Who Gets Money From Downtown Phoenix Community Fund?

Published: Thursday, October 19, 2017 - 7:13am

A financial agreement between Phoenix and Arizona State University sparked concern from one downtown resident during Wednesday’s council meeting.

The proposal calls for Phoenix to give ASU $250,000 from the Downtown Community Reinvestment Fund to support downtown entrepreneurship and innovation programs.

Ryan Boyd told council members he could find no information about how the fund is distributed and expressed concern about the money, “Being concentrated in larger institutions, such as my alma mater, ASU, when there are a lot of other projects that could also be funded to build up the streetscape, to build up a vibrant downtown Phoenix.”

Economic Development Director Christine Mackay said the fund has gone to a variety of projects approved by the council, including historic preservation, landscaping and street improvements. When the city collects lease payments from developers who get tax breaks that money goes into the Downtown Reinvestment Fund.

Mackay said the Downtown Reinvestment Fund was created in the 1990’s and the accounts are funded with activities that happen in downtown Phoenix.

“So, at the time, over the 90’s and 2000’s, it could have been from property sales that the city owned in downtown Phoenix," Mackay said. "And more recently it is through leases, through rents through our Government Property Lease Excise Tax."

There is no application process for people or projects interested in getting the fund.

Mackay said projects typically come through a council office, the historic preservation office, streets transportation office or community meetings.

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