Tempe will hold a special election meeting where residents will get to vote on whether they approve of three proposals surrounding the Tempe Entertainment District. MORE ⬇️
The $2.1 billion development near Rio Salado Parkway and Priest Drive would include hotels, apartments, retail businesses, a music venue, and a hockey arena that would serve as the new home for the Arizona Coyotes.
Councilman Keating said this way of funding is not anything new, 37 properties along Tempe Town Lake have been developed in the same manner. "What we're doing is we're splitting the sales tax with the Coyotes at the arena itself. And they're going to use their half of that sales tax to go help with construction costs over the long term. So, if you're not a hockey fan, you don't go to a game, not one dime of your money will go towards anything at the Tempe entertainment district," said Keating.
That's one of the main reasons GCI determined this project will be a net drain instead of a net gain. "We call that speculative and fairly arbitrary. So, a lot of that, like when you build a hotel, people don't come to Tempe because somebody built a hotel, and you don't open a business just because there's new office space there. So, it requires some kind of a demand, some kind of a pull that brings people in. That's what the music venue and the arena do," added Wells.
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