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City News
Spring Concert Series Kicks Off at Kierland Commons
By Emma Wolff
THE MONTH OF MAY BRINGS WARMER WEATHER, BLOOMING FLOWERS, AND MUSIC AT KIERLAND
COMMONS. Kierland Commons, located at 15205 N. Kierland Boulevard in Scottsdale, is relaunching its Live Music in the Plaza events starting May 2 and running through the end of the month.
Every Sunday from 2 to 5 p.m., Kierland Commons will host a band in its center lawn. Featured bands for May are NEON and Sugahbeat.
NEON is a local band with an upbeat energy. It is hard not to dance or tap your toes while listening to their music. They have been in the Valley for many years now so you may have seen them perform at the Blue Martini, the Biltmore Fashion Park, the Scottsdale Princess, or many other locations.
Tunes performed by Sugahbeat will
make you feel like you are relaxing on the beach. They have a fun musical blend of Jamaican soul, pop and classic rock sounds. You may have seen them perform at Hotel Valley Ho, Tempe Festival of the Arts, or the Desert Botanical Gardens.
If you have not had the chance to listen to either of these bands, or if you are a returning fan, these concerts are a perfect excuse for getting outdoors.
Concerts in the plaza will be taking COVID-19 precautions to keep the attendees and shoppers safe. It will be outdoors, socially distanced, and mask guidelines will apply.
Live Music in the Plaza is a great opportunity to listen to local bands, support local shops, and attend a fun, free activity perfect for the whole family. For more information on the concert series or the shops at Kierland Commons, visit kierlandcommons.com.
Martin Pear JCC Gears Up for a Charity Golf Tournament May 26
MARTIN PEAR JCC (“THE J”) IS LOOKING TO INFUSE A LITTLE NORMALCY BACK INTO THE LIVES OF ITS SCOTTSDALE COMMUNITY ALL IN THE NAME OF
GIVING BACK. After a five-year break, The J Golf Tournament is returning to the Kierland Golf Club on May 26. Participants will enjoy an 8 a.m. shotgun start scramble with continental breakfast being served just before teeing off. Proceeds from the tournament will benefit the Martin Pear JCC Smile campaign, which provides scholarships, programs, and services.
“The past year has been tough on so many families in our community,” says co-chairs Sara Schneider and David Weiner, in a joint statement. “Throughout this time, the doors of The J have stayed open, ensuring it remains a safe place for all to use and enjoy. The 2021 J Golf Tournament will help to fund the important work being done by way of providing scholarships, programs, and services to those who need them most in our community.” This year’s tournament includes a few exciting elements like the opportunity to cruise around the course on a GolfBoard (an oversized skateboard for golf) or an Ellwee Turf Rider (a four-wheel single-rider ATV electric cart), and the chance to win a two-year lease on a 2021 Porsche Macan.
“We are thrilled to be bringing back this tournament and excited at the prospect of continuing to raise vital funding to support our community, especially during this extended period of uncertainty,” says Jay Jacobs, CEO of Martin Pear JCC. “Our community never ceases to amaze me with their generosity. I am looking forward to welcoming all of our tournament participants and esteemed sponsors to what is sure to be a fantastic day of competition, relaxation, and enjoyment all in support of The J.”
The J Golf Tournament is sponsored by: Image 360, Weiss Wealth Strategies of Raymond James, Lighting Unlimited, Village Medical Group, Sonora Investment Management, Weiner Insurance, SMS Financial, Michelle Kort – Launch Real Estate, Mahoney Group, The House of Diamonds, Circle Roads, Flader & Young Group of RBC Wealth Management, Jonathan Harris, BSL Nutrition, Sara and Evan Schneider, Nancy and Zack Brooks, Loftin Equipment, The Capital Grille, Lane & Nach, P.C., R.O.I. Properties, MGKS – Mathews Gold Kennedy & Snow, Joel Schaller, and Porsche North Scottsdale. (This sponsor list is current as of April 22.)
The entry fee for the tournament is $300 per golfer or $1,100 for a foursome. This fee includes a player gift bag, breakfast and lunch on the course, two complimentary beverage cart tickets, and complimentary range balls. All proceeds raised from the tournament will benefit scholarships, programs, and services at The J. Sponsorship opportunities are available upon request. Those interested can register at mpjcc.org/golf or contact Megan Montgomery at 480-481-1756.
