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ADVISORY
- Diversify Advisor Network, a Sandy-based advisor-founded and advisor-led wealth management firm, has appointed Jordan Hammeras vice president of advisor solutions and Trevor Lambertas director of fintech. Hammer will partner directly with Diversify advisors to capitalize on organic growth opportunities and enhance client experiences. He joins Diversify after an eight-year tenure at John Hancock, where he served as vice president regional business consultant in the Dallas/Fort Worth region. Hammer earned a Bachelor of Science in finance degree from Brigham Young University. Lambert will collaborate with leadership and Diversify’s advisor teams to facilitate, implement and optimize the use of technology at Diversify. He has over nine years of experience and industry knowledge gained at Orion Advisor Technology. Lambert began his career on the Data Reconciliation team before advancing to the role of manager of professional services.
ASSOCIATIONS
- Utah Sen. Wayne Harper became president of the National Conference of State Legislatures at the annual Legislative Summit in Louisville, Kentucky. Harper previously served as vice president and president-elect for NCSL. NCSL is a bipartisan organization that serves the nation’s 7,386 state lawmakers and more than 30,000 legislative staff. It alternates its leadership annually between the two major political parties. In his legislative career, Harper has served in both chambers of the Utah Legislature. From 1997 to 2012, he was member of the Utah House of Representatives before transitioning to the Utah Senate in 2013. He serves as the Senate president pro tempore and chairs numerous committees, including the Senate Transportation, Public Utilities, Energy and Technology Committee and the Senate Retirement and Independent Entities Committee.
BANKING
- TAB Bank, based in Ogden, has appointed Tami Fisher as chief information officer. She will provide leadership and direction for TAB’s technology organization. Her responsibilities include overseeing the delivery of technology initiatives, building innovation platforms, managing enterprise architecture, application development and integration, data services, the program management office and IT operations. Fisher has nearly two decades of experience developing and executing enterprise strategies to optimize operations and technology outcomes, most recently serving as Zions Bancorporation’s director of technology strategy and governance. Fisher began her career in retail banking, working in the branch networks of First Security Bank and Washington Mutual Bank. In 2006, she transitioned to Zions Bancorporation. Fisher earned a bachelor’s degree in business administration from Westminster University.
COMMUNICATIONS
- The Fifth Circuit Court of Appeals recently held that the current administration of the Universal Service Fund is unconstitutional, and the Federal Communications Commission is warning that it may be forced to end programs that help connect schools, libraries, hospitals, rural areas and low-income households. The fund is a $8 billion mechanism created by Congress in 1996 to support communications investments where the marketplace falls short. Telecommunications carriers contribute a portion of their revenues to the Universal Service Fund. In Utah, the FCC says, the fund in 2022-24 allowed 1,200 schools and 92 libraries to receive $36.6 million for broadband connectivity and internal connections, benefiting 722,067 students; in 2021-23 allowed 124 healthcare providers to receive $10.9 million for connections; had nine projects receive $5.5 million for the Connected Care Pilot Program to support telehealth; in March, enabled 29,493 subscribers to receive discounted phone and/or Internet service; and in 2023, carriers in Utah received $44 million to connect households in the most rural communities.
CORPORATE
- Extra Space Storage Inc., a Salt Lake City-based owner and operator of self-storage facilities in the United States, has announced that its operating partnership, Extra Space Storage LP, has priced a public offering of $400 million aggregate principal amount of 5.35 percent senior notes due 2035. The Notes were priced at 99.973 percent of the principal amount and will mature on Jan. 15, 2035. BofA Securities, PNC Capital Markets LLC, Truist Securities, BMO Capital Markets, J.P. Morgan, TD Securities, Wells Fargo Securities and US Bancorp are acting as the joint book-running managers for the offering. Regions Securities LLC, BOK Financial Securities Inc., Citigroup, Huntington Capital Markets, Scotiabank, Zions Capital Markets, Fifth Third Securities, Academy Securities and Ramirez & Co. Inc. are acting as the co-managers for the offering.
