Happy Valley office building purchased for $11000000, Oregon City apartments ...

Category: Basic Money Management
Published: Sunday, 18 January 2015
Written by Admin

Keys grant will fund programming, placement and internships that will benefit an expected 75 youth when fully deployed. The program will launch in early spring 2015 with trained YouthForce teens helping to deliver the Timbers quality fan experience at Providence Park.

The three-year grant will expand KeyBanks support of the program launched in Seattle by the Boys amp; Girls Clubs of King County. It is the largest single gift made by Key in the Northwest and among the largest ever invested outside Cleveland, its headquarters city.

Expansion of YouthForce to Portland marks a first for Boys amp; Girls Clubs and future expansion to other KeyBank markets may be possible.

YouthForce helps under-served teens prepare for college, careers and life by pairing job preparedness training with paid summer or year-long internships. In King County, where the program has been under way since 1998, approximately 220 youth ages 16 to 19 are enrolled each year. There is a waiting list of more than 800.

Keys bankers in Portland will staff YouthForce University, a volunteer-taught basic money management curriculum developed by KeyBank.

The Timbers expect to have approximately 10 trained YouthForce interns in place for the start of its 2015 season of events at Providence Park.

The Boys amp; Girls Clubs are also seeking additional corporate partners to join the Timbers as employment providers for YouthForce teens.

PORTLAND -- The New York-based Rockefeller Foundation has provided a $23,630 grant to the Portland Business Alliance to help small businesses recruit and train young, local talent who lack resources to develop relevant job skills.

Through this grant, small businesses can learn how to offer employment-based skill training programs as a new way to cultivate the very best future employees. In turn, area youth recruited into the programs will learn valuable, marketable skills while earning a living wage.

With support from the Rockefeller Foundation, Portland Business Alliance will host a Forum Breakfast event on Feb. 18 in downtown Portland. Visit thewebsite for details.

The grant also will fund a small business advisory program that teaches businesses how to adapt innovative new job training tools into their own talent recruitment efforts.

The Portland Business Alliance -- which is Greater Portlands Chamber of Commerce -- will implement these programs in partnership with the Portland Community College Small Business Center, the Small Business Administration, SCORE, Mercy Corps, Portland State University, and other chambers of commerce and business associations.

REAL ESTATE

BEND -- BWR Retail Services, Inc., dba Express Eco Laundromat, has leased 3,270 square feet of space at Twin Knolls Mall, 2570 NE Twin Knolls Drive, Suite 105, in Bend, from Jungers Properties LLC. Christina Chamberlain and Raymond Haija of Norris amp; Stevens represented the landlord and Duane Stevens represented the tenant.

HAPPY VALLEY -- MBRE Healthcare, an operating division of MB Real Estate, Inc., a Chicago based full-service real estate investment company, recently completed the $11,000,000 purchase of Mt. Scott Professional Center II, a 48,500 square foot multi-tenant medical office building located in Happy Valley.

The four-story building was constructed in 2008 and is situated on approximately three acres of land at 9300 SE 91st Ave. Major tenants include Mt. Scott Surgery Center, Metropolitan Pediatrics, and Adventist Health.

Raymond Duchek and Thomas McDowell of Norris amp; Stevens, Inc. represented the seller, Mt. Scott Professional Center II, LLC. Brian Norton of KW Commercial represented the buyer.

OREGON CITY -- A joint venture between Bay Area-based Objective Real Estate Partners, LLC and OpenPath Investments has announced its Dec. 30 closing of The Preserve Apartments, a 135-unit Class B apartment property on Highway 213 in Oregon City.

At the close of escrow the property was 98 percent occupied with continued strong demand for apartments in this location. The purchase price was $16,025,000 or $118,704 per unit and $136 per rentable square foot. The propertys strong performance during escrow enabled the buyer to achieve a capitalization rate of over 6.5 percent on in-place income at the time of purchase.

The buyers have plans to implement a modest unit renovation program to further improve the property in the first year of ownership.

A loan for the acquisition was provided by Freddie Mac via the Seattle office of Walker amp; Dunlop. The seller was a fund sponsored by Fowler Property Acquisitions, a California based multifamily investment firm. The sale was brokered by ARA Portland, the local office of a nationwide commercial brokerage firm specializing in apartments.

