Business

City Staff Real Estate Developer

Realizing there are potential pitfalls in reading internet sites, we offer the following info on the guy who claims on a LINKEDIN page to be one of the driving forces behind the recent proposal for a downtown baseball stadium, six hotels, and was recruited to use $500 million in city real estate to achieve city goals. GUARDIAN readers did the research and provided the links.

It appears that Matt Brookshier is operating or has operated during his city employment the BROOKSHIER GROUP, like a wannabe Donald Trump (“Deals Start Here, It’s what deal makers do, Want to be a Deal maker…etc”). He is also an employee of Boise City where he is the “Strategic Real Estate Manager” at a salary close to $100,000 per year. According to his listing on ANGELLIST he has an impressive real estate career and educational background.

Here is his LINKEDIN info:

Principal
Company Name: The Brookshier Group (Real Estate Acquisitions & Development)
Dates Employed 2012 – Present Employment Duration 5 yrs Location Boise, Idaho Area
Creating value for commercial real estate investors through creative deal identification, underwriting, structuring, and partnership strategies. Operating throughout the western U.S.

• Led two-year effort to acquire Tamarack Ski and Golf Resort from multiple creditors. Created 10-year acquisition, repositioning and operational plan enabling client to secure $140 million in equity commitments. Dealt with complex legal, financial and operational situation, enabling client to focus on other major projects. Client was unable to secure all liens.

• Advised on potential acquisition of boutique hotel brand. Wrote tiered business plan for nationwide expansion. Provided underwriting on purchase of two existing hotels, developed brand strategy, structured equity requirements, and projected cash flows (cost, capital budget, financing options, multiple revenue streams, and P&L). Plan exceeded client’s ROI hurdles.

• Developed strategic plan for a $90 million downtown convention center and 250-room hotel. Engaged auditorium district to contribute district-owned land and tax increment funds. Project exceeded ROI hurdles but client was unable to secure equity. Another developer is currently executing with a similar deal structure.

• Advised broker client on several winery and wine-related business projects, developing business plans and investment packages to support sale of 3 different wineries.

• Led market study & entitlement process for a multifamily development client, resulting in approval for 3-phase, 600-unit multifamily project.

Strategic Real Estate Manager
Company Name: City of Boise (Head, Real Estate Department)
Dates Employed: 2014 – PresentEmployment Duration 3 yrsLocationBoise, Idaho Area
(Third largest city in Pacific Northwest. Third fastest growing metro area west of the Rockies. Top 10 ranked city nationally by Wall Street Journal and Forbes for business and quality of life.)

Recruited to build real estate department for $500 million portfolio and develop strategies for using real estate to achieve City goals. Partnering with private development, improving operations and adding value to the taxpayer by bringing business operations and private investment approach to real estate portfolio for the third largest city in Pacific Northwest. Dual reporting to Mayor and Director of Planning & Development.

• Revived languished downtown stadium plan. Worked with minor league baseball team to structure a public-private partnership that includes three public agencies and two private partners for a $190+ million mixed-use project including a multi-use stadium, a hotel, residential units, and various retail/entertainment amenities.

• Enticed 6 new hotels to start projects in downtown Boise by engaging three government agencies to overcome barriers and identifying $20+ million in public support. One is under construction, three have received project entitlements, and two are in planning.

• Completed ten acquisitions totaling $4+ million. Sourced properties, negotiated transactions, conducted due diligence, and closed purchases. Built 13-department matrix organization to improve decision making and reduce costs and risk.

We make no judgements, but having a real estate guy who does deals working for the city making deals seems like a questionable arrangement at best.

Comments & Discussion

15 comments for “City Staff Real Estate Developer”

  1. This way they can do deals without anyone knowing until it is done and unrecoverable. So much for ethics. Typical of this mayor and council. And no state law to stop it?

  2. Just how many of these projects are funded by the taxpayer? CCDC, Boise Auditorium, etc.

    From a close friend in the know that has been a developer in Boise for a lot of years Tamarack is headed for yet another failure, or bankruptcy. Will be interesting to see what develops there.

    Donald Trump was also known as the founder of taxpayer bailouts, so it is no surprise about his guy either.

  3. It is terrible. I wonder how much we all are paying him. No wonder our city is looking worse by the month.

  4. He knows how to puff a resume. This reads as if it were a fait accompli–and it most likely is.

  5. Concerned Neighbor
    Feb 16, 2017, 8:10 am

    Obvious double dipping and conflict of interest.

    There’s 1 section with a $20 Million taxpayer funded corporate welfare. How many others?

    My Boise taxes have grown 50% in 3 years. I’m fed up with this waste and underhanded operation!!!

  6. Shouldn’t be a surprise.
    A developer has been running the City’s building department (PDS) for years

  7. A QUICK REVIEW OF THE BOISE CITY CODE REVEALED THE FOLLOWING:

    BOISE CITY CODE, TITLE 1

    Section 1-21-03 STANDARD OF CONDUCT

    No City official shall knowingly:

    A. Use his or her official position or office to obtain financial gain for him or herself, any member of his or her household, or any business with which he or she or a member of his or her household is associated.

    Section 1-21-06 PROHIBITION OF FINANCIAL INTEREST

    A. No public official having any discretionary function to perform in Connection with an expenditure, purchase, sale, or contract shall have any personal beneficial interest, either directly or indirectly in such expenditure, purchase, sale, or contract made by the City or in any firm,
    corporation or association that furnishes or bids on such purchase, sale or contract.

  8. Can we ask the AG to investigate?

    Can a citizen file and complaint or ask for an investigation?

    EDITOR NOTE–AG Will not investigate. The county prosecutor is the only one who can check into potential crimes in the county. The AG CAN investigate complaints against county officials. Not sure any crimes are indicated which means the ballot box is the only place for justice.

  9. Wow! He’s “interested in travel, soccer, wine and real estate.” (From his website – link in story.) I say we’re lucky to have such a talented fellow, condescending to be a “public servant” in our humble little burg. Mayor Dave sure brings in the talent, doesn’t he?!!
    /sarcasm

  10. Need answers
    Feb 16, 2017, 2:16 pm

    There is a city ethics commission that might want to look at this.

  11. What he said
    Feb 16, 2017, 8:50 pm

    What Trump said about the media at his 2/16/2017 press conference is clearly also applicable to this city’s media. Dirty deeds done right under their nose and even with their approval. Nothing but sunshine blown up the citizen’s rear by the local media. Shame!

  12. Mr. Brookshier, I am sure you are reading this article and the comments, I believe in “innocent until proven guilty”, so now is a good time for you to step up and to clarify the issues being raised and let the community know that while employed with the City you never had any financial interest, of any kind, either directly or indirectly through a family member or company you have any ownership or interest in, in any project that received any form of City support or special consideration, and that you have never used your position with the City to gain influence or favors for any project you have any financial interest in. Financial interest goes beyond ownership and includes any fees, commissions, consulting fee, income, etc

    Thank you for your time Mr. Brookshier, look forward to your response.

  13. where there is smoke….

  14. Can someone tell me why in the heck EVERYTHING has to be crammed into downtown? You know, there are a lot of other places that could be made where people could go to enjoy shopping and culture and that whole “vibe” (and other buzzwords they like to throw around) thing. Let’s spread some things around, please.

  15. It About Power and Money
    Feb 21, 2017, 6:03 pm

    Gertie –

    It is all about control, power, ego and MONEY.

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