City News
Arizona Restaurant Week is Back May 21-30
THE ARIZONA RESTAURANT ASSOCIATION IS PLEASED TO ANNOUNCE THE RETURN OF ARIZONA RESTAURANT
WEEK (ARW) THIS SPRING. For 10 days — beginning Friday, May 21 through Sunday, May 30 — diners can enjoy specially dedicated menus designed to showcase the true culinary talent that exists within the state — from the finest five-star restaurants to locally owned and chef-driven “hidden gems.”
During the event, participating restaurants offer culinary adventurers a unique tasting opportunity in addition to their regular menus, featuring threecourse prix-fixe menus for just $33 or $44 per person. Wine pairings to enhance each course are offered at some establishments for an additional cost. Menus are available for dine-in as well as to-go. With take-out dining still a necessary and vital part of how restaurants are surviving in the COVID-19 age, diners are encouraged to participate in any way they feel comfortable — enjoying the incredible ARW menus in the restaurant or in the comfort of their own homes.
“After the unrelenting challenges that the entire hospitality industry faced in 2020, we’re thrilled to present Spring Arizona Restaurant Week, an event that has always been dedicated to promoting and supporting restaurants around the state,” says Arizona Restaurant Association president and CEO Steve Chucri. “We hope that diners take the opportunity during Spring ARW to patronize their favorite restaurant or give a new one a try.”
“The most edible time of the year,” Arizona Restaurant Week sends diners on a ten day tasting tour of the state. Participating restaurants are not only known for their exceptional cuisine, they also spare no expense to give diners an extraordinary culinary experience. One of Arizona Restaurant Week’s goals is to position Arizona as one of the top culinary destinations in the nation by increasing awareness of the more than 8,500 dining opportunities available as well as stimulate business and revenue for restaurants throughout the state. Arizona Restaurant Week is produced by the Arizona Restaurant Association.
Local participating restaurants can be found at arizonarestaurantweek.com.
LGO Hospitality Announces New Buck &Rider Restaurant in North Scottsdale
THE TEAM AT LGO HOSPITALITY IS EXCITED TO ANNOUNCE THAT ITS POPULAR BUCK &RIDER RESTAURANT IS COMING TO NORTH SCOTTSDALE AT THE SOUTHEAST CORNER OF SCOTTSDALE ROAD AND MAYO BOULEVARD IN THE SHOPS AT CHAUNCEY RANCH IN THE SPACE FORMERLY OCCUPIED BY GORDON BIERSCH.
Known for flying in seafood fresh daily (a first for Arizona, according to the restaurant), Buck &Rider has earned high praise since opening its doors in 2015. The restaurant maintains close relationships with fishermen and farmers with no middlemen since everything is flown in directly from the East, West, and Gulf Coasts. Seasonality, weather conditions and fishermen skill drive the menu on a daily basis. All fish is cut in house and fish and oysters are rotated throughout the day. The restaurant’s steak program will feature LGO Reserve beef, which is the first in Arizona to be awarded a private label USDA certification.
In addition to serving lunch and dinner, Buck &Rider will have its legendary happy hour and brunch with live music. Some of the things guests can expect from happy hour include a full signature cocktail list and a premium well drink program. Food includes Voodoo Fried Rice, Baja Shrimp Ceviche, Steak Tartar, Ahi Tuna Crispy Rice, Hand-Rolled Sushi and Smoked Trout Dip.
The North Scottsdale location will reflect the Buck &Rider style that continually attracts a young-minded discerning crowd that understands authenticity. It will feature a full patio with outdoor bar with architecture by prominent local architect Cathy Hayes; the building inspiration and direction will be driven by the North Scottsdale location.
“Opening an authentic Buck &Rider location in Scottsdale gives us the ability to share our vitality, vim and vigor with the local community. Our goal has always been to bring the freshest seafood possible to Phoenix,” says Emily Collins of LGO Hospitality. “We’re eager and enthusiastic about sharing our unique and genuine vision with even more Arizonans. We utilize the freshest and most immaculate ingredients and apply exactness in cooking so that interference with the natural elements of the food is minimal and truly celebrate the ingredients.”
The opening of the new location is about a year out and the plan is to have a celebratory grand opening. For more information on Buck &Rider, visit buckandrider.com and follow Buck &Rider on Instagram and Facebook @ buckandrider.
City News
Help Scottsdale’s Most Vulnerable Residents Beat the Heat This Summer
By Ethan Kispert
EVERY SUMMER, THE CITY OF SCOTTSDALE BRINGS RELIEF TO LOW INCOME, HOMEBOUND AND ISOLATED SENIORS THROUGH ITS BEAT THE HEAT PROGRAM.
