Phoenix Council approved this amendment in yesterday's council meeting regarding their GPLET:
Quote:
On June 21, 2018, the Developer submitted its proposal in response to the 2017-2018
Downtown Development Request for Proposals (RFP) requesting the City's
consideration of a Government Property Lease Excise Tax (GPLET) transaction for a
high-rise development project on a 28,000 square-foot property located at 601 N. 3rd
Ave. (Site). The Site was formerly used as a parking lot and most recently leased by
Arizona State University for the downtown campus. On Feb. 6, 2019, City Council
approved business terms with Aspire, which included the requirement for a minimum of
8 percent of the housing units (approximately 20) to be reserved for workforce housing
during the term of the lease. This amendment will replace the workforce housing
requirement of approximately 20 units with a contribution to the City's Affordable
Housing Trust Fund in the amount of $1,131,000 for use with affordable housing
projects.
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Nick Woods was there to represent the client but did not speak.
Interesting, I thought they (Aspirant) already sold this tower off, who's ponying up the $1M? With the current rental rates trending downwards, not a good look for financiers of these kinds of GPLET applications.............. Looking at you Astra and the $4M GPLET. That'll be $5M total from the 2 GPLET applications for Aspirant.
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