The Arizona Republic - 07/26/2018 Copy Reduced to 43% from original to fit letter page Page : BG01 The Business Resource • abgnews.com THURSDAY, JULY 26, 2018 INSIDE: MORE ESSENTIAL NEWS ABOUT THE METRO PHOENIX ECONOMY New in the neighborhood Regional report Markets Business leads Learn more about a new business. Business news from around the Widely held stocks and top mutual Bankruptcies, incorporations, Page 2 Valley. Page 4 funds. Pages 5-6 calendar. Pages 7-11 Tourism in state generates $22.7B Russ Wiles A strong economy, moderate gaso- and restaurants. basketball tournament in 2024 bode Arizona Republic line prices, expanded international air The state doesn’t track the actual well for the state’s long-term travel po- USA TODAY NETWORK routes and an aggressive marketing number of touristsbut rather overnight tential. campaign helped lure visitors to Arizo- stays, spending and related data. Tour- Arizona’s hotels, motels and other na. ism spending equated to about $62 mil- Sporting events boost awareness lodging venues hosted a record number The state welcomed American and lion a day. Visitors tended to stay nearly of visitors, who spent a record amount foreign visitors who had 43.9 million four nights each on average. Those sort of sporting events, along of money last year, according to new re- overnight stays in 2017, collectively Recent announcements that the Su- with Cactus League baseball, the Waste search from the state’s Ofce of Tour- spending $22.7 billion and directly sup- per Bowl will be held here in 2023 and ism. porting 187,000 jobs — largely in hotels the Final Four of the NCAA men’s college See TOURISM, Page 12 Interim director appointed for Corp. Commission BrieAnna J Frank Special to the ABG USA TODAY NETWORK The Arizona Corporation Commis- sion appointed an interim executive director to lead its staf after the previ- ous head resigned amid confict-of-in- Brian and Alisha Koborg are owners of Chemdyne Pools & Spas in Fountain Hills. ROB SCHUMACHER/THE REPUBLIC terest accusations, the agency an- nounced Thursday. Matt Neubert will take on the role after serving as director of the com- mission’s securities division for 15 years, overseeing nearly 46 employ- ees. Before that, he served as director How an AZ couple of registration and compliance within the securities division, the agency said. The Arizona Corporation Commis- sion regulates electric, water and gas kept business afoat utility companies, securities regula- tion and incorporation of businesses, Georgann Yara couple started in 2012. They returned to But reality followed just as quickly. among other responsibilities. Special for the ABG Arizona, where they met, after the birth And hit hard. The previous director, Ted Vogt, re- USA TODAY NETWORK of their frst child and started their cur- Koborg’s experience as a fnance ex- signed after commissioners said he rent business with money garnered ecutive and business research pre- failed to disclose that his wife worked Nearly 10 years have passed. But from the sale of their frst one. pared her for an estimated 7 percent for a lobbying company tied to Arizona how Alisha Koborg decided to use the In that time, Koborg’s bonus has loss with the purchase of a new route. Public Service Co., which the commis- $57,000 bonus from her CFO job re- generated a million-dollar company, However, the turnover and subsequent sion regulates. mains a vivid memory. she said. In Arizona, they grew an ini- loss due to understafng created a larg- Vogt said if his wife’s job was a vio- At the time, Koborg and her hus- tial client list of 32 pools to one that cur- er loss. lation of state or commission regula- band, Brian, decided to start their own rently boasts more than 500 accounts “It’s been a steep learning curve. It’s tions, it was unintentional, but he un- swimming pool-maintenance busi- for residential and commercial clients. been great and not so great at times,” derstood that “perceptions matter.” ness. It was 2009, and they were living And when they took the company to she said. Commission Chairman Tom Forese, in Texas. They used her bonus as a the next tier by acquiring Fountain who had called on Vogt to resign, springboard. Hills-based Chemdyne Pools & Spas in Honesty is key praised Neubert’s “honor and integri- “It was very hard to let that check go. August 2017, the Koborgs’ revenue tri- ty” in previous roles. I was gripping it,” Koborg said, as she pled overnight with the inheritance of Putting more cash into marketing. “(Neubert) has a fantastic track rec- laughed. big commercial clients. Their small Hiring a crop of new staf. Ofering ord, and I think he would do an excel- But years later, their investment has business American Dream, which they screaming deals to attract new clients. lent job steering the commission,” paid of with Arizona Pool Keeper, their