Like in years past, the city is reaching out to local community members to help it continue to support some of Scottsdale’s most vulnerable residents.
“We just want to make sure that they’re healthy and that they have enough items for the summertime,” says Anya Wright, a human services representative at the Via Linda Senior Center.
To help, locals can donate a range of items.
ACCEPTED ITEMS:
• Reusable water bottles • Drinks (bottled water, Ensure/Boost regular and sugar-free, Gatorade, Propel) • Nutritional supplements • Healthy store-bought snacks that are individually wrapped (pretzels, raisins, crackers, trail mix, protein bars) • Ice packs • Toilet paper • Tissue • Paper towels • Shampoo • Conditioner • Bodywash • Toothbrushes • Toothpaste • Soap • Hand sanitizer • Small fans • Chapstick • Deodorant • Lotion • Sunscreen • Book of forever stamps • $35 Fry’s gift cards
Any senior who enrolls in the program will be visited by the city’s human services staff that will provide them with a care package. Each package will consist of a reusable bag, drinks, snacks, toiletries, note pads, pens, a book of stamps, and a $35 Fry’s gift card.
Staff with the City of Scottsdale will coordinate getting the donations to whoever needs them and assisting them with other needs that may arise.
“Your donation will truly make a difference that has a lasting impact,” says Jennifer Murphy, a human services supervisor with the City of Scottsdale. “Items donated are delivered by caring staff that complete a brief assessment to determine any additional needs. The smiles of appreciation from our senior participants are priceless.” Anyone who wishes to come and drop a donation off can go to the Via Linda Senior Center, located at 10440 E. Via Linda. The drop-off center will be open Monday through Friday from 8 a.m. to 4 p.m. and items will be accepted through May 28.
The group is also accepting monetary donations, which they note is the most helpful. Checks can be made payable to Scottsdale Community Partners at the address of 7700 E. Roosevelt St., Scottsdale, AZ 85257. You can also donate online at scottsdalecommunitypartners.org/ donate.
For more information, contact Anya Wright at 480-312-5811 or send an email to AWright@scottsdaleaz.gov.
More information can also be found at scottsdalecommunitypartners.org.
Newly Released Documentary About Brave Teens Stars Horizon HS Student
IN 2018, TWELVE BLIND TEENAGERS WHO GREW UP IN THE DESERT HEAT, VOID OF AN OCEAN, DEFIED ALL ODDS AND LEARNED HOW TO SAIL AT
A LOCAL LAKE. The dozen, known as the Blind Buccaneers, later journeyed hundreds of miles across the sea without the use of eyesight to guide them. In a moving tale about perseverance, courage and grit, the award-winning documentary “Ocean of Obstacles,” was just released on digital and cable VOD by Gravitas Ventures, a Red Arrow Studios Company, last month.
The film was the brainchild of Phoenixbased director, Louie Duran, who first discovered the Foundation for Blind Children and their challenge events in 2015. He began documenting these stories several years later at Lake Pleasant Harbor. The challenge events are part of
an on-going effort by the Foundation to inspire visually-impaired individuals to achieve more in life.
“I witnessed the strength and hope these kids possess shine from challenging themselves. When given the opportunity to show the world this life-changing experience, I jumped at the chance,” Duran says. “Every one of these kids had to overcome fear and doubt to reach their goals, and they all became my heroes.”
Marc Ashton, CEO of the Foundation and creator of the challenge events, shares, “Whether it’s to the top of Mount Kilimanjaro, the bottom of the Grand Canyon, or across the ocean, our kids rise to the challenge.”
The documentary was recently awarded “Winner of Best True Story,” “Winner of Special Innovation Award for Creative Storytelling,” and “Most Inspirational Film” at the Las Vegas and Orlando Film Festivals.
Elle Dingwell, one of the young blind castmates who attends Horizon High School, says, “I feel like this trip has helped me become better at making new friends and really made me know what I want out of life and how I am going to get there.”
Dingwell, who is also the first blind female Eagle Scout, continues, “I feel like this trip has certainly made me a stronger person and I was glad that I did it because I learned a lot.”
The documentary is available on Apple TV. To learn more about The Foundation for Blind Children and ways to help, visit seeitourway.org.
City News
Newcomers Club of Scottsdale Continues to Welcome New Local Residents
By Ethan Kispert
NEW TO SCOTTSDALE AND LOOKING FOR SOME FUN
THINGS TO DO? Want to meet new people? Explore the area? Then the Newcomers Club of Scottsdale may be just the place for you.
