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Show Page 8 The Ogden Valley news Volume XXIII Issue XVII February 15, 2016 Zions Bank’s 1031 Exchange Services Surpasses $1 Do You Know How to Use a Four-way Stop? Our busy season is upon us, which brings clockwise rotation from that driver. Billion in Deposits as Real Estate Market Rebounds increased traffic. Luckily, we don’t have traffic • If two cars opposite each other are proceeding Real estate investors can defer taxes on properties thru qualified intermediary Zions Bank’s 1031 Exchange Services has reached $1 billion in cumulative deposits since its launch in 2008. The milestone reflects revived interest in deferring capital gains associated with the recent recovery in the real estate market. “As real estate values have risen in these post-recession years, we’re seeing more clients interested in deferring taxes when they sell their properties,” said Mike Anderson, senior vice president and director of Zions Bank’s 1031 Exchange Services. “We’re helping them understand their options for changing property investments and growing their wealth without cashing out and potentially paying taxes unnecessarily.” A tax-deferred exchange under Section 1031 of the Internal Revenue Service Code allows for the sale of investment properties and the acquisition of “like-kind” properties while deferring federal, and possibly state, capital gains taxes. An independent party must act as a qualified intermediary to hold funds between the sale of the relinquished property and the purchase of the replacement property. But in the historically unregulated exchange industry, qualified intermediaries range from disciplined to weak. Zions Bank offers FDIC insurance up to $250,000 on deposits and has additional private professional liability and fidelity bond coverage to protect customers in almost every transaction. The bank OVBA cont. from page 1 to learn more about the current ordinances. The meeting we hold on February 18 will follow the lunch meeting and is a chance for local business owners and residents to share input and ideas as well as concerns. We encourage anyone with a vested interest in this topic to please stay after the lunch and participate in this initial meeting regarding the Sign Ordinances. Check your Members2@ovba.org e-mail for additional resources you might wish to review if you plan also has additional private professional liability and fidelity bond coverage to protect customers in almost every transaction. Zions Bank’s 1031 Exchange Services is staffed by dedicated professionals who hold Certified Exchange Specialist designations through the Federation of Exchange Accommodators. The group is known for its excellent customer service, rated at a 9.38 on a one-to-ten scale in client surveys. Anderson was recently appointed as secretary of the Board of Directors for the Federation of Exchange Accommodators, a national trade organization that represents professionals who conduct like-kind exchanges under Internal Revenue Code Section 1031. In addition, Business Development Officer Kelly Pearl was recently re-elected as chair of the Certified Exchange Specialist® Certification Council, a national designation program that formally recognizes individuals who have demonstrated their knowledge of the Internal Revenue Code Section 1031. Zions has completed exchanges in real estate, aircraft, radio equipment, oil and gas subsurface rights, office buildings, medical offices, land, duplexes, condos, and rental homes throughout the country--from Utah and Idaho to New York and Alabama. More information is available at <www.bankexchangeservices.com> Note: Zions Bank, a division of ZB, N.A., operates 124 full-service financial centers throughout Utah and Idaho. Additional information available at <www.zionsbank.com> to attend this meeting. If you elect to pay at the door, we ask that you please RSVP to bod@ovba.org so that we can provide Gray Cliff with a proper head count. Checks please; no cash. Please RSVP either by online payment or by e-mail by the end of the business day on Tuesday, 16 February. Make your secure online payment at no extra cost at <https://ho272.infusionsoft.com/ app/orderForms/Lunch> lights in the Valley, but we do have that dreaded four-way stop in Eden. The four-way stop seems to be a thing of endless complexity and great fear, even among experienced drivers. Some have gone as far as to call the four-way stop the “Driver’s IQ Test.” Daily, we cringe when approaching our four-way stop only to be cutoff when it’s clearly our turn; or, worse, allowed to go when it is obviously not our turn. Here are the official Rules of the Road: • A four-way stop is any intersection with a stop sign in each direction, a flashing red light in each direction, and/or a broken traffic light, which should be treated as a four-way stop • Each driver arriving at a four-way stop must first come to a complete stop, then one driver proceeds at a time. • If turning, as you approach a four-way stop, engage your turn signal about one hundred feet prior to reaching the stop sign. The fourway stop is one of the most crucial places for using your turn signal, compared to almost any other driving situation. • Four-way stops always operate in a clockwise direction. That is to say, the car furthest to the right always has the right of way; then, cars take their turns in a clockwise direction. • If two cars approach a four-way stop at about the same time, the driver who comes to a complete stop first proceeds first. In the case of a tie, the driver to your right goes first. • If two or three cars arrive at a four-way stop simultaneously, again, the driver furthest to the right always proceeds first, with drivers following in the clockwise direction. • If four cars arrive at a four-way stop simultaneously, drivers going straight should proceed first. If all four are turning right, they may all proceed simultaneously. That aside, there is no distinguishable way to see who should go first, so the intersection is at a standstill until one driver gets up the