Show 1 SUNDAY Mabch 28 2004 1 E Kill Anita Bruzzese E2 UtalbNtKS I HI I E7 Chet Currier AY K 111 Ei Wall t II 15 J Pits raisen Business Books E12 Joyce Rosenburg E10 JOURNAL INSIDE WALL STREET ( Fisi!saE12 "r— —rZ-- — E3-- 6 Unas the nun? pai&iaee Developer uses family fortune to his best advantage Lisa Carricaburu By Legislation won't stop outsourcing Americans' persist in themselves as the center of universe is nowhere more apparent than in the current clamor over the outsourcing of jobs overseas The practice justifiably worries US workers It's hard enough to compete for jobs in a weak labor market without losing positions to India or China Recognizing an exploitable vulnerability politicians have responded In Congress and some state legislatures bills have been introduced that would require companies to disclose plans to move jobs overseas rescind tax Incentives awarded companies that send work abroad and prohibit government contracts with companies that export jobs In Utah outcry over the state's deal with a contractor that uses a call center in India to handle Utah welfare queries prompted officials to ask the contractor to return the work to the United States Such efforts however are ary and fail either to understand or to adequately address the problem The American Electronics Association (AEA) says as much in a report released That Mitchell Lesley — Deep into one of the ugliest a developer and a Utah city TAYLORSVILLE is remarkably calm office with an impressive Sitting in his view of the Wasatch Mountains as a backdrop he explains that his company has the luxury of doing business differently from other real estate developers Backed by a family fortune and an impressive portfolio of properties amassed over several decades Sorenson doesn't have the same bottom-lin- e pressures other developers face He can afford to wait as long as it takes to get what he wants That's what he's doing in Bluffdale where he and city officials have yet to see eye to eye on the details of Soren-son'- s 2200-acrresidential and commercial development called Rosecrest which straddles Bluffdale and Herriman After several clashes with city staff Sorenson's company has made the controversial request along with dozens of other landowners to allow them to "disconnect" from Bluffdale and be annexed into Herriman where development of the other half of Rosecrest has gone smoothly glass-panele- d e high-ris- e I ParkCityi5 4 location: I - X j Location: WM 3200 Size: 120 acres California Ave Salt Lake City W jL t ( 1 ' vr-- J 7000 South West Jordan J Size: S2 acres L Industrial development k j r " F±±llSjJrS u 1 I ( O " " f H 1 acres fiPyllr--- LZw north l Residential development in Wasatch County with some commercial t ' " V" irnT' J JL HeDBrCity elements " Sugarplum I - " U-Sv- i J- - v bp-"- TA VU "liege Slz: 9i00 — f g " Yl" fI fVfTf Cl - ' V f:ip v1 V v Office development Industrial development Location: W 1 T-fr- V South side of Jordanelle Reservoir on the east side of US 40 near Heber City Surrounds the new campus for Utah Valley State Residential development 1 ( Sorenson Technology Park II 5500 - Size 400 acres ' ST A fcl Rid LoMtion: Size: 400 acres 45O0iM0West Sorenson Technology Park Jordane EJnCaw0n 'nxw Developer Jim Sorenson Jr right and Don Wallace president and CEO of Sorenson Development know the art of the deal I Sorenson Research Part WWir Leah H(H'TKN See SORENSON E9 Emi'rati°B P3£e that people are hurt when jobs once re-fcr Americans move overseas However "the magnitude of offshore Turclng is unknown" it says That's certainly true in Utah partment of Workforce Services economist Ron Skocki has created a layoff tracking system that can identify instances where offshoring is a factor in layoffs of 50 or more The new system though has not yet detected any such cases Skocki says So for now Utah examples of offshoring remain anecdotal s Most notably call center operator 100 moved about Corp jobs from Taylorsville to India AEA maintains the phenomenon is exaggerated It emphasizes offshoring "is just one element in a rapidly changing and dramatically competitive world and cannot be viewed in iso- If that doesn't work Bluffdale already has been put on notice to expect a lawsuit "You always have conflicts with developers but you can always work things out" Bluffdale Mayor Wayne Mortimer said "But these people they want to do things their way or no way and that just isn't the way we work with developers" Perhaps But again Sorenson is no ordinary developer To understand what type of force he and his family's real estate business is to be reckoned with consider Sorenson's father the legendary Utah multibillionaire James LeVoy Sorenson Forbes estimates the senior Sorenson's fortune at $39 billion making him the richest Utahn Although Sorenson made the largest portion of his fortune in medical devices he also did quite well in real estate having had a knack for buying properties that 10 20 even 30 or more years down the road ended up at the center of development Today the Sorenson family owns or controls via leases The Salt Lake Tribune Wednesday AEA acknowledges high-payin- II ( Humberto Cruz E9 Street Week E8 COURT THE PENNYWISE I Location: little Cottonwood ' I:Pl'tW1tVr ''sTa X'l " 1 Condominium cr I Size: 40 acres '—I I V RoSKfBSt I