The club aims to bring people together in fun and unique ways. “The club creates opportunities for members to meet, make friends, and participate in a variety of activities,” says Nicole Abbott, who was one of the previous presidents of the club. “We have an active men’s group as well as a singles group.” Laura Nunnelley, who is the current president, explains that the club has a little something for everyone.
“The activities range from games such as cards and Mahjong, book club, film club, happy hours, dinners, and wine tasting,” Nunnelley says. “We also offer physical activities, such as hiking, biking, golf, and a walking group.”
The club also offers tours visiting a wide range of places. “We have organized visits to various points of interest such as the Southwest Wildlife Conservation Center, the USS Arizona Memorial, and the Cosanti studio,” Abbott says.
Ever since the club was named back in October 1999, helping the community and giving back is something that all the members hold very close to their hearts. “Community outreach is very important to the club,” she says. “We volunteer at various nonprofits once a month and donate to local charities.”
Access to the club isn’t just limited to newcomers. Anyone who lives in the greater Phoenix area (including part-time residents) can join. New members will get acquainted with the club and learn about what all they have to offer.
“The first thing the club does is invite the new members to an informational coffee,” Nunnelley says. “The coffee introduces the club, gives information about all the upcoming activities, and explains how to maneuver our website.”
Spouses or partners are also welcomed to join any regular member as well.
Anyone who’s interested in the club and wants to learn more about what they do can go to their website at newcomersclubofscottsdale.com. When users visit the site, registration can be found by clicking on the “join us” button and filling out an application. Email inquiries regarding membership can also be sent to membership@ newcomersclubofscottsdale.com.
Upscale Singers Continue to Make Music and Serve the Community Through COVID-19
By Emma Wolff
THOUGH THERE WAS A GLOBAL PANDEMIC, 2020 WAS A BIG YEAR IN THE MUSIC INDUSTRY: TAYLOR SWIFT WON THE MOST AMERICAN MUSIC AWARDS OF ALL TIME, ELTON JOHN PERFORMED AT THE OSCARS, AND ARIZONA’S OWN UPSCALE SINGERS STARTED A YOUTUBE
MUSIC VIDEO SERIES. Although Upscale Singers, a Scottsdale-based nonprofit choir, had to put live performances on hold due to the pandemic, they are still finding ways to bring music into the lives of locals thanks to technology.
The Upscale Singers started a YouTube channel to share music videos with their fans in the absence of live performances. In the last few months, they have released several themed songs and a tribute to the Broadway show, Mama Mia.
“This past year was a time of new experiences, so why not learn how to be a music videographer?” says Margaret Watson, director of Upscale Singers. “We scripted, choreographed and filmed all of the music videos on our own. We had a fun time putting it together and the best part is we were able to deliver music to the Valley in a safe way.”
Not only have the Upscale Singers been creating music during the pandemic, the organization has also been donating scholarships to young singers and to local music programs.
The Cheryl Siebs Memorial Vocal Scholarship was recently awarded to several high school juniors and seniors to pay for the advancement of their musical careers with professional vocal lessons. In the fall, the Upscale Singers also awarded local music teachers with grants to help purchase music supplies. Additionally, each year the organization sends a handful of children with cognitive or physical disabilities to the Arizona Magic of Music and Dance camp.
“When I was younger, I participated in a local singers’ foundation and won my first vocal award. It meant so much to me that someone, besides my parents, saw my potential and talent. This experience drove me to continue music and instilled a passion to help young singers in any way I can,” says Watson. With the help of the Kiwanis Club of Carefree, Upscale Singers will continue to fund these outreach programs, even though most of their fundraising performances have been paused.
Although last year was hard for many residents in the Valley, according to Watson, Upscale Singers did their best to keep a positive attitude and to remain involved in the community. “We’ve leaned on one another through the hard times and the shared love for music bonded us more now than ever. This program provides a unique experience to create friendships, share talents and bond with a wonderful community of people through the art of musical performance,” she says.
To find their music videos go to their YouTube channel, Upscale SingersAZ.
If you have interest in joining the Upscale Singers, the group will be holding auditions for both their main choir and Upscale Kids in the fall. For more information email info@upscalesingers.com, visit their website at upscalesingers.com, or call at 480-575-0188.
Why the Sudden Interest in Inflation?
