Terry Sawyer, senior vice president of Loyola University Maryland, discusses how the Miguel B. Fernandez Family Center for Innovation and Collaborative Learning has transformed the Baltimore City campus. (Kevin J. Parks/CR Staff)
With most of its buildings oriented toward a traditional central courtyard known as the “quad,” Loyola University Maryland has long had a feeling of being sealed off from the city that surrounds its Evergreen campus in north Baltimore.
With the recent opening of the Miguel B. Fernandez Family Center for Innovation and Collaborative Learning, that’s all changed in a big way.
Unlike the other buildings at Loyola, the Fernandez Center faces the city along Coldspring Lane. The space surrounding it is mostly open so that passersby can now see more easily onto the main campus. There’s even an outdoor classroom on one side of the building that physically brings students and faculty closer to their city neighbors.
“If someone would have asked in the past where Loyola’s front door was, I’m not really sure what I would have told them,” said Terrence Sawyer, Loyola’s senior vice president. “Well, this is it. We really wanted to symbolize the commitment we have had to the city from the time of our inception.”
The 35,000-square-foot Fernandez Center was erected over the last 18 months at a cost of more than $40 million. It is named in honor of Miguel B. Fernandez, a former Loyola board member and Miami-based entrepreneur, whose foundation made a major contribution to the project along with other donors and the State of Maryland.
Among the many features of the Miguel B. Fernandez Family Center for Innovation and Collaborative Learning at Loyola University Maryland is the green-space design where students can study, meet and grab something to eat on the first-floor common area. (Kevin J. Parks/CR Staff)
The new building, an airy structure designed by Shepley Bullfinch, is attached to Beatty Hall, a previously existing academic building whose interior was completely reimagined as part of the project.
Establishing a place on campus where students can study and work together in a more collaborative way was the major goal behind the effort, Sawyer said.
The Fernandez Center features “active learning classrooms” that include open spaces. Tables throughout the building are made of white board material so students can jot down ideas right on the tabletop. There’s also a “Forbes Idea Lab,” surrounded by whiteboards to encourage brainstorming. An academic loft on the top floor provides collaborative space for faculty and students from different disciplines to work together.
“We wanted an environment where sociologists and natural scientists and political scientists and economists are coming together to talk about major questions like why is there poverty in America and other heady questions we want our students to grapple with,” Sawyer said.
When students are siloed into different areas and majors, it can be difficult to arrive at holistic responses to problems, he said.
“This building is a physical manifestation of having different disciplines come together,” Sawyer said.
Flexible seating and the latest in digital technology allow Loyola University Maryland students a synergic learning experience at the new Miguel B. Fernandez Family Center for Innovation and Collaborative Learning on Cold Spring Lane in Baltimore City. (Kevin J. Parks/CR Staff)
Jeffrey E. Barnett, a professor of psychology at Loyola who was a faculty representative involved in giving advice on the design of the building, said psychology students are already using space for therapy training and working with mock clients.
“We’re able to move everything in the classrooms around very easily and quickly so students can share ideas with one another more easily,” he said. “Throughout the building, there are so many places for students to interact informally.”
The building includes new offices for faculty in the psychology, speech-language-hearing sciences, sociology and education departments. There is also a graduate commons, a shared area for graduate students.
Alex Brune, a 19-year-old sophomore communications major, said he spends almost all his time inside the new building. On a recent morning, he hung out in the “Green and Gray Café,” a new dining area inside the Fernandez Center that features a large “living wall” made up of green plants.
“All my friends and I are in here constantly because we can work collaboratively, and also just sit together in a space that’s modern and inviting,” said Brune, a graduate of Calvert Hall College High School in Towson, who used drones in making a promotional video about the Fernandez Center. “I don’t think there’s any other space on campus as nice as this – where all you want to do is go into this space.”
Alex Brune, a communications major at Loyola University Maryland and a Calvert Hall College High School alumnus, spends much of his time at the new Miguel B. Fernandez Family Center for Innovation and Collaborative Learning. (Kevin J. Parks/CR Staff)
Space for Loyola’s career center was dramatically increased inside the Fernandez Center. The Rizzo Career Center is located on two levels, with a lounge and rooms for employers to interview students. The center doubled the size of its “student ambassador team” to accommodate more drop-in visits from students and alumni.
“We went from the career center being like a doctor’s office to now being like the Apple store,” Sawyer said.
Sawyer noted that career planning at Loyola is not reserved for seniors, but encouraged from the time freshmen step on campus.
“We do a fantastic job of not just finding kids jobs, but allowing them to marry their talents and what brings them joy to what the world needs,” he said. “It’s a four-year discernment process.”
The Fernandez Center includes a 2,100-square-foot green roof garden and other environmentally friendly features such as efficient lighting and air purification systems.
The heavy wooden doors that once served as the entranceway to Beatty Hall now hang on the inside walls as a tribute to the past. The Jesuit university is also planning to use wood from an oak tree removed from the campus to craft crosses for the classrooms, according to Rita Buettner, director of university communications.
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The Plan envisions a new east-west bridge connecting Westport and Mount Winans to Port Covington and the South Baltimore peninsula. The design includes bike and pedestrian lanes, and integrates wetlands and resiliency berms to protect nearby neighborhoods from flooding, while continuing to enable boats to access Ridgely’s Cove. Credit: James Corner Field Operations.
In the coming years, communities along South Baltimore’s Middle Branch waterway could gain amenities that would draw people to the shoreline and better connect neighborhoods, under a plan currently under development.
The “Reimagine Middle Branch Plan” is a multi-year effort seeking to improve more than 11 miles of shoreline along the Middle Branch of the Patapsco River.
The team hired to develop a master plan for the area — led by James Corner Field Operations — shared preliminary design ideas during a virtual public meeting Wednesday.
