GPLETs
A Government Property Lease Excise Tax (GPLET) is a tax incentive agreement between a private party and a local government to stimulate development in commercial districts by temporarily replacing a buildings property tax with an excise tax. The State of Arizona established GPLET in 1996 with few reforms including a 25-year maximum period, and 8-year abatement max.
More information on Arizona GPLETs can be found at Arizona Department of Revenue or City of Tucson.
Rio Nuevo has successfully utilized GPLET’s on several downtown projects including the following:
- 1 S. Church
- 44 Broadway
- 117 N. 6th Avenue
- AC Hotel
- Bautista
- Brings
- Bungalow Block
- Cadence
- Caterpillar Headquarters
- City Park
- Congress Street Block
- Corbett
- DoubleTree Hotel at the Tucson Convention Center
- Greyhound
- Hilton Hotel at Cathedral Square
- Indian Trading Post
- Julian Drew Lofts
- MSA Annex
- Solot Block
- Toole Avenue Restaurant
- Zemam’s
GPLETs
- October 20, 2017
- GPLET (Garage) Lease Agreement (5 N. 5th)
- October 4, 2017
- Brings Amended Memorandum of GPLET Lease (recorded)
- July 11, 2017
- Caterpillar Triple Net Government Property Lease Excise Tax
- March 9, 2017
- City Park Triple Net Government Property Lease Excise Tax