$2 Billion to build City Creek Center. Leasehold interest sold to Taubman for $75 million with a 12% guaranteed ROI.

The Deal of the Century.


$75_million_for_City_Creek_Center


Poaching the Apple Store from Gateway

This deal gave Taubman the flexibility to poach the Apple store from the Gateway:

  • Free rent for 5 years
  • Paid up lease at the Gateway through 2015
  • Free store improvements
  • Deal of the Century

They thought stores would be knocking the doors down to get into City Creek Center. But the phone did not ring. Then to save face and keep up appearances they told Taubman to do whatever it takes to fill up these empty stores. So they walked across the street and paid Apple to relocate their store. This is capitalism Mormon style. We will pay them to relocate to our development. It worked.

Church_sold_City_Creek_to_Taubman_2012


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2014

Taubman claims to own 100% of City Creek Center / Page 6

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