Stratton opens public finance law firm in Arizona

A longtime bond attorney has launched his own Arizona-based firm, which is working on a couple of high-profile deals in the state.

Stratton Law Firm in Scottsdale is a public finance and municipal law boutique headed by Timothy Stratton, who left Gust Rosenfeld, where he was a partner, and who previously worked as a bond attorney at Chapman and Cutler and Ice Miller in a career that spans 23 years. 

"One of the reasons I decided to make the move is I really really like the deals and the clients I work with and felt that going out and starting my own firm would allow me to give them a higher level of service, allow me to focus on the types of deals and projects that I like to work on," Stratton said.

He serves as bond counsel for Tempe, Arizona, which would be the home of a $2.1 billion entertainment district if approved by voters next year.

A development agreement with the city calls for the issuance of up to $230 million of bonds by a community facilities district to clean up a landfill site and fund infrastructure improvements for the project, which includes an arena for the National Hockey League's Arizona Coyotes.

A proposed refunding of debt issued through the Arizona Industrial Development Authority for Legacy Cares, a nonprofit that built a sports venue in Mesa, includes Stratton as bond counsel.

UMB Bank, the trustee for $284 million of mostly tax-exempt bonds sold in 2020 and 2021, declared "events of default" after Legacy Cares failed to make all or some payments due in August, September, and October.

Stratton said he works with a variety of issuers in Arizona including cities, counties, colleges, universities, and special districts, and serves on the Arizona Board for Charter Schools.