A Community Facilities District | Buckeye, Arizona
The seed was planted in 1884 when Malie Monroe Jackson dug a canal and named it after home. The canal brought water. Water brought crops. Crops brought families. Families built a city. Now that city plants its next seed.
PEAK Global Capital + Fieldhouse of AZ LLC | April 2026 | Confidential
Act I: Where We Have Been
1884. A Canal. A Name. A Seed.
Malie Monroe Jackson came to the Arizona desert from Ohio and dug 10 miles of irrigation canal. He named it the Buckeye Canal — after home. That canal brought water to a place nobody believed could grow. From that water grew a city.
1884
Buckeye Canal built. Named after the Buckeye State.
1888
Town of Buckeye officially founded.
1910
Railroad arrives. City booms.
2014
Buckeye officially becomes a city.
2017–2021
Fastest-growing city in the United States. Three times.
2026
Arizona Fieldhouse plants the next seed.
A Buckeye is a seed. It does not look like much on the surface. Plant it in good soil, give it the right conditions, and it grows into something that lasts for generations.
Act II: Where We Are Right Now
The Honest Reckoning — What Growth Costs
Buckeye is one of the greatest growth stories in American municipal history. But the fastest-growing city in America is running into a wall — not of its own making, but of its own success.
First GO Bond in 40 Years — November 2024
Buckeye voters approved $282 million in general obligation bonds. Prop 494: $137M public safety, 63% approval. Prop 495: $145M transportation, 64.5% approval. They were saying yes because their city was falling behind and had no other choice.
State Revenue Declining
Urban Revenue Sharing dropped 19% in FY2025 and projects another 10% decline in FY2026. Buckeye depends on intergovernmental revenues for 21% of its General Fund.
46% of General Fund Depends on Local Sales Tax
But 67.7% of Buckeye workers commute out daily — taking their spending to Mesa, Goodyear, and Phoenix.
Federal Funding Lost
A $4.6M BRIC flood mitigation project for downtown Buckeye was canceled by federal action. Downtown remains at flood risk.
No City Hall — Operating from a Warehouse
Buckeye — Arizona's second-largest city by area, 119,000 residents — runs its government from a warehouse. Library, multi-generational center, and aquatics center remain unfunded with no timeline.
The Bridge
There Is Another Choice
The City of Buckeye has used every tool available. It has managed its growth with discipline. But the math is getting harder. The state is taking more. The federal government is giving less.
There is one tool Buckeye has not yet used: A Community Facilities District — the mechanism the State of Arizona created specifically for this moment.
No General Obligation Pledge
The City of Buckeye bears zero financial risk from the bond.
No Tax Increase
No tax increase on existing residents outside the district boundary.
No Outside Liability
No liability to anyone outside the district boundary. Not a dollar from any Buckeye resident outside the district.
A Solution Offered
Arizona Fieldhouse is not asking Buckeye to solve a problem. It is offering to solve one.
The Opportunity
119,000 Residents. No Sports Destination. No Community Anchor. No City Hall Worthy of the Name.
The West Valley Gap
- Bell Bank Park, the nearest comparable sports facility: 45+ miles east in Mesa
- Buckeye has 119,000 residents growing to 310,000 — and no destination-scale sports complex
- 67.7% of Buckeye workers commute out of the city every day
- The city currently operates out of a warehouse
What Arizona Fieldhouse Solves
- Brings 3.15 million annual visitors and their spending to western Buckeye
- Creates 1,800–3,000 permanent local jobs
- Builds the infrastructure — roads, schools, parks, a real city hall — that a city of 310,000 deserves
- Generates $33–49M per year in tax revenue to the City and County at zero financial risk to either
Annual Visitors
Permanent Jobs
Annual Tax Revenue
Projected Population
The District
1,148 Acres. 10 Zones. One Ecosystem.
Every component feeds every other. Remove one — the others weaken. Add one — the others strengthen. This is not a sports complex. It is a community.
Zone A — Sports Complex
51 fields + indoor facilities | $74.9M NOI | 3.15M annual visitors
Zone B — Hotels + Entertainment
1,500 rooms on ground leases | 557,410 SF entertainment | $84M revenue
Zone C — Emergency Services
Urgent care facility + Buckeye PD substation
Zone D — Community Retail
Grocery anchor | Pharmacy | Fueling station | Regional bank | National bank | Fast casual dining | Quick service dining
Zone E — Civic Campus
City Hall with clock tower + Buckeye seed motif | Community Center | Library | Public plaza
Zone H — PEAK Impact Energy
100-acre solar + BESS + hydrogen | $14–16M/yr platform revenue
Zone F — Housing
820 units BTR + workforce | Growing to thousands
Zone G — School Site
Walkable elementary | Park corridor to sports fields
Zone I — Wellness + Training
$11M NOI
Zone J — Northern Expansion
430 acres | Second retail + second school + regional park + For Sale Housing
The Bond
$450M to Start. $1.282B Ceiling. The Most Conservative CFD Opening in Maricopa County History.
