Latest news with #KateGallego
Business Journals
30-05-2025
- Business
- Business Journals
A world of possibilities
A startup airline's decision to connect Phoenix with Taiwan reflects growing economic ties between Arizona and Asia. Here's the inside story on how Mayor Kate Gallego and other Arizona officials sealed the deal for the city's first direct Asian flight.
Yahoo
21-05-2025
- Business
- Yahoo
Phoenix is Getting Its First Nonstop Asian Flight—Thanks to TSMC
Phoenix is getting a nonstop flight to Asia. It has Taiwan Semiconductor Manufacturing Co. (TSM) to thank. Taiwan-based Starlux Airlines plans to launch three to four flights per week between Phoenix Sky Harbor International Airport and Taipei's Taoyuan Airport beginning early next year, Phoenix Mayor Kate Gallego said Tuesday, marking the first nonstop service between Asia and Arizona. Gallego credited TSMC, which has pledged to invest $165 billion—extending a smaller investment initially announced—to build chip fabrication plants and other facilities at its Phoenix-area complex. TSMC's first factory in Arizona began production in the fourth quarter of 2024, and two plants currently under construction are expected to start production in 2028 and 'by the end of the decade,' according to the company's website. TSMC's investment "has brought thousands of high wage jobs and boosted our reputation as a semiconductor hub, and now it's helping increase air service demand,' Gallego said. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-04-2025
- Business
- Yahoo
Caliber secures approval for Canyon Village residential project in Phoenix, US
US-based property investor and developer Caliber has gained approval from the Phoenix City Council for the redevelopment of its Canyon Village project, after meeting the necessary planning permissions and rezoning requirements. The project will see the retrofitting of a distressed 300,000ft² office building into a 376-unit rental multifamily residential building. Caliber noted that the project is located within a designated opportunity zone, offering tax advantages. Demand for new housing in North Mountain Village in Phoenix is expected to increase sharply. This is partly due to the nearby expansion of semiconductor operations by TSMC. The redevelopment project aims to meet some of this anticipated residential shortfall. TSMC recently revealed a $100bn increase to its initial $65bn investment pledge in the US, alongside the early completion of its Fab 2 facility in Phoenix. Caliber projects that the initial batch of flats will be ready by mid-to-late 2026. This timing coincides with forecasted population growth in the region. The project has received $6.7m from the Caliber Tax-Advantaged Opportunity Zone Fund. The fund has acted as the principal backer of Canyon FundCo, which is a Caliber-sponsored single-asset syndication, particularly intended to enable direct investment into the Canyon Village project. The company completed the acquisition of the property in September 2024. The developer is now working to secure the next equity round to start construction. Phase I is expected to be funded through additional investor participation. The Tax-Advantaged Opportunity Zone Fund II has so far contributed $1m. Work will begin when a construction loan is arranged and all plans are finalised. The first phase of building activity is targeted for the final quarter of 2025. Caliber CEO Chris Loeffler said: 'Nationwide, the most frequent topic we hear at real estate conferences is the opportunity presented to investors by distressed commercial real estate (CRE). 'Reminiscent of our first five years in business, Caliber is seeing opportunities to buy CRE at less than 50% of estimated replacement cost, and, in the case of Canyon Village, approximately 15% of estimated replacement cost. 'We are pleased that the Phoenix City Council and Mayor Kate Gallego saw the benefits and vision that this project offers and voted unanimously to approve it. This project is a great example of the federal opportunity zone tax programme at work, combined with strong partnership at the city and community level, and fuelled by private investors in Caliber's funds.' "Caliber secures approval for Canyon Village residential project in Phoenix, US" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
South Phoenix light rail extension to open soon. Here's when
