Tuesday, January 1, 2013

Gilbert OKs subsidy to lure major project

Gilbert agreed this week to give $35 million in economic incentives to the developer of a massive commercial center that could double the town's office space and help shake its reputation as a bedroom community.

Town officials say the deal, the result of three years of negotiations with Ohio-based developer Nationwide Realty Investors, protects taxpayers while boosting employment by luring new companies to its largely undeveloped central business corridor.

But critics are questioning the fairness to existing office centers of granting rich incentives. The two council members who opposed the agreement in Thursday's 5-2 vote said they support the development but needed more time to vet the tax-rebate deal.

Read more: http://www.azcentral.com/arizonarepublic/news/articles/2012/12/18/20121218gilbert-oks-subsidy-to-lure-major-project.html#subscriber_login_modal#ixzz2GlLPaMDk

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