By Joe Ferguson | Arizona Daily Star
The City Council has signed off on a $5.5 million tax deal with the Opus Development Company for construction of a 13-story tower on North Fourth Avenue.
The agreement allows for the Minnesota-based developer to essentially not pay property and other taxes on the parcel for the eight years after construction is complete. It is located where the former Maloney’s Tavern stands.
The council considered delaying the decision, but a representative for Opus Development told the council that any delay could jeopardize funding for the project. The lone holdout in the 6-to-1 vote was Councilman Steve Kozachik, who represents the area.