By Ethan McSweeney for Arizona Daily Star
The Tucson City Council approved a tax-incentive agreement valued at about $748,000 for the developer of a downtown property on Oct. 20.
The agreement will give Bourn Companies, the developer of the BP Annex, at 20 E. Congress St., an eight-year break on its city property taxes, after an economic analysis determined the incentive would benefit the city.
The tax break is part of the city’s Government Property Lease Excise Tax — or GPLET — incentive program.
Don Bourn, the developer, said the incentive will help attract potential tenants to the building, which is undergoing a $3M renovation.
The BP Annex, located next to the Chase Bank building, includes three floors and a basement, and has about 19KSF of space.
The project would generate about $1.1M in direct tax revenue and $2.5M in indirect tax revenue over the next eight years, according to the analysis.
The approval from the City Council is the final step of a three-part process for approving a GPLET incentive deal.
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