By Renee A. Hanson, CFP®, CEP®, CDFA®, CFS®, ChFC®, APMA®
You may have noticed that the topic of inflation is getting more attention. Those who were around in the 1970s likely still remember when rapid rises in the cost-of-living were of great concern. But for those who are younger, the concept of an extended period of high inflation may seem strange to you as you have never experienced it.
The conventional wisdom is that during periods of rapid economic growth, inflation is likely to pick up. There is speculation that the economic recovery underway now, in conjunction with dramatic stimulus measures by the federal government and the Federal Reserve, may set the stage for another bout of significant inflation. This would be a dramatic change.
In the past nine years, the annual change in the costof-living never topped 2.3 percent1. The last calendar year when inflation was measured at more than 3 percent was in 2011. It last rose as high as 4 percent in 1991. By contrast, from 1974 to 1981, the cost-of-living soared each year by an average of 9.4 percent. In that eight-year span, the fundamental cost of living in the U.S. doubled.
INFLATION CAN TAKE A TOLL
When inflation is in check, it becomes more likely that the standard-of-living for individuals and families will improve. Interest rates tend to track with inflation trends, so lower cost-of-living increases usually keep interest rates down. That makes borrowing cheaper for purchases like homes and automobiles. By contrast, when the pace of change in the cost-of-living picks up, it makes most things more costly for consumers, potentially slowing economic activity.
History indicates that high inflation can result in a more challenging investment environment. If interest rates track higher with inflation, the market value of bonds declines (bond prices and interest rates move in opposite directions). In the high-inflation period of the 1970s and early 1980s, stock markets struggled as well. time. The most important number focuses on “core” inflation, a measure of goods and services that eliminates cost changes for food and energy-related commodities. It is felt that components like food and energy are subject to wild fluctuations that can be caused by geopolitical developments or weather events. Because of their volatility, they are considered a less reliable barometer of broader economic trends.
WHY THE CONCERN TODAY
There is growing optimism that as the rollout of COVID-19 vaccines continues, the economy will gain steam. At the same time, economy is still getting a lot of support. The federal government has provided six trillion dollars of stimulus in the past year. This has come in the form of direct payments to individuals, enhanced unemployment benefits, special support programs for businesses and aid to local and state governments.
Likewise, the Federal Reserve has kept interest rates at historic lows and purchased billions of dollars’ worth of bonds to help add liquidity to the markets.
Will the confluence of a steady return to normalcy along with dramatic fiscal and monetary stimulus light enough of a fire in the economy to make inflation a bigger concern? Only time will tell, but it is an issue that bears close watching. Be careful not to overreact to short-term upswings in inflation, but it is always good to have a long-term plan in mind to respond to a changing environment. Consult with your financial advisor to discuss how your portfolio is positioned for the future. 1U.S. Bureau of Labor Statistics, Historical Consumer Price Index for All Urban Consumers (CPI-U), U.S. city average, all items.
Renee A. Hanson, CFP®, ChFC®, CEP®, CDFATM, CFS®, BFA®, APMA®, is a Private Wealth Advisor with Affinity Wealth Advisory Group, a private wealth advisory practice of Ameriprise Financial Services, LLC. in Phoenix, Arizona. She specializes in fee-based financial planning and asset management strategies and has been in practice for 29 years. UNDERSTANDING THE INFLATION RATE To contact her visit www.affinitywealthadvisor.com or call (602) 923-9800. Her office is located at 7010 E. Chauncey Lane, Suite #200, Phoenix,
The most cited measure of inflation, the Consumer AZ 85054-3115. Putting the needs of clients first is the approach I believe in. I’ll work with you to find Price Index, weighs changes in prices for a basket of Investment advisory products and services are made available through the right financial solutions to help you plan for your unique goals. And together, we’ll track your progress over time, adjusting your plan along the way to help get you where consumer goods and services. It helps give individuals and policymakers an idea of cost-of-living trends over Ameriprise Financial Services, LLC., a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, LLC. All rights reserved. you want to go.
Renee A. Hanson CFP®, CEP®, CDFA®, CFS®, ChFC®, APMA®
Private Wealth Advisor
Affinity Wealth Advisory Group
A private wealth advisory practice of Ameriprise Financial Services, Inc.
602.923.9800
7010 E. Chauncey Ln Ste 200 Phoenix, AZ 85054 renee.a.hanson@ampf.com affinitywealthadvisor.com
Ameriprise Financial Services, Inc. Member FINRA and SIPC.
