Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Arizona > Phoenix area
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-04-2016, 10:06 AM
 
9,576 posts, read 7,409,839 times
Reputation: 14006

Advertisements

Big vote on Wednesday by Phoenix City Council:

Phoenix to decide $18M in tax break, incentives for downtown Fry's grocery store project

Under the proposal, RED Development would build an “urban” Fry’s grocery store as part of a high-rise apartment, office and retail project. Phoenix would provide the company $18.3 million in financial incentives as well as a long-term lease-to-purchase agreement for the city-owned land between Washington and Jefferson streets and First and Second streets.

An existing property-tax break on the land would continue for 50 years. A city spokeswoman could not immediately confirm the value of that incentive.

The agreement must be approved by at least two-thirds of the City Council.




Reply With Quote Quick reply to this message

 
Old 10-04-2016, 11:39 AM
 
1,023 posts, read 1,466,906 times
Reputation: 1953
I'm gonna shop there...that's just 1.2 miles from my house!
Reply With Quote Quick reply to this message
 
Old 10-05-2016, 06:05 PM
 
Location: PHX -> ATL
6,314 posts, read 6,881,765 times
Reputation: 7194
Yes and it's Frys! Not like Whole Foods or something which is insanely expensive.
Reply With Quote Quick reply to this message
 
Old 10-05-2016, 06:14 PM
 
61 posts, read 46,305 times
Reputation: 38
This is a tax credit for the entire development, not just the frys, which will be a small part of the total project. Fact is, this is being built for the housing and office space, NOT for Fry's grocery store.
Reply With Quote Quick reply to this message
 
Old 10-05-2016, 06:44 PM
 
Location: San Antonio
4,468 posts, read 10,654,032 times
Reputation: 4246
Which way did the vote go? OR was it not today?
Reply With Quote Quick reply to this message
 
Old 10-05-2016, 08:26 PM
 
Location: Inside the 101
2,795 posts, read 7,500,529 times
Reputation: 3288
Quote:
Originally Posted by yukon View Post
Which way did the vote go? OR was it not today?
It passed 7-2.

http://www.azcentral.com/story/news/...tore/91551508/
Reply With Quote Quick reply to this message
 
Old 10-05-2016, 08:43 PM
 
Location: San Antonio
4,468 posts, read 10,654,032 times
Reputation: 4246
I'm guessing the two councilmen who voted no probably didn't factor in the sales taxes that will offset the property tax incentive.

I'm glad they approved it.
Reply With Quote Quick reply to this message
 
Old 10-07-2016, 06:45 AM
 
Location: Rural Michigan
6,341 posts, read 14,761,690 times
Reputation: 10551
Quote:
Originally Posted by yukon View Post
I'm guessing the two councilmen who voted no probably didn't factor in the sales taxes that will offset the property tax incentive.

I'm glad they approved it.
If you read through the proposal, Phoenix basically gave away the land and the tax revenue, including sales taxes - there was no "offset". More welfare for the rich, paid for by the plebs. I think it's time Phoenix admitted to itself that "the people" don't give a rat's ass about "downtown" - if they did, developers wouldn't need welfare to build there.
Reply With Quote Quick reply to this message
 
Old 10-07-2016, 07:21 AM
 
8,081 posts, read 7,007,507 times
Reputation: 7983
Quote:
Originally Posted by Zippyman View Post
If you read through the proposal, Phoenix basically gave away the land and the tax revenue, including sales taxes - there was no "offset". More welfare for the rich, paid for by the plebs. I think it's time Phoenix admitted to itself that "the people" don't give a rat's ass about "downtown" - if they did, developers wouldn't need welfare to build there.
If this were for just the grocery store you'd be right, but as I'm sure you saw, the proposal is for more than just a store.

I read the package as the general Phoenix being tax break happy and trying to get this started yesterday.
Reply With Quote Quick reply to this message
 
Old 10-07-2016, 08:09 AM
 
4,222 posts, read 3,774,283 times
Reputation: 4593
Quote:
Originally Posted by Zippyman View Post
If you read through the proposal, Phoenix basically gave away the land and the tax revenue, including sales taxes - there was no "offset". More welfare for the rich, paid for by the plebs. I think it's time Phoenix admitted to itself that "the people" don't give a rat's ass about "downtown" - if they did, developers wouldn't need welfare to build there.
At least a few rats give their asses because the voters continually support people who are for developing downtown.

You're view is too narrow, developing the core is crucial to competing for top jobs, talent and population growth. It's a few flakes of snow in a growing snowball that is starting to roll downhill now. And this type of subsidy is not unique to here.

The Boston Redevelopment Authority on Thursday approved a $7.8 million tax break for a massive development at the former Filene’s property, a deal officials said will help lure a new mix of stores and office tenants to downtown Boston.
https://www.bostonglobe.com/business...sdK/story.html

Study Details Cost of Tax Break for Luxury Manhattan Condo
One57 developer got $66 million in 421-a tax abatements in return for $5.9 million in affordable housing
Study Details Cost of Tax Break for Luxury Manhattan Condo - WSJ


Downtown Boulder affordable-housing project approved for tax credits
Downtown Boulder affordable-housing project approved for tax credits - BizWest
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Arizona > Phoenix area

All times are GMT -6. The time now is 11:50 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top