The Phoenix suburb of Goodyear has begun construction of its $33 million spring training home for the Cincinnati Reds. The Major League Baseball team currently train in Sarasota, Fla., but will move into the Goodyear facility in 2010.

The Reds’ new home is part of Goodyear’s $108 million spring-training complex that includes a 10,000-seat stadium and practice space for two teams.

The Cleveland Indians moved into their own facility at the complex earlier this year, and will hold their first spring game in February.

Goodyear issued $75 million of sales tax bonds, backed by a promise of tax revenue from the Arizona Sports and Tourism Authority, in late 2007 to build the complex.

The city is considering spending $3 million to finish a portion of the project after disputes between former partners in the development halted plans to build retail, hotel, and office development around the complex.

Goodyear sold $10 million of general obligation bonds in June 2007 to finance infrastructure improvements at the site.

The city’s general obligation bonds carry underlying ratings of A-plus from Standard & Poor’s and A1 from Moody’s Investors Service.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.