Smith, McDowell & Powell is proud to announce that its Managing Shareholder, C. Jason Smith, has been chosen as one of the Sacramento Business Journal’s 2012 class of “40 Under 40” business and civic leaders in Sacramento. Smith and the other award recipients were chosen from a field of hundreds of nominees – touted by the Business Journal as the most competitive group in years – for their professional and philanthropic accomplishments. SMP was honored to receive the award at the annual event held at Cafeteria 15L this year on December 13, 2012. The 2012 class of “40 Under 40” is also featured in the December 14, 2012 edition of the Sacramento Business Journal.
Each year the Sacramento Business Journal honors 40 people under 40 who excel in their professions and contribute to the community. SMP is proud to announce that its managing shareholder, C. Jason Smith, was recently selected as a finalist out of nearly 300 nominees based on his career achievements, leadership, creativity and community involvement. The final “40 Under 40” will be announced at the Annual Business Journal event on Thursday, December 13 at 5:30pm at Cafeteria 15L.
For more information about the event, including a list of other finalists, please visit the following link: SBJ 40 Under 40 Awards
Metro EDGE, a subsidiary of the Sacramento Metro Chamber consisting of more than 500 of the Sacramento region’s “up-and-comers”, featured SMP attorney, Jaclyn Powell, in its 15 Minutes of F.A.M.E. for the month of November. Members of Metro Edge come from a number of industries, ethnic groups and education levels, and participate in a number of philanthropic and networking opportunities. Jaclyn, a member of Metro EDGE for the past two years, was featured following the launch of Smith, McDowell & Powell, A Law Corporation earlier this year. You can read her interview here:
KIMCO Realty and the Small Business Development Center of Northern California (“SBDC)” are hosting a 3-day “start-up boot camp”, being held on October 24, October 31, and November 7 of 2012. Brad McDowell of Smith, McDowell and Powell has been asked to act as legal representative for the panel during the Professional Roundtable portion of the seminar where participants can ask questions of the legal, accounting, insurance, and lending professionals attending. Tickets for all three days are $65.00 and more information can be found at www.sbdc.net. Participants for the event must be adequately capitalized new businesses (not a franchise) and have a polished business plan. Participants who complete the three day boot camp and write a comprehensive business plan will be eligible to apply for one full year of free rent at a KIMCO shopping center.
Each election year, the candidates running for West Sacramento City Council and School Board are asked to participate in a forum to state their platform and engage in a civil discussion regarding the issues affecting West Sacramento. As usual, many influential West Sacramento community leaders were present this year including current Vice Mayor Oscar Villegas, Council Member William “Bill” Kristoff, and Oleg E. Maskaev, a new candidate, for City Council, as well as Alicia Cruz, Roy Sianez and Katie Villegas for School Board.
SMP attorney, Jaclyn Powell, was asked to moderate the televised forum as an unbiased West Sacramento resident and business owner, as well as someone who could think on her feet in case the forum got contentious as it had in prior years. She was given three full hours to ask the participants about their platforms, key issues affecting West Sacramento, as well as their plans for the future. While this year’s election is surely not as combative as it has been in previous years, the event provided an open forum to allow all candidates an opportunity to discuss the current changes in the city, how West Sacramento should handle the economic crisis, and future development. Further, as has been covered extensively in the Sacramento media, there are 7 candidates running for School Board, but only 3 available positions. The forum provided the public an opportunity to actually meet three of the candidates for School Board, all of which are new candidates and not currently on the Board.
For those West Sacramento voters interested in watching the forum, they can turn to Channel 20 to catch reruns. Voters can also read more about the elections here:
SMP is proud to announce that its Managing Shareholder, C. Jason Smith, was recently featured as a nominee for the Sacramento Business Journal’s “40 Under 40” award. Each year the Business Journal honors 40 people under 40 who excel in their professions and contribute to the community. Jason was nominated by his peers for his personal and professional accomplishments, philanthropy and local influence.
SMP attorneys Jason Smith and Brad McDowell are featured in the July 2012 Inside East Sacramento Publication for “Giving Back” to their community, including work on the upcoming “Taste of East Sacramento” charitable event that will feature some of the community’s best loved restaurants.
The Fourth Annual Taste of East Sacramento Event will take place on Sunday, July 8 from 5 to 7 p.m. at the Shepard Garden & Arts Center, 3330 McKinley Boulevard. Limited tickets are still available but can be purchased for $30 by calling the East Sacramento Chamber of Commerce at 452-8011, emailing the East Sacramento Chamber at email@example.com or stopping by Selland’s Market-Café at 5340 H Street. The funds raised support East Sacramento neighborhood parks and pools. We hope to see you there!