It was the first design presentation since Field Operations was brought on to head the consultant team, which was reorganized and expanded after West 8 of Rotterdam bowed out in July 2020. Field Operations is internationally recognized for its work on projects such as the High Line in New York City and Navy Pier in Chicago.
More than 50 people took part in a 90-minute meeting that gave residents and other stakeholders a chance to talk with the planners and respond to the ideas presented, while learning about their design approach.
“We wanted to share these projects with you today as a preview of the long-term vision work” that’s underway, said Megan Born, a landscape architect and urban designer with James Corner Field Operations.
The team wanted to show ideas now to emphasize that “this is an action-oriented project,” Born said. “This is a project on the ground. The idea of Reimagine Middle Branch is happening today. We’re not waiting for this to start in a year or two years’ time.”
The planning effort is led by the City of Baltimore, the South Baltimore Gateway Partnership and the Parks & People Foundation. The improvement area stretches from Curtis Bay and Brooklyn on the south, through Cherry Hill, Westport, Carroll-Camden, Pigtown, Lakeland and Mount Winans on the west, to Sharp-Leadenhall, Federal Hill, Riverside, Locust Point and Port Covington on the north and east.
Aerial View of the Middle Branch design concepts showing a resilient shoreline, green boulevards, and new neighborhood activity hubs. Credit: James Corner Field Operations
The concepts ranged from building a more resilient shoreline to creating green boulevards and “complete streets” to forming new neighborhood activity hubs. Born noted that while the drawings they presented in a 12-minute video may look precise, the planners are still at an early stage and nothing is finalized.
“This is all preliminary work,” she stressed. “This is in progress. Some of the drawings may look polished and finished. It’s really just a tool for us to get feedback from you all tonight and from the community members and the public in the coming weeks and months.”
Some of the amenities that the planners propose are a floating pool; an expanded boathouse for rowing; a “kayak house” and boat launch; new and improved piers for fishing and crabbing; and an urban beach.
Planners also envision open lawns for large events; barbecue and picnic areas for cookouts and family gatherings; a destination playground; an African American heritage district centered around Mount Clare mansion; and a sports “shed” to house a wide range of courts, a climbing wall and a roller rink.
The five-lane Orleans Street Bridge would be reconfigured to have fewer lanes for vehicles and new lanes just for cyclists and pedestrians. Mount Winans and Westport would be connected to Port Covington and the south Baltimore peninsula by a new “east-west” bridge.
‘A place of health and vitality’
To help frame the discussion, the planners divided the ideas under consideration into three broad categories, with projects that protect and connect the shoreline; transform barriers into connections; and strengthen communities with new parks and programs.
“We see the Middle Branch as a place of health and vitality, a common ground where people can come together and thrive,” Born said in the presentation. “We seek to reconnect and protect the 11 miles of shoreline for current and future generations.”
Historically, the Middle Branch had a gradual, natural and resilient shoreline edge typical of the Chesapeake Bay. Over time this edge was reshaped and hardened by industry and infrastructure, resulting in a shoreline that today is thin, fragmented, and impacted by trash, highways, vacancy and erosion.
Likewise, the neighborhoods of South Baltimore that surround the Middle Branch — though individually vibrant communities — have been disconnected from one another and the water due to transportation infrastructure and industrial uses.
The ‘protect and connect the shoreline’ category included ideas to improve water quality and implement resiliency measures that protect communities from damaging storms. The design integrates wetlands, breakwaters and resiliency berms to protect nearby neighborhoods from flooding, while continuing to enable boats to access Ridgely’s Cove.
“A reconstructed and reshaped shoreline will improve water quality, absorb floodwater and protect against storm surge, while providing natural habitats for birds and aquatic species, and offering scenic beauty and recreation for Baltimore city residents,” the planners say. “It will be a place for all, that includes a continuous trail system for biking, walking and jogging; boardwalks and piers for fishing, crabbing and taking in the views; and outdoor classrooms and soft footpaths – all offering unique waterside experiences.
The ‘transform barriers into connections’ category included ideas to connect communities along the waterfront, with new and improved roads with dedicated bike and pedestrian lanes, bridges and trails. The plan envisions a new east-west bridge connecting Westport and Mount Winans to Port Covington and the South Baltimore peninsula across Ridgely’s Cove and improvements to the historic Hanover Street Bridge, also known as the Vietnam Veterans Memorial Bridge. The new bridge across Ridgely’s Cove would include a two-way bike lane and a wide pedestrian path.
“Rebuilding roadways as ‘green boulevards’ will link neighborhoods to one another and to jobs, transit hubs and major destinations in the city and region,” the planners say.
One street the planners seek to transform is Waterview Avenue, which currently separates Cherry Hill from Middle Branch Park and the water with three lanes of traffic.
“Our future vision of Waterview Avenue adds a new tree-lined sidewalk and a protected two-way bike lane while reducing traffic from three lanes to two,” Born said. “Our design adds multiple crossings for safe, easy and universal access to Middle Branch Park from Cherry Hill.”
For the Hanover Street Bridge, the planners propose short-term improvements that remove the middle “flex lane” and add bike lanes, similar to the “Big Jump” changes on 29th Street.
“These interim changes preview a potential future transformation that further reduces traffic lanes and adds a protected bike facility, wide sidewalks and balconies offering incredible views of the downtown skyline and the Middle Branch,” Born said. “Further study is needed to assess what is structurally possible on the bridge.”
New piers and upgrades to existing piers are envisioned to increase access to the water around the Middle Branch. Credit: James Corner Field Operations
The ‘strengthen communities with parks and programs’ category included specific capital projects that would draw people to the water’s edge. Along the shoreline, for example, new piers and upgrades to existing piers are envisioned to increase access to the water. Proposed projects range from an urban beach to a farmers’ market to a sports complex reminiscent of places like the Chelsea Piers complex in Manhattan.
