundry Love efforts(serving others is church for them); and perhaps the most effective to this day, Thads in Santa Monica, which satisfies in the Bergamot Station Arts Center. What these have in typicalshare with each other and with the bigger Episcopal Church is a dedication to a comprehensive community and pursuing social justice and social service. Where they part company is in how they provide the Eucharist

and how they feel when you get in. While these churchgoers have actually kept particular aspects of the liturgy, the exact same level of insider knowledge– and possible pain at not having it– about when to stand, kneel or recite is not required as it is at a more traditional Episcopal(or Catholic for that matter) church. From this viewpoint, the$ 15 million from the sale of St James the Great takes on new definition. Maybe those townhouses will certainly supply some needed capital to put more churches in less-obvious locations, whether school structures, bars, coffee homes or parks, therefore making them

more accessible to higher numbers of individuals who would never ever darken the door of a standard church structure– of whatever sort. Does it matter where a church praises? Definitely religious customs and theologies state that structures matter, but praise areas are also formed by other factors not having anything to do with faith, such as generational preferences and trends. How churches balance tradition, theology and economic and market change will certainly go a long method toward describing their future viability.Meanwhile, St. James the Great is not going down without a battle. Although they have actually been locked out of their former structure, they have actually been meeting throughout the street in a small park beyond a skyscraper condominium building. They even declare to have brought in brand-new members as theyve faced their area crisis. In battlingdefending its building, St. James the Great has revealed that a church is more than just a building. It is also its members, however and any place they manage to collect to produce community– even in a park. Richard Flory currently directs a research project on Spiritual Competitors and Imaginative Development at the USC Center of Religion and Civic Culture.


09/24/2015

Schools Service Provider Cheated City Out Of $500K In Taxes

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A city schools specialist copped to taking more than $45,000 in employee incomes and cheating the city out of $500,000 in taxes.

Toyin Sobanke admitted in Brooklyn Supreme Court Wednesday that he and his firm Tiger Security– which was paid $10 million by the Schools Building Authority to provide guards at Brooklyn work sites– pocketed money suggested for staff members by inflating their wages on payroll forms from 2011 to 2013.

Prosecutors stated he also under-reported Tiger’s gross earningsgross earnings in 2009 and 2010 and failed to submit tax returns completely in 2012.

As part of the no-jail plea offer, Sobanke, 54, and Tiger will pay restitution and back taxes.

Sobanke, who pleaded guilty to computing to defraud and to criminal tax fraud charges, got 3 years probation.

“He’s accepted complete responsibility of the actions of the company,” said defense lawyerdefense lawyer Alfredo Mendez.


09/23/2015

Don’t Wait Till Year-end To Provide Tax Ideas To High-net-worth Customers

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Financiers are conditioned to believe about tax-planning at year-end. Throughout the last quarter of the year, lots of advisory firms publish tax-related articles, literature and lists. Financial consultants might begin to contact their high-net-worth clients or respondreact to accounting professionals questions about realized capital gains around then. While the reminders are essentialare very important, they are reactionary. Tax methods constant with goals should be a proactive year-round activity. If not, advisors might miss opportunities and investors may fall short of their goals. Lets talk about how to execute a couple of action


09/22/2015

Colorado Marijuana Taxes Greatly Outgain Alcohol Tax In 2014 Fiscal Year

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By Kristen Wyatt, Associated Press

An accounting error in Colorado is settling for marijuana consumers today, when a peculiarity in a state tax law prompts the state to suspend most taxes on leisure pot.

The one-time break comes a day after Colorado made final its make up the fiscal year that ended in June.

The last tax numbers covered the very first full fiscal year where adults over 21 might legitimately buy both marijuana and alcohol.

Alcohol excise tax collections were up 2.4 percent, to about $42 million. Marijuana-specific taxes can be found in at about $70 million.



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