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[UPDATE] Change in municipal zoning law headed to governor. “The legislation changes the requirement of a three-fourths vote… to approve a zoning change from 20 percent of property owners on one side of a property protesting the change to 20 percent of all property owners within 150 feet of the surrounding the property… making it far more difficult for a legal protest to occur. In addition, the bill permits right of ways to be counted in the 150-foot measurement.” More on HB 2116, which “passed the House 59-0 on Monday,” in Rose Law Group Reporter. Jordan Rose, Founder and President of Rose Law Group calls this “most significant land use law change in a decade”. http://bit.ly/2qT6xhR
Gilbert growing, investing to meet demand. “The 2018-2022 [Capital Improvement Plan] shows a healthy $957.5M five-year total, with $483.3M budgeted in FY17-18. This represents an increase of 11.69 percent over last year’s program.” Tap to AZBEX to check out “Newly Added Projects” and “Ongoing Infrastructure Investment” — or as the subhead puts it: ”Roads & Sewers & Parks — Oh My!” http://bit.ly/2pvTTF5
“WAIT TIL THE WARM UP’S UNDER WAY…” The best is yet to come for homebuyers. “According to a recent analysis by Zillow, the best time for buyers isn’t spring, but summer — the end of summer, that is.” Find out why, and see how Phoenix stacks versus other metros in a comparison of “reductions over the spring and summer months,” at RISMedia. http://bit.ly/2qo1A4w
Phoenix ranks among top apartment markets. CBRE: “This is a direct result of high net in-migration along with robust employment growth and the low home ownership rate…. Also a good indicator that metro Phoenix is not over-built.” Check out the figures/charts for “Net apartment units leased” and “New apartments on market” — at Phoenix Business Journal. http://bit.ly/2q0sSg6
New Prescott homes might get less water. What’s behind the move? “[It] would bring… water allocations for new residential development more in line with actual usage.” This in turn would “enable directing more of the city’s very limited supply of unreserved alternative water to nonresidential, economic development projects.” More from this water story, including details that are a little on the dry side (e.g., allocation and actual water usage by “acre-feet” and “gallons per year”), at The Daily Courier. http://bit.ly/2qOhiG0
Pollack: 2Q rebound. “The data seems to be giving an early indication that the second quarter will show a rebound from the weakness experienced in the first quarter.” The Monday Morning Quarterback hits us with data for these “Snapshots”… U.S.: Employment (chart), Productivity, Personal Income & Consumption, Consumer Credit, Auto Sales, Manufacturing, Construction Spending. AZ: Sky Harbor – Enplanes & Deplanes (a disappointment), Resale Housing Activity – Greater Phoenix. http://bit.ly/2pvUqHb
Half of non-homeowners expect to buy homes in 5 years. “An additional 20% say they plan to purchase a home in the next 10 years, leaving just 28% who expect to remain renters or in other living arrangements… 20% expect to sell within the next five years…” Click to Gallup for complete survey results. http://bit.ly/2q3cfyo
FROM BOOMER TO BUST? – Builder confidence in Boomer market takes a dive. However, the “chairman of the NAHB’s 55+ Housing Industry Council,” Dennis Cunningham, notes this bright spot: “Although builder sentiment in the 55-plus housing sector is down from the previous quarter [55 — down from 67], overall confidence is still in positive territory and builders remain optimistic about the market.” More on the “55-plus single-family HMI” at RISMedia. http://bit.ly/2qWj6ck
Cameron’s $5M + deals of the day – http://bit.ly/2q3eEsR
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Pinal County’s Kanavel wins economic development award. Economic development manager Tim Kanavel takes home the “Arizona Association for Economic Development’s annual Economic Development Distinguished by Excellence Award for Economic Developer of the Year, Small Community.” The EDDE Awards honor individuals and organizations that have made significant contributions to the advancement of the organization and also to economic growth in Arizona.” And after checking out Tim’s “significant contributions” in PinalCentral, we’re sure that you’ll agree with us that this is a well-deserved honor. Congratulations to Tim Kanavel! http://bit.ly/2qo1VE6
Buffett: Housing improving but not booming [VIDEO]. “Warren Buffett, Berkshire Hathaway chairman and CEO, weighs in on the state of the real estate market.” The entire interview comes in at just under 3 minutes. WATCH it at Mortgage News Daily. http://bit.ly/2pvYirQ
The cost of cuts: Arizona tax carve-outs last year hit $13.7B. “In fiscal year 2016, state law allowed [these] taxes to go uncollected through a litany of exemptions, deductions, allowances, exclusions or credits.” Arizona Center for Investigative Reporting looks at a bill that aims to curb such “tax tax expenditures.” SB 1144 — which was introduced by Sen. Steve Farley, D-Tucson, and Sen. David Farnsworth, R- Mesa — would “require a review of the hundreds of carve-outs… every ten years.” http://bit.ly/2qODHD1
Ducey inks SB 1406 to curb ‘drive-by’ litigation. “Senate Bill 1406 defeats the motives of ‘shakedown’ litigation threats, fabricated by individuals or groups for the purpose of extortion. It also establishes a… grace period to business owners in order to allow them sufficient time… to comply… Grievances revolved around infringements of the Arizona Disability Act… and involved a multitude of lawsuits filed against Valley enterprises claiming violations (e.g., “Hey, Mr. Shopkeeper, your parking sign is off an inch. Pay up or else!”). Arizona Business Daily. http://bit.ly/2q0KzfQ
Parent group will seek to overturn Arizona school-voucher expansion. “Save Our Schools Arizona was formed by women upset by the expansion of the ESA program, which they say could dismantle public education. They also say it disproportionately benefits wealthy families who might otherwise afford private-school tuition without taxpayer aid.” But according to AZCentral, “the anti-voucher group faces an uphill battle, even if its proposal gets enough signatures to make the [November 2018] ballot.” http://bit.ly/2q0Exvy
‘Brain drain’ persists in Arizona. Get a college degree in AZ and then split town to “work elsewhere”? Cronkite News reports that this is exactly what’s happening with grads from U of A: “A smaller percentage of Arizona residents who graduated… from U of A were employed in Arizona in 2015 compared to the number of graduates from the state’s other two public universities who stayed to work in the state.” See what’s causing this drainage and learn what officials are doing to plug it. –> http://bit.ly/2q0OZ6d
Not everyone on board as light rail expands. “While many say that the light rail has made transportation easier, a survey of commuters and residents along the corridor revealed that a sense of unease arises when they witness certain activities. Describing increased loitering and littered drug paraphernalia, a concern for public safety is unanimously paramount.” Cronkite News takes the pulse of some of the locals along the line, and looks into what’s being done to address their safety concerns. http://bit.ly/2pwm1rO
One big $280M airport contract poised to be awarded as another bidding. “The city of Phoenix is closing in on the award of a big $280 million contract to further extend the PHX Sky Train monorail to the rental car center at [Sky Harbor].” And the “preferred bidder for construction of Sky Train extension” is…? Find out in Phoenix Business Journal. http://bit.ly/2qZ81b5
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