meticulously spent growing slowly but Forese said in a written statement. Fountain Hills-based company the surely was in swift motion. See COUPLE, Page 12 Neubert said he was “honored” to step into the position. “We have a tremendous staf of dedicated individuals who help to in- form Commissioners on utility ser- vices and rates, railroad and pipeline safety, securities investors, business APS spends to keep measure of ballot flings and corporations on a daily ba- sis,” he said. Rachel Leingang The fve commissioners voted dur- Special to the ABG ing Thursday’s meeting to discuss USA TODAY NETWORK next month a recruitment plan for a permanent executive director. Arizona’s largest utility has spent millions so far trying to derail an efort to ask voters to increase the state’s re- quirements for renewable energy. What exactly the money was spent on is unclear. Also unclear: whether the measure they oppose will even make the 2018 ballot. In new campaign flings, Arizona Public Service Co.’s parent company re- ported spending nearly $6 million on a signature-gathering frm in the past few months. The company didn’t ap- pear to gather any signatures to place a The Arizona Corporation Commission See APS, Page 3 APS is opposed to a clean-energy ballot measure. THE REPUBLIC in Phoenix. TOM TINGLE/THE REPUBLIC INDEX Copyright 2018 Vol. 138, No. 30 Real estate ❚ Page 2 Business news ❚ Page 3 Regional report ❚ Page 4 Stocks ❚ Pages 5-6 Personal finance ❚ Page 12 Established 1880 $1.00 PART OF THE USA TODAY NETWORK Copyright © 2018 The Arizona Republic 07/26/2018 July 27, 2018 8:32 am (GMT +7:00) Powered by TECNAVIA The Arizona Republic - 07/26/2018 Copy Reduced to 43% from original to fit letter page Page : BG02 2BG ❚ THURSDAY, JULY 26, 2018 ❚ ARIZONA BUSINESS GAZETTE Real Estate Developer KDC has announced plans for an office high-rise at Tempe Town Lake. KDC New ofce highrise planned for Tempe Russ Wiles space. amenity base with easy access to State quartered in Dallas, has produced about Special to the ABG The companies disclosed neither any Loop 202 via McClintock (Road),” said 33 million square feet of property valued USA TODAY NETWORK likely tenants nor the cost of the project, Peter Yates, KDC’s Phoenix market di- at more than $7 billion, specializing in to be situated on East Rio Salado Park- rector, in a statement. He said the “vi- data centers and broadcast studios. Developer KDC and the Weitz Co., a way east of the new corporate campus brant surroundings” and quality of la- The company said it has worked on construction company, announced occupied by State Farm. bor in the vicinity are attractive to po- developments for FedEx, J.P. Morgan plans to build an ofce highrise at Tem- Many other details, including the tential corporate clients. Chase, Liberty Mutual, Raytheon, State pe Town Lake near the Arizona State number of foors in the building and On-site amenities could include res- Farm, Toyota North America and other University campus. likely completion date, also weren’t re- taurants, retail locations and nearby entities. The Tempe Waterfront joint venture vealed. Construction has not com- links to public transportation and hik- Reach the reporter at russ.wiles is envisioned to consist of up to menced. ing trails. @arizonarepublic.com or 602-444- 400,000 square feet of prime ofce “The site is surrounded by a strong KDC, a build-to-suit developer head- 8616. NEW IN THE NEIGHBORHOOD Modern Acupuncture expands to Mesa Georgann Yara Special to the ABG One of the newest locations in the Scottsdale-based Modern Acupuncture franchise opened its doors in Mesa in June. Franchisee Shannon Tolbert talks about her acupuncture business, which will soon be joined by her second in Gil- bert next month. What goods or services will customers fnd? Modern Acupuncture ofers an en- hanced acupuncture experience Shannon Tolbert owns Modern through traditional and cosmetic acu- Acupuncture Mesa, which opened in puncture, treating conditions such as June. stress and anxiety, insomnia, digestion issues, allergies, chronic and acute pain, fne lines and wrinkles, under-eye bags, terms of alternative methods of healing. lack of skin hydration and more. Unlike Through the service that we ofer at conventional acupuncture, Modern Modern Acupuncture, I am confdent Acupuncture utilizes needle therapy on that our clinic will positively impact the nodes to increase blood fow and does Mesa, Gilbert, Tempe and Chandler not require the removal of any clothing communities — so confdent that I have and still access the full-body’s health. invested in a second location that’s slat- ed to open in August. What makes your business unique? What did you do professionally before opening this business? Modern Acupuncture is the only branded acupuncture company in the I was a chief marketing ofcer at a nation.