Gov. Katie Hobbs has signed House Bill 2809 into law following its approval by the Arizona Legislature.
The act increases the amount of money the state can return to cities for public infrastructure expenditures in support of a qualifying manufacturing facility.
The update increases the maximum reimbursement amount from its previous cap of $100M to $200M. The program was originally created 10 years ago to let cities recoup up to 80% of their costs for public infrastructure improvements associated with new manufacturing facilities.
This is the second increase in the program. Last year, the Legislature raised the amount from $50M to $100M.
Supporters of HB 2809 said the measure was vital to maintaining the state’s competitiveness in attracting major new manufacturing operations.
Eligible projects in Maricopa and Pima counties are required to invest a minimum of $500M. Projects in other counties have a minimum investment of $50M. (Source)