ECONOMIC INDICATORS
- Lehi, at No. 29, is the highest-ranked Utah city on a list of “Best Cities for Remote Workers,” compiled by LawnStarter. It compared nearly 500 of the biggest U.S. cities on factors including the number of remote job listings, Internet access and quality, and incentives for remote workers. Salt Lake City is No. 87. Provo is the lowest-ranked Utah city, at No. 376. The top-ranked city overall is Frisco, Texas. The worst-ranked city is Compton, California. Details are at https://www.lawnstarter.com/blog/studies/best-worst-us-cities-for-remote-workers/.
- Utah is ranked No. 2, behind only Vermont, on a list of states with the highest attendance in art and entertainment events like live music, theater performances, art exhibits and more, compiled by Lending Tree. The report also ranked Utah No. 3, behind only Minnesota and Wisconsin, for residents having the most access to arts and culture opportunities in their communities. Utah is No. 6 for the percentage of residents who create, practice or perform personal art. The study found that Americans spent an average of $3,458 on entertainment in 2022. Details are at https://www.lendingtree.com/credit-cards/study/arts-entertainment/.
- Utah is tied with seven other states for the second-high rise in anxiety levels over the past five years, according to a study by A Mission for Michael. Utah’s increase is 6 percent. Louisiana leads the rankings, at 7 percent. Hawaii has the lowest increase, at 3 percent. The national increase is 5 percent. The highest increase in Utah is in Carbon County, at 8 percent. The smallest is in San Juan and Utah counties, at 4 percent. Details are at https://amfmtreatment.com/rising-anxiety-levels-across-america/.
- Two Utah locations are on a list of “Most Desired Cool Weather Vacation Spots,” compiled by real estate resources website AgentAdvice. They are No. 36 Heber City and No. 73 Park City. AgentAdvice surveyed 3,000 Americans to determine the most sought-after cooler destinations where people now aspire to own vacation homes. The top such location overall is Aspen, Colorado. Details are at https://www.agentadvice.com/blog/cooler-vacation-destinations/.
ENERGY
- Private renewable energy developer rPlus Energies, based in Salt Lake City, has appointed Natalie Jackson as chief financial officer. Jackson has over 27 years of experience in project finance and development across the renewable and conventional power industries worldwide. Her career includes leadership roles at Clearway Energy Group, BrightSource Energy, Invenergy, SunPower, AES and other industry-leading organizations. Prior to joining rPlus, Jackson served as chief capital markets at TES-H2.
GOVERNMENT
- The Utah Office of Energy Development has been awarded nearly $249.6 million from the Department of Energy’s Grid Deployment Office for Project RELIEF (Reliable Electric Lines: Infrastructure Expansion Framework). An additional $252 million in matching dollars will be provided by project partners PacifiCorp and Garkane. RELIEF is an interstate and public-private interagency project that brings together Utah, Arizona, Idaho, Oregon and Wyoming; the National Association of State Energy Officials; California Independent System Operator; Western Power Pool; Utah State University; various vendors; and PacifiCorp and Garkane. The project aims to deploy advanced high-temperature, low-sag conductor cables, significantly improving grid reliability for 700,000 utility customers across the five states and five tribal nations. By leveraging existing rights of way across 250 miles of power lines, RELIEF will boost transmission capacity, integrate more than 500 megawatts of renewable energy, and prevent over 5,500 hours of potential outages. The project is expected to create 500 jobs, achieved in part through a $12 million investment in pre-apprenticeships, apprenticeships, master electricians, and other workforce training opportunities for more than 150 high schools and community colleges across rural and disadvantaged communities.
- The Governor’s Office of Economic Opportunity has announced the appointment of Paul Jolley as the director of the Utah Small Business Credit Initiative and Jack Rasmuson as program analyst. Both will play key roles in supporting USBCI’s mission. Jolley will lead the strategic implementation of USBCI, ensuring efficient fund distribution and building lending and community partnerships to unlock approximately $690 million in private investment by 2030. He has over 35 years in finance and business leadership, including serving as CEO, chief operating officer and managing partner. He has expertise in financial re-engineering, mergers and acquisitions, and turnaround management. Jolley earned degrees in accounting and communications from Brigham Young University and accounting and finance from the University of Utah. Rasmuson will analyze market trends, monitor fund allocation, prepare reports, and ensure program compliance, addressing capital access obstacles for Utah’s small businesses. His experience includes emergency management, public policy and energy management. Rasmuson has managed federal grants, led disaster preparedness projects, and worked on community resilience. He has also contributed to policy analysis, fiscal evaluations and energy efficiency efforts. Rasmuson’s education includes earning a bachelor’s degree in mathematics from the University of Utah.
