News Ticker

COVID-19 News Round-up for June 12

Credit: 660 News

BudgetPolicy & Stimulus News 

Peoria to receive $20M in CARES Act funds 

The City of Peoria is about to see some financial relief come its way to address the economic fallout of the COVID-19 pandemic. The State of Arizona has received $441M in direct, flexible funding to be disbursed to cities, towns and counties that did not receive direct federal funding thanks to the Federal Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. Of that, Peoria is due $20.2M, which will be paid back to the city in reimbursements. (Source: Peoria Independent) 

Board Allocates $399for COVID-19 Response and Recovery 

Maricopa County is injecting nearly $400M into the local economy to help combat COVID-19. The purpose of this money is to cover expenditures related to the public health emergency that were not already included in fiscal year 2020 budget. (Source: Maricopa County) 

Economic News 

Pandemic Threatens to Upend a Thriving Real Estate Model 

Mixed-use projects have been a hallmark of the country’s urban renaissance over the past couple of decades. But the coronavirus threatens to upend the allure of retail and restaurants in these developments. Safety concerns and a changing patchwork of state and local virus-related regulations have led developers to rethink the layouts and designs of such areas. (Source: Phoenix Business Journal) 

Pandemic Disrupts Supply Chain & Creates More Industrial Demand 

Travel restrictions due to the COVID-19 pandemic have severely impacted the supply chain for the foreseeable future. According to research from CBRE, the disruption in the supply chain will create demand for 400MSF-500MSF of industrial space. (Source: GlobeSt.com) 

Opportunity Zone Funds Work to Regain Momentum 

Capital raising for opportunity zone funds slowed in the wake of COVID-19, but managers are seeing an uptick again as market conditions improve. (Source: National Real Estate Investor) 

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