nerve and begins to inch forward, alerting the other drivers of his or her intentions, and proceeds through the intersection, thus starting the straight, both turning right, or one proceeding straight with the other turning right, they may go at the same time. The turn then goes to the adjacent cars at the stop, who may follow the same rule if applicable. COMPLICATIONS • Pedestrians always have the right of way. Please do not run anyone over simply because you think it’s your turn to go; it may very well be your turn to go, but if a pedestrian is in a crosswalk that interferes with your desired path, do not go. • If your desired path does not interfere with any of the other drivers–for instance, if you are turning and none of the other drivers at the fourway stop need to use the road you’ll be turning right onto–you may turn right while another car is going straight or turning onto a different road. • Some drivers will ignore all the rules of the four-way stop and ignorantly assume that they have the right of way, since they are clearly the center of everyone’s universe. Even if it is your legal turn to proceed forward, always do so with caution. Also, be wary of drivers who may be too hasty to wait another ten seconds for you to clear the intersection. • Then there are the completely oblivious drivers. They make their complete stop and completely forget the order of all things around them. Though it is rightfully their turn, they stare blankly at you or refuse to make eye contact with anyone at the intersection. If they refuse to go, the person directly to their left should proceed instead, continuing the clockwise circle. The thing to realize, four-way stops are simple, so simple, in fact, that most people overthink them. So mind the rules and stay safe out there. Note: Information taken from the “Utah Drivers Handbook” and other sources. This article is being provided courtesy of Ogden Valley CERT. LETTER OLD SCHOOL cont. from page 2 to include a limited number of housing units. These are tucked into the overall texture and feel of the development, not to exceed the density already found on any eight-lot Huntsville block; the overall congestion does not differ from any typical town block. Also, the number and scale of residential units will be set by what the septic design will be able to handle. This small number of homes is already being sought after by current town residents who would love to have a place that is part of the town center and not have to maintain their ¾-acre lot, or would like affordable housing for their young, married children. Also, the ability to own a commercial unit next to your residence is appealing to many. This one-acre proposed development is unique and would fit into the character of the town. This, by no means, would set a precedent for future development of multi-unit housing projects. Each mixed-use zone is unique and not tied to any other zoning. It is a blessing that the town has the ability to control the critical aspects of the development. If anyone would like to discuss this with me, please give me a call. The public hearings have been a wonderful thing for the town so we could understand the concerns and desires of citizens. Each comment was recorded and each issue has been addressed in the planning process. At this time, the town believes all issues raised can be mitigated for the common good of the people; the use of the businesses and open spaces by the public will be a great benefit to the community. Huntsville is like a living, breathing entity, and its health has ebbed and waned over time. The times when the town was most vibrant and the sense of community the greatest has been when there has been managed, prudent change, and growth. To maintain what we all love and feel here in this community does require change. The lack of improvement and smart growth has several times almost caused the town’s death. I have often thought what would have happened if someone said 40 years ago that we wouldn’t allow changes to the town. Over 70% of the people who live here have come to Huntsville over the last 40 years. It is because of them that Huntsville remains the great community that it is. This development will bring many great and lasting benefits. Rex Harris, Huntsville LETTER OLD PROJECT cont. from page 3 do sometimes fail, but the developer has proven that he has no intention to build, sell, and get out. He has nurtured and supported businesses in Huntsville Town for many years, working to find the right ones that can be successful. And having residential units over the commercial units will also help prevent this “ghost town” feeling as the area will always be occupied. • Some are concerned about the type of businesses that will be in this development, and yet the town will have total control over who gets a license to do business. The town has already developed a strong ordinance regarding businesses that can and cannot operate in town. • Some are just plain scared of change; yet, it is not possible or desirable to prevent change. Change happens whether it’s wanted or not. The key is to manage change for the best possible outcome. Members of the Huntsville Town Council and Planning Commission are also residents of Huntsville Town. They give hundreds of volunteer hours each year on behalf of the community. They love Huntsville Town and believe this development will be an asset. The Huntsville Town Council was elected to represent the citizens and make the important decisions needed through times of transition. The planning commission and town council members are all in favor of this project because they have done the research and weighed all the options, and believe this is the right thing to do. We believe it is in the best interest of Huntsville Town to enjoy the many advantages of the project— enjoying the rose while managing the challenges, or thorns, that may come with change. For more information about the project, please visit <www.huntsvillesquare.com/ development/#development-1> Mike Engstrom, On behalf of the Huntsville Town Council |