The long-awaited light rail extension connecting south Phoenix to downtown and other parts of the Valley will open June 7, Mayor Kate Gallego announced. The 5.5-mile South Central Extension has been under construction since 2019. It extends along Central Avenue from Baseline Road in the south to the new downtown hub, which has four platforms on Washington and Jefferson streets and Central and First avenues where riders can transfer trains on different lines. Gallego said the extension "also brings with it new and improved public infrastructure — from great bike lanes and additional shade structures to beautiful artwork along the corridor." "The extension ... is expected to add more than 8,000 daily riders to the light rail system, which currently serves approximately 35,000 boardings per day," Valley Metro said in a statement. The new line includes: 18 public art installations 8 new stations 14 new trains 110-space park-and-ride facility at Baseline Road and Central Avenue Enhanced bike lanes and pedestrian pathways Over 550 new trees and desert-adapted landscaping for shade 30 miles of underground utility upgrades The extension was supposed to be finished in 2023, but unforeseen challenges from the pandemic — including supply chain issues and workforce shortages — caused delays, said Jessica Mefford-Miller, CEO of Valley Metro, the regional transit agency. Those delays were criticized by south Phoenix residents, including several business owners along Central Avenue who said their revenues nosedived as customers fled the area. A 15-year owner of a Western-wear shop along the extension announced in January he would be forced to close his doors. But for all its burdens, the light rail has also been celebrated by residents in the area. It connects a historically underinvested part of the city, where people of color were once segregated, to downtown, the former Metrocenter Mall and Mesa. Eventually, it will connect to the state Capitol area and into west Phoenix. At an event in January to celebrate construction progress of the South Central Extension, area resident Becky Ruiz said, "Our favorite saying in our family is, I love you through the good, the bad, and the ugly. So in this process, I love you through the good, the bad and the ugly." Taylor Seely covers Phoenix and Scottsdale for The Arizona Republic / Reach her at tseely@ or by phone at 480-476-6116. This article originally appeared on Arizona Republic: South Phoenix light rail expansion will open in June
Yahoo
26-02-2025
- Business
- Yahoo
What the Diamondbacks' tax plan would cost Arizona taxpayers
Arizona Diamondbacks players pay roughly $3.5 million a year in state income tax, according to a new estimate, amounting to more than a quarter of the money the team wants to keep so it can make improvements to Chase Field. The tax payments were calculated as part of a routine analysis of a bill that proposes diverting income and sales taxes from the DBacks' home field to pay for stadium improvements. The bill is advancing through the Arizona Legislature and being changed along the way. A key vote on Tuesday kindled debate over the proposal, with Democrats objecting to what they said was a rushed process, and prompted Phoenix Mayor Kate Gallego to renew her objections. Gallego's office objected to an estimate of the financial impact on the city, saying it was far short of the actual hit to city revenues. The bill would bring a solution to a disagreement over who should pay for improvements at the Major League Baseball stadium, which is owned by Maricopa County. To help lawmakers understand how the bill would impact state tax collections, analysts working for the bipartisan Joint Legislative Budget Committee ran the numbers. Their analysis offers an estimate of the costs of the plan, which are in line with what team leaders previously projected. Here are some of the key numbers from the analysis: $15.7 million: Taxpayer dollars that would go to the DBacks in a year, instead of funding state, county and municipal governments. Of this, the state would give up $9.2 million and local governments $6.5 million each year. 2,544,260: Estimated number of people who attend regular season games or events, like concerts, at Chase Field in a year. $3.5 million: estimated reduction to state income tax revenues by diverting players' payments, given the Diamondbacks' 2024 season payroll of $140.8 million and Arizona's 2.5% flat tax rate. The analysis estimates that the typical person spends $60 at the ballpark when they are there, on things like concessions and merchandise. That is calculated based on publicly available attendance information and costs compiled by the professional sports industry newsletter Team Marketing Report. It calculates the impact to sales tax revenue collections assuming fans buy two discounted "value beers" at $4.99 each — not the stadium's most costly offering, a double Casamigos for $36.99, which would yield a higher sales tax payment. Is beer cheap at Chase Field? How prices at Diamondbacks games compare to other ballparks Sales taxes are levied by the state, city and county, and a portion of the state's share is passed on to local governments across Arizona. The financial estimate says the bill would reduce by $2.3 million the revenues that go to counties across the state, with most