Hobbs Signs Bill That Could Help Coyotes Finance Arena Development

Article originally posted on Phoenix Business Journal on June 25, 2024

In an ironic twist, the same day the Arizona State Land Department canceled an auction for a chunk of property on which the former owner of the Arizona Coyotes wanted to build a new NHL arena, Arizona Gov. Katie Hobbs signed a law that could have helped him fund the arena project.

On June 21, Hobbs announced she signed House Bill 2274, which modifies the requirements to form a “theme park district.” These districts are allowed to borrow money with more favorable terms by issuing government bonds and then paying them back by taxing specific items within the district. The law also makes theme park districts exempt to state and local income and property taxation.

The change to the law will allow theme park districts to be created with only the support of the city or county government in which the district is located. The law used to require theme park districts to get a thumbs up from both the county and the city.

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