Title
Authorization to Disburse Funds Related to House Bill 2704 (Ordinance S-52557) - District 7
Description
Request to authorize the City Manager, or his designee, to implement the provisions of House Bill 2704 by authorizing the City Controller to disburse all funds related to this item in accordance with the legislative requirements.
Report
Summary
House Bill 2704 establishes a funding mechanism to support long-term capital improvements at Chase Field (home of the Arizona Diamondbacks). The legislation redirects transaction privilege tax (TPT) revenues generated from retail, amusement, restaurant, and prime contracting activities at Chase Field or adjacent buildings owned by the Maricopa County Stadium District (Stadium District) or the Arizona Diamondbacks to the Stadium District Fund. The amount generated by two percent of the City of Phoenix’s total TPT rate generated from those same activities and locations must be transmitted to the Stadium District Fund. The maximum amount is $3,500,000 in year one with a three percent increase each year thereafter for 30 years. Payment for the current, partial, Fiscal Year 2025-26 is estimated at $1,500,000.
Financial Impact
The annual amount will not exceed $3,500,000 in year one with a three percent increase each year thereafter expiring on December 31, 2055. The amount for part of Fiscal Year 2025-26 is $1,500,000. Funding is available in the Sports Facilities and Biosciences Tourism Fund.
Location
Chase Field (home of the Arizona Diamondbacks)
Council District: 7
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.