Mesa to pay off remaining debt on spring training facilities
MESA, Ariz. (AP) — The Mesa City Council is planning to pay off the remaining debt on its two spring training baseball facilities ahead of schedule.
With the sale of city-owned land in Pinal County, Mesa City Manager Chris Brady recommended council action Monday to set aside $54 million to retire the obligation bonds on Sloan Park and Hohokam Stadium.
Sloan Park is the spring home of the Chicago Cubs. Hohokam Stadium hosts the Oakland Athletics.
In April 2013, Mesa issued $94 million of excise tax revenue obligations to finance Sloan’s construction and Hohokam’s renovation.
City officials say $45 million of the bond debt was paid off in 2017 with proceeds from the initial sale of a portion of Pinal County land.
The remaining $49 million will be removed from Mesa’s outstanding debt obligation.