Work will begin Wednesday on Mesa, Ariz.’s bond-financed spring training facility for Major League Baseball’s Chicago Cubs.
Voters approved $84 million of general obligation bonds for the athletic complex in 2010, along with $200 million of bonds to finance upgrades in Mesa’s utility systems.
The first phase of the project involves leveling an existing golf course as well as installing utility lines on the 100-acre site. The utility construction will be financed with $15 million of proceeds from the utility revenue bonds.
The stadium bonds are supported through the sale of city-owned land in Pinal County.
The Cubs have trained in Mesa for 60 years. The team considered moving its training operations to Naples, Fla., in 2009. The complex is to be completed by late 2013.
Mesa’s GOs are rated AA by Standard & Poor’s and Aa2 by Moody’s Investors Service.