I — tlc°":nnu 13800 S 5600 West Herriman and Bluffdale L j I j ' — — development — ') Residential development in Herriman and Bluffdale with some commercial elements - -- — -- f- Il TT"1 ±T±: Bangerter Highway Retail and office Size: 200 acres If cF-- j N —yj ±j commercial XJjpL :'' h ""' - f V--Hp r--- development -j ZT Location: 14600 S Highland Drive Draper Residential Size: 38 acres J - fcv Commerce maTT ' ' T"t1 South PotnteCenter Southwest corner of 13400 South and i4iV1— Zg f Innovation OfMce Parl mi Beta" IljUcatlon: k f- J pS fa fPiSount: Somuon Rml Estate JC —- T -- vLl- - — —" Size: 2200 acres Con-vergy- "T" l4 Zj) Retail and restaurant w—ali Mi— " — ' y ""a rr m n in fil— l Tht Salt Lake Tribune lation" Most recent US job losses have resulted not from outsourcing but from the weak economy and the fact that financially strapped companies have met new demand not with new hires but by asking more of existing employees It's difficult to underestimate the competitive pressure companies face in the increasingly global marketplace "The markets have a mind and life of their own and if you deny those they will kill you" says Richard Mikesell chief executive of Brookline Technolosoftware company gies a direct-sale- s that contracts with developers in Argentina to augment the work of its 25 Utah employees and free up resources it needs to enter new markets and grow Companies must balance a genuine desire to create and keep jobs at home with their need to be competitive Mikesell says Offshoring enables both to occur "There's a benefit to be derived locally because we make our company stronger" That's why protectionist legislation is not the answer The United States has already seen clearly that retaliation follows any such move the AEA says It offers alternatives that seek to strengthen US competitiveness Education is key "It is not possible for the United States to retain its intellectual and business leadership in the world without improving math and scilevel" the AEA says ence at the It recommends increasing federally sponsored scientific research and giving green cards to foreign nationals with advanced degrees to keep their Jobs in the United States Health care litigation and regulatory costs associated with doing business In the United States also need to fall "We are in a global economy and we can't hide our heads in the sand" Mikesell says The whole debate comes back to reminding Americans we are part of a larger world a reality that can be all too difficult for us to acknowledge K-1- 2 ltsaciisltrlbcom COPY Modified for mining i Ifl i ri— : — ir--- fM i m - — ii hi -- 1 — trmn- r I V4 —" ii in m jrf" w i in—— mm'xwrm a iiiiii— Web sites learn how to charge for info One success secret: Give customers something that they can't find elsewhere iph By Michael Totty The Wall Street Stkvf GRiwiH'lheSull hih Tribune take them into a mine near Price The vehicles are Imported from China equipped with German or Japanese engines and shipped to mines across the Western United States and Canada Coal miners load up In a specially designed truck that will Huntington company designs trucks custom madefor thejob By Mike Gorrell The Suit Lake Tribune - With Just 10 a modest next to some greenhouses on the arid outskirts of this Emery County town Genco Mining Service hardly seems like an International business But consider this: Genco makes most of its money these days buying small trucks manufactured In China importing them to its Utah facility equipping HUNTINGTON east-centr- them with German or Japanese industrial-strengtengines making whatever other body modifications are desired and then shipping them ofTto mines across the western United States and Canada "We found a niche" Genco Glenn Sebring said "We had to go around the world to find it but we h did" Genco sold 42 of its specially modified trucks last year at an average sales price of about $25000 It has moved another 10 since Jan 1 and has 15 more on order for delivery this spring and summer "Our goal is to put one out of here a week" Sebring said of the little white trucks that look like a basic Korean War-er- a military vehicle and have proved durably valuable In moving miners to work stations deep underground There Is nothing fancy about these trucks Just solid metal with heavy-gaug- e wiring and no high-tecgadgets No parts dangle beneath the undercarriage susceptible to being caught on anything protruding up from the irreg-Sc- c h GENCO E2 Journal Information wants to be free For years this has been the mantra of the Internet and the reason most Web sites have refused to even think about charging for information It has been seen as the height of folly to try to build a business selling information as opposed to stuff online Well Information maybe doesn't want to be free after all: Millions of consumers are showing that they will shell out for sporting events and business news as well as information about nutrition their ancestors former schoolmates and potential dates And a host of online companies are finally figuring out what works and what doesn't in convincing consumers to loosen the purse strings So what are their secrets? Among them: Offer customers something they're passionate about and they can't otherwise get free of charge eg Boston Red So Sit WEB SITES |