PHOENIX — Several major economic development opportunities and jobs could come as a result of the overwhelming support the city of Phoenix received this week from voters for a fresh $500 million in general obligation funds.
All four of Phoenix's general obligation bond measures were seen as passing by a wide margin as of 6 p.m. on Nov. 8, according to unofficial election results posted by the city. The bonds were pitched to voters as instruments to support public safety, community services, arts, economic development and housing across Phoenix.
About $38 million of those funds will be designated for economic development and education opportunities in three key corridors in the city. It's the first GO Bond Phoenix residents have voted on since 2006.
"These are three of the most promising areas in the city of Phoenix, and having voter support to move forward will be catalytic," Mayor Kate Gallego told the Business Journal in an interview on Wednesday. "We believe a small amount of bond funding will catalyze significant private sector investment and support the work that the business community and residents are already doing."
