HB 24 - Economic Development Incentives Act Amendments

Rep. Brent Wallis has hit a home run with this bill. HB 24 is straight forward and to the point and brings needed accountability to economic development. We often hear about stimulus programs or incentive programs that lure businesses to Utah and promise job creation. But what if what they say isn't true? Is there any holding these people accountable? Mr. Wallis' bill would require these businesses to prove they have done what they have promised. The amendments state the following:

103 (d) documentation that the business entity has satisfied the performance
benchmarks
104 outlined in the agreement described in Subsection 63M-1-2404 (3)(a), including:
105 (i) significant capital investment:
106 (ii) the creation of high paying jobs;
107 (iii) significant purchases from Utah vendors and providers; or
108 (iv) any combination of Subsections (2)(d)(i), (ii), and (iii).

As you can see, this are significant requirement additions and also needed. If we are going to give tax incentives we must have accountability. This bill is now on its way to the senate having received only nine nay votes in the house.

Great Job Mr. Wallis.

Scott Darrington leaves for Pleasant Grove

Many might not know, but the City Manager Scott Darrington has taken a new job in Pleasant Grove. I thought Scott did a great job here in South Ogden and I had many opportunities to talk to him. Thanks Scott for all you brought to our city and good luck on your next adventure.

Goodbye Barnes Banking Co.

This weekend Barnes Banking Co. aka Barnes Bank closed its doors. After 119 years of business the bank is no more. Where does that leave us here in Utah or the Weber County? Barnes has a branch in South Ogden, as well as a many other places, so this story does hit close to home. Through this event I have realized two things: First, the devastating greed that caused the current financial mess is not isolated only to Wall Street but to Utah as well. Second, the economic woes of the country are just beginning to hit our state and more is to come; therefore we need to me prepared than ever.

The FDIC projects losses will reach $271 Million from the failure of Barnes. These kinds of losses can cripple a community and my heart goes out to the people of Kaysville. I was there first hand watching people coming out, with only $500 of the maximum Saturday withdrawal, wondering what they were going to do next. I saw people boxing their office up and talking about the past 20 years of their life and how they had nowhere to go. What is next? The FDIC will take over for the next 30 days allowing people to pull out their money and then they are gone forever, leaving many without a job and huge hit to our economy.

Folks, you know where I work. I work for a credit union. But never before have I seen a bigger need for people to move their finances to somewhere safe. Credit Unions are non-profit, meaning our primary goal is to make the member [customer] money. Our profits go back to the member in the form of low rates, higher interest; not to mention a 7 percent bonus dividend that we paid this year. At a credit union, you own the financial institution. You get a vote, as a shareholder, on how things should be done.

Though I am inviting you all to come to Goldenwest Credit Union; my real purpose for this post is to bring to light how horrible this bank failure is to our community and how irresponsible this bank has been in letting it happen. I feel the worst is not over in Utah and we must be prepared. If your financial institution isn’t in the top 10 percent in financial strength or isn’t highly rated on websites like bankrate.com, then it is time to move.

Other posts of interest:

http://www.abc4.com/content/news/state/story/Barnes-Bank-shuts-down-Zions-Bank-to-assist/roQDUnceIkWHAzhNcEVpjQ.cspx?rss=1451

http://www.fruitheightsfriends.com/2010/01/barnes-bank-closes-after-119-years-in-business/

http://www.ireport.com/docs/DOC-392710

http://cuesskybox.typepad.com/nexus_connection/2010/01/go-get-em-goldenwest.html

Why South Ogden City is using Social Media Wrong

I read this amazing blog post about social media today. http://www.engagedc.com/2010/01/05/two-cities-two-mayors-two-approaches/?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed:+PatrickRuffini+(Patrick+Ruffini)

It shows two different approaches to social media and also answers the question of previous posts of why social media is important.

With the legislature rearing up and new people running for office in the coming year, social media will be used in some very exciting ways. David Carr of the New York times recently talked in more detail as to why Twitter will endure: http://www.nytimes.com/2010/01/03/weekinreview/03carr.html

I encourage our councilmen, mayor and more to be more actively involved with social media. Our new mayor jumped in to twitter and facebook while running for office, but once he was elected he stopped using them. This is concerning to me, since he found it [social media] important enough to use to reach out to people, but now he doesn't care.