MESA, Ariz. (AP) — Mesa could reap more than $50 million in taxes over the next 30 years to pay for streets, public safety and tourism from the proposed Waveyard development, according to an economic analysis.
Meanwhile, Scottsdale-based Waveyard LLC would keep $20 million in sales taxes generated by the planned resort and water park over the next 30 years.
That incentive, plus interest the city could have reaped from that money, totals roughly $33 million.
The study, performed by Phoenix-based Applied Economics, was required for Mesa to move forward with an agreement with Waveyard to build a massive water-park resort on 125 acres of city-owned land.
The Mesa City Council will decide on Monday whether to approve the sale of city-owned property near Riverview Park and the corresponding development agreement with Waveyard.
Waveyard would feature a whitewater rafting course, kayaking and surfing, as well as offices, condos, a hotel and retail shops. The entire complex could be open by 2010.
The incentives package will go before voters this November.
Information from: East Valley Tribune/Scottsdale Tribune, http://www.aztrib.com
