Pity Party for LDS, Inc./City Creek Reserve Inc.
The Salt Lake Tribune has an article up noting that LDS Inc./City Creek Reserve is having a hard time selling its downtown condos. I know I feel bad for LDS, Inc. I mean, why build condos except to make a profit, right? And City Creek Reserve Inc. really doesn’t have enough money. According to the Salt Lake County Assessor’s Office, they only have $422 million in property they own in Salt Lake County. God needs more. And that means selling condos. And who doesn’t want to live in a condo in a tower owned by LDS, Inc.? What could possibly be wrong with that?
I can’t help but also mention that they started construction in 2008, just after the beginning of the economic recession. They are now lowering prices on the condos. So much for the gift of prophecy on that one…
All those who would like to join me in a vote of thanks to City Creek Reserve Inc. for wisely using the Lord’s money, please do so with a raised hand. All those opposed, comment below. 😉
I’m not opposed to God making bad (not to mention, U.G.L.Y.) investments. In fact, have I got a deal for Him. It’s underwear. Magic underwear. It stops fire, bullets, and the darts of Satan. How does one put a price on something like that?
Wouldn’t massive and expensive urban renewal projects be exactly what one would hope for from a wealthy party interested in the local economy? Many mormons may vote Republican but they believe in stimulus when it comes to putting carpenters and others in the building trades to work. Maybe the countercyclical spending is the point.
That’s an interesting point, Retief, that a Church commitment of funds might be thought of more like a government stimulus than a private investment, depending on the eye of beholder. But then, if it’s not considered “private,” then it would have to be considered “theocratic.”
I found the city creek project to be suspect from the get-go. What better way to launder tithing money? What kind of oversight is conducted for such a large project? Who is keeping tabs on where the money is going?