PORTLAND -- Sustainable Northwest Wood has leased the Clinton Building for use as a new distribution center. The 17,800 square foot building is at 2701 SE 14th Ave. in Portland. Terry New of Cushman amp; Wakefield represented the tenant. Peter Stalick of Kidder Mathews represented the landlord.

PORTLAND -- HMI-Oregon Dealership, Inc. has leased 5,762 square feet of space at 12439 NE Marx St. in Portland from PacTrust. Andrew Bean of Norris amp; Stevens represented the tenant. Matt Krueger of PacTrust represented the landlord.

PORTLAND -- Sellwood Medical Clinic LLC has leased 2,237 square feet of space at 6234 N. Greeley Ave. in Portland from Tamp;T Technology Leasing, LLC. Christina Chamberlain and Chase Brand of Norris amp; Stevens represented the tenant. John Press of Prell Equity Advisors and Chris Johnson of CORE Realtors represented the landlord.

PORTLAND -- The Joinery Holding Company has leased 4,393 square feet of space at the Blanchard Building, 922 SW Yamhill St. in Portland, from the Rich Hill Corporation. Brad Macomber of Norris amp; Stevens represented the landlord. Mark New of New amp; Neville represented the tenant.



Portland Timbers to offer paid internships to teens through new workforce ...

Category: Basic Money Management
Published: Sunday, 18 January 2015
Written by Admin

The KeyBank Foundation is donating $500,000 to help expand the program that already exists in Seattle and launch the program in Portland. KeyBank will also staffYouthForce University,a basic money management curriculum for teens involved in the program.

I think this is different than a regular, volunteer internship because the teens are getting rewarded for performance, theyre getting paid, KeyBank Oregon President Dave Lofland said. They are starting to realize the responsibilities of money.

About 10 teens will be selected to participate in paid guest services internships at each Timbers game this spring, but a pool of around 20 total could be employed to work in the Timbers guest services through the program, according to Boys amp; Girls Club of Portland Vice President of Programs Erin Cunningham.

Whereas entering the workforce can be really intimidating, being part of the Timbers and Thorns organization is less intimidating because its so integral to our Portland community, Cunningham said. It offers youth a way to feel really proud of their first job.

Cunningham said that 36 percent of kids that join the Boys and Girls Club come from poverty backgrounds and a significant percentage comes from single-family homes.

Many of the at-risk teens involved in the Boys and Girls Club have been a part of the program since they were young children.

Bryan Gastelum-Plata, 17, said that he joined the Boys and Girls Club at the age of six after his mother sent him to divorce therapy and his therapist recommended he join the group.

Gastelum-Plata said being a part of the Boys and Girls Club made him realize that he ultimately wants to pursue a career helping people as a firefighter.

It has helped me realize what I want to do in the future, Gastelum-Plata said. Its helped me gain more confidence being in my community and helping people.

The Boys and Girls Club works to develop important enrichment programs for its members.For teens that often means giving them support to break into the workforce and jumpstart their careers, Cunningham said.

While Cunningham said that she expectsmembers of the Boys and Girls Club to participate in the YouthForce program, she also said that the club will take applications from teens outside the program that they believe can benefit from YouthForce and working with the Timbers as well.

One of the benefits here is that theyll have a coach here at the Timbers stadium and at our other internships theyll have a Boys and Girls Club coach that can help them be prepared for that job and then also help hold them accountable in the moment, Cunningham said. They can learn what its like to be in the workforce and develop a good work ethic.

The Portland program will ultimately consist of internships with the Timbers, as well as other internships with traditional companies and educational services to help prepare teens to move out on their own. 75 Portland teens are expected to participate in the program.

The YouthForce program has been in place in Seattle since 1998. The program is aimed at helping underserved teens prepare for college and careers by giving them training in job preparedness, as well as paid summer or year-long internships. Currently, 220 teens between the ages of 16 and 19 participate in the King County program. There is a waiting list of 800 more interested in joining.

--Jamie Goldberg| This email address is being protected from spambots. You need JavaScript enabled to view it.

503-853-3761 | @jamiebgoldberg



How to Get Americans to Boost Retirement Savings

Category: Basic Money Management
Published: Friday, 09 January 2015
Written by Admin

GEORGE PAPADOPOULOS: I would like the government to stay out of my way and lower my taxes so I can take better care of my family. But, after being in the financial-services industry for over 20 years, I know that, sadly, is probably not the correct answer if the end goal is to help people save (more) for retirement.