“Reimagine Middle Branch will activate the waterfront with new amenities and bolster neighborhoods with equitable community development projects and programs,” the planners say. “The park destinations will create special places both on the waterfront and within neighborhoods.”
Along with individual improvements, Born said, the planners seek to support communities through equitable development programs that create jobs and improve the quality of life in South Baltimore neighborhoods, including commercial corridor investments; community park improvements facilitated by a local workforce; the creation of an African American heritage district centered at Mount Clare mansion; the relocation and expansion of an existing urban farm to provide plants and trees for use in park projects; and the creation of an incubator for Black and Brown small businesses.
They also see potential for creating a “new social and active heart” for Middle Branch Park between the boathouse and marina, with “expanded boat facilities, food concessions, fishing piers and opportunities for kayaking, canoeing and sailing” and clear links back to Cherry Hill.
Fostering connections
The area under study includes 19 neighborhoods and 30 parks. The goal is to create a network of world-class parks, trails and programs along the waterfront, while fostering connections and economic opportunity in adjacent neighborhoods. Planners noted that some improvements already are underway, including a $25 million recreation and wellness center under construction in Cherry Hill, new buildings in Port Covington, and a new trash wheel that launched in March at the mouth of the Gwynns Falls.
The preliminary design ideas were shared with six stakeholder committees at a series of workshops held over the last two weeks. They grew out of a series of meetings the design team had with community residents during smaller neighborhood events over the past three months.
From those sessions, the consultants collected more than 150 survey responses. They also welcomed five graduate-student fellows from Morgan State University to the project and held an in-person event called “Splash!,” which drew more than 200 people to Middle Branch Park on Sept. 12.
Over the next four months, the Reimagine Middle Branch team will take the feedback from the public and stakeholders and prepare draft planning documents, which are scheduled to be released in the spring 2022. Those documents will be used to guide decisions about making future improvements to the shoreline.
The meeting Wednesday started with a presentation by the design team of ideas under consideration for the shoreline. Then the audience broke up into two groups to discuss the ideas and indicate what they liked most. It ended with the participants coming back together to summarize their findings and talk about next steps in the planning effort.
A new shoreline design envisions improved water quality and resiliency measures that protect communities from damaging storms, while adding trail connections, boardwalks, and scenic beauty to the Middle Branch. Credit: James Corner Field Operations
Pedestrian-only bridge?
Much of the discussion involved specific projects proposed for the shoreline and where they might go. Participants suggested Swann Park might be a good place for a floating pool and that Reedbird Park in Cherry Hill might be a good area for cookouts and food concessions. Some expressed the view that any large indoor sports facility shouldn’t be directly on the water.
Another topic that drew strong interest was the future of the Hanover Street Bridge. The planners said their goal would be to preserve the character of the historic bridge and that short term changes would be made within the current width of the roadway.
Several participants suggested that the crossing be turned into a pedestrian-only bridge and that a new bridge be constructed for vehicular traffic. Another suggestion from the audience was to protect and perhaps expand the marina along the Middle Branch, since some people live on their boats there.
Planners also talked at some length about economic opportunities that could come out of the planning effort, from jobs in areas such as aquaculture and landscaping to commercial revitalization of communities adjacent to the shoreline.
More information about the Reimagine Middle Branch planning effort is available at reimaginemb.com.
Ed Gunts is a local freelance writer and the former architecture critic for The Baltimore Sun.
It seems so long ago that we were enjoying fall-like weather with dry conditions and low humidity. Many locations have picked up 2-4 inches of rain since Tuesday, with locally higher amounts.
Next 24 Hours: With the loss of daytime warming, rain coverage will fade overnight. Low temperatures will be muggy in the low 70s. On Friday, a slightly warmer atmosphere will cause showers and thunderstorms to be less numerous. Isolated, 30 percent coverage is expected across the 13 Parish, 3 County forecast area. Activity will also take a little later into the day to develop. High temperatures will therefore have a chance to warm into the mid 80s.
Up Next: There is no reason to believe the pattern will change on Saturday. Thermometers will take another run into the 80s with some breaks of sun. Those heading out to the LSU campus for game day festivities should pack an umbrella or a poncho as a precaution. While the day is not expected to be a washout, an afternoon shower or thunderstorm is possible. Deeper into the evening, rain chances will subside. Sunday and Monday will bring scattered showers and thunderstorms ahead of a cold front. That boundary should pass through the area by Tuesday to lower rain chances, temperatures and humidity for at least a few days next week. CLICK HERE for your full 7-Day Forecast.
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The Tropics: Category Four Hurricane Sam is expected to pass east of Bermuda. However, tropical storm conditions will be possible there as the storm holds its intensity while moving north over the next few days. Tropical Storm Victor will continue gradually strengthening through Friday while moving west-northwest over the eastern Atlantic. Weakening is expected after that. For the latest tropical forecasts, advisories and information, visit the WBRZ Hurricane Center as we navigate all 183 Days of Hurricane Season.
The Explanation:A weak upper level ridge will be the dominant feature on Friday and Saturday leading to a warmer, slightly more stable atmosphere and therefore reducing the number of showers and thunderstorms. Still, weak disturbances rolling through the upper levels will have plenty of moisture to work with so the wording of isolated showers and thunderstorms could “bust” on the low side either afternoon. As instability lessens into the evenings, the next few nights will by dry. Another upper level trough of low pressure will move east across the country on Sunday and start to break down the ridge. Scattered showers and thunderstorms will develop as this process occurs and instability increases throughout Sunday.
The trough will amplify and dig southeast on Monday and Tuesday pulling an associated surface cold front into and eventually through the area. While there are some timing differences, a drier air mass is expected to arrive sometime on Tuesday ending the unsettled, wet weather pattern and ushering in seasonable temperatures with lower humidity for the middle of next week. The upper level trough may close into an upper level low and park over the Southeast U.S. for a few days next week. This feature could maintain cloud cover and slightly cooler temperatures through at least Thursday.
