The Mayor and Tucson City Council yesterday authorized the next step in expanding the Government Property Lease Excise Tax (GPLET) abatement area. The GPLET provides up to eight years of property tax abatement for projects located in the Central Business District that result in a property value increase of at least 100 percent.
The GPLET has been an effective tool in spurring redevelopment in the core of downtown and recently in the gateways to downtown. Since 2012, the City Council has approved the use of the GPLET incentive for 11 projects representing $129 million in capital investment, 880 jobs, and $9.3 million in direct revenue to the City over the GPLET lease term.
With yesterday's approval, City staff can proceed with public meetings and public hearings to expand the GPLET area to other parts of the City.