- The Central Wasatch Commission, an inter-governmental entity that seeks to engage the public, build consensus and coordinate action in the Central Wasatch Mountains, has released an updated version of the Visitor-Use Study report to the public. It was initially released in October 2023. The study details the findings of an effort designed to better understand the visitors and visitor experiences offered on U.S. Forest Service land within the Central Wasatch Mountains. The data and findings serve as a base of information that can be used to inform the decisions of both the Forest Service and the many entities represented on the Central Wasatch Commission. A team led by Jordan Smith, director of the Institute of Outdoor Recreation & Tourism and professor in the Department of Environment and Society at Utah State University, conducted the multi-year data collection and analysis for the study and has updated the data sets illustrating annual visitation to “third sites,” or ski resorts in the Cottonwood Canyons, to more realistically reflect visitation to ski resorts. That study and others are available at cwc.utah.gov.
- The U.S. Environmental Protection Agency has selected the Utah Department of Environmental Quality to receive over $74 million to support the Beehive Emissions Reduction Plan. Utah’s application was one of only 25 selected from a national pool of nearly 300 submissions by states, tribes, territories, local governments and coalitions. DEQ staff led a planning process that included input from Utah Clean Energy and other regional, state and local stakeholders. Initiatives identified in the Beehive Emission Reduction Plan focus on transportation, including electric vehicles, chargers, and e-bikes; yard equipment incentives; solar power generation; oil and gas methane emissions reduction; and energy efficiency coaching and assessment programs to reduce emissions across multiple sectors.
INVESTMENTS
- Carketa, a Lehi-based provider of end-to-end data and intelligence software for the automotive industry, has closed a $4.4 million early growth round. The round was led by new investor Capital Eleven, with participation from both new and existing investors, including Crosslink Capital, Origin Ventures, Allegis Capital and Peak Ventures.
NONPROFITS
- EyeCare4Kids, a nonprofit organization that provides professional eye care to low-income, visually impaired children and underserved families, has opened an eye care clinic at 3733 S. 250 W., Suite 101, Ogden. It is the second brick-and-mortar clinic established by EyeCare4Kids in Utah. The clinic will offer a range of products and services, including frames, lenses, and eye exams. EyeCare4Kids has hired two optometrists for the clinic: Dr. John Perez and Dr. John Larcabal. Perez is a native Utahn and an alum of Southern Utah University. Larcabal has over 35 years of experience.
PARTNERSHIPS
- Induction Bio LLC, a Salt Lake City-based reproductive healthcare company, and Arieli Capital LLC, a global investment firm, have announced that Arieli has joined as a partner and established the Induction Reproductive Health Studio, IDEAS, a venture studio transforming basic research into commercially viable reproductive health and fertility solutions. IDEAS is currently collaborating with academics at top research institutions and has already established four startup companies operating in stealth mode.
- Health Catalyst Inc., a Salt Lake City-based provider of data and analytics technology and services to healthcare organizations, has announced an expanded partnership with Contexture, a nonprofit, regional health information exchange organization that works to drive health data interoperability. Contexture supports the flow of health information between thousands of physician practices, hospitals, long-term care facilities, labs, radiology centers, and other healthcare organizations in Arizona and Colorado. The expanded partnership will now include technology and services support for Quality Health Network, a Contexture affiliate that helps medical, behavioral and social health providers in western Colorado securely share patient and client data.
PHILANTHROPY
- The Larry H. & Gail Miller Family Foundation is donating $1 million to the Ogden-Weber Technical College Foundation to support the construction of the college’s Pathway Building. The donation, along with state funds and additional capital campaign gifts, will allow the college to complete the first new building on campus since 2011. The Pathway Building will house instructional and student services space and will expand existing partnerships with other institutions of higher education and local school districts. Ogden-Weber Technical College serves over 6,000 students in more than 30 programs. The Pathway Building will eliminate current program waiting lists and expand services to 2,000 additional students.
