News Flash In The Times of Curfew From Valley Metro: Regular service during state curfew

Valley Metro will continue to operate during statewide curfew Governor Doug Ducey has issued a Declaration of Emergency with a nightly curfew starting tonight at 8 p.m. and lasting through Monday morning, June 8. Consistent with the Governor's order, Valley Metro will continue to provide service on our regular schedule in order to serve those essential workers who still have a need to travel. However, if an area becomes unsafe, we will adjust our service, with likely little to no warning, adhering to the direction of public safety. We do this for your safety and the safety of our staff and the surrounding community. The last two nights we've detoured buses and suspended light rail service in downtown Phoenix. We encourage riders to pay close attention to @valleymetro on Twitter or the AlertVM mobile app for notifications on potential delays and/or disruptions. And as always on transit, we ask that you look out for yourself and others--if you see something, say something using the AlertVM app. BUS | LIGHT RAIL | CARPOOL | VANPOOL | TELEWORK | BIKE | WALK www.valleymetro.org | 602.262.RIDE

In Real Estate We Trust: Deleveraged, Liquid and Flexible

Here's a story from Commercial Real Estate Daily Roundup

Starwood Capital Recapitalizing TPG REIT in $325M Deal
BY CATHY CUNNINGHAM MAY 29, 2020 11:15 AM

Starwood Capital Group will provide up to $325 million to recapitalize TPG Real Estate Finance Trust (TRTX), it was announced this morning. 

“The new capital will provide TRTX with additional liquidity and flexibility to navigate the current economic environment,” Greta Guggenheim, CEO of TRTX, said in prepared remarks.

 “Starwood’s investment is a testament to the strength and quality of TRTX’s business and portfolio. Today’s announcement marks an important step in positioning TRTX for the future as we continue to grow the platform, serve our clients, and execute on our objective to deliver long-term value to shareholders.” 

The non-voting investment takes the form of preferred stock and detachable warrants to purchase TRTX stock, according to the announcement. Initial proceeds will be used to deleverage the REIT’s secured financing facilities, and for general corporate purposes.

TRTX has hit the headlines since the onset of COVID-19, with extreme market volatility forcing the nonbank lender to sell off roughly $1 billion in assets in order to meet intensifying margin calls. During its first quarter earnings call, Guggenheim described its liquidity issues as an ongoing concern that cast doubt as to whether the firm could continue to operate. The firm was also hit with a lawsuit last month, as reported by CO.

Bloomberg first reported earlier this month that Starwood was in advanced talks to provide financing to the TPG-managed REIT, and that its proposal was favored over competing bids presented by other firms, such as Almanac Realty Investors, Mack Real Estate and Oxford Properties Group.

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Stakeholder Meeting | AZPDES Permittees and the Navigable Waters Rule

AZPDES Permittees and the Navigable Waters Rule The new WOTUS rule and your AZPDES Permit As of today, the Waters of the US/Navigable Waters Rule will become effective on June 22. ADEQ has been working to prepare for the rule change and to provide answers to your questions posed during the initial meeting on March 24.  On June 15, ADEQ will provide information regarding permit status and the termination process for those no longer discharging to Waters of the U.S. after the rule effective date. We will also provide updates on several programs underway including determining Traditionally Navigable Waters, methodology for a typical year analysis, development of a state-wide flow regime map and information provided by the U.S. Environmental Protection Agency and the U.S. Army Corps of Engineers. Lastly, we will provide an update on what we know about legal challenges to the rule and the status of those cases. Date: Monday, June 15, 2020 Time: 1 p.m. – 3 p.m. Location: Online Only | Register to Join via GoToWebinar > Agenda | View/Download > For more details, visit the ADEQ website at azdeq.gov/wotus   Questions? Contact Justin Bern at Bern.Justin@azdeq.gov or 602-771-3958 About ADEQ Under the Environmental Quality Act of 1986, the Arizona State Legislature established the Arizona Department of Environmental Quality in 1987 as the state agency for protecting and enhancing public health and the environment of Arizona. For more information, visit azdeq.gov.

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JUNE 2020 RENT REPORT: Mesa ranks #1 for fastest year-over-year rent growth

Hi Tim,

Hope you're staying safe and healthy! We've just released our June rent report for Mesa, where we track rent growth, median prices, and market trends. 

If you’d like to check the full report, you may find it here. 

