Today the Industrial Development Authority of the City of Tucson, Arizona, aka the Tucson IDA, issued a Request for Proposals for the property commonly known as “Block 175”, which is approximately 1.943 acres located in the heart of downtown Tucson.
Marilyn Robinson, the Tucson IDA’s president, said, “The Tucson IDA believes that the timing for a high quality, dynamic project is good. We are looking forward to receiving innovative proposals that will leverage and enhance the location within the historic El Presidio Neighborhood while contributing to the vibrancy of downtown. This is a great location on Church Avenue, two blocks from the Tucson Museum of Art, adjacent to the Historic Warehouse Arts District, across the street from the Lohse YMCA, a block away from the new Pima County Consolidated Justice Court building, and walking distance to the Modern Streetcar.”
The Tucson IDA has appointed Gary Molenda of Business Development Finance Corporation as its RFP Representative and copies of the RFP and collateral.
Mr. Molenda indicated that “Although the Tucson IDA does not expect to financially incentivize Proposals, the City of Tucson will have the power to potentially provide Government Property Lease Excise Tax Treatment or GPLET for a project developed on the property, effectively creating property tax abatement for up to 8 years.”
The Property is currently a parking lot located at the southwest corner of Church Avenue and Franklin Street, Tucson, Pima County, Arizona, with a formal address of 283 North Church Avenue. The Property is further identified as Pima County Assessor’s Tax Code Number 117-10-089A and comprises approximately 84,626 square feet.