Since the Great Recession many developers have come to expect tax incentives. And, many Valley cities have provided them.
Now, Mesa hopes to do the same and send a message that it’s serious about revitalizing the area around Fiesta Mall.
“We need to stay competitive with the communities around us like Phoenix, Tempe and Chandler who are already doing this and we’re seeing developers take their projects to those neighboring cities because of the tool that’s being offered there,” said Sara Sorensen, a project manager with Mesa.
That ‘tool’ is known as a GPLET which stands for Government Property Lease Excise Tax. It’s used in specific areas, like the Southwest Redevelopment Area that Mesa council members approved this week.