TOLD YOU SO, BUT (link)

[_The Mighty Builder]

Here are some of the Non City Creek Center Projects that will or have received diverted funds.

Tabernacle Seismic upgrade and restoration project. Budgeted 17 million actual cost 72 million
Purchase of Downtown SLC acreage not budgeted but purchased approximately 50 million
Losses in failed construction of low cost housing project in Hawaii 10 million
Purchase and Construction of Housing project in Arizona 15 million
Renovation and Seismic upgrade of SLC Temple estimated 500 - 750 million

The funny thing is it is their money so why play the shell game with it?

[_quaker]

So local government has not put any money into the dowtown slc projects and the full 5 bil has been funded by church business/general funds?

[_The Mighty Builder]

So local government has not put any money into the dowtown Salt Lake City projects and the full 5 bil has been funded by church business/general funds?

Yep

When the project was first announced it was the plans of Hinckley to include other investors. However none were to be found given the restrictions the Mormon church for return on investment divisions, ownership requirements and other restrictive code and covenants placed on the investing party.

Simply you were allowed to give money, not control the use of the money, audit the disbursement of the money, own real property after the project was completed and there was no guaranteed ROI. What a surprise that no investment group wanted to give money to the project.

[_Tchild]

So, what is the downside? The members consider tithing, or the donations of land, stock, bonds and other assets given to the church to be the "Lord's" money. These members consider the leadership to be inspired by the same Lord that owns the money, so it cannot be wrong in their eyes.

If the members don't care, and the church is willing to spend, who cares if it costs one billion or ten billion?

What is a better way to spend depreciating fiat currencies created in a tsunami of debt and deficit spending by our goverment, than on one's own house (church headquarters in Salt Lake).

In today's overleveraged debt bubble, all assets are mispriced with no mechanism to determine true price discovery. There are NO sure ways to determine a supposedly saner ROI than to build and improve one's own home.

Should the church invest in Currency arbitrage? European or U.S. debt? Emerging market debt? Should they buy up hard assets like mines, farmland and the like? In today's world, five billion could be swallowed up in a heartbeat (think MF global).

The church is wise to spend and invest in infrastructure that it controls, before a Goldman Sachs or JP Morgan relieves them of their money through fraud.

[_zeezrom]

Tchild is on to something. The prophet is getting ready for the end of times. After the government dissolves (the single thread snaps), private landowners will rule. If you truly believe in the second coming, you would try to prepare for it the best you can. Invest in your own people. Every religion for herself!