Miles to represent Kingman at AAED symposium
KINGMAN – Multiple Arizona cities are preparing for the economic boom that could come with the further construction of Interstate 11, and Vice Mayor Jen Miles says that Kingman is one of them.
Miles will represent the City of Kingman at the Northern Economic Development Regional Symposium in Wickenburg on Feb. 28. She will address what Kingman has done and plans to do in preparation of the I-11 East Kingman Connection Project.
“It is an honor to represent the City of Kingman at the transportation symposium,” Miles said. “It is a unique opportunity to present our vision of Kingman as a regional commercial and industrial hub to a statewide audience of economic development and political professionals.”
In preparation for the project, Kingman designated revenue acquired from a half-cent sales tax increase would go toward capital projects.
She said Kingman plans on using those funds to acquire revenue bonds.
“Staff have estimated the revenue to translate to about $65 million bond capacity,” she said. “However, in order to determine the maximum value of the revenue stream, the city is expected to seek assistance from financial advisors Stifel, Nicolaus & Company Inc.”
In March, Council will hear a proposal to bring on a program manager, Matrix Design Group, to help in deciding what the cost of the project will be. Current estimates range from $85 million to $110 million.
The City has also asked the governor’s office and the Arizona Department of Transportation to “prioritize” the connection project within the board’s five-year plan. In addition, Kingman asked that they partner with Kingman because of the positive economic ramifications to the region.
“We are requesting a $20 million commitment that can be distributed during the next five years,” Miles said.
At the symposium, Miles will speak on job creation, economic impact and tax revenue impacts. She said there is the potential for 36,000 permanent jobs in addition to 54,000 construction jobs during construction. This may not be immediate, she noted, but over the course of 20 years. Miles added that the countywide annual payout in regards to job creation is estimated at $2.03 billion.
“Projected level of construction activity could create a one-time impact of $9.58 billion spread out over 20 years,” Miles said of the project’s economic impact. “Commercial and industrial development could create an annual economic impact of $5.09 billion at build-out.”
Kingman and Mohave County will get some $127.4 million in construction sales tax, Miles said, and Kingman is estimated to receive some $18.9 million in annual sales and lodging taxes.
“The project offers tremendous capacity for good-paying job growth and revenue generation as it expands access to developable land and creates infrastructure to support growth,” Miles said.