New Building Project in Downtown Tucson on Track to be First to Benefit from Tax Program Incentive

Posted on August 23rd, 2012 No Comments

A high-rise residential and commercial project in downtown Tucson called One East Broadway is in the process of becoming the first proposed new downtown development to qualify for the new Government Property Lease Excise Tax. It already is the first planned building to complete the first of the three steps needed for qualification, and city officials have hailed this as a good indicator for approval, as the initial screening is quite thorough.

The Government Property Lease Excise Tax works by taking over the completed building for up to 8 years and leasing it back to the owners for a minimal fee, allowing the owners to operate their business and establish cash flow without having to pay property taxes, which the city is exempt from. The aim is to aid the business in establishing itself as a long-term revenue producer for the city.

One East Broadway hopes to benefit from its location along the future streetcar line and is planned to be finished by November 2013, in time for the opening of the new streetcar. The Pima Association of Governments and the Regional Transportation Authority, both major players in bringing the streetcar to downtown, have signed leases for the new office space at One East Broadway; an act intended to show their support for those spurring new development along the streetcar route.

Tagged , , , , , , , , , , | Leave a comment

home | firm history | practice areas | articles | contact us | map & directions | blog | sitemap | log in
©Haralson, Miller, Pitt, Feldman & McAnally PLC. This web site has been prepared for informational purposes only and is not legal advice. Readers should not act upon this information without seeking professional legal advice. Any response to this web page does not create an attorney-client relationship. Furthermore, the information you transmit will not be treated as confidential. Please do not send us any information regarding any current or potential legal matter(s) absent a written statement confirming our engagement by you as your legal counsel.