Pima County Supervisors recently unanimously approved the Rocking K residential development and the financing of construction for the extension of Valencia Road.
A total of $16 million in Certificates of Participation (COP) is allotted to the county to finance the construction of the extension of Valencia Road. Diamond Ventures, Rocking K’s developer, was the one that initiated the proposal of extending Valencia Road into the planned 4,500-residential and mixed-use property.
The proposed extension of Valencia Road will run from Houghton Road to Old Spanish Trail. In addition, the agreement will also involve the construction of a bridge over the Pantano Wash as well as ensuring bank protection of the wash in nearby areas.
The construction will also involve the installation of traffic signals along the Valencia and Old Spanish Trail intersection, as well as the widening of Old Spanish Trail to four lanes south of the new connection to Camino Loma Alta.
In return, Diamond Ventures will repay the Pima County’s COPs debt via impact fee collections over 15 years. However, in the case that the county’s debt obligations are not able to be fully paid, Diamond Ventures will repay via other direct payments, as well as posting Rocking K land as a collateral.