--Josh
The WBRZ Weather Team is here for you, on every platform. Your weather updates can be found on News 2, wbrz.com, and the WBRZ WX App on your Apple or Android device. Follow WBRZ Weather on Facebook and Twitter for even more weather updates while you are on the go.
As tempting as it is to spend the entire week just lambasting Ken Norton Jr’s lackluster performance as Seattle Seahawks defensive coordinator, it is still ultimately unfair to pin all of the blame on him.
It’s time the front office, Pete Carroll included given he’s got the dual role, gets its criticism for the poor handling of this offseason’s obvious weakness yet again.
With Shaquill Griffin leaving the Seahawks for the Jacksonville Jaguars in free agency, it left Seattle without an obvious #1 cornerback. Tre Flowers couldn’t possibly be the answer to that and D.J. Reed was supposed to be a nickel corner last season before taking over Flowers’ CB2 role.
What did the Seahawks do? Almost nothing substantive.
Ahkello Witherspoon was the team’s most notable offseason signing at outside cornerback. An underwhelming preseason saw him traded to the Pittsburgh Steelers where he has since played a grand total of 4 defensive snaps and been a healthy scratch twice. Here’s one of those four snaps.
Carr did a great job of holding Minkah, who was too concerned about helping out with Waller. Minkah cheats this C1 to the boundary side away from the strong bunch. Nice slight nod by Ruggs to outside to widen Witherspoon. #Steelerspic.twitter.com/hLWJKlzjjE
With one of their three picks in the 2021 NFL Draft, the Seahawks selected Tre Brown in the fourth round. He’s been on injured reserve with a knee injury and there weren’t any inklings that he’d play his way into the starting lineup.
Pierre Desir, Damarious Randall, Gavin Heslop, Will Sunderland, Bryan Mills, and Jordan Miller all had their opportunities to do something in camp and in preseason to justify a roster spot. None of them made the team and only Heslop is even on the practice squad. Seattle traded for Sidney Jones and John Reid, signed Bless Austin and claimed Nigel Warrior — combined they have a single defensive snap (Reid) in a Seahawks uniform. Jones’ ceiling seemed pretty high before his pre-draft injury, and now staying healthy is a consistent enough problem for him that meeting his potential seems unlikely.
So after an entire offseason of signing fringe players and adding a Day 3 pick, the Seahawks settled on moving Reed to the left side and Flowers at his familiar right spot. In effect, Reed got a job promotion and Flowers got his old job back.
Keeping in mind that DVOA doesn’t really become more dependable until deeper into the season, the Seahawks pass defense is 27th. The secondary has no interceptions and only one pass defensed, which is absolutely jarring to think about knowing what the Seahawks defense used to be.
Reed was beaten for two touchdowns last week and PFF says Flowers gave up 7/7 for 78 yards and four first downs against Minnesota in what has to be one of the worst collective defensive efforts of the entire Pete Carroll era. I like D.J. Reed but he’s arguably being played out of position and at 5’9” he is one of the shortest starting outside cornerbacks in the league. Flowers is who he is at this point and I honestly feel bad for him reading this quote.
Minimal investment at a position of weakness yields predictable outcomes. Does this not sound familiar to anyone?
This is a Field Gulls headline from just before the start of the 2020 regular season.
You may recall that a major issue last season before the midseason trade for Carlos Dunlap was the lack of a pass rush without excess blitzing. It was a known problem in the 2019 season even with the big trade for Jadeveon Clowney. The team didn’t re-sign Clowney in 2020 and went with the “pass rush by committee” angle of Benson Mayowa, Bruce Irvin, and a whole lot of hope that L.J. Collier, Rasheem Green, Shaquem Griffin, and Alton Robinson would be young impact players. Darrell Taylor would’ve been among that pack of young players but he ended up missing the entire season.
When the Seahawks haven’t blitzed, their 18.7% pressure rate with a standard four-man rush is third-lowest in the league, according to ESPN charting.
Before the San Francisco game, the Seahawks were generating pressure on only 23.1% of opposing quarterbacks’ overall dropbacks. That was the fourth-lowest rate in the NFL and nearly identical to what the Seahawks produced last season, when their lack of a consistent pass rush was also an Achilles’ heel.
Here we are a year later and John Schneider and Pete Carroll have effectively done the same thing but at cornerback. You could say there’s a double backfiring because the pass rush has been ho-hum through three weeks of this season.
I believe both of these things to be simultaneously true:
This defensive roster is not among the upper echelon in the NFL in terms of overall talent.
Ken Norton Jr is not getting the best out of his players.
But we’re here to talk about the front office and really just Schneider and Carroll. I have to couple them together because it seems as if Schneider tends to escape a fair bit of scrutiny, almost as if to suggest Carroll is some energetic gum-chewing dictator surrounded by yes men. Longtime Field Gulls readers may recall the “Q/PM” connotation this pairing received at the start of the era but I suspect some have ridden with this bit a little bit too long.
Last year the Seahawks got away with terrible defense and were 6-2 at the halfway mark thanks to a high-flying offense coupled with the one saving grace of that defense: turnovers. They’re already at 1-2 this year, the turnovers aren’t happening, and the offense only scores in one half. This team could be in serious peril by the end of next Thursday night against the Los Angeles Rams.
Seattle’s front office has played with fire one too many times and this time around, bad process may finally lead to a bad result.
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Atlanta Public Schools Superintendent Lisa Herring has proposed turning the former Inman Middle School campus in Virginia-Highland into an “upper elementary academy” for fourth and fifth graders.
Herring told parents during a Wednesday meeting on the issue that the move could help solve overcrowding at elementary schools in the Midtown cluster, including Hope-Hill, Mary Lin, Morningside and Springdale Park.
