COLLEGE STATION, Texas (KBTX) – Capital Farm Credit is moving its corporate headquarters to College Station.
According to Oldham Goodwin, the company will relocate from the Wells Fargo building in Bryan to the former Viasat facility on South Traditions Drive in College Station.
“This new corporate headquarters will grow with us as we continue to serve our borrowers by providing agricultural financing for land loans, operating loans, home loans, equipment loans, and crop insurance,” said Capital Farm President and CEO, Jeff Norte.
The company plans to move by the end of 2024.
The following is the full news release from Oldham Goodwin:
Oldham Goodwin announced today that Capital Farm Credit, the largest agricultural lending cooperative in Texas, will be moving their corporate headquarters to 3902 South Traditions Drive in College Station. Capital Farm Credit has acquired the more than 90,000-square-foot Class A campus and will relocate their long-standing footprint from the Wells Fargo Building in Bryan.
Clint Oldham with Oldham Goodwin represented Capital Farm Credit in the negotiations with Arizona based Levine Investments and California based Viasat, Inc. Jody Slaughter, Managing Director of Corporate Services for Oldham Goodwin, represented Viasat, Inc., in the transaction.
“It is an honor to be able to work with an organization like Capital Farm Credit,” says Oldham, who is Executive Vice President of Brokerage Services at Oldham Goodwin. “They are a great company and true leader in their industry. We are thankful to have played a role in providing their real estate solution, and the Brazos Valley is fortunate to have retained their headquarters.”
Capital Farm Credit will move more than 100 of their corporate employees to the building and plans to occupy the space by the end of 2024.
“Capital Farm Credit is a growing cooperative serving more farmers, ranchers, and rural communities than ever before,” says Jeff Norte, Capital Farm Credit President and CEO. “We serve 192 counties across Texas with more than 600 employees. This new corporate headquarters will grow with us as we continue to serve our borrowers by providing agricultural financing for land loans, operating loans, home loans, equipment loans, and crop insurance. We are thankful to the team at Oldham Goodwin for their professional and dedicated work that has enabled us to locate and acquire our new home base.”
About Oldham Goodwin
Oldham Goodwin is a fully-integrated commercial real estate service company that offers brokerage, management, investment and development services to commercial real estate occupiers and investors throughout state of Texas. Our skilled professionals work as a full-service team, to provide our clients with simplified commercial real estate solutions.
About Capital Farm Credit
For more than 100 years, Capital Farm Credit has supported rural communities and agriculture with reliable, consistent credit and financial services. Offering lending services for agriculture and land loans, operating loans, home loans, equipment loans and crop and livestock insurance, Capital Farm Credit has 68 locations across the state of Texas. Capital Farm Credit is a proud member of the Farm Credit system and serves nearly 30,000 members, with loans outstanding totaling more than $11 billion. Headquartered in Bryan, Texas, the cooperative serves 192 of Texas’ 254 counties. For more information about financial services or our cooperative returns program, visit capitalfarmcredit.com.
Citi today reached an agreement with the Treasury, Federal Reverse, and FDIC, aimed at strengthening capital ratios, reducing risk, and boosting liquidity at the ailing bank.
The Treasury will invest $20 billion in the bank via preferred stock under the Troubled Asset Relief Program (TARP), on top of the $25 billion initially invested.
Citi will also issue an incremental $7 billion in preferred stock warrants to the Treasury and FDIC in exchange for a government guarantee on up to $306 billion in bad mortgage-related securities, loans, and other assets.
The bank and mortgage lender will assume losses on the troubled portfolio up to $29 billion, with the government responsible for 90 percent of losses beyond that level, and Citi assuming the balance.
The Treasury will be responsible for up to $5 billion in losses beyond what Citi covers, and the FDIC will take on up to an additional $10 billion in losses if the Treasury’s are exhausted.
The U.S. government will provide Citi with a template to manage the guaranteed assets, which includes adhering to mortgage modification procedures adopted by the FDIC.
Citi has also been provided “expanded access” to the Fed discount window and primary credit facility to further ease liquidity concerns.
As a result of the agreement, Citi will not pay out a common stock dividend exceeding one penny for the next three years, effective the next quarter.
Shares of Citi (C) climbed $2.17, or 57.56%, to $5.94 in early morning trading on Wall Street.