Giving Back to East Sac: Brad McDowell and C. Jason Smith (Inside East Sacramento July 2012 Edition)
The SMP team didn’t waste any time making a name for their new firm. Within weeks of opening, SMP successfully recovered nearly $100,000.00 for a client on a bond claim, nearly $400,000.00 on behalf of a client in a breach of contract dispute, and on the defense side, helped a client divert nearly $100,000.00 in liability. Momentum is a precious commodity and SMP will not be squandering it.
Stay tuned for other exciting updates regarding SMP’s legal and philanthropic presence in the region.
SMP is no stranger to the drama that can occur on public works projects, but all the stories being reported by the Sacramento Bee on the structural integrity of the new Bay Bridge is enough to make even us cringe. The Sacramento Bee has been releasing details of its investigation for several months now, but it appears some authorities are now recognizing some important steps were “skipped” on this project which is scheduled for completion in or around Labor Day 2013.
In short, the Sacramento Bee reports that the builder of the new Bay Bridge failed to disclose that a section of concrete in the foundation of the bridge’s signature tower had not hardened before it was tested. By circumventing this step, the builder was allegedly able to proceed with work without further inspection or delay. It is unclear to the public what exactly happened, but a Department of Transportation technician responsible for the testing was allegedly put on administrative leave and further testing may be required on the piles which hold up the bridge. Regardless, this incredibly political project appears to be wrought with issues, inevitably as a result of the substantial public safety concerns as well as the estimated $6.5 billion sticker price.
While we have no doubt that the public safety concerns will be addressed in due course, the implications of the recent scrutiny are very serious for any contractor who had their hand in this project. It is unclear whether the project is off critical path and scheduled to be completed on time, and the contractors do not have an easy road ahead of them. With the political pressure and media magnifying glass on this project, there will be more thorough testing and inspections, which may delay the project…and every contractor knows that delay on public works projects means liquidated damages, at least in California. Regardless, even if this project goes according to plan from here on out, the problems that have come up highlight a bigger issue. Mainly, that public works projects are not as “stable” and “predictable” as people may think.
Given that inspections and oversight are pervasive on public works projects, we do not usually run into too many situations where public safety concerns get in the way of closing out our client’s projects. What we usually see is governmental agencies under political pressure to save costs, and to utilize funding effectively, which results in the contractors ending up on the losing financial side. Unavoidably, change orders are usually required on public works projects, whether additive or deductive, and the contractors can safely assume state agencies will do everything possible to cut costs. The key for contractors and subcontractors is to take proactive measures to ensure they receive payment for the work they perform. Contractors must pay close attention to the project schedule, critical path, their scope, the specifications, and the contract procedures. Nearly every aspect of the project needs to be documented, and the proper approvals and inspections must be obtained. It is also critical to have internal procedures in place to preserve claims for payment, otherwise contractors may find themselves without recourse.
SMP can help contractors navigate through the complex public works world. If you are a general contractor or subcontractor who requires any type of assistance with public works projects, please contact us.
Gone are the days where homeowners viewed their residence than any more than just that – a place to live. We no longer see our homes as an investment or an ATM machine. If we are lucky, our houses are a roof over our heads to raise our kids. You no longer hear people saying “wait until the market comes back…” and there is good reason for that – it has come back, come back down to earth. The bubble realized from 2003-2007 was the anomaly and we have been suffering through the correction. Values have seemed to fall longer than they rose, but at some point the market will bottom out, and homes will appreciate at a more conventional, historically sound rate.
The housing market in many regions has already begun to turn around as early as 2 years ago. But for the Sacramento region, this month, May of 2012, roughly 5 years after the downward turn began, we may have seen the first signs of normalcy.
Albeit good news, it is by no means definitive. This potential recovery is dependent upon the very factors that have been contributing to the downturn – bank foreclosures and owner short sales. But a rise in prices has an effect on both. Owners will have to think twice before short selling a home – they could be leaving money on the table. Given the usually lengthy amount of time for a bank to approve a short sale, a home’s value may fluctuate during that period. Does the short seller want to abandon value? Will a bank prefer foreclosure to capture the new found equity?
As is standard in this economy, even the most minor shifts ask more questions than they answer.