Rio Nuevo Approves Tightened 2021 Budget
Source: Rio Nuevo Facing a substantial reduction in next year’s revenue due to COVID-19, the Rio Nuevo Board approved a break-even budget reflecting an estimated $6M reduction in annual state tax revenue. The District has been dramatically impacted by COVID-19 related business closures and the subsequent economic slowdown. The District ended the year with a little over $6M cash on hand and has elected to hold those funds as a […]
COVID-19 News Round-up for July 7
Budget, Policy & Stimulus News Virus Surge May Force More Business Relief Because more than $130B remains in funding from the Paycheck Protection Program, Congress has approved a six-week extension for applications. There is speculation that, due to a nationwide surge in new COVID-19 cases, Congress will have to use the additional time to devise and implement a new or expanded relief/stimulus program before it recesses in […]
Statement of Direction OK’d for SmokeTree Resort
By Melissa Rosequist for Independent Newsmedia Official marching orders have been set laying out perimeters for the Paradise Valley Planning Commission to scrutinize and evaluate revamped plans for SmokeTree Resort. While the resort is in the early stages of going through the town’s official municipal approval process, the larger discussion of welcoming public input and comment while adhering to COVID-19 safety guidelines is on […]
COVID-19 News Round-up for June 30
Budget, Policy & Stimulus News State Budget Expecting $700M Hit Arizona’s economy has performed better than anticipated since the start of the coronavirus outbreak, but the state is still projected to see a $700M shortfall, according to the legislature’s top budget analyst. Earlier estimates had ranged as high as $1.1B. (Source: KTAR) Economic News Work from Home May be Fueling Casa Grande Home Boom The […]
Multifamily Construction Costs May Drop
By Bendix Anderson for National Real Estate Investor Heading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put a halt to that, scrambling the projections of economists, developers and contractors. Developers aren’t exactly finding bargains at the moment, since […]
COVID-19 News Round-up for June 26
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 […]
Maricopa County Board Approved $3B Budget
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 […]
COVID-19 News Round-up for June 23
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 […]
COVID-19 News Round-up for June 19
Budget, Policy & Stimulus News Mesa Allowing Permit Extensions Mesa is allowing developers and builders to extend construction and development permits as well as planning and zoning approvals because of the impacts of COVID-19. (Source: Rose Law Group Reporter) Peoria Figuring out CARES Act Allocations With an expected $20M in AZCares funding expected, Peoria’s plan is to put at least some of the […]
COVID-19 News Round-up for June 16
Budget, Policy & Stimulus News Yuma Extends Permits for Builders Yuma is extending the expiration date of most permits to help developers and those in the construction and real estate industries as they struggle with difficulties related to the COVID-19 pandemic. Council adopted a resolution extending the time of some permits to 180 days for those taken out […]