The company’s shares had fallen as low as $3.05 in the past week as concerns about its viability dragged down the broader market.
If you think this year has been slow in mortgage land, don’t ask what next year has in store.
A new forecast released by the Mortgage Bankers Association (MBA) this morning doesn’t paint a pretty picture for 2014.
In fact, the industry group sees residential loan origination volume falling 32% from 2013 to $1.2 trillion.
That compares to its upwardly revised estimate of $1.7 trillion for 2013, which is up from $1.6 trillion thanks to recently released HMDA data.
It’s Not for a Lack of Buyers
But don’t blame home purchase activity. Loans taken out to acquire a home are expected to increase nine percent next year.
While seemingly weak, it’s more an inventory issue than anything else. There are probably tons of people out there willing to buy homes, but availability continues to be a major roadblock.
This is partially because homeowners are holding on now and waiting for future gains before listing their properties, now that the worst has seemingly come and gone.
All that said, the MBA sees purchase originations rising to $723 billion in 2014 from $661 billion this year.
For 2015, they see marginal improvement, with purchases growing to $796 billion.
Refis to Take a Back Seat
As I’ve noted for a while now, refinance activity has been cooling and is expected to lose its stranglehold on the market in the very near future.
Unfortunately, most borrowers that could refinance their mortgages already did, which would explain all those recent bank layoffs.
And things are expected to slow down even more over the next couple years.
The MBA sees refinance activity dropping a hefty 57% to $463 billion in 2014 from $1.08 trillion this year.
In 2015, refi volume is slated to fall to $433 billion, meaning purchase loans will come somewhat close to doubling refinance activity.
As alluded to earlier, as home prices rise, home sales will increase because more sellers will have the required home equity to make the move.
There will also be a smaller share of investors and all-cash buyers, so purchase mortgages will get a boost that way as well.
Additionally, the higher home prices will be accompanied by higher loan-to-value ratios as buyers struggle to come in with large enough down payments to keep LTVs low.
That’s good news for private mortgage insurers, though the death of the 3% down mortgage will require that borrowers put down 5% or head over to the FHA for financing.
Mortgage Rates Still Expected to Hit 5% Next Year
We’ve heard it year after year, yet mortgage rates continue to defy the laws of gravity.
The MBA, like just pretty much everyone else, expects 30-year fixed mortgage rates to rise above 5% next year, and then to increase to around 5.3% by the end of 2015.
While this is still close to rock bottom, it would represent a near 1% increase above current rates, which have since pulled back thanks to continued MBS buying via the Fed.
As rates rise, refinances are obviously expected to slow, with home equity loans gaining market share as borrowers elect to keep their first mortgages intact.
HARP activity is projected to be weak in 2014 as well, with the MBA apparently coming to terms with the fact that those who haven’t taken advantage of the program thus far probably won’t ever do so.
However, they do see a small boost at the end of 2015 when the program finally comes to a close.
And perhaps the new cutoff date based on the loan closing will provide a little bump for HARP this year and early next year.
Sadly, the MBA doesn’t seem to believe in HARP 3, if this forecast is any indication.
Arguably, every industry across the board has been affected by the ever-changing advancements in technology. While the real estate space can generally be slow to adopt change, the property management industry has truly embraced the expanding role of technology in recent years. New technology is changing the way property managers do their jobs and run their businesses.
Developments in technology, and specifically cloud-based computing, have paved the way for property managers who seek improved processes to streamline business and boost profits. Taking advantage of these modern technologies is vital if companies want to remain competitive because they often equal significant time and cost savings. When they use the right solutions, property managers are able to provide more value to their clients and tenants, while running their own business more effectively.
Here are some of the main benefits property managers utilizing software tools to manage their properties have experienced:
Affordability and availability: Property management software has become an affordable and accessible method for all types of managers and owners to integrate powerful tools into their business. Software applications hosted on the cloud are significantly more affordable than similar desktop applications of the past. Affordability and ease of integration means more property managers are able to work software into their operating budgets, allowing them to stay competitive with even larger property management firms.
Reduced user error: The right solution provides powerful accounting, reporting and other operating functions that replace the need for a pen and paper or tedious double data entry between systems. Business performance can easily be tracked to monitor things like rental payments, work order status, and maintenance requests. By automating tasks, important information is automatically stored, fewer mistakes are made and tasks aren’t missed as often. Property managers have more time to focus on bigger picture items, like building relationships or tackling long-term business plans.
