The city of Phoenix is considering a development agreement for what the city says could be one of the first large-scale office announcements in the U.S. since the Covid-19 pandemic.
Through codename"Project Christmas," the proposed development is associated with an upcoming Arizona State Land Department Auction, according to state land documents. The state land department is holding an auction for about 35 acres close to the southwest corner of Tatum and Mayo boulevards for a minimum bid of $29.4 million.
"Nationally this project would be one of the first large-scale office employment announcements since the pandemic and signifies a return to normal business and recovery from the Covid-19 pandemic," the city report added.On Wednesday, Phoenix City Council is scheduled to vote on a development agreement with Chevelle Properties LLC to reimburse the developer for up to $5 million in public infrastructure improvements to support the new office project and surrounding area.
The reimbursements will be funded annually through the city's strategic economic development fund and general fund portion of eligible transaction privilege tax revenue generated from the site for 10 years.
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