Photo Credit: Michael Duerinckx
The Water Infrastructure Financing Authority of Arizona (WIFA) has approved a $10,436,918 low-cost loan, including $1 million in principal forgiveness, to support major drainage improvements at WestWorld of Scottsdale — a key priority of Mayor Lisa Borowsky’s administration.
The investment marks a major first step forward in delivering long-needed improvements that will enhance WestWorld’s safety, operations, and economic performance, Mayor Borowsky points out.
“I appreciate the input from all of our WestWorld stakeholders, and the efforts of our city management team collectively pushing these much-needed planned improvements forward,” Mayor Borowsky said. “WestWorld is one of Scottsdale’s most important assets — a year-round driver of tourism, economic activity, and international visibility.”
City Treasurer Sonia Andrews, whose team along with city engineering staff led Scottsdale’s financing application, explains the WIFA funding is a low-cost loan and the city was able to secure $1 million in forgivable principle, which translates to the city being required to only payback $9,436,918 of the $10,436,918 loan.
The city will finalize loan terms with WIFA in the coming weeks. Loan documents and formal acceptance are expected to be presented to the Scottsdale City Council for consideration in April or May.
“WestWorld is central to Scottsdale’s identity and its economy,” Mayor Borowsky said. “This project ensures it remains strong, resilient and competitive for decades to come.”