Phoenix seeks $500 million bond for fire stations, cultural center
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The Phoenix City Council is preparing to ask voters to approve a $500 million bond program next year to fund new fire stations, upgraded parks, safer roads and more cultural amenities.
Why it matters: Phoenix has not held a bond election since 2006, and local leaders say there are significant capital needs across the city that can be met only with a new funding stream.
How it works: If the bond is approved, it will allow the city to take out debt to fund the projects. Officials then structure the debt so that it can be paid off over time.
- The city's finance leaders tell Axios Phoenix they don't believe the $500 million proposed bond will require a tax rate increase.
Yes, but: Your taxes may still go up because they are based on property valuation, which has been increasing.
The latest: In late November, the city's executive bond committee, made up of 15 community members, delivered its final recommendation of projects to include in the bond program, including:
- $132.5 million for public safety enhancements, including three new fire stations
- $21.6 million for a Latino Cultural Center
- $33 million to identify and preserve up to 610 affordable housing rental units
- $14.4 million for a pool and splash pads at Maryvale Park
The intrigue: The bond committees started with more than $1 billion in suggested projects and accumulated more recommendations over the past six months of community meetings.
- In her letter to the city council, executive committee chair Sharon Harper said the final list required "difficult decisions" and that the committee prioritized projects that were achievable in the next five years and geographically diverse.
- Harper asked the council to also consider improvements to Symphony Hall and an expansion of the Parsons Center for Health and Wellness if more funding becomes available.
What's next: The council will discuss the recommendations at a meeting next Tuesday.
- They could make some last-minute changes as supporters of projects that were axed make one final attempt to sway leaders.
Be smart: You get the final say on whether the city should move forward with these projects (so long as you live in Phoenix proper).
- The bond election is planned for November 2023.