Tax break on apartment complex causes $5.6 million headache for Tempe
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CLOSE This tax incentive is under fire by lawmakers and facing a lawsuit that could threaten its use. Here's a quick primer on the Government Property Lease Excise Tax.
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 complexalong 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. ... read more
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