More on Dan Saltzman's loot
After his BFFs at Willy Week (mayoral endorsement pending) wrote about Portland city commissioner Dan Saltzman's real estate bazillions last week, we asked the state government ethics office for our own copy of "Legend" Dan's annual financial disclosure statement, filed in April. It showed up Friday afternoon, and we're posting it here.
Here's his reported income for 2009:
The file we got from the state is hard to read -- at our age, we needed a magnifying glass for some of the numbers -- but our calculator comes up with $789,972. That was the aggregate of the "partner distributions" from seven LLCs and a limited partnership -- all of them save for one (which distributed only $21 to him) located at 1800 SW First Avenue, down on the streetcar line near the Portland Plaza complex. Also included is a "shareholder distribution," from an LLC at the same address. (No explanation was offered for the odd terminology -- usually, LLC owners are referred to as "members.")
It's interesting that the reported amounts are Saltzman's distributions. There's a distinction made in partnership and LLC accounting between income and distributions. The former is the share of partnership profit that was credited to the partner's capital account; the latter is the cash actually paid out to the partner. The two are not the same. If a partnership makes a ton of dough and pours it into new assets, that's still the partners' income, even though they received no cash. On the other hand, partnerships can make distributions to partners even in years in which they lose money. It appears Saltzman reported cash flow.
That is one heck of a fat cash flow. And Dan owns only 20% or 25% of these companies. If the distributions to partners were pro rata, the family raked in well north of $3 million for the year. This recession is so tough.
It's interesting that "Legend" also reported the amount of income from each source, whereas the state form requires only that the office holder "[i]dentify the sources of income... that produced 10% or more of the total annual household income."
On a related front, the disclosure statements show that the commish has interests in 17 different real estate companies, all at that same address:
Here, the instructions ask only for "all real property... in which... you... had any ownership interest,... located within the geographical boundaries of the public entity you serve." Since some of the entities that threw off distributions during the year are not listed among these 17 entities, this latter list may be only the Saltzman entities that own real estate within the Portland city limits. Who knows how many other real estate investments there are in the clan?
We were hoping to find some similar fireworks in the other commissioners' reports -- or in those of the Multnomah County commissioners -- but no dice, it's pretty mundane stuff.
In any event, for the Google search engine, here are the names of all the Saltzman companies typed out in HTML characters. It would be interesting to comb through the City Council records sometime and see if any of them crop up in city transactions. Have fun, internet sleuthers:
Sources of income: Boeckman Road LLC, Orchards Center LLC, Foxborough LLC, Gallery Park LLC, Salish Lake LLC, AllianceBernstein Holding LP, Bridgeport Commons LLC, Westlake Meadows LLC, Hastings Ranch LLC.
Real property interests: Gallery Park LLC, Five Oaks Drive LLC, Lincoln Street LLC, Saltzman Properties LLC, Orchards Center LLC, Foxborough LLC, Boeckman Road LLC, Salish Lake LLC, Hastings Ranch LLC, Westlake Meadows LLC, Oregon Pacific Capital Management Corp., Bridgeport Commons LLC, Westfal LLC, Goosehollow Townhomes LLC, 12th & Pearl LLC, OP Pearl LLC, Oregon Pacific Investment & Development (real estate investment corporation), partner in First Harrison Company, Parkside Plaza, Saltzman Properties, VLF LLC, and Parkside Center.