- The Kealakekua Mountain Reserve, established by DoTerra, a Pleasant Grove-based health and wellness company, has planted over 500,000 native trees since beginning its reforestation efforts in 2018. The goal is for the reserve to plant 1 million trees by 2030. By the end of 2024, KMR will have planted 600,000 trees, putting it ahead of schedule to meet its 2030 goal. DoTerra, in partnership with the Hawaiian government, initiated its stewardship of the 9,627-acre reserve on the Big Island of Hawai’i in 2018. On the reserve, the company harvests and distills ‘Iliahi (Hawaiian sandalwood).
- Americans for Prosperity-Utah and Stan’s Market in Kearns recently hosted a grocery gift card giveaway, with $60 gift cards for the first 50 attendees, $250 gift cards for two lucky participants, and free dinner from a local food truck for everyone. The event was part of AFP’s nationwide Bidenomics Bus Tour, which began in the spring to offer some relief from inflation and highlight its stance that the Biden administration’s wasteful spending and poor economic policy is behind expensive groceries, gasoline and everyday life.
REAL ESTATE
- Extell Development Co., a developer of residential, commercial and hospitality properties, in partnership with luxury real estate brokerage Summit Sotheby’s International Realty, has announced the sellout of the private residences at Grand Hyatt Deer Valley. Located in the new Deer Valley East Village, which will anchor the luxury resort’s 3,700-acre mountain expansion, Grand Hyatt Deer Valley is slated to open in November. It will represent the debut of the Grand Hyatt brand in Utah and the first luxury hotel within Deer Valley East Village. Grand Hyatt Deer Valley will consist of 381 hotel guest rooms; 55 luxury residences; and more than 60,000 square feet of conference, dining and entertainment spaces. Extell is underway on additional luxury residential, hotel and retail properties. The alpine village is expected to bring 2,000 new jobs.
- Gantry, an independent commercial mortgage banking firm, has secured a $9 million fixed-rate loan to refinance maturing debt on the Boston Building at 9 E. Exchange Place, Salt Lake City. Built in 1906, the property was repositioned with modern building systems and renovated common areas in 2012. The Boston Building features 11 stories offering a total of 100,000 square feet of leasable space. Gantry’s Mike Wood, principal with the firm’s Seattle production office, secured the loan on behalf of the borrower, a private real estate investor. The five-year, fixed rate loan was provided by one of Gantry’s correspondent insurance company lenders and includes 25-year amortization.
- Brandon Fugal, a prominent real estate executive, has announced the private sale of the land formerly known as Evermore Park. The defunct park, now transitioning to a new phase, will undergo extensive renovations before revealing its revamped purpose. Details regarding the new owners, the venue’s new purpose and the grand reopening will be gradually revealed through a “Hatch the Egg” campaign while renovations are underway. The interactive tournament will allow people to solve clues about the new owners and the future plans for the property over the next few months.
RECOGNITIONS
- Supplemental Health Care, a Salt Lake City-based healthcare staffing provider, has been named one of 2024’s largest healthcare staffing firms and largest staffing firms in the United States by Staffing Industry Analysts, a global advisor on staffing and workforce solutions.
- Tanner LLC, a Salt Lake City-based public accounting firm, has been named a “Top 100 Firm in 2024” by Inside Public Accounting. The firm ranked 99th on the national list. It is the first time Tanner has received the recognition. IPA annually ranks the largest public accounting firms in the U.S. based on participating firm’s net revenues. Tanner also was recognized as one of the top 100 fastest-growing firms in 2024. Tanner provides audit, tax and advisory services. It has offices in Salt Lake City and Lehi.
- Lucid Software, a South Jordan-based company focused on visual collaboration software, has been named to the Forbes 2024 Cloud 100, a ranking of the top 100 private cloud companies in the world, by Forbes, in partnership with Bessemer Venture Partners and Salesforce Ventures. Lucid is ranked No. 63. It is Lucid Software’s fifth consecutive appearance on the list.
SUPPLEMENTS
- Trace, a Salt Lake City-based provider of trace mineral-based supplements, has hired Thomas Michael Youngmark as chief financial officer. He will oversee all aspects of the company’s financial strategy, global sales and sourcing partnerships. Youngmark has over 15 years of experience as a financial executive. He has led the finance efforts for a range of global consumer brands, including Vital Proteins, Beam Suntory and PepsiCo.
