100 South Mill Avenue

Fifteen years ago we objected to the formation of the DTC for precisely this reason–mission creep and envy by other agencies. We are satisfied now that the DTC provides beneficial services to the Mill Avenue District, but it should always be remembered that we in the MAD pay a special assessment for these services, and it would be illegal for city officials to divert the money for other purposes:

The DTC is funded through taxes raised in an enhanced services district, encompassing the properties between University Drive and the Salt River and Farmer Avenue to College Avenue. Property owners pay taxes to Maricopa County, which then gives the money to Tempe, and the revenue is then given to the DTC so it can operate.

via Tempe can’t take funds from downtown program. | Tempe News | eastvalleytribune.com.

TEMPE, AZ-Centerpoint Condominium developer Avenue Communities LLC plans to file suit today against lender Mortgages Ltd. According to a press release issued by Avenue Communities, the developers claim is that Mortgages Ltd. and its investors defaulted on a $1.5 million payment, part of a settlement struck by the frustrated developer and bankrupt lender last fall.

via Avenue Files Suit Today Against Mortgages Ltd..

UPDATE: It was interesting that, in all of the coverage I saw until the cover of of yesterday’s Tribune, the fact that Tempe Land Co.’s strategy was using a two-pronged approach was unclear. The other coverage noted the lawsuit being filed against Mortgages, Ltd, but didn’t seem to take much notice of the fact that TLC had simultaneously filed Chapter 11! When this wrinkle received more attention, it was explained as being necessary to allow the new financing to come in in first position. Now, I am completely unsophisticated in the legal arcana with respect to this niche of  large order-of-magnitude workouts. However, as the day wore on I realized that the statement “unless you go bankrupt, you cannot achieve prosperity” reminds me of a piece of dialog from the 1999 movie Mystery Men:

Mr. Furious: Okay, am I the only one who finds these sayings just a
little bit formulaic? “If you want to push something down, you have to
pull it up. If you want to go left, you have to go right.” It’s…

The Sphinx: Your temper is very quick, my friend. But until you learn
to master your rage…

Mr. Furious: …your rage will become your master? That’s what you
were going to say. Right? Right?

The Sphinx: Not necessarily.

In any case, I wish Mssrs. Losch and Dewar and TLC success and prosperity. As goes the health of Centerpoint, so goes the well-being of the Mill Avenue District.