Streamlined processes: Online software applications have integrated multiple management features so property managers only have to use one program to perform all of their important management tasks. Managers can efficiently and effectively market properties, process applications, screen tenants, sign lease agreements, review property performance, manage work orders, submit tax forms and more – all through one program that is easily accessible from a desktop, laptop or mobile device. The days of searching for important information buried under a stack of papers or hidden in a file cabinet are over.
Improved rent collection: Online rental payment options give tenants the ability to make rent payments from the comfort of their home, while on vacation, at work, or from anywhere they can connect to the internet or access a smart device. Managers and owners no longer have to wait for rent checks to be delivered in person or via mail. Rental software typically allows tenants to use ACH or their credit/debit card to pay rent online, making the entire process easier on both tenants and property managers.
Property protection: Access to background checks and credit reports is easier for property managers than ever before through the ability to instantly order tenant screening reports online. Instant access to tenant screening reports allows property managers to review an applicant’s credit, criminal and eviction history in more detail to make an informed decision about a potential tenant’s financial responsibility and behavior. These detailed reports help property managers select the most qualified tenants who will maintain the property, respect lease terms and pay rent on time.
Technology within the property management industry has evolved to be cost-effective, convenient, efficient and almost a necessity for managers to organize data, improve business processes and build relationships with tenants. Not only have systems developed to make the property management process easier, but today’s renters expect and appreciate the convenience of online services provided by their property manager. Managing and communicating with your tenants through their preferred method will help you reach them more effectively and lead to stronger landlord-tenant relationships.
Adam Wiener, Redfin’s president of real estate services, is leaving the brokerage after nearly 16 years of service, CEO Glenn Kelman announced in an email sent to employees on Tuesday. His last day at the company will be Friday, Sept. 8.
During his tenure, Wiener first served as a product manager for agent tools. He then went on to run the partner program, analytics, marketing and a variety of new businesses. Finally, he was in charge of Redfin real estate services revenue.
The next step for Wiener remains unknown; however, Kelman says that he is confident that he will continue to be successful.
“Within a year, Adam will probably be running his own show at another company also poised to conquer the world. He has long been ready to do that,” wrote Kelman in an email.
Kelman acknowledged that Wiener’s departure would be a loss for Redfin, calling him one of the “most hard-working and creative folks you’ll ever meet.”
While no other executive announcements were made, Kelman said that Wiener’s departure would yield new opportunities for current Redfin leaders. The company will not be hiring an executive to replace Wiener.
“Redfin will keep changing. We couldn’t keep doing things the way we’ve done with Adam, and we shouldn’t try. Change is necessary and good,” said Kelman.
Furthermore, Wiener will continue to serve as an advisor to Redfin until June 1, 2024, GeekWire reported. His severance package will include $450,000, or 12 months of his base salary; $84,375, which is 25% of his target annual bonus; and $18,910 for one year of health insurance premiums.
Kelman closed his memo by expressing his optimism for the year to come while acknowledging Redfin’s steady recovery from the housing downturn.
In a housing market with elevated mortgage rates and low inventory, Redfin’s second quarter revenue was $275.6 million, a decrease of 21% compared to the second quarter of 2022. It also went through a number of layoffs in the last year.
Flowers have the remarkable ability to elevate the decor of any home. Whether you live in an apartment in Irvine, CA or a home in Lexington, KY, adding a touch of elegance and freshness to your living spaces will make a positive impact. Whether you’re a seasoned floral enthusiast or just starting, these expert tips will help you enhance your home’s floral decor.
1. Embrace neutral tones for timeless elegance
“When in doubt, use neutral tones. Colors like white and green compliment any space regardless of decor choice, while also adding a touch of modern elegance,” shares Stephanie from Mercer Island Florist.
Neutral tones act as a canvas, allowing your flowers to take center stage. White lilies, green foliage, and soft creams create a serene atmosphere that complements any interior style.
2. Focus on flower variety, space, and placement
Flowers can freshen up any space, but their impact depends on the flower variety, space, and placement. Justine Aylward, Program and Category Manager at Floral at New Seasons Market, advises, “For higher spaces like mantles or bookcases, go dramatic with tall and draping flowers and branches to make a statement. Try tall flowers, such as lilies or sunflowers that drape a bit with an accent flower like hanging amaranthus.”
