The Dealmaker: 2/1/2019

Arizona Legislature passes historic Colorado River drought plan hours before deadline. “Gov. Doug Ducey promptly signed the legislation, clearing the way for Arizona to join in the three-state Drought Contingency Plan together with California and Nevada.” The story on the race to meet the deadline, what the plan does, and how demands from California could cause some major headaches — in AZCentral. http://bit.ly/2Gd6qZv

State moves to control landlord-tenant relations. HB2115, which puts “new limits on the regulations that cities and counties can enact on landlords,” squeaked through the House Government Committee yesterday with a 6-5 vote. But as Cap Media Services’ Howard Fischer notes in this Arizona Cap Times report, “Despite the party-line vote, the future of the measure is not assured.” http://bit.ly/2Sko2Jg

MORE WATER – H2O Woes: Water leaders sound off on Valley’s water supply. Or as the subhead to this PBJ paywall piece puts it: “Those in the deep end offer thoughts on where Arizona has to go to get water.” http://bit.ly/2DOQFXa

Optima Sonoran Village tops off. The high-profile mixed-use residential community “has poured its last slab of concrete” for “its fifth and final tower.” Move-ins are expected to start in May, and AZRE highlights some of what residents can expect to experience upon settling in. http://bit.ly/2sYzEU9

Mesa ‘eyesore’ to become apartment complex. “What are now fenced-off largely vacant lots on the [NW] corner of [Main & Country Club] are envisioned as a five-story, nearly 200-unit apartment complex with bottom-floor retail… The sale of the land [to developer Chicanos Por La Causa] is just one of the city land deals approved in January.” AZCentral. http://bit.ly/2G3Jm02

More than 400 building permits issued in 2018 for work in Gold Canyon area. “2018 was a banner year for the issuing of building permits in the ZIP code of 85118, which includes the community of Gold Canyon…” AJ Independent breaks down building permit numbers for years 2014-18, data courtesy of Pinal County. Plus, Bellago Homes president Wayne Funk makes a splash with info on his company’s building permit activity. http://bit.ly/2BeJcPb

FLAGSTAFF: Council jumps at weighing in on Lone Tree student development. “[T]he center of attention is a development on a 15.14-acre piece of land owned by Pine Canyon… The issue appears to be ambiguity in whether the agreement, signed by the city and Pine Canyon in 2000, describes the development as condominiums or not…” Arizona Daily Sun. http://bit.ly/2MJ86Lq

Where millennials are buying homes, 2019 edition. Take the “current rate of millennial homeownership,” compare it to the “rate from 10 years ago,” and what do you get? Two Valley cities among SmartAsset’s top 25 for millennial homeownership — one cracking the top 10! (via Builder.) http://bit.ly/2MR9oEp

Bill to exempt Sun City rec centers from law. YourValley has the backstory on this intra-community legal squabble along with details on the latest action: A bill sponsored by Rep. Kevin Payne (R-Peoria) that “would void a court ruling stating Recreation Centers of Sun City must operate under the state’s Planned Communities Act.” http://bit.ly/2S2foQu

Treasury, IRS deliver qualified business income rule victory to real estate professionals for 2018 tax season. “[T]he Section 199A provision provides critical tax deductions [20 percent!] for small businesses and self-employed independent contractors…” RED News looks at the “three major provisions” that stand out for real estate pros. —> http://bit.ly/2MOOypa

Cameron’s $5M + deals of the day – http://bit.ly/2GdFskf

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