News Ticker

CG Considering $124M Dreamport Tax Rebate

Credit: Casa Grande Dispatch

By Heather Smathers for Casa Grande Dispatch

A proposed amusement park and retail hub stands to receive $124M in sales tax rebates from the city.

Dreamport Villages, a 1,500-acre development that would include several theme park attractions, would receive the rebates as part of a development agreement with the city. All money would be in the form of sales tax rebates from taxes generated by sales at the property.

No money would be made available until The Block Sports Group, the principals behind Dreamport, had completed needed infrastructure, said City Manager Larry Rains. According to the city, “significant additional infrastructure, most likely including a new interchange at the Henness Road and Interstate 8 location, would be required in order to develop a project of this magnitude in this location.”

“The Block Sports Company claims that, due to the significant infrastructure that needs to be constructed — much of which would have a regional benefit well beyond that needed for the Dreamport Villages project — it would be unable to build this development and amenities in this location at this time absent reimbursement of some of the infrastructure costs from the city and, accordingly, has asked the city to consider entering into a development agreement that would repay a portion of the sales tax the development generates to Block Sports,” a memo from Rains to the City Council said.

With the Dreamport project, the city will not be giving any rebates until much of the infrastructure is in place and the company can begin to generate sales taxes. Cameron Carter, an attorney representing The Block Sports Group, said the project will be constructed in multiple phases, with the first phase being a $1.2B investment, including $300M on the infrastructure, $124M of which The Block Sports would get back in the form of sales tax rebates over 20 years.

The project is expected to produce up to 9,000 jobs at the facility, which will feature a 300-room hotel, 100KSF indoor water park, an extreme sports park, RV park and a 400KSF retail and entertainment zone. A residential component also is to be included.

Read more at Casa Grande Dispatch.

NOTE: Paid subscribers receive additional project details in our twice-weekly PDF publication, including project stakeholder information and valuable project bidding leads. Find out more about AZBEX subscriptions or contact Rebekah Morris at rmorris@azbex.com or (480) 709-4190

Leave a comment

Your email address will not be published.


*