Salt River Tribe uses stimulus loan for stadium
Thursday, September 17, 2009
Filed Under:
Business
|
Sports
The
Salt River Pima-Maricopa Indian
Community of Arizona is taking advantage of the
American Recovery and Reinvestment Act of 2009 to build a new baseball stadium on the reservation.
The tribe was just awarded $22.56 million in bonding authority under the law. But the tribe has instead chosen to apply for a tax-exempt loan program that was also part of the stimulus act.
The loan, which could be as high as $30 million, will be used to finance a stadium for the
Arizona
Diamondbacks and the
Colorado
Rockies. The project is expected to cost $100 million.
"It's not free money," tribal treasurer Anthony Farese told The Arizona Republic of the loan program. "It isn't a grant."
Get the Story:
Stimulus will aid baseball complex (The Arizona Republic 9/17)
American Recovery and Reinvestment Act:
H.R.1
|
S.1
Related Stories:
Treasury releases $1B in tribal bond authority
(9/16)
Salt River Tribe outlines
baseball stadium plans (07/24)
Salt River Tribe to build Major League stadium
(7/17)
Tribes can apply for
$2B in tax-exempt bonds (06/24)
Arizona tribes are finalists for
sports training complex (6/3)
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