02.07.2024 FUNKO - SUMMARY SUPPORT FOR AGENDA FINAL 1-23-24.DOCX

FOREIGN-TRADE ZONE
REQUEST FOR NO-OBJECTION
FUNKO, LLC
Greater Maricopa Foreign-Trade Zone, Inc. No. 277
Located at 2600 S Miller Road, Buckeye, 85326 parcel 504-26-008M. This parcel is owned by 10
West Commerce Park AZ Owner, LLC (10 West). with a business address of 1900 Avenue of the
Stars STE 320, Los Angeles, CA 90067-4305. The FTZ applicant, FUNKO, LLC, leases the
property from 10 West and 10 West has provided “approval of and concurrence” with the
“Application” by Funko, LLC.
Summary from the applicant’s representative
FUNKO LLC is applying for Foreign-Trade Zone (FTZ) designation for the property 2600 S Miller
Road, Buckeye, 85326 parcel 504-26-008M, to be included in the Greater Maricopa Foreign-
Trade Zone, Inc. No. 277. FTZ designation will allow partial reclassification of this property from
Class 1 with a tax assessment ratio of 16.5% to Class 6 with a tax assessment ratio of 5% under
A.R.S. §42-12006. Only the portion of the property specifically designated as an FTZ, will be
reclassified to Class 6 property.
FUNKO, LLC is a pop culture lifestyle brand. They provide connection to pop culture with a
product line that includes vinyl figures, action toys, plush, apparel, board games, housewares,
NFTs, and accessories. FUNKO LLC has constructed a 958,000 square foot distribution center
on the above referenced site and is planning expansion. This facility will serve Direct-to-
Consumer e-commerce distribution as well as wholesale bulk distribution to company customers
and stores. The company plans to handle fulfillment operations and the shipping of master, inner,
and unit level cartons. Funko also plans to have assembly and kitting activities located within the
zone, which will involve the combining of several individual finished items into new items for retail
sale, display and fulfillment units.
The project is estimated to become operational during the 1st quarter of 2024. The total capital
investment for the facility is approximately $52.4 - $56.4 million, with approximately 600 jobs
created. The capital investment has been completed but the location is not operational as an FTZ
site pending FTZ approval. Once approval is received, further expansion and capital investment
is planned.
Status of Taxing Jurisdiction Concurrence Letters
o City of Buckeye – Received
o Buckeye Elementary School District – Received
o Buckeye Union High School District – Received
o Western Maricopa Education Center (West-MEC) – Received
o Maricopa County Community College District – Board meeting 1/23/2024
o Maricopa County Special Health Care District (Valleywise Health) – Received
o Central Arizona Conservation District (CAP) – Received
o 10 West commerce Park AZ Owner LLC - Received
Fiscal and Economic Impact
The following fiscal and economic Impact estimates were provided by Greater Phoenix Economic
Council (GPEC).
 FUNKO LLC operations will create approximately 600 direct and 316 indirect jobs over the
next 10 years, with estimated combined annual payroll at the end of 10 years of $25.4
million.

 Estimated $3.2 million in direct tax revenues and $555.4 thousand in indirect tax revenues
for a total of $3.7 million in tax revenue to Maricopa County over a 10-year period.
 Estimated $240.3 million of direct personal income and an additional $131.7 million of
indirect personal income for a total of $372.0 million to Maricopa County over a 10-year
period.
 Estimated $501.4 million in direct economic output and an additional $479.4 million in
indirect output for a total of $980.8 million to Maricopa County over a 10-year period.
 Estimated impact on Maricopa County’s portion of property taxes attributed to the FTZ will
be approximately $20,469 annually.