The Inman campus is currently being used as a temporary home for Morningside Elementary, which is undergoing renovation. Inman students now attend Howard Middle School in Old Fourth Ward.
The Atlanta School Board could vote on the issue in December, and Herring said Inman could be ready for the fourth and fifth graders for the 2022-23 school year.
Parents in the Midtown cluster questioned the move, citing issues of transportation, more upheaval for students following the pandemic, and concerns over breaking up school communities.
There’s also concern that the opening of the academy would only be a band-aid on overcrowding issue with more classrooms needed in less than a decade to meet student demand.
Herring said there would be additional community meetings on the new school before a decision is made.
The Roth IRA was designed more than two decades ago as a way for middle-class workers to set aside money for retirement. People earning less than $95,000 at the time could sock money away, then let it grow tax-free until they retired, when they could make withdrawals without owing taxes.
"I wanted to make these IRAs available to many, many people," Senator William Roth, who worked on the retirement plan's design, said when Roth IRAs debuted in 1998.
Since then, Roth IRAs have indeed been used by millions — including some of America's wealthiest citizens, a far cry from the middle-income worker for whom the retirement plan was designed. But that may soon come to an end if Democratic lawmakers are successful in passing their budget reconciliation proposal. That effort includes a provision that would close a loophole that now allows wealthy people to sidestep the income limits on Roth IRAs.
That strategy, while legal for now, is viewed by critics "as a way to beat the system to avoid paying taxes," said Charisse Mackenzie, president of Saturn Wealth, a Gilbert, Arizona-based financial advisory firm.
Democratic lawmakers are taking aim at the wealthy and corporations with proposals to boost taxes on both groups, part of a strategy to fund their $3.5 trillion plan to bolster social safety-net programs. That approach includes cracking down on tax avoidance and evasion by the rich.
Two tax codes
The Roth IRA loophole allows investors to avoid paying taxes on investment gains accrued over years and even decades. That can provide a huge benefit since participants in traditional IRAs must pay ordinary income tax on their gains once they withdraw the money.
The loophole is now facing increased scrutiny after ProPublica recently reported that PayPal co-founder Peter Thiel tapped a Roth IRA to amass a $5 billion fortune. Because of the Roth IRA's tax structure, Thiel won't have to pay tax on that $5 billion as long as he keeps it in the plan until he turns 59 and a half in 2027, according to the investigative journalism outfit.
Thiel isn't the only wealthy person who has tapped Roth IRAs to grow fortunes virtually tax-free. Almost 500 taxpayers held at least $25 million each in their Roth IRAs in 2019 — up from about 300 taxpayers in 2011, according to data compiled by the Joint Committee on Taxation in July and the Government Accountability Office.
By comparison, the typical Roth IRA saver has far less than that stashed in their account. The average balance stands at less than $49,000, while the typical annual contribution to either Roth or traditional IRAs is about $3,900 per year, according to the Employee Benefit Research Institute.
The data tell a "tale of two tax codes," said Senate Finance Committee chair Ron Wyden, a Democrat from Oregon, in a July statement about the Joint Committee on Taxation's findings. "IRAs were designed to provide retirement security to middle-class families, not allow the super wealthy to avoid paying taxes."
By design, the Roth IRA is geared toward modest annual contributions by middle-income workers. To that end, the retirement plan has income and contribution limits — for instance, young single workers who earn less than $125,000 are eligible to save up to a maximum of $6,000 in after-tax dollars in a Roth IRA, according to IRS regulations.
Because of their pay-taxes-now, avoid-taxes later feature, Roth IRAs are often recommended to young workers who expect to be in higher tax brackets as they get older and their incomes rise.
Backdoor loophole
So how are wealthy taxpayers able to squirrel away millions in these modest plans? That's partly due to a loophole called the "backdoor" Roth IRA.
People who earn above the income cutoffs for Roth IRAs — about $200,000 for married couples — can use this strategy to access the accounts. It works by allowing investors with a traditional IRA to convert some of those funds into a Roth IRA, even if they earn over the income threshold for contributing to a Roth account.
Investors who use a backdoor Roth IRA must pay income tax on the money they converted into a Roth, because only after-tax money can be put into these accounts. But the assets can grow tax-free until the investors withdraw funds without penalties after they turn 59 and a half.
While regular backdoor Roth conversions are limited to $6,000 per year, there's also another type of conversation called a "mega backdoor" Roth that allows people to convert up to $38,500 from their 401(k)s into a Roth IRA. However, people must work at companies with 401(k) programs that allow mega-backdoor conversions, with the Wall Street Journal reporting that between 20% to 30% of 401(k) plans allow the practice.
Wealthy investors can use backdoor Roth IRAs to stash valuable stocks, like Tesla or Apple, or even to sock away pre-IPO shares that owners believe could eventually appreciate in value. For high-income workers who expect those assets will appreciate — or that they'll be in a higher tax bracket once they hit 59 and a half — it's a lucrative tax strategy.
"How the law works"
"For tax guys like me, that's brilliant," said Rob Cordasco, founder of Cordasco & Company and a CPA. "There is nothing illicit, illegal — it's how the law works."
While these strategies may be legal, they are coming under fire because of the perception that they allow the wealthiest taxpayers to build their assets virtually tax-free. Interestingly, Thiel didn't actually use the backdoor Roth IRA conversion. Instead, because he earned less than $74,000 the year that he started his Roth IRA, below the income threshold at the time, he could open a Roth IRA, ProPublica reported.
But he used the Roth IRA to buy shares of his startup, which would later become PayPal and wasn't yet publicly traded. Thiel paid $0.001 per share to purchase 1.7 million shares — a sweetheart deal, according to ProPublica. Within a year, the value of his Roth IRA jumped from $1,700 to almost $4 million, the publication reported. That's a strategy that most investors aren't able to tap into, since they don't have access to shares in private companies or special pricing.
