Legacy Park Stuff Heading to the Block Article originally posted on HERE on September 28, 2023 For sale: lightly used regional sports park in Mesa. 41 pickleball courts. 22 soccer fields and more. $150M OBO. Call Henk Taylor. Not for sale: 320 acres of land. Nonprofit Legacy Cares hopes to execute a sale soon of Legacy Park, the sprawling amateur and youth sports facility in southeast Mesa that experienced financial problems not long after it opened in early 2022. Investment banking firm Miller Buckfire has been marketing the facility and entertaining interest for several months. Now bids are due to Legacy Cares’ attorney Henk Taylor and other parties by noon Thursday, Sept. 28. The bankruptcy court has already signed off on the final procedures for a sale – and possibly auction. If Legacy Cares receives more than one qualified offer, the park owner will hold an auction Oct. 5 in a Phoenix bankruptcy courtroom, though the date could change. A final deal is subject to court approval later next month. Taylor told Legacy’s bankruptcy judge in a Sept. 12 hearing that multiple parties have submitted letters of interest in buying the park. But at the time of the hearing, Legacy had missed a deadline to announce a “stalking horse” bidder, or an initial bidder that sets the starting price at an auction. Though it did not have a stalking horse, Taylor told the judge Legacy was working with interested parties to submit qualified bids before the deadline. Legacy Cares filed for Chapter 11 bankruptcy protection in May after defaulting months earlier on loan payments to investors who purchased $282 million in bonds through the Arizona Industrial Development Authority. The park owners also faced about $30 million in liens for unpaid construction bills filed by contractors, who could have eventually foreclosed on park property to collect those debts. Legacy Park’s woes received national attention, with the Wall Street Journal repeatedly holding up Legacy Park as an example of “a risky corner of the $4 trillion municipal-bond market, enabled by local government entities known as conduit issuers.” Soon after filing for Chapter 11 protection, Legacy Cares made known its desire to exit bankruptcy by selling the park, and it secured $9 million in debtor-in-possession loans intended to keep Legacy Park operating business as usual through October. As early as May, prospective buyers were touring the park, Taylor said in court. During bankruptcy proceedings, the U.S. Trustee overseeing the case levied allegations of mismanagement, conflicts of interest and other malfeasance involving park managers, mostly prior to filing for bankruptcy. She questioned the size of compensation for current Legacy Cares executives. An attorney for former park manager Legacy Sports, the for-profit company headed by Randy Miller and sons Randy and Brett, denied any wrongdoing in court. The judge ruled against appointing a trustee to takeover Legacy Cares’ assets, agreeing with the nonprofit and its creditors that achieving a quick sale at the maximum price was paramount. Accountability for any misdeeds could follow a sale, he said. Bidders for Legacy Park will be offering to buy only the park facilities, not the land beneath them. The land is leased from Pacific Proving LLC for over $300,000 per month. Bidders must provide documentation showing they have the ability to pay the bid price, submit a 10% cash deposit and agree to several stipulations. Attendance at the auction is restricted to qualified bidders and others allowed by Legacy Cares. In court discussions about how much a sale might recoup for Legacy Park’s creditors, Legacy’s attorney said he was reluctant to put a dollar value on the park “because it’s a unique property.” But Taylor attributed a $150 million estimate to then-Legacy CEO Doug Moss, who resigned in late August in response to the U.S. Trustee’s concerns about his continued involvement with the nonprofit following claims of mismanagement. The Sept. 12 hearing unmasked one potential bidder, Bryan Timmerson of CanteraVentures, who sent the court a letter regarding a $150 million offer. The letter miffed Legacy’s attorney, who told the judge it was a breach of the nondisclosure agreement signed by interested parties. On its website, the Oregon-registered CanteraVentures says the company is involved with cannabis, industrial hemp, construction and distressed assets, among other stated ventures. Taylor told the judge that CanteraVentures’ $150 million offer was a “shiny number,” but said Timmerson had failed to supply adequate documentation that the money was “real” and had not retained a lawyer who could handle a complex purchase. “Maybe it can become a real offer,” he said. Throughout the park’s financial troubles, Mesa leaders have continued to view the park as an asset for southeast Mesa, especially for attracting hotels and restaurants, and many are optimistic about the park’s long-term prospects. “I’m looking forward to the conclusion of this turmoil,” said District 6 Councilman Scott Somers. “I think what will come out of it is a very well run, very successful sports venue that will draw a lot of tourism from across the country and help us build some really special hospitality and entertainment,” he said.