Discussion and possible instruction to staff following a presentation on any and all matters regarding findings of the Economic Impact Analysis for the proposed Retail Tax Incentive Agreement with San Luis Commercial Holdings L.L.C for a multi-use commercial site. (Jenny Torres, Community Development Director/Dan Jackson, Willdan Economist.com)

Arizona Revised Statutes (A.R.S) §95-500.11 allows a municipality to enter into a “Retail Tax Incentive Agreement” where a developer may get credit for a portion of sales, use, or transaction privilege taxes payable to the City in connection with the construction, development, or operation of retail development activities as long as the proposed tax incentive is anticipated to raise more revenue than the amount of the incentive within the duration of the agreement. The statute states that a municipality shall verify the impact to the treasury by contracting with an independent third party before the City can enter into an agreement. Willdan Economist.com is the independent third party retained by the City of San Luis to evaluate the fiscal and economic benefits associated with the development of a multi-use commercial site by San Luis Commercial Holdings.