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Tucson adopts GPLET agreement for major downtown project

Posted by   /  March 11, 2017  /  No Comments

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Credit: Arizona Daily Star

Arizona Daily Star

The Tucson City Council has signed off on a $4.2 million property tax deal to help HSL Properties redevelop the La Placita property downtown.

The council directed staff on Tuesday night to draw up a formal agreement with the local developer to be brought back for a final vote at a future meeting, but there is majority support for the large tax break in exchange for an estimated $38.5 million investment in the now-vacant downtown property.

The proposed Government Property Lease Excise Tax agreement allows for the abatement of all real property taxes and lease excise taxes on the property during the first eight years following construction.

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