PHOENIX – Gilbert is saving taxpayers millions of dollars by paying off the debt on the downtown University Building ahead of schedule.
The debt will be retired 20 years earlier than originally planned, saving taxpayers over $15.4 million in interest, according to town officials.
The Gilbert Town Council unanimously adopted a resolution on April 22 to pay off nearly $30 million, with about $2.3 million coming from the Debt Service Reserve Fund and approximately $27.6 million from the General Fund.
“I think this is a great achievement and shows financial management in the town and how strong it really is, and I’m thankful for that,” Mayor Scott Anderson said in a press release Monday.
How is Gilbert’s University Building used
The University Building opened in the Heritage District at 92 W. Vaughn Ave., west of Gilbert Road, in 2015.
Saint Xavier University signed a long-term lease for a satellite campus in the building, but the Illinois-based school pulled out after one year due to budget issues in its home state.
In 2018, Missouri-based Park University moved into part of the University Building.
Gilbert later added the University of Arizona as a tenant. The Tucson-based school moved specialized nursing programs into the building in 2022.
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