Some lawmakers say such strategies are gaming the system in favor of the rich while robbing the federal government of tax revenue.
The proposal by Democratic lawmakers would inhibit the use of Roth IRAs by the rich in two ways. First, all Roth IRA conversions would be banned starting in 2032 for single taxpayers who earn more than $400,000 and married taxpayers with incomes over $450,000. On top of that, the "mega" backdoor Roth IRA conversion would be banned starting in January 2022.
To be sure, that means wealthy investors could use the regular Roth conversion strategy until 2032. After that, as an example, married taxpayers who earn between the Roth IRA income limit of $200,000 and the new restriction of $450,000 could still use a backdoor conversion. But taxpayers above that $450,000 limit would be cut off from Roth conversions.
Second, the proposal takes aim at retirement accounts with assets of more than $10 million. Investors with more than that amount in a traditional or Roth IRA would be required to take a withdrawal of 50% of the assets above that $10 million. Investors with more than $20 million would be required to withdraw as much as needed to bring down the balance to $20 million.
Of course, these latter rules would only impact a group of rarified investors, since about 3,600 people have more than $10 million invested in either a Roth or traditional IRA, according to data from the Joint Committee on Taxation. If enacted, the plan would hinder some wealthy investors from using the strategy. But it could also make it harder for some upper-income workers who have relied on Roth conversions to sock away money, experts said.
"The main impact for the backdoor is for those earning between $200,000 and maybe $1 million, somewhere in that range, that are still looking to save for retirement," Cordasco said. Eliminating the backdoor strategy could make it "harder for someone like that to put away more money."
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October is my favorite month. Not only does the weather finally start changing, but my favorite holiday is waiting at the end: Halloween. Horror has always been my favorite genre — books, movies, art — if it’s creepy, I tend to love it. As a child of the 90s some of my earliest spooky addictions included Nickelodeon’s “Are You Afraid of the Dark?” and Alvin Schwartz’s “Scary Stories to Tell in the Dark.” Of course, the driving force behind the horror genre is fear. It can be fun to be scared, especially when you know for sure that there is no monster and Michael Meyers is not around the corner. But fear can also creep into everyday life, which is a little less fun.
While working on a cover recently, I realized that fear can play a huge role in my creative process. Some story presentations require a little more out-of-the-box thinking and artistic takeover. Last week’s “Ghost Kitchens” cover was one of those. As is often the case with a story that doesn’t have a concise way to present visuals through photography, I opted to illustrate the cover. I love illustrating — I was an artist long before I was a designer. Some illustrations come easy and when I sit down to work on them, things just click. But others — in fact most— leave me frozen in fear for the better part of a day.
Fear can be paralyzing, but it can also push us forward to do something we didn’t think we could do.
As a creative, the fear can be intense. Sometimes it’s the voice in my head feeding my imposter syndrome: “Is the concept clever or clear enough? Is the style I chose to illustrate with right for the subject? Why does this not look like other editorial illustrators’ work? Why did I think I could do this?” Sometimes it’s waiting in the dark to wake me up at 4 a.m. to tell me the approach I took was wrong and I wasted a whole day. But it always finds me.
Inevitably, though, the Jamie Lee Curtis in me kicks in and I let that fear fuel me. Instead of pushing a hulking, undead villain out of a window, though, I’m turning those nasty thoughts around into something useable: My illustrations don’t look like other editorial illustrations? That means I’m developing my style. The concept isn’t one I’ve seen done? Good. It’s original.
Looking back at my career so far, I’ve often only elevated myself when I did something that scared me — when I’ve said yes to doing things I was afraid I’d fail at. Fear can be paralyzing, but it can also push us forward to do something we didn’t think we could do. Last week’s cover was far from one of my favorite illustrations, but when I looked at the finished product, I realized I’d developed some new techniques I hadn’t used before and that I’ll definitely use again. I had grown in my process. So, during this spooky season, I encourage you to face the fears you have whether at work or somewhere else in your life. Does it scare you? Good. It’ll grow you.
Fun to be afraid: Scary movie picks for the Halloween season
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September 30, 2021 at 07:09AM
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Up Front October: From our Creative Director - Does it scare you? Good. It'll grow you. - Greenville Journal
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As the offseason nears, we’ve started to see some movement of front office personnel across teams. A few clubs have made significant changes to their executive staffs over the past few days.
Rangers assistant general manager Mike Daly is departing the organization to join the Padres’ front office, reports Jeff Wilson. (Jon Heyman of the MLB Network reported this morning that Daly and the Friars were in talks). Daly had spent fifteen years with Texas working in international scouting and player development, the last five of which had come as assistant GM. He’ll now reunite with former Rangers’ executive A.J. Preller in San Diego. Daly becomes the second Rangers’ AGM in as many months to leave the organization; Shiraz Rehman departed in August, as the front office structure in Arlington continues to evolve under president of baseball ops Jon Daniels and first-year GM Chris Young.
While the Padres added one executive, they saw another depart. San Diego coordinator of advance scouting Preston Mattingly was hired as Phillies director of player development. (Dennis Lin of the Athletic first reported the news). Mattingly, the son of Marlins’ manager Don Mattingly and a former first-round draft choice, had spent the past five seasons with the Friars. The Padres have already seen quite a bit of turnover in the front office on the heels of their second half collapse.
The Royals announced a pair of promotions yesterday. Lonnie Goldberg has been promoted from assistant GM/amateur scouting to vice president of player personnel, while Danny Ontiveros has been bumped up from assistant director of scouting to scouting director. Both Goldberg and Ontiveros have been in the Kansas City organization for well over a decade, with much of that time spent in the club’s scouting department. Earlier this month, the Royals bumped longtime baseball operations leader Dayton Moore up to president of baseball operations, promoted AGM J.J. Piccolo to general manager, and brought veteran executive Gene Watson back into the fold after he departed Kansas City to join the Angels last winter.
