Tax break on apartment complex causes $5.6 million headache for Tempe

By Jerod MacDonald-Evoy | The Republic

A tax break that cities use to entice development has led to legal woes in Tempe.

Basically, Tempe became the owner of a luxury apartment complex along Tempe Town Lake this year to give the developer, OliverMcMillan, a break on its property taxes.

The project, previously known as the Lofts at Hayden Ferry, is now called Salt and is slated to open this year, according to the company’s website.

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