3. Match containers to your home’s style
According to Lawrence The Florist Team, “Choose containers that mimic your home’s style, whether it’s new or vintage, to inspire your arrangement’s design. Bring the beauty of the Pacific Northwest into your home by choosing local seasonal foliage and flowers with your favorite colors and textures whenever possible.”
Selecting containers that resonate with your decor style can fluidly bring your space together.
4. Maintain freshness for longer lasting blooms
“Flowers do best away from direct light and kept as cool as possible. Even putting them in a cool dark room when you are not home enjoying them can extend their life. I also recommend a re-cut of the stems at an angle and changing the water often,” states Ann Vandehey, owner of Annabell’s Garden & Floral Design.
A recut of the stems at an angle and regular water changes keep your blooms vibrant for longer.
Owner of Goldenrod Floral Design Carlee Donnelly, advises, “When choosing or designing flowers for your own home, always, always strip any bottom leaves or foliage from the stems. Leaving foliage in water will cause your flowers to die faster.”
“The key to longer-lasting blooms is fresh, clean water,” says the Ribbon and Twine Floral Team. “Remove all leaves and dirt from the stems before placing them in the vase and refill with new water every few days.”
Clean water and removing foliage is essential for keeping your floral arrangements vibrant.
5. Embrace seasonal blooms
Cory Beckman, Owner of Milwaukie Floral and Garden, emphasizes the importance of freshness, “Fresh is best. Local flower shops refresh selections all week long, but in my professional experience shopping midweek guarantees a good selection of fresh blooms.”
“To add cheer to a room or spruce up your decor, keep it simple and fresh by asking your florist for the flowers that are currently in their peak season,” says Laura Gifford Kerr, Owner of Gifford’s Flowers.
Seasonal blooms not only reflect nature’s beauty but also align with the changing seasons, keeping your decor fresh. Choosing flowers that are in season ensures their quality and affordability.
“Pick flowers that are in season, even going with a bunch of the same flower. Keep it simple,” suggests Owner of Emerald Petals, Hilary Holmes. Single-variety blooms gathered in your favorite vase create a timeless and elegant look that suits any decor style.
6. Choose containers wisely
“Use an opaque container that will disguise any discoloration in the water,” advises The Flower Lab Team. “Ask your florist for a design that reflects the home’s style, such as modern garden style, or architectural for the most appropriate style.”
Containers play a crucial role in enhancing your floral arrangements’ visual appeal and blending with your home’s decor.
7. Create a living arrangements for longevity
Val Wayne of Acorn Floral recommends creating living arrangements. “Start with a decorative planter, choose a few orchid plants from your local grocery store or garden center and a few small 2 inch potted plants and assemble them pot and all inside your decorative planter. Then use crumpled butcher paper to wedge all the plants in place and cover with sheet moss. These living arrangements can run up to hundreds of dollars retail, but you can DIY one for under $100.”
Living arrangements are ideal for home decor because they can last for months and instantly elevate a space. It’ll be worth the cost when you consider the shelf life.
8. Combine flowers with herbs for aromatherapy
According to Lisa Aliment of Bear Creek Florist, “Growing herbs like sage, mint, or rosemary isn’t just for cooking anymore. Add those clippings to simple flower bouquets to add more aromatherapy to the room.”
The combination of flowers and herbs can engage multiple senses, enhancing the ambiance of your space.
9. Set the mood with color and design
“When selecting flowers for your home, think about the feeling you are trying to create,” advises Jennifer Silberg, Owner of Juniper Blooms. “Colorful, vibrant flowers bring a lively energy to the room, while a soothing neutral palette provides a more calm and peaceful environment.”
Consider how the flower arrangements can guide the viewer’s gaze around the room, whether through tall, eye-catching designs or low, intimate ones.
10. Brighten every room with small bunches
The One Little Bunch Team suggests, “Smaller bunches placed throughout the house will brighten up each room. A little bunch in the bathroom adds freshness and a pop of interest, or add a little bunch to your side or entry hall table for a welcoming surprise.”
Small floral accents can elevate the ambiance of every corner of your home.