Owensboro Public Schools and the Green River District Health Department are partnering to provide a vaccine clinic to all eligible middle and high school students in the OPS district Friday. A pair of incentives are also being offered to those who participate or who have already been vaccinated.
The clinic will be held in the south gym at Owensboro High School. The vaccine will be administered by the Health Department at no cost to families. A second dose will be scheduled upon the first one being administered.
OHS students can attend the clinic from 9-11 a.m., while students from other campuses can attend from 12:30-2 p.m.
Eligible students from Owensboro Innovation Academy, Owensboro Innovation Middle School, or Owensboro Middle School will be provided transportation to and from OHS in order to receive the vaccine.
Students have been given consent forms by their respective schools, according to OPS Public Information Officer Jared Revlett. They are also available here. He said eligible students under the age of 18 will need consent from a parent/guardian.
Students who are either already vaccinated or participate in the clinic can also receive a T-shirt and be entered into a drawing to receive an athletic pass.
The T-shirts are white with the text “Vaccinated Red Devil 2021” on the front. The shirts will arrive at a later date because they need to be ordered.
The drawing will be held after the second doses have been administered. Students who were vaccinated by another method — such as with their personal doctor or at different clinic — will also be eligible. A total of 10 names will be drawn to receive one pass each.
Raleigh, N.C. — A man tried to grab a student walking to Martin Magnet Middle School, in Raleigh, on Wednesday morning.
An older man in a red pickup truck approached the student, who was walking on Ridge Road, and tried to grab the child, Principal Marla Mondora said in a message to parents.
"I’m relieved to report that the student escaped, ran to school for assistance and is safe with family now," Mondora wrote.
Raleigh police and Wake County deputies were called, and law enforcement will step up patrols around Martin Middle on Wednesday and Thursday, she said.
"It’s times like these that we are extra grateful and appreciative of all the support they provide us to ensure the safety of our students. They work closely with us to ensure the safety of our students every day," she wrote.
Martin Middle student Kate Fields said the incident taught her to be more aware of her surroundings while walking to and from school.
"[You need to] be alert and try to have someone with you and have a good way to run away," Fields said.
Neighbors described the area as a largely safe, quiet place to live. Ridge Road is the road that runs alongside the school.
"We had two children and they’re grown right now and they walked across the street to school everyday," said Mario Guglielmi, who has lived in the area for almost 50 years. "I think this is a really unusual occurrence for this area."
"It’s scary," said Fields. "It makes me think about if I should be walking to school, especially on that busy road, thinking there’s a lot of people around."
Mondora provided other tips that she wants parents to discuss with their children:
Don’t talk to or take anything from strangers.
Don’t go anywhere with someone you don’t know.
If you are approached by a stranger, seek help immediately.
If you are alone, run away from the situation.
Use the buddy system. Avoid walking anywhere alone.
If parents are able, walk with your child to school or partner with a trusted adult to walk your children to school.
When seeking help, always go to a trusted adult – teacher, coach, police officer, other parent or older siblings.
If a stranger grabs you, do everything you can to stop them from pulling you away. Drop to the ground, kick, hit, bite and scream. Do whatever it takes to attract the attention of others who can help you.
Report any suspicious activity to your school and police department.
"When children hear about traumatic incidents such as this, it is not unusual for them to feel anxious, sad, fearful, angry or vulnerable," Mondora wrote. "In times of uncertainty, adolescents will often share their emotions with peers on social media, so it’s important that you are aware of their messaging. Also, please talk with your child about healthy ways to deal with emotions."
FIRST ON FOX: Republican Sen. Ted Cruz of Texas challenged "Squad" queen Rep. Alexandria Ocasio-Cortez, D-N.Y., to "cry in front of the Biden cages" as the crisis at the southern border continues to rage.
In a phone interview with Fox News, the senator ripped into President Biden's handling of the border crisis before blasting Ocasio-Cortez for the crying photo she took near a Texas border facility under former President Trump.
The senator challenged Biden, Ocasio-Cortez, Vice President Harris and other Democrats to travel to the southern border and see the "Biden cages" for themselves.
"I challenge every one of them: I challenge Biden, I challenge Harris, I challenge AOC, who famously had a picture of her pretending to cry in front of a cage with children," Cruz said. "Come down to the Biden cages now, which are bigger and more full."
"Let’s see AOC cry in front of the Biden cages. Let’s see Joe Biden or Kamala Harris or [White House press secretary] Jen Psaki say 'there is no border crisis’ as we stand in front of the Biden cages," the senator continued.
"They are lying and they’re counting on the media to cover up their lies, and it’s incredibly cynical and it’s wrong," he added.
The Texas senator also noted in the interview that the "manmade" crisis could be alleviated by going "back to the policies that work" that were instituted under the president’s predecessor.
Cruz also torched the president for "attacking the Border Patrol, vowing that they will pay for doing their job" as well as "repeating the outright lie that they were carrying whips" when the agents were carrying horse reins, calling it a "low point, even for this White House."
"I’m proud to know quite a few heroes in our Border Patrol, and, even before Biden’s slander, they were demoralized and dispirited because under the Biden-Harris administration, they risk their lives to apprehend drug traffickers and human traffickers only to see their political superiors release them through the revolving door of Biden’s open borders."
"Now, not only are they having their work undermined, but Biden is threatening political retribution because the open-border radicals in the Democratic Party believe that the Border Patrol are what [House Speaker] Nancy Pelosi calls them: stormtroopers, analogizing them to Nazi soldiers."
"That is grotesquely unfair. It is wrong, destructive -- I am amazed that every Border Patrol agent in America doesn’t say ‘to hell with it’ and refuse to come back to work," Cruz continued, noting that agents both young and old are "quitting" the Border Patrol.