of that impacting Maricopa County at $1.1 million. The total impact to municipalities would be $4.2 million a year, with Phoenix absorbing the bulk of it at $3.5 million a year. Gallego disputes this number, however, saying it is much too low. A spokesperson for Gallego said the Joint Legislative Budget Committee's analysis of the tax bill was incorrect and noted it did not rely on data but estimated costs. A city analysis showed Phoenix stands to lose $6.4 million in tax revenue each year under the bill, penciling out to $192 million over the 30-year term. The financial impact analysis provided by the Joint Legislative Budget Committee is an estimate, and likely a low one. It does not include income taxes paid by DBacks staffers who are not players, players from visiting teams who pay taxes to Arizona, and does not account for recent changes to the bill. The Arizona Department of Revenue, the state's tax collection agency, has not yet provided its own analysis. The bill creating the funding structure, House Bill 2704, cleared a vote of the House of Representatives on Tuesday. If approved by a majority of lawmakers, it would then go to the Senate for approval before heading to Gov. Katie Hobbs, who has said she supports the concept. Bill sponsor Rep. Jeff Weninger, R-Chandler, made several changes that he said were the result of discussions with lawmakers and representatives of Phoenix, who had expressed concerns. Those changes limit the term of the tax draw to 30 years, and add non-binding language that reflects the team's repeated commitment to spend roughly $250 million of its own to make stadium repairs. Two Democratic lawmakers objected Tuesday to the speed of the bill, given the significant changes made the same day. House Democratic Leader Rep. Oscar De Los Santos, D-Phoenix, said there had not been enough time for lawmakers to consider the changes, or potentially understand concerns raised by Phoenix. He noted his "alarm" about the speed. "Of course everybody loves the DBacks," De Los Santos said. "I think there's a negotiated compromise that we could come to, but we should not be rushing through this legislative process." Weninger said he made changes to accommodate concerns raised by Gallego's office, including putting the 30-year expiration date in the bill. But he said he had not heard directly from the mayor. "With all due respect to the mayor, she didn't engage with me," he said. "She chose not to be part of those discussions. My door is always open to everyone." Monica Alonzo, press secretary for Gallego, said in an email that Weninger "has continued to insist that funds should be diverted from Phoenix Police and Fire to pay for the Diamondbacks' stadium." "There is no enforceable requirement in the bill that the Diamondbacks even pay a dime for the stadium's improvements," she said. "This kind of giveaway to sports billionaires at the expense of public safety is not something any responsible mayor could support.' Derrick Hall, Arizona Diamondbacks president, CEO and general partner, noted in an emailed statement that the team has agreed to changes in response to objections from local governments, including ensuring local public safety funding and a county jail tax are not drawn into funding stadium repairs. He said that the team believes the tax draw should be as long as a team is playing at Chase Field, but the DBacks "gave in again, knowing there could be another vote and reauthorization after 30 years." Hall has compared the Diamondbacks' pitch to the arrangement that Arizona's NFL franchise, the Cardinals, has at State Farm Stadium in Glendale. While similar in many ways, there is a key difference. The plan benefiting the Cardinals was approved by Maricopa County voters 25 years ago, with 52% in favor. The Diamondbacks' bill now advancing at the Capitol would not require a public vote. "There is not a need for a vote of taxpayers with it being legislatively led and a precedent already in place," Hall said, a reference to the use of tax dollars to support State Farm Stadium. "Additionally, the clock has run out to wait for a vote with the lease expiring in 2-3 years." Weninger said the Cardinals' agreement to collect tax revenues from State Farm Stadium was not comparable because that vote created the partnership, whereas the Diamondbacks' lease of a public building was approved by the county board. The Diamondbacks bill was about putting public dollars toward maintaining a public asset, Weninger said, and "making the moves to keep this tax revenue generating machine, and world class team, here in Arizona.' Gets backing: MLB commissioner expresses support for Arizona Diamondbacks' Chase Field plans Reach reporter Stacey Barchenger at or 480-416-5669. This article originally appeared on Arizona Republic: What the Diamondbacks' tax plan would cost Arizona taxpayers