11. Improve your mood with bouquets
“Flowers are not only beautiful but studies have shown that people report reduced stress levels when receiving bouquets or having flowers in their home after just 3 days,” says Melissa Mercado-Denke, founder of Campanula Design Studio. “Keep it simple – just a few bud vases in areas you spend the most time such as your kitchen or bedroom will have a positive impact on your mood.”
12. Create nostalgic vibes with flower choices
Juliet LaVassar, designer at LaVassar Florists, recommends selecting flowers that evoke memories: “Smell and memories are closely related, according to a 2020 Harvard study. Having flowers around that remind you of loved ones or life events brings joy into your home.”
Personal touches in your floral decor selections add a sentimental dimension to your home.
Incorporating these tips into your home decor journey will not only enhance your living space but also infuse it with the timeless beauty and natural charm of flowers. Whether you opt for dramatic arrangements or simple single-variety bouquets, the right flowers can transform any room into a sanctuary of color, fragrance, and elegance. So, let your creativity bloom and watch your home come to life with the magic of flowers.
For years, residents in Solano County heard about a mysterious group buying up thousands of acres of farmland and making millionaires out of property owners. The agricultural land had been owned by the same families for decades — some of it for more than a century.
But the company, Flannery Associates, did not say what its plans were for the land, dotted with towering wind turbines and sheep grazing on pastureland. It paid several times market value and made offers on properties that were not for sale, according to officials familiar with the land purchases.
Then, last week, a survey was sent to residents asking them what they thought about “a new city with tens of thousands of new homes, a large solar energy farm, orchards with over a million new trees, and over ten thousand acres of new parks and open space,” according to a screenshot of the survey shared with the Los Angeles Times.
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That’s when it became clear that Flannery Associates had big plans for the rural landscape.
Over a five-year period, the company became the largest landowner in Solano County after purchasing more than 55,000 acres of undeveloped land. The company has paid more than $800 million since 2018, according to court records.
U.S. Rep. John Garamendi, who represents the region, said for years he and other officials were unable to determine who was behind the dizzying land grab. Flannery Associates has purchased land that was restricted to open space and agricultural purposes under a state conservation program.
The company seeks to rezone the land, which would require approval by multiple state and county agencies and wouldn’t be as simple as asking residents to vote on the issue, officials familiar with the process said. But the lack of residential zoning in the area does not seem to be a factor for Flannery Associates.
Since its buying jag began, the company has filed suit in federal court against a group of families the firm purchased property from, seeking $510 million. Flannery Associates claims the families conspired to inflate their property values in a scheme to get more money.
Garamendi (D-Walnut Grove) lambasted the company for how it has handled the purchases and for not working with local residents.
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“Flannery Associates is using secrecy, bully and mobster tactics to force generational farm families to sell,” Garamendi said during an informational committee hearing on Tuesday that addressed the company’s actions.
For years, residents and politicians speculated that Flannery Associates was backed by foreign investors seeking to spy on Travis Air Force Base. Located in Solano County, the base is one of the busiest military facilities in the nation. Most of the land surrounding the base is now owned by Flannery Associates, according to county documents.
Some of the company’s financial backers were revealed in an article last week by the New York Times, and they include a cadre of tech entrepreneurs and venture capitalists.
On the eastern end of Solano County, the city of Rio Vista is now surrounded by Flannery Associates land. Mayor Ronald Kott said that, like many Solano County officials, he had not been approached by anyone from the company to discuss plans for the land.
Although he’s now aware of the company’s goals and some of the financial backers, he’s still unsure how his city of 10,000 residents found itself surrounded by land owned by a group of tech billionaires.
“I have more questions than answers,” Kott said. “Our destiny is going to be determined by whatever they’re going to do.”
Flannery Associates has said little since it was formed as a limited liability company in the state of Delaware in 2018. The company’s actions were first reported by ABC7’s San Francisco Bay Area news station, KGO, which said a mysterious company was purchasing large amounts of land.
Flannery Associates is led by Jan Sramek, a former Goldman Sachs investor who found fame and fortune by the time he was 22, according to a 2010 Business Insider article. Sramek previously worked out of Goldman’s offices in London, but his LinkedIn profile now lists Fairfield, Calif., in Solano County as his primary location.
In a self-help book he co-wrote, Sramek says if given the chance to give his younger self a bit of advice, he would quote Ayn Rand: “The question isn’t who is going to let me; it’s who is going to stop me.”
