The state Senate voted 17-11, with two senators not voting, to allow a
rock-and-roll theme park proposed between Phoenix and Tucson to issue
$750 million in revenue bonds to help build the project....
Revenue bonds are repaid with income from the funded projects. The park would tax visitors to repay the bonds.
To issue the bonds, the developers must come up with $100 million of their own financing.
Oh my god, three quarters of a billion dollars of public financing for a theme park? And we give the theme park operator taxation authority? And the developer has to come up with less than 1/8 the total cost from private sources? Yuk. Just for scale (I know the spending sources are apples and oranges), $750 million is more than 2.5 times the total of the federal earmarks that go to Alaska, the #1 porkbarrel state. So here we are patting ourselves on the back for being Congressional pork-free, and then our state Senate does something like this. Sigh.