Arizona bond lawyer Zachary Sakas says a strong rebound in real estate in the Phoenix area should bolster community facilities districts in the state.
“Arizona’s homebuilding recovery was a little bit delayed compared to the rest of the country,” Sakas said. “What we’ve seen over the last 18 months is that homes are selling quickly.”
Sakas, who works with districts and cities in the Phoenix area, recently moved to Sherman & Howard from Gust Rosenfeld, the top bond counsel firm in the state in data firm Refinitiv's annual ranking.
Sakas said he was attracted to the Denver-based firm’s reputation and the strength of its specialists in other areas. Sherman & Howard has had an office in Phoenix for a decade.
“They’re a nationally respected firm with a really great culture,” Sakas said. “When you go to a bond conference panel, there’s very often a Sherman and Howard attorney leading it.”
Among Sakas’ previous clients at Gust Rosenfeld, which ranked first in volume among Arizona bond counsel in 2018 according to Refinitiv data, was the East Valley city of Mesa, the largest suburb of Phoenix, and many community facilities districts.
“I’ve been very busy working hard for my clients and I’m optimistic that Sherman & Howard will have a strong showing in the 2019 Arizona bond counsel rankings,” Sakas said.
Gust Rosenfeld recently promoted public finance attorney Shelby M. Exposito to partner.
Exposito provides bond counsel for cities, community facilities districts, and other issuers throughout Arizona on various types of tax-exempt financings. She also advises special taxing districts on budget and election matters.
A community facilities district is a special taxing district first authorized by the Arizona Legislature in 1988. Counties were granted the ability to form them in the mid-2000s. Funded by property taxes assessed on district landowners, CFDs are intended to provide the means to build basic infrastructure like sewer mains, parks and roads.
In addition to his work for municipalities and community facilities districts, Sakas has served as bond counsel for universities, school districts, industrial development authorities, counties, nonprofit hospitals and tribal governments.
“About 80% of my work is bond counsel,” said Sakas, a University of Texas Law grad who decided to become a bond lawyer while working a summer job preparing official statements. He has worked at Snell & Wilmer, Ballard Spahr, JP Morgan Asset Management and Copper Sky Land Co.
Sakas said that Sherman & Howard entered Arizona 10 years ago by acquiring established firms.
“So although the firm has been branded as Sherman & Howard for over 10 years, the members of the Arizona offices are very experienced and in some cases have practiced Arizona law for 40 years or longer,” he said.
