By Kelly O’Sullivan | Your Valley
As its long-awaited City Center project moves forward, Litchfield Park officials are looking at financing options for $26 million in infrastructure that must be completed before construction can begin.
A second $26 million would be needed to build parking decks once the full project is 40% complete.
During a work study session before its regular virtual meeting May 19, the City Council heard a presentation on funding options from City Manager Matthew Williams, Finance Director Paige Peterson, Engineer Woody Scoutten, and representatives from Stifel, Nicolaus and Co. Inc. of Phoenix, the city’s bond agent.
Ultimately, the public-private mixed-use City Center development is expected to feature 400,000 square feet of high-end retail, restaurant, office and residential space around a 2.5-acre park downtown where residents can gather and the city can hold events and festivals.