He did not immediately respond to requests for comment.
For years, Garamendi and U.S. Rep Mike Thompson (D-St. Helena) tried to pierce through the opaque veil that surrounded Flannery Associates. Then, in the last week, representatives of the company attempted to arrange sit-down meetings with the Congress members and the survey was sent out to residents.
The survey said that the issue of a new city might be on next year’s ballot, which was news to Garamendi and Thompson. There have been no efforts made by any groups to get a new measure on the ballot for this project, according to officials. The survey also said the developers would replace the county’s existing aqueduct — calling it “one of the most polluted in California” — generate tax revenue for schools and be entirely funded by private sector money.
Thompson said the company’s actions had raised food and national security concerns. He’s asked the U.S. Air Force, the Treasury Department, the Defense Department and the FBI to investigate the land purchases. Thompson met with representatives from the company, including Sramek, according to KGO.
“And I don’t think they had a clear understanding of the significance of livestock in Solano County,” Thompson said. “And it was my impression that they kind of pooh-poohed the agricultural value of the land.”
Garamendi plans to meet with representatives from Flannery Associates at a later time, according to his office.
Solano County Supervisor Monica Brown is not familiar with Silicon Valley and spent most of her professional career as a schoolteacher. She heard from friends who received the survey and wondered if the company had the best interests of the county’s current residents in mind.
“We’re growing food and helping people. Why would you stop economic growth like that?” she told the Los Angeles Times. “Why would they spend $800 million and not be transparent about it?”
Flannery Associates has purchased more than 140 parcels of land, according to court records and county assessor data. That number is growing every day, officials say.
But in its lawsuit, the company claims that it overpaid and is seeking to claw back some of its money.
Attorneys for Flannery Associates have referenced personal relationships and text messages among neighbors in court documents — neighbors who could be influenced, they argue, by a scheme to drive up asking prices for the land.
The lawsuit has had a chilling effect on some landowners in the Montezuma Hills and Jebson Prairie area of the county. Multiple residents in the area declined to comment about the company for fear of being named in a lawsuit.
Others who spoke on condition of anonymity to avoid retaliation by the company say they feel as though Flannery Associates will target anyone who speaks out about the company’s aggressive tactics to buy land.
Garamendi called the lawsuit a “heavy-handed, despicable intimidation tactic.” He said that the company managed to purchase all the land without any of the current governmental safeguards in place to flag the issue. He said that, in the future, information about large land sales, and who is buying and selling, would be vital for lawmakers and residents.
Thompson introduced a bill that was inspired by the Flannery Associates land purchases that would provide more effective tools for state agencies to investigate large land sales.
Through a spokesperson, Flannery Associates said members of the company “care deeply about the future of Solano County and California and believe their best days are ahead.”
The company said the project aims to bring “good-paying jobs, affordable housing, clean energy, sustainable infrastructure, open space, and a healthy environment” to Solano County.
“We are excited to start working with residents and elected officials, as well as with Travis Air Force Base, on making that happen,” spokesperson Brian Brokaw said.
The company says it resorted to secrecy while purchasing the land to avoid rampant real estate speculation. But it has not disclosed specific details about the scope of its project. Representatives for Flannery Associates are meeting with community leaders to present their vision, according to Brokaw.
Michael Moritz, venture capitalist and longtime San Francisco resident, is one of the financial backers behind the company. In a 2017 email viewed by the New York Times, Moritz described an opportunity to invest in a new California city. He explained how investors could transform farmland into a bustling metropolis.
Sequoia Heritage, the $15-billion wealth management firm Moritz founded in 2010, did not immediately respond to requests for comment.
But in a February New York Times opinion piece, Moritz described some of his frustration with San Francisco and how the city had become “a prize example of how we Democrats have become our own worst enemy.”
He described legislators who deceived voters with tweaks and rule changes to the city’s charter so they could stay in power and drive seismic shifts in the local government.
“The core of the issue, in San Francisco and other cities, is that government is more malleable at the city level than at higher levels of government,” Moritz wrote. “If the U.S. Constitution requires decades and a chisel and hammer to change, San Francisco’s City Charter is like a live Google doc controlled by manipulative copy editors.”