All the best,

Justin

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Here are some of this month's highlights for Mesa:

• Rents in Mesa are up 3.4% over the past year, the #1 fastest growth rate among the nation's large cities. For comparison, our national rent index grew by just 0.8% over the past year.
• Since 2014, rents in Mesa have grown by 23.4%, outpacing the national average of 9.6%.
• The median rent for a 2BR apartment in Mesa is currently $1,148 compared to the national average of $1,194.

USAFacts > A 2020 Webby Winner

FOOD PRICES UP While average prices for goods are down overall, the cost of most kitchen staples rose from March to April. According to the Consumer Price Index, grocery store food and beverage prices rose 2.6% last month, the largest monthly increase since February 1974. Milk went up 1.5%, while the cost of white bread rose 3.5%. Eggs had the biggest jump, with an increase of 16.1% in just one month.   Raw ground beef rose 3.7% over March prices, while fresh and frozen chicken parts were up 5.2%. Pork prices rose by 3%.   Prices were down in many other categories, however. The apparel index declined by 4.7%, while recreational equipment was down 1%. Yet, the biggest drop might have been in gasoline, with prices falling 20.6%. See more about the price of goods and consumer spending over the past two months here. COVID-19 DATA & A REDDIT AMA Ask the USAFacts team anything about collecting COVID-19 data tomorrow on Reddit. Check Facebook and Twitter for a link at 9 A.M. PT on May 27. Reddit users,sign up to get a reminder.  The USAFacts Coronavirus Hub is a major data source for the Centers for Disease Control and Prevention. The White House Coronavirus Task Force is also using it to plan governmental responses.    The Department of Defense is using the hub to plan for the domestic deployment of personnel and resources. It’s also being used by the North American Air Defense and companies and research institutions like Google, MIT, and Seattle Children’s Hospital. This is the same data available to all Americans at USAFacts.org every day. When everyone has access to the same data, probing, fact-based discussions can take place.   THE STATE OF UNEMPLOYMENT The unemployment rate hit double digits in all but six states in April. A new report at USAFacts has the numbers on what states have been hit hardest. Many states had large losses in hospitality jobs. Tourism-heavy Nevada was the worst hit, with the unemployment rate reaching 28.2%. Leisure and hospitality industry jobs typically comprise 11% of the nation’s jobs overall, but they're 25% of the jobs in Nevada.   In some states, like Hawaii and Michigan, more than one in five people in the labor force are unemployed.   California, Michigan, and Ohio lost a combined 408,000 manufacturing jobs, more than 29% of the manufacturing jobs lost.    At 7.9%, Connecticut had the lowest unemployment rate. Get more data from the Bureau of Labor Statistics, including interactive maps on unemployment numbers, here. Facts matter! USAFacts just won a Webby for Best Government and Civil Innovation website.  The Webby Academy selected USAFacts.com as an industry leader among thousands of entries worldwide.

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Economic Development Committee - June Meeting CANCELED

Maricopa Association of Governments

The MAG Economic Development Committee meeting scheduled for June 2, 2020 has been canceled. 

National LISC Updates

Our Communities Need a Marshall Plan Posted by on 29 May, 2020 In his latest video message, LISC CEO Maurice A. Jones reflects on the disproportionate health and economic impact of the Covid-19 pandemic on underinvested communities and communities of color, and calls for a 21st-century Marshall Plan—intensive and broad investment that will both help people and enterprises recover, and redress the inequities that set the stage for the fallout of the current crisis. Read more → We Have Reached the Housing Cliff Posted by on 29 May, 2020 As we look back on Affordable Housing Month, marked every year in May, it's clear that the need for safe, affordable housing—as well as the threats to providing it—have never been more acute. Denise Scott, LISC's EVP for Programs, makes a compelling case for why, during the Covid era and beyond, we need a robust national plan to safeguard homes for all of our country's vulnerable residents, as well as for the organizations that make those homes possible. Read more → When “Hoops in the Hood” Became “Hoops in the House” Posted by on 29 May, 2020 When Covid-19 came to Chicago, Hoops in the Hood, LISC's long-running basketball-community-building-and-safety program, morphed into the perfect antidote for quarantine stress and boredom. Now, hundreds of kids and their parents across the city are staying active, and logging their exercise minutes, in a true Chicago-style competition between neighborhoods. Read more →