Tempe says it doesn’t know tax incentive value on Town Lake land sale

tax incentiveBy Dianna M. Náñez | The Arizona Republic

Tempe officials say they cannot provide residents the full dollar value of the eight-year tax incentive it is offering a developer in a deal to buy and build on city-owned land at Town Lake.

Responding to The Arizona Republic’s questions about the financial details of the incentive, Tempe economic-development officials said they are unable to provide the amount at this point because it depends on information they currently do not know.

“The actual savings and revenue to the city will depend on what the developer ultimately builds,” Tempe Economic Development Director Donna Kennedy wrote in an e-mailed response. “While they do have a eight-year abatement, they are also required to pay rent during that period. The rent is set to the pre-2010 GPLET (Government Property Lease Excise Tax program) rate and will depend on what they build.”

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