2004 Section 108 Project Summary - Arizona

Tempe Marketplace Project
BORROWER: TEMPE
STATE: AZ
COMMITMENT AMOUNT: $7,000,000
Tempe will use Section 108 loan guarantee assistance, in conjunction with a Brownfields Economic Development Initiative grant, to finance the development of the 900,000 sq. ft. Tempe Marketplace Project - a retail facility anchored by six nationally known retailers. The City will provide the Section 108 funds to the project's developer to be used to remediate the 109 acres of the site which will house the retail development. The project is estimated to create 2,140 jobs, at least 51 percent of which will be held by or made available to low- and moderate-income persons.