Other financial backers with Flannery Associates include LinkedIn co-founder Reid Hoffman; Andreessen Horowitz venture capital firm investors Marc Andreessen and Chris Dixon; payments company Stripe co-founders Patrick and John Collison; Emerson Collective founder Laurene Powell Jobs; and entrepreneurs turned investors Nat Friedman and Daniel Gross, a Flannery Associates spokesperson confirmed.
Although those names were not repeated at an agricultural committee hearing on Tuesday, lawmakers were thinking of the financial backers’ actions.
Flannery Associates’ land buys threaten the makeup of eastern Solano County, mainly the land under the California Land Conservation Act, which sets aside properties for agricultural purposes and open space. The penalty for not obeying that policy does not seem to dissuade Flannery Associates, former West Sacramento Mayor Christopher Cabaldon said during the committee hearing.
The act, also known as the Williamson Act, can include a fee for the incompatible structures built on the land. For billionaire property owners, that could just be seen as the price of doing business.
“In some sense,” he said, the conservation program has “been like a flag that says, ‘Buy here.’”
The Flannery Associates project illustrates just how weak current tools are for dealing with a project of this size. Secrecy further hampers state regulators unaware of a buyer’s intent for the land, Cabaldon said.
Brokaw, the Flannery Associates spokesperson, said the company wouldn’t comment on specific issues brought up during the committee hearing but was meeting with county and state leaders to address their concerns.
Officials and landowners worry that much of the infrastructure needed to build a new city is just not present in eastern Solano County. And an influx of development would almost certainly drive out any farmers from the region.
But another scenario that could present itself is Flannery Associates moving ahead with its project only to have it fall apart years later.
“Even if the project is rejected locally … you can’t reset the clock,” Cabaldon said. “You cannot turn it back and say, ‘OK, no harm, no foul. Let’s just return to the way that this community was two years ago.’ Because the owners will be gone, the family farmers will have left.”
Times staff writers Jessica Garrison and Ryan Fonseca contributed to this report.
It takes a mortgage industry village Take Toshia Drummond (pictured left), of Approved Mortgage Solutions in Plantation, Fla., who was a schoolteacher for 20 years before entering the industry. “Many, many years ago, I was an English teacher and a literacy coach and ultimately thought that eventually I would be a principal and possibly the … [Read more…]
At the height of the COVID-19 pandemic in 2020, Penn froze hiring, furloughed workers, and cut program budgets. It also issued then-President Amy Gutmann a $3.7 million home loan.
The University’s loan to Gutmann – which was disclosed in the University’s tax filings and Gutmann’s ethics disclosures to become the United States ambassador to Germany – appears to rival the largest-ever loan issued to a college administrator in the Ivy League, according to an analysis by The Daily Pennsylvanian. The DP previously reported that the same tax filings showed that Gutmann received $23 million in compensation during the final year of her presidency, likely a record single-year payout to a university president.
Penn’s loan to Amy Gutmann was the largest issued to an Ivy League administrator in fiscal year 2021
According to Gutmann’s ethics disclosures, the loan was issued in October 2020 at the federal mid-term rate of 0.38% and has a term of nine years or the termination of Gutmann’s tenured professorship at Penn.
In the same month that the loan was issued, Gutmann said that she would take a pay freeze rather than a pay cut in light of the COVID-19 pandemic, when four other Ivy League presidents took pay cuts of 20% or more.
“In 2020, the Trustee Compensation Committee approved an employee loan for President Gutmann consistent with University policy and applicable laws and regulations to assist in her post President transition,” Board of Trustees Chair Scott Bok wrote in a statement to the DP. “The University, like many peer institutions, has from time to time made loans to senior leaders in order to attract and retain the best available talent in key positions.”
A spokesperson for the University declined to share the written loan agreement or minutes of the meeting where the loan was approved by the Compensation Committee.
Gutmann resigned the Penn presidency in February 2022 after she was confirmed as United States ambassador to Germany and since then has been on a leave of absence from her tenured professorship at Penn. In response to a request for comment directed to Gutmann, the U.S. Department of State referred the DP to Penn.
“Pursuant to written policy, the University grants leaves of absence for employment elsewhere for up to two years,” Gutmann wrote in her ethics disclosures to the U.S. Office of Government Ethics in 2021. “If the University extends my leave of absence past two years so that I may continue to serve as Ambassador to Germany, I will refinance the loan with a different lender, pay market rate for the remaining period of my government service, or pay off the loan.”
