Mark Sanchez: Let's go back a couple few years back. It's called the Corporate Transparency Act. It's a new federal law that has taken effect and the rules have taken effect, and the deadlines were to take effect until the court stopped it. It's basically requiring businesses, most businesses to report their ownership. And if you're a private company, a lot of businesses, well, that's kind of private confidential data, I'd rather not. And the way the rules are set, you not only have to make the initial report, but if there's any change in ownership, or change among your ownership, such as you have silent partners, if they move, they change their residence, you then have to file an update. If a director steps down, you have to file an update. A lot of business groups hate this thing. They think it's burdensome. They think it's an overreach. They think it's basically a violation of the Constitution, the Fourth Amendment, against unreasonable search and seizure. And the intent of the law, there's not a lot of disagreement on the intent, which is to fight money laundering, drug cartels, and things like that. Tax fraud. And a lot of countries have this type of law. It's now new in America and it's in effect. Uh, your business groups don't like it. They think it's unreasonable that you basically have to prove you're not violating the law. So there have been a number of lawsuits against it. And a month ago in a ruling in Texas. The judge ruled that this law was unconstitutional, it's a congressional overreach, issued a nationwide injunction against it. Then it comes back, the federal government appeals that ruling, Fifth Circuit Court of Appeals in New Orleans pulled back the injunction. The law takes effect, the reporting periods are coming up with the new year, and then days later, just before Christmas on December 23rd, a different panel of the Fifth Circuit Court of Appeals in New Orleans vacates the other order. And this was actually the Thursday after Christmas that the court vacated the previous order. So basically, what you have now is the law is there, but there is a nationwide injunction in effect that businesses as of now do not have to report their beneficial ownership and it's a case that's going to go all the way to the U.S. Supreme Court. Last count there was at least a dozen lawsuits against this law and the court rulings have been coming out. And there is one case here in Grand Rapids in federal court filed back in the spring by the Small Business Association of Michigan. We're awaiting a ruling on that case. So, for now, businesses do not have to file their initial reports under the Corporate Transparency Act. And this thing is clearly going to play out all the way to the top court in the nation.
Patrick Center: We're talking with Crain's Grand Rapids Business staff writer, Mark Sanchez. Grand Rapids is looking for more of what are called ‘soft goods’ retailers downtown.
Mark Sanchez: Yeah, what do folks want in downtown? We talked about this a few months back about how the city and downtown Grand Rapids Inc. had this system where they are having QR codes in the storefronts of vacant downtown storefronts and asking folks to scan the code and then do a brief survey about what would you like to see in downtown? We reported this week on some of the initial results on that. And it's like what residents and visitors would like to see is a mix of clothing, outdoor, book, health food, fresh produce retailers. As well as more entertainment-based restaurants, such as, oh, we've got a couple of new places that have recently opened up in downtown. Big Mini Putt Club, Gimme’s Par and Grill involved in golf. These are called ‘eatertainment’ establishments. It's some data that basically for landlords, for commercial real estate owners, for folks who own those storefronts and buildings in downtown, gives them an idea of what does the marketplace want? And nobody ever goes forward if the marketplace doesn't want something. So, it's a little bit of data to put into the mix and put into the equation when folks are looking for new tenants to fill their buildings. And it kind of indicates, you know, where Grand Rapids downtown is going. There are many more people living in downtown now. So, they'd like more of those shopping alternatives and shopping options. And there's something that again, we'll see play out and how this data gets used and maybe start filling some of those vacant surf fronts in downtown.
Patrick Center: Also, a draw is redeveloping the riverfront and restoring the river and some big news over the holidays. The city has received the go ahead from the state.
Mark Sanchez: Yeah, it's got its permit from the state regulatory agency to restore the rapids has been the call for boy 15 years now since this idea first came out. So, the first phase will restore the rapids and the river’s lower reaches. We had a story the other day, a follow-up story, that the planning starts now beginning for the upper reaches from the 6th Street Dam to just north of Bridge Street. Lower reaches are just north of Bridge Street down to Fulton. And that's going to involve removing some of those low, smaller dams and putting some rocks, I mean tons and tons of rocks and boulders there to create the rapids and bring them back. You're talking about removing four dams and 20,000 tons of natural rock and boulders from just north of Bridge Street, south to Fulton Street. So that could all begin this coming summer. So, it's a project that's been around for 15 years. The original proposal got turned down last year by the state. The folks at Grand Rapids Whitewater and the city went back. They fine-tuned it. changed a few things, put that proposal back to the state earlier this year or earlier in 2024. And as you said, just before the holiday, the state issued that permit. So, the city will go out for bids here this winter and hopes to begin construction on those lower reaches and restoring the rapids, hopefully by midsummer.
Patrick Center: The first phase is this summer and then phase two in the upper reaches you mentioned, that'll be the following summer, correct?
Mark Sanchez: Well. Not necessarily. That's going to take a lot of planning and a lot of, again, going through the regulatory process, the permitting process. This could take a few years before those upper reaches get done. Any regulatory process does not go quickly. You've got to get the plan in place. You've got to work with the agencies. And there's multiple agencies involved here. But you work with them, and you figure out a plan and finalize a plan that's going to meet the law and meet the regulation, and then go forward. And all that's going to take some time.
Patrick Center: Speaking of time, the timing works out pretty well though, as we begin to see the development of the walkways, the green spaces along the river's edge, as this all takes place in the water itself.
Mark Sanchez: Yeah, funny how all these things are coming together at the same time. You talk about the two major developments there in downtown with the amphitheater, the soccer stadium, the Lyon Street project that's been going on to create that space along the river. And as you said, some of the other projects going on and everything's coming together at roughly the same period here.
Patrick Center: Crain’s Grand Rapids Business staff writer Mark Sanchez. Thank you so much.
Mark Sanchez: Thank you, Patrick.