Neither Ocasio-Cortez’s office nor the White House immediately responded to Fox News’ requests for comment.
Houston Keene is a reporter for Fox News Digital. You can find him on Twitter at @HoustonKeene.
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Ted Cruz challenges AOC to 'cry in front of the Biden cages' as border crisis rages - Fox News
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Jonata Dayan, EVP/Commercial Condo-Co-op Sales, and Brett Weiss, Director of Resolution Real Estate Partners, LLC have arranged the sale of an 1,881 s/f commercial condominium at 800 Second Avenue, an 18-story Class-A office building close to the UN and Grand Central Terminal (pictured top). The sales price for the third floor office was $797 psf, or $1.5 million. The building largely caters to companies doing business with UN agencies and other government or related-industry organizations. The Resolution team represented the seller, J.A.A. Holdings, a law firm that originally purchased the space through Dayan in 2013. The buyer, PZPE Realty, LLC, a contractor specializing in Local Law 11 work, was represented by David Sirota of Dream Life Realty.
•••
2970 Third Avenue
Lee & Associates NYC arranged the sale of 2970 Third Avenue on behalf of both the seller, The Jackson Group, LLC, and the buyer, 5 Boro Real Estate Partners for $8.75 million. Delivered vacant, 5 Boro Real Estate Partners plans to redevelop 2970 Third Avenue, currently a 15,000 s/f single-story corner building located in the Hub – South Bronx’s retail and commercial mecca – into a 100,000 s/f, mixed-use building. Steve Lorenzo represented The Jackson Group and 5 Boro Real Estate Partners. Lee & Associates NYC has also been tapped to exclusively market the redevelopment, which will include multiple floors of new retail and commercial space. 2970 Third Avenue is located next to Marshalls, Burlington Coat, Rainbow, Five Below, and ALDI grocery store.
158-174 UNION STREET
••• CBRE announced the sale of The Schoolhouse, a three-building, 31-unit, apartment complex located at 158-174 Union Street in Ridgewood, New Jersey. A private real estate family acquired the boutique property for $14,325,000. The CBRE team of Nat Gambuzza and Spencer Beriont represented the seller, 158-174 Union Street LLC. The Schoolhouse was built in stages from 1960 to 1980 with private and common balconies. It is within walking distance to downtown Ridgewood and was meticulously maintained by long-term ownership. the property traded at a 4.16% cap rate and $462,000 per-unit.
••• Marcus & Millichap announced the following sales:
• 162-168 Van Dyke Street, a 32,250 s/f industrial property located in Brooklyn, sold for $13,400,000. Jakub Nowak and Jesse Kay, represented the seller. The buyer was represented by VCPRE. The asset features 13-to-18-foot ceilings and nine-foot ceilings in the basement. The property is fitted with two large roll-up gates on Van Dyke Street and two large gates on Coffey Street. Additionally, the property is located within a qualified opportunity zone and the Southwest Brooklyn IBZ District. At the time of sale, the property was delivered vacant.
• Burger King, a 2,412 s/f net-leased property at 500 Fulton Avenue in Hempstead, NY, sold for $3,500,000. Michael Tuccillo and Anthony Cerrone brought the buyer to this transaction, Hempstead BK Property LLC. The seller, Hempstead Realty LLC, was represented by Silber Investment Properties. John Krueger, Regional Manager, Broker, of the Manhattan office, assisted in closing this transaction. This was a corporate backed NNN lease with Burger King with 16+ years remaining on the lease and four, five-year options.
784, 786, and 788 Rogers Avenue
••• TerraCRG closed on the sale of three contiguous mixed-use buildings in Flatbush totaling $3.95 million. Matt Cosentino and Isaiah Thomas represented the seller, Deergrow Developments. 784, 786, and 788 Rogers Avenue each contain two residential units above a ground floor retail unit, together totaling 8,320 s/f. The free-market, gut renovated properties have a net operating income of about $245,000 annually, which equates to approximately a 6% cap rate. Jonathan Roh and Seung Hyun Kim acquired the properties, which are located two blocks away from the 2 and 5 trains at Church Avenue.
••• NAI James E. Hanson announced the sale of a 13-unit apartment building at 193-197 Watchung Avenue in Bloomfield, NJ. Jonathan Kristofich represented both the private seller and buyer, 193 Watchung Avenue, LLC, in the transaction. The property is a two-story, 13-unit apartment building featuring surface parking and garages available for rent. Located just off Exit 151, it provides easy access to the Garden State Parkway , Interstate 280 and Routes 3 and 46. NJ Transit bus and rail connections are within walking distance of the property.
••• NAI DiLeo-Bram & Co. announced that Richard Goski and Catherine Goski completed the sale of a 28,000 s/f warehouse located on a 0.75-acre parcel near downtown Cranford, NJ. The pair represented both the seller and purchaser, Harrison Developers, LLC, which is currently seeking approvals for a 75-unit luxury apartment building consisting of studio, one-, two-, and three-bedroom units with ground floor retail. The existing structure will be demolished.
••• Gebroe-Hammer Associates announced the $11.6 million sale of a 35-unit, Class A apartment-home property located at 480 Paterson Ave., in East Rutherford, NJ. Built in 2021 and fully leased within 90 days, 480 Flatz is located at the Paterson Avenue/Hoboken Avenue Business District crossroads in the municipality’s Borough Center neighborhood. Ken Uranowitz and Debbie Pomerantz represented the developer, East Rutherford Builders, LLC, a joint venture of Diversified Properties, LLC and North Jersey Builders, LLC, in the trade. The buyer is a private unnamed investor. Situated in Lower Bergen County, East Rutherford is home to the three-venue Meadowlands Complex and American Dream Mall. The municipality is located about seven miles west of Midtown. Manhattan. Comprised of 35 total units (29 market rate and 6 affordable), the four-story midrise features seven different open-concept floorplan options.
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