What It Is
A Community Facilities District special assessment bond under Arizona Revised Statutes Title 48. Not a general obligation. Not on any developer's balance sheet. A public assessment levied against the parcels within the district — paid by the district's own assessed value.
Who Pays It
The assessed value of the $2.2B district. Not the City. Not the County. Not Arizona Fieldhouse. Not any Buckeye resident outside the district boundary.
What It Funds
- Roads, utilities, drainage, parking — $218M
- Sports fields and recreational facilities — $85M
- Indoor sports complex — $145M
- Parks and public amenities — $60M
- City hall, community center, library, fire station, police substation, school site — $39–57M
- Energy substation — $5–10M
- Bond soft costs and reserve — $25M
Opening Tranche
Maximum Envelope
Loan to Value
Statute allows 60%
DSCR
Floor is 1.25x
One Vote. One Day. Two Billion Dollars.
The Moment the PAC Board Votes Yes — Buckeye Changes Forever
At Maricopa County's 18% commercial assessment ratio, $2.2B in petition value equals $396M in assessed value on Day 1. At the combined 6.1% property tax rate — $24M per year in new property tax revenue from parcels that were generating almost nothing before.
"Buckeye goes from operating out of a warehouse to sitting on a $2.2 billion tax base in a single vote. That is not a real estate transaction. That is a founding moment."
How the Bond Gets Paid
Nobody Writes a Check. The Community Pays for Itself.
The $36M vs $83.3M Question
Answered Once and For All
What the Petition Says
Annual debt service approximately $83,300,000.
What That Actually Means
$83.3M is the MAXIMUM annual levy if and when the FULL $1.282B envelope is drawn — approximately 15 years from bond close at full community buildout. It is a ceiling. Not a Year 1 obligation. Not what anyone pays next year.
What the Actual Opening Day Obligation Is
PMT(7%, 30 years, $450M) = $36.1M per year beginning Year 2.
The Growth Curve
- Years 1–3: $0 cash from assessments — capitalized interest covers service
- Year 5: $36M — Phase 1 stabilized, $450M tranche only
- Year 8: ~$54M — Phase 2 complete, Zone D and civic campus added
- Year 12: ~$69M — Phase 3 complete, stadium and expansion
- Year 15+: ~$83.3M — Full envelope, full community buildout
"The $83.3M is not the cost of this bond. It is the proof that the community grew large enough to generate $70M per year alongside it."
The Ground Lease
The Gray Zones Pay for Themselves — and Cover the Bond Before Sports Plays a Game
The bond funds public infrastructure. Hotel developers, entertainment operators, and stadium developers bring their own capital and build on ground leases from Arizona Fieldhouse. They pay annual ground rent — contractual income that does not depend on tournament attendance, hotel occupancy, or whether a single game is played.
Contractual Income/yr
Ground rent $19M + Housing NOI $16.2M + Park corridor $2.7M
Annual Bond Service
Coverage — Contractual Only
Before a single athlete steps on a field
Overall DSCR
Institutional minimum is 1.25x
"This is not a sports bond. It is a real estate bond with a sports complex on it. The 1.05x ratio ends the debate."
The Financial Case
$145.8M in Annual District NOI. $36M in Annual Bond Service. 3.25x Coverage.
Stress Test — All Four Scenarios Beat the 1.25x Institutional Floor
Sponsor Case
3.25x
Market-Adjusted
2.61x
Conservative
2.04x
Nuclear Stress
Hotels 60%, sports 40%, zero sponsorships: 1.13x ✓
What the City and County Receive
$33–49M Per Year. At Zero Financial Risk. Growing Forever.
Transaction Privilege Tax
$293M+ in district gross revenue × Buckeye rate = $19–29M/yr
Property Tax Above Assessment
District assessed value $396M+ × combined Maricopa rate = $8–11.4M/yr
Hotel Bed Tax
1,500 rooms × $185 ADR × 86% occupancy = $6–9M/yr
What the City and County Do NOT Pay
- Zero general obligation pledge
- Zero tax revenue diversion
- Zero financial contribution
- No Buckeye resident outside the district pays a dollar
What the City Keeps Forever
- City hall (proper — not a warehouse)
- Community center + Library for the western corridor
- Fire station + School site infrastructure
- Aquatics center + Park corridor
- All bond-funded public infrastructure — at zero cost from the general fund
The Fiscal Relief Argument
What the CFD Delivers — Problem by Problem
PEAK Impact Capital
A Complete District Utility — Not a Solar Company
Every new building in the district increases the value of every stream. The PEAK Impact Capital platform grows with every building permit.
