Arizona Reactivates Greater Arizona Development Authority, Unlocking Millions in Infrastructure Financing for Rural and Tribal Communities

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Phoenix, AZ ~ Phoenix, AZ - After nearly a decade of inactivity, the Greater Arizona Development Authority (GADA) is being reactivated by Governor Katie Hobbs, the Office of Economic Opportunity, and the Arizona Finance Authority (AFA). The program, established in 1997, aims to provide financial assistance to rural communities and Tribal governments for the development of public infrastructure projects.

Governor Hobbs expressed her excitement about reviving this program, stating that GADA has proven to be a valuable tool for economic development in rural areas. By reinvigorating GADA, she believes that existing funds can be leveraged to invest in essential infrastructure projects across Arizona. These projects include transportation, clean energy, water supply, and workforce training facilities.

During its active years from 1997 to 2014, GADA supported 84 projects statewide by issuing $574 million in bonds. These funds were used for various community projects such as firehouses, community centers, libraries, municipal complexes, and transportation improvements in dozens of rural communities.

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As the new Board President of AFA which oversees GADA, Robin Romano stated that reviving this program is a top priority. He emphasized that GADA's mission to assist rural communities and tribal governments with infrastructure development is just as important now as it was in 1997. Romano also announced that the Board plans to finance between $50 and $100 million within the next year.

Tom Belshe, Executive Director of the Arizona League of Cities and Towns also expressed his support for the revival of GADA. He believes that too often the needs of rural cities and towns are not adequately supported or resourced. With GADA's relaunch, Belshe hopes that local leaders will have access to critical financing and technical assistance for priority projects.

GADA serves as a state infrastructure bank for rural and Tribal communities by pledging its funds as collateral to unlock bonding for cities and towns that lack access to traditional capital markets. Maria Dadgar, Executive Director of the Inter Tribal Council of Arizona, highlighted the importance of this program for reservation communities and tribal lands. She stated that these areas often lack access to capital and other resources necessary for infrastructure development.

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In addition to financing, GADA also provides technical assistance and can cover up to 50 percent of closing costs. Bonds are repaid through dedicated project revenues or local future tax revenues. Since its inception, GADA has been self-sustaining and does not require state funds to continue investing in communities.

Mary Foote, the newly appointed GADA Director at AFA, is responsible for managing operations, community engagement, and policy. She believes that there is a great demand for GADA's technical assistance and financing as they meet with local elected officials and leadership from rural cities and counties.

For those interested in accessing funding through GADA, more information can be found on their website at GADA.AZ.GOV. With this new round of financial assistance open as of August 1st, 2024, Governor Hobbs and her team are committed to supporting economic development in rural communities across Arizona through the reactivation of GADA.

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