Title
Downtown Redevelopment Tools Update
Description
Staff will provide an overview and update to the Economic Development and Equity Subcommittee regarding six of the eight Economic Development tools that are available to bring about redevelopment and new development opportunities in Downtown, and in some cases, around the City. Staff requests the Economic Development and Equity Subcommittee’s input and guidance with respect to the use of these development tools.
THIS ITEM IS FOR DISCUSSION AND POSSIBLE ACTION.
Report
Summary
Staff from the Community and Economic Development Department (CEDD) will present an update to the Economic Development and Equity (EDE) Subcommittee on the remaining six development and redevelopment tools available in Downtown Phoenix. This is the second part of the Redevelopment Tools Update that began at the May 25, 2022 EDE Subcommittee with a discussion of the Theme Park legislation and an overview of opportunities relating to a Downtown entertainment "district". At this meeting, CEDD staff will discuss the following topics:
- Government Property Lease Excise Tax
- Strategic Economic Development Fund
- Historic Preservation Funding
- Infrastructure Investments
- Sports Facilities Fund
- Downtown Community Reinvestment Fund
Staff is seeking Subcommittee direction regarding the use of redevelopment tools for the future of Downtown.
Location
Downtown Phoenix, generally bounded by McDowell Road on the north, 7th Street on the east, 7th Avenue on the west, and on the south by Grant Street.
Council Districts: 7 and 8
Department
Responsible Department
This item is submitted by Deputy City Managers Ginger Spencer and Alan Stephenson, the Community and Economic Development and Planning and Development departments.