The latest City of Mesa funding idea for a new Chicago Cubs spring training complex relies primarily on the sale of land which the city acquired years ago in Pinal County. This idea basically puts Mesa in the same position as the City of Glendale regarding their spring training facility for the White Sox and Dodgers. In plain language, the city will sell bonds sufficient to build the new baseball development and hope the money shows up later. Of course, a concerned taxpayer might wonder, if the land over in Pinal County was not needed for the original intended purpose, why wasn’t it already on the market before now? And, if the land really is worth anywhere near $100 million, is the subsidy of out-of-state millionaires the best use of that money?
The other source of proposed funding for this project would come from an increase in the hotel tax from the current rate of 3% up to %5. City officials estimate this tax increase would generate an additional $1 million per year.
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This is very different than Glendale in that Mesa has a non revenue producing asset as a backdrop in the event revenues drop.
ReplyDeleteGlendale has no backdrop and has used its General Fund as the sole guarantor.
According to news reports, it has been the council's policy for a few years now to sell the land as values make sense.
At its peak, that land was worth $400 million or more.