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Councilwoman Pastor’s Statement on the Reinvestment in the Downtown ArenaCouncilwoman Pastor’s Statement on the Reinvestment in the Downtown Arena<div class="ExternalClass1363C612EBE2463881B8146DD53D2D38"><p>​"Today's vote to reinvest in the City-owned Downtown Arena will have wide-ranging impacts that stretch far beyond the confines of Phoenix's core.<br>  <br> It will affect the more than 1,000 jobs and almost 70 businesses with a payroll of $82 million that are directly impacted by the work they do with the arena.<br>  <br> It will add to the development which has already taken place, through the continued enhancement of the Convention Center; and the opening of new businesses, restaurants, shops, arts venues, theatres, corporations, tech companies, hotels and lodging, and all three State Universities.<br>  <br> It will complement the economic vitality of $182 million to the City in direct spending from tickets, hotels, food and drink, retail, and taxes. It will continue the $13 million in revenue that is designated to the City's General Fund for a variety of departments including Police, Fire, Streets, Parks, and the Public Library.<br>  <br> It will contribute to the $14 million a year in direct revenue that Maricopa County and the State of Arizona receive. It will guarantee the continuation of the more than 130 events per year happening on site, and make sure something for everyone keeps happening every 2-3 days on average.<br>  <br> It will reinforce the City's existing partnership with the Suns which goes back to 1992 when they began using the arena and calling Downtown home. It will bring more than the already 40 million fans, spectators, and vendors who have come into the Downtown District and contributed to the continued vibrancy of our City.<br>  <br> Finally, it will ensure a community benefit of $10 million, including more than $2.5 million towards the funding of the City's Head Start Birth-to-Five education program, something which touches thousands of children and families all across Phoenix.<br>  <br> This building is the City's, and for 26 years the Suns have paid for all of the daily operations while also paying its fair share of rent, and will continue to not only do so, but assume 100% of all liability going forward – Not the City taxpayers. It's been a successful partnership that will continue, through both the City and the team making substantial contributions to refurbish and upgrade this asset, and make it something we can all be proud of.<br> <br>Our return on this reinvestment will far exceed its initial cost for many years to come. When you consider the economic impact, the jobs, the tax revenue, and the funding back into City services; After all of that adds up – This deal makes sense.<br>  <br> The Downtown Arena has a powerful ripple effect that works in partnership with the other substantial assets in our Central Core, and will spur continued growth and critical investment beyond that ever-growing district. It is our responsibility to maintain, preserve, and sustain this important legacy, history, and vision – for the entire City – for future generations."<br></p></div>1/24/2019 1:00:00 AMNick Valenzuela602-495-5405