Tag Archives: arizona revised statutes

21601 21st Avenue_Pompay

Cassidy Turley Completes $1.07M Sale of Deer Valley Industrial Property

Cassidy Turley sold 21601 N. 21st Ave., a ±13,068-square-foot warehouse property in Phoenix. Bunker Hill, LLC. (Phoenix), purchased the property for $1,078,000 ($82.49/psf) from High Altitude Holdings, LLC (Anthem, Ariz.). John Pompay of Cassidy Turley’s Industrial Group represented the buyer. Eric Bell and Mike Ciosek, with VOIT Real Estate Services negotiated the transaction for the seller.

Bunker Hill, LLC is a provider of ESD safe and static control equipment. The family owned and operated business has serviced the EOS/ESD Industry since the 1980’s. Bunker Hill, LLC plans to occupy ±7,468square feet of the building.
Built in 2000, 21601 N. 21st Ave. is a one-story warehouse-office building on .76 acres with freeway access to the Loop 101 and I-17 Freeway.

Tax Incentives - AZRE Magazine July/August 2010

Tax Incentives for Green Construction Projects

It Saves to be Green – Tax Incentives

Though famous for saying, “It’s not easy being green,” Kermit the Frog may be singing a different tune in today’s economy, where going “green” often comes with significant opportunities for tax incentives and savings.

Both the federal government and many states, including Arizona, provide a range of tax credits and other financial incentives for builders to go green. Key among these incentives are federal’s energy-efficient commercial buildings tax deduction and energy investment tax credit, and the State of Arizona’s commercial and industrial solar tax credit and renewable energy tax incentive program. Unfortunately, many builders and real estate professionals have been slow to reap the benefits of these green project incentives, often leaving cash on the table.

Federal Level

Energy-Efficient Commercial Buildings Deduction

Enacted as part of the Energy Policy Act of 2005, the federal energy-efficient commercial buildings deduction provides owners with an immediate tax deduction for all or part of the cost of installing certain energy-efficient property. The deductible amount is up to $1.80 per square foot for the installation of interior lighting, heating, cooling, ventilation, hot water or building envelope systems that are installed as part of a plan to reduce the amount of power used by 50 percent or more, in comparison to a reference building as defined in the Treasury Regulations. The deduction is available for property that is “placed in service” before Dec. 31, 2013, and covers “green” projects such as the installation of automatic lighting controls, efficient insulation, and the use of recycled water for cooling and restroom facilities.

Energy Investment Tax Credit

The federal energy investment tax credit is aimed at encouraging taxpayers to produce and use energy sources other than oil or gas. Under the Internal Revenue Code (IRC), businesses are entitled to claim a 10 percent or 30 percent credit for installing systems that generate energy for the business’ own use. A 30 percent credit is available for the installation of equipment using solar energy to generate electricity or to heat or cool a building, fuel cells that generate electricity, and small wind energy property. A 10 percent credit is available for the installation of a solar system for lighting a building, certain combined heat and power systems, and equipment using groundwater for heating or cooling. In order to claim the credit, the taxpayer must either construct or reconstruct the property, or be the first user of the property, and the residence must satisfy certain performance and quality standards set forth in the Treasury Regulations.

State Level

Arizona Commercial/Industrial Solar Energy Tax Credit

Under Arizona Revised Statutes (ARS), an income tax credit is available to businesses that install one or more solar energy devices in an Arizona facility. The tax credit is equal to 10 percent of the cost of the solar energy device, with up to $25,000 of tax credit available for a single building. The credit is available through the Arizona Department of Commerce (ADOC), which is authorized to certify up to $1 million in solar energy credits per year. Solar energy devices qualifying for the credit generally include devices designed to provide heating, cooling or daylighting, or to produce electrical power from solar energy.

Arizona Renewable Energy Tax Incentive Program

Effective Jan. 1, 2010, the State of Arizona began offering a tax incentive program aimed at encouraging renewable energy product manufacturers to relocate to Arizona, or expand their local operations. The program provides income and property tax incentives to businesses in the solar, wind, geothermal or renewable energy industries that make certain qualifying investments in manufacturing or headquarter operations in Arizona. Qualifying businesses may receive a refundable income tax credit, as well as real and personal property tax reductions. The credit is available through the ADOC, which is authorized to certify up to $70 million in income tax credits for a five-year period, beginning on Jan. 1, 2010.