Multiple experts that spoke with the DP said that universities commonly issue home loans to top administrators for retention purposes, often in the earlier stages of the hire. They said that more public information was necessary to determine whether the loan issued to Gutmann was fully appropriate, though it is not illegal.
“[$3.7 million] is a large amount, even for the wealthiest charities,” Notre Dame School of Law professor Lloyd Hitoshi Mayer said. “And often university presidents are provided with housing by the university, particularly the more elite universities.”
As president, Gutmann was contractually obligated to live in the President’s House, known as Eisenlohr, located at 3812 Walnut St. Mayer added that the size of university loans issued for home purchases is typically associated with the cost of the home but could also cover furnishings and related expenses.
According to Philadelphia property records and Zillow, a 5,000-square-foot home in the Fitler Square neighborhood of Center City was purchased under the name of Michael Doyle, Gutmann’s husband, for $3.6 million in December 2020. The address is the same as the address listed in Gutmann’s voter registration records.
Mayer said that universities typically issue home loans to deans and other senior officers as part of their compensation package, to help them purchase houses when they begin their tenure — especially at universities in expensive real estate markets. In addition to Gutmann, Penn currently has two $150,000 loans issued to Penn Nursing Dean Antonia M. Villaruel and Graduate School of Education dean Pam Grossman before she left office in July.
The purpose of Gutmann’s loan was initially listed as “retention” in the University’s tax filings for fiscal year 2021 and as a “special employee loan” in the same filings for fiscal year 2022. It was issued during the 16th year of her presidency and had increased to a balance of $3,714,060 as of Penn’s most recent tax filings.
“It’s less common, in my experience, that this happens that there’s a general loan as this one appears to be to the officer without ties, for example, to buy the house when they first take the job,” Mayer said. “But it does happen.”
Glenn Colby, the senior research officer in the department of research and public policy at the American Association of University Professors, said a home loan “can be viewed as an investment” of the University’s money.
“A university the size of Penn has an endowment, and they have to decide, what are our investments?” he said. “In this case, it appears that they said, for one investment, would we give a large loan to [Gutmann]?”
Colby added that the nine-year term of the loan matches what limited research has typically observed for loans issued by universities to professors.
Separately from issuing home loans to University officers, the Office of Penn Home Ownership Services offers an application for financing for home purchases and renovations in West Philadelphia. According to the office’s website, over 1,400 employees and families have participated in the program.
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“It’s definitely not a good look,” Colby said. “It’s like why, why are they giving her a loan that massive? And then she left two years after she got the loan.”
While Colby said it was positive that Penn reported the loan in its tax filings he said he would expect minutes of the meeting where the loan was approved to be available to the public.
“The public information raises a lot of fair and legitimate questions that need to be answered about the specifics of the actual loan agreement with the University,” Dean Zerbe, a former senior tax counsel on the United States Senate Committee on Finance who has conducted oversight of loans to charitable officers, said.
Well, it looks as if a foreclosure moratorium has made its way to the Sunshine state, though it’s not as cut and dry as similar proposals.
The program is voluntary, and relies on the member institutions of the Florida Bankers Association and the Florida Credit Union League to hold off on foreclosures and foreclosure sales for 45 days on primary residences.
At this point, it’s too early to tell who will be onboard, but it’s likely to get good support considering all the related action by larger lenders and individual states nationwide over the past few weeks.
Last week, ING Direct offered to suspend foreclosures until March, following similar action by Chase, Citi, and a number of other large mortgage lenders.
Fannie Mae and Freddie Mac have also put the freeze on foreclosures through the holidays, which should allow about 16,000 families to stay in their homes, at least in the short term.
Florida is one of the hardest hit states in terms of foreclosure activity, ranking third in rate of foreclosure (1 in every 157 homes) and second in number of foreclosure filings (54,324 in October), just behind California.
Default filings have plummeted in California thanks to a new piece of legislation that makes if more difficult for lenders to foreclose on borrowers.
The new law, SB 1137, requires lenders to spend more time and effort on making contact with at-risk borrowers before serving foreclosure papers.
It still remains to be seen whether any of these initiatives will have a lasting and meaningful impact, though a low mortgage-rate environment coupled with a bit of extra time could allow some to get into more affordable mortgages.