Kingman City Manager Ron Foggin outlined the anticipated funding partnership for the Rancho Santa Fe Interchange and Parkway project at a June 20 news conference. Foggin said the state of Arizona, the City of Kingman, and the private sector plan to share in the infrastructure investment projected in excess of $46-million.
Legislation that local representative Regina Cobb helped bring to fruition commits $20-million in state funding for the initiative. Foggin said the City of Kingman and the private sector effort headed up by Las Vegas-based Sunbelt Development will provide the other $26-million and change.
Sunbelt principal Bill Lenhart said the company intends to use a Community Facilities District as its revenue generating mechanism. Some of Kingman’s $13-million share is already in the bank, so to speak.
“We have money set aside which is just over $4-million, so we’ve got some of our portion already identified,” Foggin said. “And then what we’d do for our side for the remaining amount we would look to bond for the remainder in a 15 or 20 year bond.”
City officials are involved in ongoing deliberation and assessment of potential revenue streams that will help fund infrastructure and other needs. Foggin said there’s no need for any careless rush to solution because the state money is protected for quite some time.
“If we don’t have our funding side complete and the report complete to the state by June, 30, 2024, then the money goes away.” Foggin said. “There is an expiration date.”
