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Mesa council staff review details of Medina Station development agreement and $6.4 million sales-tax cap
Summary
Mesa City Council members spent a portion of their June 26 study session reviewing a proposed development agreement for Medina Station that would reimburse up to $6,400,000 in sales‑tax revenues to the project developer.
Mesa City Council members spent a portion of their June 26 study session reviewing a proposed development agreement for Medina Station that would reimburse up to $6,400,000 in sales-tax revenues to the project developer.
City staff explained the proposed reimbursement mix would include full (100%) reimbursement of construction sales tax attributable to the project’s non‑dedicated sales taxes, while retail sales taxes attributable to the project’s retail anchors and a five‑restaurant “restaurant row” would be reimbursed at 50% of the non‑dedicated retail sales taxes collected. Staff said the 10‑year economic incentive period begins once all conditions precedent are satisfied and that the incentive period would end sooner…
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