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Friday, February 19, 2010

Diamondbacks open to special tax district to finance Cubs' stadium

From the Phoenix Business Journal - 
Arizona Diamondbacks President Derrick Hall says the team is open to the creation of special tax districts to help finance a spring training stadium for the Chicago Cubs and other projects in the Phoenix area.
The D-backs are among opponents to the current plan to help pay for the $84 million stadium in Mesa, which includes an 8 percent charge on all Cactus League games.
One alternative suggested is a special tax district or a tax increment financing structure in Mesa.
“We would be open to it, but believe the legislators are not in favor of it,” Hall said. “It seems like a solid alternative and by design, should help enhance development throughout the Valley. We are just seeking other solutions so as to not tax fans who attend any and all spring games.”
TIFs involve earmarking tax revenue from a specific area for development and redevelopment projects in the tax districts.
Hall said the D-backs prefer tax zones to the ticket tax and they could help other parts of the region, although he expects opposition from fiscally conservative lawmakers.

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