Author: BEX Staff

Budget, Policy & Stimulus News  Surprise Gets $16M in CARES Cash   The City of Surprise recently received more than $16M via the Coronavirus Aid, Relief, and Economic Security Act to help offset tax losses and other budget impacts from the COVID-19 pandemic. The funds are intended to help with public safety personnel costs. Money freed up through the assistance payment will be used to shore up the General Fund in the face of sales tax losses. (Source: Independent Newsmedia)  IRS and Treasury Ease Opportunity Zone Incentive Requirements  Earlier this month, the Treasury Department and Internal Revenue Service issued revised guidelines and timeline extensions for investors in Opportunity Zone-related projects. (Source: Snell & Wilmer)  Economic…

Source: Arizona Corporation Commission  Arizona Corporation Commissioners voted for Johnson Utilities LLC to begin work on the Pecan Water Reclamation Facility Phase IV Expansion and Influent Pump Station & Headworks Replacement projects approved in Decision No. 77330.  The Pecan Water Reclamation Plant Phase IV Expansion totals approximately $18M and will expand the capacity at the plant from 3.0 million gallons per day to 4.0 million gallons per day.  Based on the Commissioners vote, the project will proceed without further delay and the company’s interim manager, EPCOR, has been directed to immediately commence construction. The project is expected to take approximately 12 months to complete.  The Commission directed Johnson ownership to…

Source: Maricopa County  Maricopa County is putting hundreds of millions of dollars in federal funds to immediate use helping people impacted by the COVID-19 pandemic while also pulling back on discretionary spending unrelated to the crisis. The Board of Supervisors approved the final $3.071B budget for fiscal year 2021. The bulk of spending is focused on core responsibilities like public safety, with an increased amount dedicated to community health.   “These are difficult times. This budget focuses on what people need right now: investments in their safety, their health, and their economic wellbeing, all within our state mandates, all without raising the tax rate,” said Board of…

Groundbreakings  1. Pacific Hospitality Group and Mortenson recently broke ground on a 238-room, 8-story Hyatt Place hotel in downtown Phoenix. The project is expected to be completed in September 2021. Allen+Philp Partners is the architect.  2. FatCats Entertainment has started construction on their new ground up, 61KSF family entertainment center at 20660 E. Riggs Road, Queen Creek. The $11M project will have 8 theaters, 20 bowling lanes, arcade, nine-hole glow in the dark mini golf, party room, virtual reality area, bar and restaurant. TK Architects is the design firm and A.R. Mays Construction is the general contractor.  3. The partnership of Davcon Aviation and Mesa Hangar has started construction on nearly 400KSF of hangar and office space at Mesa Falcon Field Airport. The $60M project is being managed by GCON, Inc.  Progress Reports  4. Lincoln…

By Rebekah Morris for AZBEX  The top 10 Capital Improvement Programs (CIP) in Arizona total $22.5B, a 6.01 percent year-over-year increase over last year’s tally. BEX evaluates the internal planning documents produced within more than 30 municipalities each year, identifying funding levels and future trends in public spending for infrastructure and public spaces. This is the fifth consecutive year of increased budget levels for capital spending in Arizona municipalities.  Top Capital Programs  The preliminary top capital programs for the state are very similar in order from last year. This year the added instability due to COVID-19 introduced a new layer of risk. By and large, the preliminary CIP documents are not…

Budget, Policy & Stimulus News  Beyond PPP: Help for Contractors  A recent article in ConstructionDive takes a look at federal loans, tax credit and other assistance programs beyond the Paycheck Protection Program that can be of help to contractors trying to weather the COVID-19 downturn. (Source: ConstructionDive)  New SBA PPP Rule Allows for (Some) Higher Salaries  The Small Business Administration has officially expanded the amount business owners can pay themselves and their employees and still get full forgiveness for Paycheck Protection Program Loans. That new, higher cap only applies to employees. Owners — those who file a Schedule C or F form — are capped at a much lower $20,833…

By Tasha Anderson for AZBEX  Global energy storage developer, Invenergy LLC, is requesting a Special Use Permit Amendment from Navajo County in order to construct a 400 MW photovoltaic solar and energy storage facility south of Joseph City, called Hashknife Energy Center.  The Special Use Permit Amendment, which was recommended for approval at the Navajo County Planning and Zoning Commission meeting on June 18th, was specifically to expand the previously approved 3,000-acre site area to approximately 3,960 acres. The original Special Use Permit was approved by the Navajo County Board of Supervisors back in November 2019.  The Hashknife Energy Center will generate up to 400 MW of electricity using “Single…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 8.9 percent in May 2020, from April 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 13.3 percent from 14.7 percent in April. In May 2019, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.6 percent.  The state had a net gain of 45,200 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a loss of 6,800 jobs in May,” the report states. Leisure & Hospitality had the largest net gain with 37,200 jobs, followed by Trade, Transportation & Utilities with a gain of 9,000. Construction gained 3,500 jobs over the month.  Construction took the top spot in job gains from May 2019 to May 2020 with a total of 1,500, while Leisure & Hospitality took the top spot in job losses over the year with 87,000.  The Construction sector features three major segments: Buildings, Heavy,…

Awards & Accolades  1. Ranking Arizona published the Top 10 Construction Companies in Arizona. They are:  Haydon Building Corp  Hunter Contracting Co  Ace Asphalt of Arizona  Regional Pavement Maintenance  Granite Construction Company  DPR Construction  Buesing Corporation  Sunland Asphalt & Construction  Achen-Gardner Construction  Hensel Phelps  2. Mike Gallegos, a CRE coach & trainer for several national commercial brokerage firms, and the Managing Director at SVN Desert Commercial Advisors, was one of more than a dozen commercial real estate professionals named to the elite 2020 Best Bosses list of recipients.  3. Haydon Building Corp is proud to announce its Certification from HealthyVerify, the country’s only medically-based, scientific and professional independent certification program helping to…

Sales Transactions  1. Ascent Real Estate Advisors purchased the Wells Fargo Gainey Center building, a 141KSF building at the SEC of Scottsdale and Doubletree Ranch roads, for $43.5M. Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Principal Real Estate Investors.  2. Long Beach Trading Company Inc. purchased Lyra Residences, an 18-unit luxury townhome rental community comprised of two-story smart homes at 2950 N. 38th Street, Phoenix, for $8.11M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer, who was completing a 1031 exchange, and seller, Lyra Residences 38th St, LP.  3. A joint venture lead by Jim Riggs, who partnered with Cambridge Properties and Magna Legacy purchased 16640 North Scottsdale Rd., a nearly…