At the September 20, 2022 meeting of the Virginia Beach Development Authority, Atlantic Park Surf Park requested the issuance of 501(c)(3) bonds.
The question everyone wants to know, “Who is P3 Foundation, Inc.?” Essentially, P3 Foundation Inc. is a nonprofit set up to exclude bond interest from taxation.
At first glance, it is a nonprofit whose mission is, “to partner with public and charitable entities to develop services, activities, and programs designed for senior housing, education, health care facilities, affordable housing, and governments.” The address listed on Charity Navigator is 4100 Carmel Road, Suite B, #214, Charlotte, North Carolina which is a UPS Store.
The organization was founded on July 6, 2017 and has “Corporation Service Company” as a registered agent with a mailing address of 2626 Glenwood Avenue, Suite 550 in Raleigh, North Carolina (a law firm with thousands of registered companies).
The Articles of Organization show an address of 525 North Tryon Street, Suite 1600, Charlotte, North Carolina.
filed in North Carolina
For years 2017 and 2018, P3 Foundation Inc. had less than $50,000 in gross receipts with Jeffrey Klein listed as the Principal Officer.
Seems Kosher, right? Not so fast . . .
On August 8, 2019, the Foundation was issued over $26 million in Lancaster IDA Revenue Bonds.
The members at that time were:
Jeff Klein, President – an asset/investment manager and manager/member of numerous LLC’s organized to transfer funds
Greg Fawcett, Secretary – the president, managing member, and founder of Piedmont Securities LLC
Jim Moore, Treasurer – an asset/investment manager and financial advisor
Kim Wyatt, Executive Director – an asset/investment manager and financial advisor
Andrew Kittleson, Director – a wealth advisor in ‘alternative investments’
Christopher Liedel, Director – an investment banking and strategy consultant
Louise Waller, Director – an asset/investment manager
In a filing with the IRS, payments to closely affiliated organizations totaled $245,750. These for-profit entities were organized by the Foundation’s board members.
Form 990 (2019)
Edgesight LLC received $96,750 for, “bond-related services,” performed on behalf of the Foundation. Edgesight was organized by the Foundation’s executive director, Kim Wyatt, on 8-18-2018 in Texas, with its principle address in Denver, Colorado.
NP Asset Services LLC received $145,000 for, “asset management and bond-related services,” performed on behalf of the Foundation. NP Asset Services was organized by the Foundation’s president, Jeff Klein, on 8-2-2019 in Texas. Greg Fawcett and Jim Moore are also managing members of NP Asset Services.
Associated funds:
California Municipal Finance Authority
There are several organizations tracked back to P3 Foundation Inc. in North Carolina, all of which are for-profit investment companies:
Frame Financial Systems LLC (operated from the same UPS store as the Foundation)
JSK Enterprises LLC
Kensington CA LLC (with a principle office at a $3.5 million residence in Charlotte, North Carolina)
Kensington Capital Advisors LLC registered as a municipal advisor until February of 2019. Principle office is another UPS Store.
Piedmont Securities LLC a brokerage firm started by Greg Fawcett, the Foundation’s secretary, and located at 215 South Main Street, Suite 304 in Davidson, North Carolina.
Associated companies:
Fourth Ward Capital Holdings LLC in Columbia South Carolina.
P3 CPTC Holdings LLC organized in Delaware with a controlling interest in P3 Foundation Inc.
CPTC Acquisition LLC located in San Diego, California.
P3 FMC Holdings LLC located in Lancaster, Pennsylvania with a principal address at a UPS Store.
Atlantic Park Project
March 16, 2021
August 10, 2021
On August 17, 2021 the Atlantic Park Community Development Authority was created after Rocky Holcomb was seated to VBCC as an $84,000 asset bought by Delegate Barry Knight.
April 5, 2022
July 12, 2022
Background leading to the approval:
10/4/2016 VBCC considers bond resolution (fails 8 to 3)
A slew of campaign contributions from Venture Realty and associates to state electeds sealed their bid (and bond approval) for the Atlantic Park wave pool project.
On September 29, 2019, Venture Realty registered Atlantic Park Inc. with the State Corporation Commission listing Michael A. Culpepper, Donna L. Whitaker, John L. Gibson III, and Bruce Berlin as officers.
October 22, 2019, less than a month after the corporation registered and before Delegate Knight reintroduced the legislation, Atlantic Park was the approved contractor for the Dome project.