Solar + BESS
100-acre solar farm, 20–25 MW. BESS demand charge optimization. Combined: $7.66M/yr
EV Fast Charging
40 DC Fast Chargers. $0.35/kWh blended rate. $680K/yr
Green Hydrogen
2,500 kg/day. 60–80 hydrogen buses. IRA 45V tax credit $2.74M/yr. Net profit $3.03M/yr
Stormwater Capture + Water Reclamation
1,148 acres of catchment. 230–300 acre-feet annually — 75–98 million gallons per year. Treated to Arizona ADEQ Class A. Sports field irrigation saving $858K–$918K/yr. Aquatics center at zero marginal water cost. Capital cost $600K–$2.4M — bondable under ARS 48-701(d)(e).
Arizona Water Banking
Long-Term Storage Credits, $45–$400/AF. Potential $10K–$120K/yr upside.
Annual Platform Revenue
Total PEAK Impact annual platform revenue: $14–16M/yr
Water Captured/yr
98 million gallons annually
"The canal brought water to Buckeye in 1884. PEAK Impact captures the water that falls on what that canal made possible — and puts every drop back to work."
The $1.282B Envelope
Why Every Dollar Benefits Buckeye — And Why Government Should Want It All Used
The Envelope Grows With the Community
The $1.282B is a ceiling — not a commitment. Arizona Fieldhouse opens at $450M. The remaining $832M issues in phases as assessed value grows. Outstanding bonds can never exceed 60% of assessed value — the statute is the protection. The envelope and the district's wealth grow in lockstep.
The Math at Full Buildout
- District assessed value to support full envelope: $2.138B minimum
- Annual bond service at full envelope: $83.3M — paid by district, not City or County
- Annual tax revenue to City + County at full buildout: $70M+ per year — forever
- City and County net position: $70M revenue, $0 liability, $0 from general fund
Why Government Should Want Every Dollar Used
Every additional tranche draws more assessed value into the tax base — more property tax.
More construction means more sales tax on materials and labor.
More residents mean more daily spending. More hotels mean more bed tax.
The City and County have every financial reason to want Arizona Fieldhouse to grow to its full potential.
"Every dollar of the remaining $832M envelope that gets drawn makes Buckeye richer."
The Community
A Sports-Minded Community Where Children Kick Balls in the Backyard.
Arizona Fieldhouse is not being built for visiting athletes. It is being built for Buckeye.
The People It Serves
119,000 current residents growing to 310,000. Median household income $99,486. 27.3% under-18 — highest in the study geography. 43.5% Hispanic. 65% of Latino youth ages 6–17 tried a sport in 2024 — highest participation rate of any demographic group.
The Infrastructure They Need
- A grocery store. A pharmacy. A bank branch.
- An urgent care when their athlete gets hurt.
- A fire station that reaches them in time.
- A school their children can walk to.
- A park corridor connecting that school to the sports fields.
- A library. An aquatics center. A city hall that says Buckeye takes itself seriously.
Under-18 Population
Highest in the study geography
Hispanic Residents
65% of Latino youth tried a sport in 2024
Housing Units
BTR + workforce, growing to thousands
A Buckeye is a seed. The Ohio settlers who came to the Arizona desert in 1877 brought their seeds and their determination. They planted something in unfamiliar soil and it grew into one of the fastest-growing cities in America. Arizona Fieldhouse plants the next seed.
The Closing Argument
The Seed
In 1884, Malie Monroe Jackson stood on this desert and decided to dig a canal. He named it after home. That canal brought water. Water brought crops. Crops brought families. Families built a town. A town became a city. A city grew to 119,000 people and is projected to reach 310,000.
Zero Financial Risk
The City of Buckeye bears no financial risk. Buckeye taxpayers outside the district pay nothing.
Self-Funding
The assessed value of what we build covers the bond. The City and County keep everything the bond builds — forever.
Another Choice
The voters who approved $282M in GO bonds were saying yes because their city had no other choice. Arizona Fieldhouse is another choice.
The Infrastructure They Deserve
- A real city hall. A fire station. A library.
- A school children can walk to. A grocery store within reach.
- An aquatics center. A park corridor. A community center.
- Everything Buckeye has been asking for — funded by the bond, owned by the city, free.
The Buckeye Identity
A Buckeye is a seed. It does not look like much on the surface. Plant it in good soil, give it the right conditions, and it grows into something that lasts for generations.
The canal was built to bring water where nothing grew. The bond is the canal. A Buckeye is a seed. This is what it becomes.
"The canal was built to bring water where nothing grew. The bond is the canal. A Buckeye is a seed. This is what it becomes."
PEAK Global Capital | Fieldhouse of AZ LLC | April 2026 | Confidential
Arizona Fieldhouse