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PHOENIX -- The Diamondbacks are one step closer to securing a public/private financing deal that will allow them to renovate Chase Field and remain in downtown Phoenix for the foreseeable future.
The Arizona House of Representatives voted 35-20 on Monday to approve House Bill 2704, which would allow tax dollars from Chase Field to be reinvested in the renovation of the structure, which was built in 1998 and is owned by the Maricopa County Stadium District.
The bill has already passed the Senate and now will go to the desk of Arizona Gov. Katie Hobbs for her signature. Hobbs, who has been a supporter of the bill, is expected to sign it. The team would then need to negotiate a lease with Maricopa County.
“I’m thrilled that the legislature has passed a bill that will keep the Diamondbacks in Phoenix and create good-paying jobs,” Hobbs said on social media Monday. “This is a huge win for every Arizonan. I appreciate the bipartisan elected officials and the business and labor leaders who came to the table and worked with my office to make this moment possible.”
The sales taxes from the stadium and adjacent buildings will be reinvested into the infrastructure. It has a cap of $500 million over the next 30 years and is earmarked for infrastructure only, such as the air conditioning system, which is outdated and inefficient.
The Diamondbacks have pledged to spend $250 million of their own money on improving the facility as well, making it a public/private partnership.
“We’re ecstatic over the legislative approval of HB2704,” Diamondbacks president/CEO/general partner Derrick Hall said. “This will be a monumental victory for baseball and Diamondbacks fans when signed by Gov. Katie Hobbs. We could then shift our focus to a proper lease extension negotiation with the Maricopa County Board of Supervisors in hopes of modernizing and renovating this public asset to a level those fans deserve.
“We thank the strong efforts and leadership of Rep. Jeff Weninger, the bill’s sponsor, the supportive lawmakers and Gov. Hobbs. The Diamondbacks take pride in the community and economic impact we have provided while playing right here at Chase Field. We look forward to a continuation of creating memories, jobs and billions in economic growth for our fans and great state.”
The structure of the sales tax recapture plan is similar to what the NFL's Arizona Cardinals have at their stadium in Glendale. That partnership has allowed State Farm Stadium to remain a state-of-the-art facility and continue to host events like the Super Bowl, the College Football Playoff as well as the NCAA Men’s and Women’s Final Four.
The bill also received support from Major League Baseball Commissioner Rob Manfred this spring.
“The Diamondbacks have spent literally hundreds of millions of dollars keeping the facility up,” Manfred said. “It’s at an age where there needs to be a private/public partnership to keep the facility in shape. This bill was really well-crafted to protect the interests of the public and to make sure everybody understood what the obligations were.”