COVID-19 News Round-up for September 4
Economic News Pandemic Exposes Stress in Commercial Property Financing The severity of the COVID-19 crisis has revealed extreme stresses in one of its primary sources of commercial property financing; the $1.4T market for commercial mortgage-backed securities. “I don’t think anyone foresaw the devastation that COVID would wreak on commercial real estate and the CMBS market,” says Lea Overby, an analyst at Wells Fargo who has covered the sector for almost […]
COVID-19 News Round-up for September 1
Budget, Policy & Stimulus News New PPP Rules Could Change Forgiveness Calculations New rules issued by the Small Business Administration could make some Paycheck Protection Program borrowers’ rent or mortgage interest payments ineligible for forgiveness. Generally, the rules of the COVID-19 stimulus program deem rent and mortgage interest as expenses that count toward loan forgiveness, so long as 60 percent of the […]
Lessons Learned from a Land Use Lifesaver
By Adam Baugh for Withey Morris PLC At the beginning of COVID, when the world suddenly halted in March, my children and I decided to build a bike shed. It was a great time bonding with my daughters, but the end product looked nothing like the fancy shed we intended. Corners weren’t square, hinges didn’t close evenly, and […]
COVID-19 News Round-up for August 28
Budget, Policy & Stimulus News Scottsdale Still Accepting Reimbursement Applications Small businesses in Scottsdale can receive up to $5K in reimbursement grants for their costs related to COVID-19. The city is still accepting applications for the Small Business Reimbursement Program. (Source: Rose Law Group Reporter) Phoenix Moves Faster Than State in Rent Relief Phoenix has provided almost double the relief to renters impacted […]
Construction Contracts in the COVID Era
By David A. Blake for GlobeSt.com Those entering into new construction contracts should include custom language addressing the parties’ respective rights and responsibilities related to COVID-19. Many articles and webinars have focused on how traditional contract clauses in existing contracts may respond to COVID-19 issues. The fit is not always clear. Some guesswork is involved and creativity is called upon […]
COVID-19 News Round-up for August 25
Budget, Policy & Stimulus News $730M Coming to 90K Displaced Ariz. Workers Nearly 100,000 Arizonans who have lost jobs during the pandemic are about to finally receive thousands of dollars each in jobless benefits, according to the Department of Economic Security. DES Director Michael Wisehart said the department has verified 90,000 applications to the “pandemic unemployment assistance,” or PUA, program that […]
ADOT Announces Disparity Study Finalization
Source: Arizona Department of Transportation The Arizona Department of Transportation has finalized the Disparity Study report and the Federal Highway Administration Overall Disadvantaged Business Enterprise Goal and Methodology for federal fiscal years 2021-2022. Based on the results of the Disparity Study, which took into consideration comments and input from the public, ADOT will adopt a 12.89 percent DBE goal for federal fiscal years 2021 […]
COVID-19 News Round-up for August 21
Budget, Policy & Stimulus News Three Tax Breaks for Liquidity During Crisis Wading through the tax legislation implications of the 2017 tax reform and 2020 CARES Act can be overwhelming for many real estate companies. Three tax breaks, however, warrant special attention. These are: The First-year Depreciation Deduction, Faster Write-offs for Interior Building Improvements and Use of Net Operating Losses to Create Liquidity. […]
COVID-19 News Round-up for August 18
Economic News Online Shopping & Delivery Squeezes Landlords Digital grocery sales have soared, but potential aftershocks are significant for smaller tenants that occupy grocer-anchored centers that depend on grocers to draw in customers. Those tenants pay higher rents than they would at other retail centers because of traffic exposure — a premium that could evaporate should current trends in online […]
Project Wants Mesa to Become ‘Surf City’
By Jim Walsh for East Valley Tribune A developer already has “Surf Mesa’’ tee-shirts printed, hoping that his proposed two-acre “surf lagoon” turns into a regional attraction near Phoenix Mesa Gateway Airport. But while the lagoon is the centerpiece of Cannon Beach, it also includes 475KSF of commercial space, a gym, a climbing wall, a go-cart track, a 65-foot […]