AUSTIN, Texas (AP) The city of Phoenix will be getting an extra $30 million in state funding for the next decade in exchange for agreeing to pay $3.5 billion in debt, city officials announced Tuesday.
The deal, announced by Mayor Greg Stanton and Mayor Michael Hancock, also includes a deal to extend a $25 million state tax credit for the Phoenix Sky Harbor International Airport project that has been stalled by concerns about the airport’s cost.
A $1.4 billion bond issue in May by the state will provide an extra$10 million per year for 10 years, according to a statement from Hancock’s office.
The city will receive an additional $3 million in funding to continue the airport project.
The money will help pay for upgrades to the airport and a planned $1 billion development of the airport, Hancock’s statement said.
The money will also be used to extend existing state aid for the city.