There are rumors circulating that un-named companies not owned by the church silently invested millions in City Creek Center. The promised returns have not materialized and they stand to lose their investments.
Prior to the construction of City Creek Center, church owned companies were all consolidated under the PRI umbrella to more easily facilitate access to the collective cash flows needed to fund the billion dollar project.
The church independent auditing committee was dissolved in the early 2000’s to remove this level of oversight, transparency and scrutiny within the church hierarchy over how the money was spent on City Creek Center.
PRI has options to repurchase the leasehold interest in City Creek Center that it sold to The Taubman Company for a measly $76 million. The agreement states that PRI has to pay market rates for the repurchase which could potentially result in a 400% to 800% windfall for Taubman.