From Deseret News archives:
News sells property to finance severance
The property is located on Regent Street and Main Street between 100 South and 200 South. The newspaper made a little more than $3 million on the sale, News publisher Jim Wall said.
The buildings included are the former Newspaper Agency Corp. printing-press buildings on Regent Street, NAC offices located in what has been traditionally called the "Mr. Mac Building" at 135 S. Main, and the NAC "Drivers Lounge" near Regent Street and 200 South.
The News sold the property to Suburban Land Reserve, part of Property Reserve Inc., the LDS Church's real-estate arm that is developing the mixed-use City Creek Center.
"We're going to use a good deal of the proceeds to help our employee severance package," Wall said.
On Wednesday, the News Board of Directors approved the cutting of up to 35 employees to reduce costs. News Editor Joe Cannon, in announcing the cuts to staff Thursday, said revenue has decreased by 32 percent, mostly due to decreased classified-advertising sales.
The LDS Church has not publicly announced what it plans to do with the Regent Street property, which has been identified by a committee of city and business leaders as a potential Broadway-style theater. If the property does not become a Broadway-style theater, a study for the Downtown Alliance recommended the property as a site for a possible black-box theater.
Spokesmen for Suburban Land Reserve and the LDS Church declined to comment Friday on whether the church will develop the property, develop it in conjunction with a development partner or sell it to a developer.
Tom King of Suburban Land Reserve would not comment on the deal. He said he would send the Deseret News' questions to LDS Church public-relations professionals, but they never called the newspaper for the story. The News tried a handful of other LDS Church real-estate and public-relations officials, but they were either unable to comment or did not return calls.
Recent comments
Since the LDS Church owns the Deseret News doesn't the church already...
Sam | June 8, 2008 at 2:29 p.m.
have all of this money go straight to help the employees who are...
Better.... | June 7, 2008 at 5:13 p.m.
Joe Cannon really can't run a business can he? First Geneva Steel...
David | June 7, 2008 at 7:31 a.m.
- Police probe synagogue vandalism 10:44 a.m.
- O'Connor's husband dies 10:36 a.m.
- Russia launches program for tigers 10:35 a.m.
- Veterans Day in Afghanistan 10:34 a.m.
- Drug industry presses FDA 10:31 a.m.
- Obama honors veterans 10:29 a.m.
- New dinosaur species found 10:21 a.m.
- Utah canyon up for designation 10:17 a.m.
- BYU football recruit turning heads 9:04 a.m.
- Audit: S.L. County 911 'inefficient' 9:02 a.m.
- SLC council OKs gay rights policies
- Pratt pleads not guilty to sex charges
- Utah group finds homes for orphans
- Utah Jazz have a problem at point
- Wyoming writer amazed by BYU
- Hair-pulling raises more questions
- 'Love story' of crash victim ends
- Y. tight ends talented tandem
- 4 Jazz players make All-Star ballot
- 12 Utes return to Texas
- House passes health care bill
268 - TCU showdown has big implications
188 - Lobo suspended
185 - Senators want food tax restored
156 - Cougars crush hapless Cowboys
155 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - No 'backlash' for pioneers, gays analogy
106 - S.L. vote pending on gay protections
105 - Utes pound winless Lobos
90
Maybe someone out there can help me understand how raising the state...
i'm not sure I get the problem... this legislation covers sexual...
In this day of easy access to information on addiction it is inconceivable...
is right. Gloria is probably just another liberal who goes around to any...
If anyone ever wanted to put a montage together, of Dick Bavetta coddling...
I have a friend who lives in AF who's friend's daughter was on the bus that...
I'm not LDS, but I applaud the LDS Church for taking this stand on civil...
I have been getting gypted! In Little Leauge?!?
Here comes the complaining and excuses already. WOW! Most teams uses these...
@ Ab @ 4:14 I should be deported? I was born in the U.S.A., so good luck...

