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Big cats will soon have a bigger place to call home at Blank Park Zoo. In this rendering, note the tiger on the catwalk. (Image: Blank Park Zoo)
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Momentum builds for capital campaign at Blank Park Zoo BY STEVE DINNEN
As far as Kevin Prust can recall, Marjorie Foster never had a house pet beyond a bird — a parakeet, maybe — but “she was an animal lover from the day I knew her.”
Prust serves as a personal representative of Foster and helped guide her to becoming one of the top contributors to Blank Park Zoo’s current capital campaign.
“Expand the Impact,” budgeted for $18 million, calls for the largest expansion and renovation project in the zoo’s nearly 60-year history.
The first phase of the campaign began before its public announcement, on April 8, and by then, more than half of the money already had been collected or pledged.
Design work is underway on two of the campaign’s prominent features, areas for “Wild Iowa” and big cats. The Ruan Foundation was a major contributor to Wild Iowa, which will feature a new facility for the seals and sea lions and a glass tunnel so
visitors can get a better look at the frolicking otters. The Marjorie A. Foster Lion Center will triple the pride’s habitat, with vertical climbing structures, winter accommodations and a facility to support breeding.
Both Foster and her late husband, Holmes, a prominent banker and superintendent of the Iowa Division of Banking, have been longtime benefactors of the zoo and provided funds years ago for what is now the Holmes Foster Event Center. Prust said the couple believed in doing something with their money while they were still around to see it enhance the community.
“The quicker you get something in place, the greater the impact,” Prust said. That pace quickened after the Fosters´ first visit to the zoo, when Prust watched as Holmes Foster, perhaps fresh off a bank meeting and still wearing a suit and tie, happily fed a giraffe. As Prust put it, “He was the most dressed up animal feeder I’ve ever seen.”
There’s no dress code, of course, for visitors or other donors the zoo is hoping to attract in sufficient numbers to break ground on both the Wild Iowa and big cat areas as soon as fundraising wraps up. Blank Park Zoo is named after longtime community benefactor A.H. Blank, who got the ball rolling for a children’s zoo in 1963 with a donation of $150,000. In 2005, his son, Myron Blank, gave the zoo $5 million, the largest gift in its history. The zoo outgrew its “children’s zoo” format following a 1983-1985 refurbishment, and these days it annually attracts more than half a million visitors from across the state.
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The settlement cycle speeds up, from two days to one BY STEVE DINNEN
T+1 is here! On or about May 28, my brokerage informs me, financial industries in the United States, Canada and Mexico plan to shorten the settlement cycle process that controls a significant volume of financial activity. The settlement cycle for buying and selling stocks, exchange-traded funds and certain other securities that trade on exchanges, as well as for buying and selling corporate and municipal bonds, will shorten from two business days after trade date (known as T+2) to a single business day after trade date (T+1). They say this change will lower costs, increase market efficiency and reduce settlement risk in security transactions. For you, the investor, certain processes related to your trading activity will change. In
particular, you must provide payment more promptly following a purchase on the local or international exchanges. On the flip side, you’ll receive payment faster following the sale of a security. I’m old enough to (vaguely) remember the days of what, T+5? Or was it T+7? I’m not certain we even assigned a name to it, but it felt like you had forever to pay your due. And the broker, of course, had forever to settle and get you your money.
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A little-known way home buyers can beat high mortgage rates BY TARA SIEGEL BERNARD FOR THE NEW YORK TIMES
Home prices were already high when Ellen Harper, a software architect living in Atlanta, started searching for a house in 2021. But she couldn’t have anticipated the quick surge in interest rates the next
year, and, even with a large down payment, the new math made her uneasy.
This year, however, she stumbled upon what felt like a portal to the not-so-distant past: listings of thousands of homes that come with a low-rate mortgage, which can be transferred from the existing homeowner to a new home buyer, known as an assumable mortgage.
Harper, who is in her 50s, managed to snag one of these homes, closing two weeks ago on a four-bedroom brick colonial in Fairburn, Georgia, with a $1,400 monthly payment. It’s an amount she’ll be able to comfortably afford into retirement thanks, in large part, to a 2.49% mortgage rate. That’s less than
half the current rate of 7.09% on 30-year-fixed loans, the most popular type of mortgage.
“I didn’t want to get a bad mortgage and be in a ball-and-chain situation where all I would be able to do is pay the mortgage,” Harper said. She found her home through Roam, a startup that went live in September and that lists homes with assumable low-rate loans and assists buyers through the process.
“There were other homes — they were nice and everything,” she added, “but I went for the lowest rate I could find.”
Assuming a mortgage isn’t some type of gimmick; it’s a built-in benefit on certain government-backed mortgages, as long as the new owners qualify. The process won’t work for all would-be buyers because there are several hurdles they may need to clear before they can claim the keys, often including a hefty down payment. For home sellers, it can be advertised alongside marble countertops, to attract more potential buyers.
READ MORE
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How to take a break without breaking the bank BY JARED ELSON FOR KIPLINGER
At an average of 1,750 hours per year, Americans work more than the citizens of almost any other developed nation. That works out to 10 more weeks than the average German worker! With such long hours, it’s important to take vacation time to give us a break from our dedication to labor.
While vacation is supposed to be relaxing, it can instead be the opposite if it causes financial stress. That’s why it’s essential to carefully plan for your vacation as you would any other significant expense, making sure your trip’s spending is budgeted thoroughly.
Set savings goals
How fun would it be to drop everything on impulse and jet off to a tropical paradise or a ski holiday in Colorado? But such unplanned vacations can cause more stress than they relieve.
Traveling with little planning makes it nearly impossible to determine a budget for the trip, which means an increased chance you’ll spend more than you can comfortably afford. Instead, consider the trips you’d like to take. You can plan many shorter, domestic trips without much lead time, but if your destination is overseas, it’s prudent to begin planning much earlier.
It’s important to determine how much the entire vacation is likely to cost, including airfare, lodging, meals, ground transportation, souvenirs and special experiences. Once you have a ballpark figure on how much your trip will cost, you then have a savings goal to begin working
toward.
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dsmWealth's suggested reading
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America’s appetite for McMansions is devouring modern architecture. (Washington Post)
Best places to retire in 2024: Las Cruces and other unexpected hot spots. (Forbes)
How to lend family money without wrecking your relationship. (Wall Street Journal)
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If you have any questions or suggestions, please contact us at editors@bpcdm.com.
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