18 August 2018

Who's Got A Ticket To Ride? Destination Downtown Mesa > Habitat For Wealth Creation In The OZone


We can see clearly now into the polluted cesspool of politics here in Mesa that the future of downtown Mesa is on the line. That's the byline used by LISC Phoenix President/CEO Terry Benelli using the platform of public transit for smart equitable growth when the extension of Valley Metro Light Rail Service rolled into the Central Business District three years ago to promote, encourage and develop affordable innovative housing in the distressed neglected low-income census tracts we call home. Thanks to new tax credits in the TCAJA - Tax Credits & Jobs Act - for deferred capital gains, millions that have been standing and waiting on the sidelines jumped into the risk pool, gambling million$ for private wealth creation.
It's private wealth creation paid for by taxes and hiking utilities fees/charges on the backs of public bond debt paid by thousands of taxpayers to profit a few conservative Mesa Republican Mormon millionaires who have controlled and monopolized this city for generations.  It's a closely-connected network of cohorts of city officials and inside the Arizona State House who stand to enrich themselves with little to show in public benefits.
Some people call it a culture of corruption when politicians violate the public trust to channel deals and pay-offs up-for-grabs in rampant real estate speculation for their own private profits.
One hoop-and-hurdle facing speculators is passing through local government approval . . . no problem. All this rampant real estate speculation can't get done unless the Mesa City Council holds public hearings and discussions for actions up for consideration and approval by officials inside City Hall.
That was fast-tracked through the end of last year December 2017, moving into city budget presentations.
Everything was going according to carefully-crafted plans until here comes a revelation about all those 'Behind-the-Scenes' buy-outs of more than 8 properties were spreading like wildfire under-the-radar-screen.
The Wizard behind it all, one-term LD25 Congressman and conservative Mormon Mesa Republican Mega-Millionaire
Bob Worsley who faces public anger.
Behind him, ex-U.S. Congressman Matt Salmon who's got a gig as a lobbyist for ASU, Vice-President of Government Affairs.
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Oops! What's missing is this:
The Caliber Wealth Development Company
Scroll up to the second featured image.
You see two principals in Caliber at far left and 2nd right
At the center Mesa Mayor John Giles
At far right AZ State Senator/Real Estate Speculator Worsley
2nd left is W Tim Sprague, Worsley's partner in Habitat Metro (the group took took ten years to re-hab an already existing building in DTPhoenix!)
Here's Mayor John Giles again and Tim Sprague again standing in the middle of Center Street at the Valley Metro Main Street station platform....mebbe waiting for their Salvation Train to arrive do ya think?
The woman in the striped dress is none other than the same person who appeared with a wanna-bee politician running for office to get elected to replace U.S. Senator Jeff Flake, Martha McSally. The occasion:
McSally, Caliber tout opportunity zones
Above: Rep. Martha McSally, who is running for the U.S. Senate, is joined by Caliber President, COO and Co-founder Jennifer Schrader.
 
With $5 trillion of investable capital sitting on the sideline and not being put into projects across the U.S., opportunity zones – created by the Tax Cuts and Jobs Act – are a way to take advantage of a tax reduction and invest in local communities.
Caliber – The Wealth Development Co., on Wednesday hosted a tour of the GC Square Apartments, 3535 W. Camelback Rd., an example of a project that can be developed in an opportunity zone.  The Scottsdale-based firm showcased GC Square as U.S. Rep. Martha McSally, who is running for the U.S. Senate, was joined by Caliber President, COO and Co-Founder Jennifer Schrader.
GC Square is a completely renovated, off-campus apartment community designed for students near Grand Canyon University in Phoenix.
“This is exactly the type of property we would transform,” Schrader said. “When opportunity zones were first announced, we saw it as a great way to invest. The old way, we were limited to the 1031 (Exchange) or in many cases business owners were not ready to sell because the tax consequences were too high. Now with Caliber’s Opportunity Zone Fund, it will provide us with another avenue to invest directly in the communities where it’s most needed.”
This is really a big idea,” McSally said. “It will really help lower income communities, rural communities, and the reservations. There can be growth, and provide the opportunity for people to work safely, live safely, and go to school safely. This type of investment will attract new residents to move into a community. It will also help create jobs. . . "
BLOGGER NOTE: Ever wonder why the investors are on such a tight time-line?
The money must be invested within 180 days for it to be eligible. Investors can re-invest capital gains realized from a sale of property, stock or business to defer paying taxes. With a new fund to attract investors, Caliber will continue investing in the community with additional developments.
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Developer buys 8 Mesa buildings; tenants plan to move             
"Despite locking down an anchor tenant in ASU less than a week ago, Mesa’s plan to revitalize its downtown is already making strides as a major developer recently made a significant investment in eight buildings in the area.










 
"Caliber, The Wealth Development Company purchased eight buildings comprising nearly 100,000 square feet in downtown Mesa for $7.5 million. The company is partnering with Habitat Metro, the Phoenix multifamily developer that has plans in place to build two high-end apartments in downtown Mesa.
> Caliber praised Mesa’s investment in downtown as the city “made intelligent and forward-thinking decisions to revitalize the downtown area, with the light rail, Mesa Arts Center, road and walkway improvements, and similar efforts,” Caliber Executive Vice President Roy Bade said.
> “(Caliber sees) the obvious, which is that downtown Mesa is a good investment,” Mesa Mayor John Giles said. “And so, for the last year, they have been out knocking on doors saying, ‘What do you want for this place?’”
_______________________________________________________________________ The good thing is that taxpayers will have the final ballot approval on the ballot in the November General Election. 


 

 
 



 
 
 

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