The proposed downtown medical campus, an extension of the University of Arizona's College of Medicine, recently received financial boosts from the City of Phoenix.

Last month Phoenix Mayor Phil Gordon announced a $25 million loan in the form of new market tax credits that will help pay for the renovation of three historic buildings at the former Phoenix Union High School, where the medical school will be located.

The new market tax credit is a federal program aimed at assisting underdeveloped areas. This one will provide tax breaks to the developer who will lease the property to UA. The school's lease payments will pay back the loan.

"With the new market tax credit program, officials were able to lower the rent the Arizona Board of Regents would have to pay so it could fit their budget," said Don Keuth, president of the Phoenix Community Alliance. "It was a creative way to make the rents for the space fit the budget for the board of regents."

Gordon also plans to look for ways to raise an additional $90 million to help the college grow from an enrollment of 24 in 2007 to 150 by 2010.

In addition to the new market tax credit program, the Phoenix City Council approved a bond package that provides funding for the College of Medicine Phoenix campus. Of the $880 million package that voters will consider on March 14, $1.5 million is proposed for College of Medicine campus construction and another $1.5 million for a College of Pharmacy facility.

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For more information:

"Council approves $880 million bond," Arizona Republic, 11/02/2005

"Gordon pledges millions for UA med school," Arizona Republic, 10/18/2005