You can add all the tax incentives you want but we will likely still have people living paycheck to paycheck and not saving a dime. It is difficult to change human behavior! What can the government do instead of dictating a mandatory contribution into a retirement type account? 

Actually, the government has already made a move toward this goal by establishing the (oddly named) myRA accounts, which will be available starting this year to workers without access to a 401(k) plan. I shared my feelings about the myRA accounts here where I said: "I am all for anything that encourages people to invest more for retirement as the current savings rate is pathetically low. But I am skeptical about the eventual success of this new plan. MyRA's will be voluntary, meaning workers will still have to opt in to them. People tend to procrastinate and they likely won't sign up if it is up to them to take action on their own." Let's just say time will tell if these accounts prove successful, but call me skeptical.
The latest tax bill signed into law adds yet another account that will allow tax-free distributions for expenses by individuals with disabilities. Disabled individuals must be aware of these accounts authorized by HR 647 ABLE Act of 2014. You can learn more about them here.

The latest interesting idea I heard about was SavIncent, which will use a "prize-linked savings" (PLS) mechanism to get participants to contribute more. This method appears to be similar to the incentives used in health-insurance plans to take advantage of lower premiums (online risk assessment, physical, etc.). It may work; time will tell. You can learn more about the PLS mechanism here.

Requiring basic money-management education courses to be taught starting in elementary or middle school will go a long way toward getting more people to save for retirement. Of course, like the plans listed earlier, this is not a quick fix.

Perhaps the most effective plan for the most people would be to require every person who dispenses financial advice to be a fiduciary. Maybe then we would see fewer people being taken advantage of and losing nest eggs to scams or clearly inappropriate financial "products" that are of value only to scam salespersons and only because of their high sales commissions.  The result: More money available for retirement!

George Papadopoulos is a fee-only wealth manager in Novi, Mich., serving affluent individuals and families. You can follow him at twitter (@feeonlyplanner), connect with him at Google+ or visit his firm's website.

 Read the latest Investing in Funds amp; ETFs Report.



Guest Editorial: CPAs touting financial literacy for all

Category: Basic Money Management
Published: Friday, 09 January 2015
Written by Admin

The CPA profession has been championing the cause of financial literacy for more than a decade. Through volunteer programs, the Pennsylvania Institute of Certified Public Accountants has partnered with libraries, schools, local media and legislators to provide guidance on basic personal financial planning principles.

We have reached thousands of individuals through these efforts, but this is not enough. A more integrated education plan is needed to teach consumers, at a very early age, some basic money management principles.

The numbers tell a frightening tale. Consider the following:

oAccording to the Project on Student Loan Debt, the majority (69 percent) of students graduating from public and nonprofit colleges in Pennsylvania had student loan debt with an average of $28,400 per borrower in 2013.

oIn a survey conducted for the American Institute of Certified Public Accountants by Harris Interactive, 75 percent of respondents said they or their children have made personal or financial sacrifices because of monthly student loan payments. Only 39 percent said they fully understood the burden student loan debt would place on the future. Plus, a whopping 60 percent now have at least some regret over their choice of education funding.

oAccording to a study by Moody's Analytics, people under age 35 have a negative 2 percent savings rate, meaning they are spending more than they have.

oThe most recent Survey of Consumer Finances by the Federal Reserve Board revealed that the lowest quartile of net worth is less than $50, and the mean net worth of the lowest quartile is negative $13,400.

oThe Employee Benefit Research Institute 2014 Confidence Survey reports that 24 percent of workers are not at all confident of having enough money for a comfortable retirement. Fifty-eight percent of workers and 44 percent of retirees report having a problem with their level of debt, and 36 percent of workers report they have less than $1,000 in savings and investments.

Clearly, individuals need help understanding how to manage their money. Learning how to spend and save wisely are life lessons that need to be learned early.

Today's consumers are assuming significant debt at an early age, coupled with the need to begin saving for retirement as young adults, which translates into a need to help our young students grow into fiscally responsible and independent citizens.

In January 2013, the Pennsylvania Task Force on Economic Education and Personal Financial Literacy Education developed four recommendations regarding regulatory or legislative changes to improve personal financial literacy in Pennsylvania's schools.

While the current General Assembly and governor were not able to successfully address this issue, our hope is that the 2015-2016 legislative session, along with Gov.-elect Tom Wolf will work cooperatively to provide a learning environment so our graduates will be prepared to succeed.

Jerry Maginnis is a CPA and president of the Pennsylvania Institute of Certified Public Accountants.