| | | | | | | | CITY OF PEORIA, ARIZONA
COUNCIL COMMUNICATION | Agenda Item: 28R. |
| Date Prepared: 11/30/2023 | Council Meeting Date: 12/12/2023 |
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| | | | | | | | | FROM:
| Mike Faust - Deputy City Manager
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| | | | | | | | SUBJECT:
| Sales Tax Reimbursement for Public Infrastructure - Notice of Intent |
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| | | | | | | | Purpose:
Discussion and possible action to enter into a retail development tax incentive for property located at 83rd Ave and Happy Valley Rd. Pursuant to ARS 9-500.11, the City Council must give 14-day public notice of intent to enter into a retail sale tax reimbursement to construct public infrastructure. |
| | | | | | | | Summary:
As reimbursement for construction of certain public infrastructure, staff recommend entering into a retail development tax incentive to rebate to the Developer an amount of the unrestricted portion of the transaction privilege (sales) tax generated in connection with the construction, development, or operation levied. |
| | | | | | | | Previous Actions/Background:
City Council approved the original Development Agreement in 2022. |
| | | | | | | | Options:
In the absence of the retail development tax incentive, the retail business facility would not locate in the city in the same time, place or manner. |
| | | | | | | | Staff Recommendation:
Staff recommends that council adopts the Notice of Intent to enter into a retail development tax incentive and pursuant to ARS 9-500.11 to give 14-day public notice of intent before bringing the amended Development Agreement to council for discussion and possible action. The Notice of Intent is not binding. |
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