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<br />I
<br />
<br />CHAPTER
<br />PRESIDENT'S
<br />REPORT
<br />
<br />I
<br />
<br />ENTREPRENEUR MARK McCORMACK TO SPEAK
<br />I AT MARCH 19 ALL-DAY SEMINAR
<br />
<br />
<br />Greg Bradbury and the Program Committee have announced that
<br />I they have secured Mark McCormack as one of the key speakers for
<br />the upcoming NAIOP All-Day Seminar to be held at the Amfac
<br />Hotel on March 19. McCormack is Chairman of International
<br />Management Group (IMG) and is widely recognized as the founder
<br />I of the sports marketing industry. He is best known for managing
<br />and marketing dozens of the world's best known sports celebrities
<br />including Arnold Palmer, Bjorn Borg, Martina Navratilova, Chris
<br />Evert Lloyd, Nancy Lopez, Rod Laver, Gary Player, and a host of
<br />I others. McCormack is also the author of the best-selling book,
<br />What They Don't Teach You at Harvard Business School. This
<br />seminar will be a truly exciting opportunity to hear one of the
<br />world's greatest entrepreneurs as well as other well-known real
<br />I estate experts.
<br />
<br />The solicitation of sponsors for the NAIOP March seminar has
<br />commenced and John Davis of Eberhardt Company is heading up
<br />I this year's fund-raising effort. In the past, many fine rums have
<br />joined in contributing SI,OOO per sponsor, which is used by the
<br />Minnesota Chapter to fund our . legislative efforts. The NAIOP
<br />legislative program and specifically, our current effort to gain
<br />I reductions in commercial/industrial property taxes, is one of the
<br />most important missions of our Association. Please help us and
<br />support economic growth in Minnesota by contributing as a spon-
<br />sor of this exciting seminar. If you have not yet been contacted by
<br />I someone on the fund-raising committee and you wish to be a spon-
<br />sor of this seminar, simply send your S 1 ,000 check to John Davis at
<br />Eberhardt Company. As always, a complete program of sponsor
<br />recognition is planned as part of this event.
<br />
<br />
<br />NATIONAL NAIOP ANNOUNCES DEVELOPERS'
<br />WINTER SEMINAR IN PALM SPRINGS, CALIF.
<br />
<br />The annual Developers' Winter Seminar will be held at Marriott's
<br />~cho ~ P~as Resort from February 11-16 in Palm Springs,
<br />Califorma. A major theme for the seminar will be "Development
<br />Organizations in an Overbuilt Market." The keynote speaker will
<br />be Jay W. Marriott, Jr., Chairman of the Marriott Corporation.
<br />The seminar will also feature a number of developers from around
<br />the country who will share many innovative ideas. Make your reser-
<br />vations early because this event and the Marriott accommodations
<br />will likely be over-subscribed.
<br />
<br />JOE SHAW SELECTED AS NAIOP MORTGAGE
<br />BANKER OF THE YEAR
<br />
<br />E. Joseph Shaw, Senior Vice President and Manager of Min-
<br />neapolis Commercial Operations for Northland Financial Com-
<br />pany, was named recipient of the rrrst annual "Mortgage Banker of
<br />the Year" award at our Chapter's Annual Fmancing Update
<br />breakfast meeting in December.
<br />
<br />The "Mortgage Banker of the Year" award is given annually by
<br />Naiop to the person selected by our developer members as being the
<br />most outstanding in the industry. Criteria for receiving the award
<br />include professionalism, integrity, creativity and expertise, and ser-
<br />vice to the professional real estate development community of Min-
<br />nesota.
<br />
<br />~
<br />
<br />Joe joined Northland Financial in
<br />1979. Since that time, he has been in-
<br />volved in many financial transactions
<br />related to major Twin Cities
<br />developments, including financing for
<br />the St. Louis Park and Minnetonka
<br />Byerly's Food Stores; United Proper-
<br />ties' recently completed Northland
<br />Plaza; and Ryan Construction's
<br />International Centre - Phase II, cur-
<br />rently under construction in down-
<br />town Minneapolis. He was also
<br />responsible for the sale of Opus Cor-
<br />poration's S30 million Highland Oaks
<br />complex in suburban Chicago.
<br />
<br />
<br />Boyd B. Stofer
<br />
<br />His professionalism and expertise is further emphasized by his
<br />record of having arranged fmancing for many buildings involved in
<br />our Chapter's Awards of Excellence program. In 1983. Joe financ-
<br />ed two of the six award-winning buildings; in 1984, he financed five
<br />out of nineteen nominees, including two award winners (Norman-
<br />dale Lakes Office Park and Metro Place); and in 1985, he financed
<br />six of twenty-three nominees, including one award-winner (6301
<br />Cecilia Circle). -
<br />
<br />Please join me in congratulating Joe on his receipt of this
<br />prestigious award. We in the developer community, the customers
<br />of the mortgage banker selected, are proud to have him as our
<br />representative.
<br />
<br />FEDERAL TAX BILL MOVES TO THE SENATE
<br />AFI'ER REAGAN WINS HOUSE SUPPORT
<br />
<br />President Reagan and Chairman of the House Ways and Means
<br />Committee, Dan Rostenkowski, have orchestrated House approval
<br />of the Federal tax bill and this landmark legislation now goes to the
<br />Senate for further action. As noted in prior newsletters, this bill
<br />contains sweeping changes in the Federal tax code which have a
<br />very significant impact on the commercial real estate industry. The
<br />current draft of the bill significantly reduces the tax benefits
<br />associa~ed with ownership of real estate and will undoubtedly have
<br />a negatIve effect on real estate values. One positive aspect of the re-
<br />cent action is that it is now very possible that the effective date for
<br />the tax bill will be moved to a date later than January I, 1986. This
<br />would give our industry additional time to be "grand fathered "
<br />under the old legislation regarding depreciation, at-risk rules, in-
<br />vestment interest limitation, etc. If the effective date is extended, it
<br />would also enable developers to continue to utilize industrial
<br />revenue bond rmancing again during 1986 where state laws allow.
<br />
<br />1986-87 COMMITTEES
<br />
<br />Harry Yaffe, President-Elect ofthe Minnesota Chapter of NAIOP,
<br />is currently working on setting up committees for the 1986-87 fiscal
<br />year. If you would like to become actively involved in NAIOP,
<br />please indicate your area of interest to Harry or myself and we will
<br />make every attempt to place you on a committee. This is a tremen-
<br />dous opportunity to give back something to the industry and to
<br />NAIOP, as well as to gain valuable contacts within the community.
<br />Thank you for your volunteer support.
<br />
<br />Boyd B. Stofer
<br />President, Minnesota Chapter
<br />
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