The Maricopa County Board of Supervisors approved the final payment Friday on the Chase Field loan.
Board spokeswoman Deanne Poulos said the payment means the county has no more outstanding debt related to Chase Field, home of the Arizona Diamondbacks.
Although the cost incurred by the Chase Field project totaled $370 million, only about $15 million was deficit spending, Poulos said.
She said the Diamondbacks agreed to shoulder much of the financial burden of that $15 million, relieving the Maricopa County Stadium District.
The loan was originally scheduled to be paid over 28 years, but the county achieved the milestone in nine years. Poulos said the accelerated payment schedule will save the Stadium District nearly $10 million in interest payments.
Stadium District Director Bill Scalzo said this extra available money will be used to enhance Chase Field and improve the experience of fans at the facility.
County Supervisor Mary Rose Wilcox, D-District 5, said few stadiums throughout the country are able to eliminate debt and interest payments.
County Supervisor Fulton Brock, R-District 1, hailed the achievement.
“This is an example of our sound fiscal practices,” Brock said. “Maricopa County is proud to set a standard of excellence in government.”