The green tax credits and incentives highlighted above represent only the surface of potential tax and financial benefits available to companies committed to green construction. However, because the ability to claim tax incentives and credits for green projects often involves some pre-planning, certification or record keeping requirements, consulting with a professional tax adviser prior to undertaking a green construction project is advisable.

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www.azleg.state.az.us/ArizonaRevisedStatutes.asp
www.azcommerce.com/incentives.aspx
www.epa.gov/oust/fedlaws/publ_109-058.pdf
www.irs.gov/taxpros/article/0,,id=98137,00.html

Article written for AZRE by Kelly C. Mooney, J.D., L.L.M., who is a shareholder in the Tax Department at Gallagher & Kennedy P.A. She practices in the area of federal tax law, with an emphasis on the taxation of individuals, corporations, partnerships, tax-exempt entities, estates and trusts, and civil tax controversy matters.

www.gknet.com

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AZRE Magazine July/August 2010

Scott Norton

Arizona Cardinals Stadium Plays Host To Outside Events

Beyond Football

When the pigskin isn’t flying, Arizona Cardinals Stadium plays host to an impressive lineup of outside events.

By Tiffany M. Obergfoll

Valley sports fans share their anticipation as Cardinals Stadium draws nearer to opening day this summer—an opening day that will offer a glimpse of what’s to come, as the state-of-the-art facility will host the annual Tostitos Bowl and the first of many super bowls in 2008.

beyond_footballLong ago outgrowing their devilish college stadium, the NFL team finally comes into its own on Aug. 12 against the Pittsburgh Steelers. The move even helped the Cards sell out of season tickets for the 2006-2007 season—an impressive feat for a team that holds more low attendance records than Super Bowl appearances.

But the stadium is more than the steel embodiment of a fan’s dream. The uniqueness of its design establishes it as one of the most efficient and versatile structures in the history of sports complexes. Already famous for its appearance on the Discovery Channel’s “Extreme Engineering,” the stadium’s 12-million-pound rolling function permits the natural grass field uninhibited access to the Arizona sun without the high cost associated with completely removing the roof. The design also eliminates humidity problems other facilities face while attempting to sun their fields indoors. Removing the Bermuda hybrid turf when it isn’t being trampled by 22 sets of cleats also allows it to heal better in its natural environment—the grass is, indeed, greener on the other side.

In addition to the agricultural benefits resulting from the hour-long field exodus, the stadium’s interior is entirely transformed by the absence of its playing field. Teeming with 160,000 square feet of open, climate-controlled convention space uninhibited by columns or other impediments, the field-less stadium interior is fully geared with an electrical grid and ready for large-scale events. Global Spectrum, the facility’s management company, has booked everything from motocross events to food shows and women’s expos to maximize non-football revenue.

Working under contract with the Arizona Sports and Tourism Authority, Global Spectrum promotes and markets the multipurpose facility in accordance with Title 5 of the Arizona Revised Statutes, which requires the involvement of a third-party company. The Philadelphia-based firm also committed to finance the development of numerous spaces within the stadium.

Scott Norton, director of sales and marketing for the company, manages the building from an operational standpoint, “It’s cool and clean,” he says. “We have trade and consumer shows, private and public events, corporate and social functions, auctions—even weddings and proms.”

The stadium’s VIP Club rooms offer 39,000-square-foot lounge areas ideal for corporate and social functions, and the South-End Stadium Bridge consists of 12,500 square feet of open space overlooking the stadium floor. “We offer an unmatched setting,” Norton explains. “We don’t have a ballroom to hold a super-swank wedding, but we’re unique, especially for sports-minded people”—particularly those who do not mind an occasional Budweiser advertisement accompanying team insignia throughout the building.

AZ Business MagazineNorton, who has acted as Global Spectrum’s director of sales and marketing since March of 2005, is realistic about the facility’s appeal. “We’re not competing with the Marriott and the Phoenician,” he points out, shifting focus toward the unexpected and off-the-beaten-path appeal of Cardinals Stadium. Public tours are just one of the bonuses groups can opt for, and Global Spectrum’s large parent company, Comcast-Spectator, has many connections “to help book non-traditional, non-sports events.”

Of course, Glendale is quickly establishing itself as the metropolitan sports hub of the Valley, but the city’s newest megastructure demonstrates how innovation and efficient design allows both sports and non-sports events to flourish under one gigantic roof.

 

www.az-sta.com
www.azcardinalsstadium.com

Arizona Business Magazine Aug/Sept 2006

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