Phoenix City Council approved a controversial tax abatement for a developer in downtown Phoenix — the first since the city lost a lawsuit over the incentive relating to another high-rise in downtown.
On Sept.16, the city approved a Government Property Lease Excise Tax, or GPLET, transaction for the development of a 19-story, 375-unit apartment project that will include 6,000 square feet of commercial space and 144 parking spaces planned for Second Avenue and McKinley Street.
According to city documents, a minimum of 10% of the units will be designated for workforce housing.
The GPLET agreement would give the city title to the project after construction for an eight-year period. With the city holding the title, the property is not subject to property taxes.