Public financing for CityScape project

Public Financing for CityScape Project

PHOENIX (Arizona Republic) September 29, 2006 — Phoenix's financial contribution to CityScape would take several forms.

First, a property-tax abatement. Phoenix, which owns the titles to the land, would sign a long-term lease with the developer. Then, using a state law called the Government Property Lease Excise Tax, it would take the development off the tax rolls for eight years. After that, the project would be taxed but at a lower rate. The tax relief would be worth about $26 million. The project is expected to generate more than $200 million in tax revenue over 20 years, developers said.

Next, Phoenix would buy the project's new underground parking garage and pay for repairs to the existing garage under Patriots Square Park. This will cost $96.5 million. The city would not turn over the money until 2009 when the development's first phase opens.

The money would come from a variety of sources, including the planned sale of a city-owned parking garage and revenue from construction and sales taxes generated by the project. No General Fund revenues would be used.

Finally, Phoenix plans to use 2006 bond funds to make improvements to the streets surrounding the development.

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