The region of Mesa in the state of Arizona is planning on utilizing $72 million dollars in bonds to boost the community.
Much of the region in Mesa is looked upon as a dull and bland region as they battled many types of budget problems.
Mesa, Arizona now has the ability to use nearly $72 million dollars that came from bond debt.
Some of the benefits of the $72 million dollars include stalling any type of utility hike and developing growth projects. The region of Mesa is known for its development projects in the past such as the construction of a stadium for the Chicago Cubs and a solar plant for the Gateway Airport.
Mesa is also looking forward to utilizing an Air Force laboratory as they see potential for a defense research center. The city of Mesa is also working with many of the Universities and colleges as Benedictine University is looking to establish a downtown campus.
Some of the costs that are associated with the development projects include:
- $3.2 million dollars to construct the defense lab
- $10 million dollars allocated towards building up the local universities
- Remodeling Fitch Park in case that the Oakland Athletics utilize the building
The region of Mesa refinanced nearly $180 million dollars in bonds and saved nearly $72 million dollars in interest over a 5 year span. The bond fund has been called the enterprise fund and it has been utilized for many business operations such as golf courses, utilities and city cemeteries. Along with the enterprise fund, the economic development fund will be created for even more projects in Mesa. Many of the retail projects will be funded by sales tax rebates as well. The City Manager wants to make sure that the funds are utilized efficiently.
Overall, the bond capital will spur much of the community in the area of Mesa.