By Eric Jay Toll | Arizona Builder’s Exchange
In a twist from the typical capital improvement program, Peoria’s Economic Development Department is the big investor for Fiscal 2014-15 with $44.3M allocated for capital projects, more than 30 percent of the City’s $145.2M budget for the year. City staff is asking the council to commit to a $430.4M CIP covering a five-year period.
The big commitment to the Economic Development Department reflects Peoria’s major commitment to building its economy. The department’s five-year $50.0M CIP request is all invested into the next two fiscal years.
The major chunk is $30M for the coming year’s construction of a pair of multilevel parking garages and surface parking for the Peoria Sports Complex and Avenue Shoppes at P83 (AZBEX, Jan. 3). The city is committing the money towards the $91M retail, lodging and office complex set to break ground later this year. The entertainment and sports district is targeted for a total $45M this year and next for the parking garage, improvements at the sports complex (see Parks CIP below) and other district improvements.