City News
Arizona Tied for Top Spot in Nation for 2020 Personal Income Growth
By Eric Jay Toll
IN FEBRUARY, GREATER PHOENIX GAINED 13,400 JOBS OVER JANUARY 2021, PUTTING THE WORKFORCE WITHIN 3.6 PERCENT OF FEBRUARY 2020’S EMPLOYMENT TOTALS.
The Arizona Office of Economic Opportunity pegged the metro workforce during the month at just 3.6 percent fewer hires than 2020’s last pre-pandemic month. Pandemic layoffs began late in March 2020, with April and May showing the worst of the year’s employment situation .
The employment and personal income numbers are showing signs of economic strengthening in Arizona. The data set trajectory puts the state on a path to equal or exceed pre-pandemic hiring this month. The data, released on April 21, will tell the tale.
Greater Phoenix hiring in logistics was up 14.3 percent in February, compared to a year earlier. Hiring in banking increased the workforce by 5.2 percent over last year, while jobs in the finance and insurance sector rose 2.4 percent. The bioscience healthcare sectors were up nearly 1 percent over 2019. All other sectors are still below February 2020 workforce levels.
Greater Phoenix posted a 6.7 percent unemployment rate, statistically unchanged from January but well over the 3.8 percent rate a year earlier .
The Bureau of Economic Analysis (BEA) personal income includes all wages and salaries, Social Security, government benefits, dividends and interest, and business ownership proceeds. Across the U.S., in 2020, personal income totals reflect the first stimulus payment and the pandemicgenerated supplemental unemployment income.
Nationally, state personal income growth averaged 6.1 percent in yearover-year comparisons. Utah was third behind Montana with 8.2 percent, Idaho placed fourth at 8.1 percent, and Rhode Island was fifth, posting a 7.7 percent gain. Of the ten states with the highest personal income gains during the pandemic, half were in the West.
BEA says that the 2020 boost in average personal income reflects government payouts from the CARES Act stimulus package. However, across the nation, wages and earnings were down by an average of 0.3 percent. Arizona’s average wages were up, pushing capita personal income up to $48,950. Arizona per capita personal income remains about $10,000 under the national average, $59,729.
ARIZONA LED THE NATION, WITH MONTANA TYING, IN PERSONAL INCOME GROWTH IN 2020 OVER 2019.
City News
Scottsdale Refinances Bonds, Saving Nearly $25 Million
By Holly Walter
THE CITY OF SCOTTSDALE HAS TAKEN ADVANTAGE OF LOW INTEREST RATES AND THE CITY’S EXCELLENT BOND RATINGS TO REFINANCE PORTIONS OF THE CITY’S DEBT, SAVING TAXPAYERS AN ESTIMATED $24.7 MILLION OVER THE LIFE OF THE BONDS.
The city completed the first portion of this refinancing in December 2020, involving $168.2 million in general obligation bonds. Based on current market conditions, this will achieve a net savings to the city and its taxpayers of more than $13.2 million.
All three major rating agencies – Standard & Poor’s Financial Services, Fitch Ratings and Moody’s Investors Service – recently reaffirmed their highest ratings of AAA for Scottsdale’s General Obligation bonds, which are backed by property tax revenue. The rating agencies cited the city’s diverse local economy and Scottsdale’s record for excellent fiscal management as key reasons for the high bond ratings.
In January, the city refinanced $143.1 million in Municipal Property Corporation bonds with a total all-in interest cost of 1.5 percent – the lowest in the city’s MPC history. This refinancing will result in savings of $11.5 million. The refinanced bonds will mature through 2036 and be repaid with excise tax collections. Savings will benefit both the General Fund ($5.5 million) and the Water and Sewer Enterprise Funds ($6 million).
The Municipal Property Corporation is a nonprofit entity established by the city in 1967 to finance construction of city facilities and acquisition of land for municipal purposes.
In addition to refinancing existing debt, Scottsdale issued $51.2 million in new general obligation bonds to finance projects included in the voter-approved Bond 2019 program. High bond ratings once again proved favorable for the city. Of the $51.2 million issued, $31.4 million was a tax-exempt series with a total all-in interest cost of 1.5 percent. The remaining $19.8 million was a taxable series with a total all-in interest cost of 1.6 percent.
“Given current economic challenges we all experience due to the global pandemic, it was especially important to achieve these savings for Scottsdale taxpayers,” says Mayor David D. Ortega. “Our strong local economy and prudent financial management made it possible. We will continue to manage our finances carefully with an eye on the best outcomes for our residents.”
To learn more about the city’s budget and finances, visit ScottsdaleAZ.gov and search “budget.”
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