Your fully integrated affordable housing partner since 1984 www.GormanUSA.com partnerships.” One very exciting project currently underway is the revitalization of the century-old Michaelson Building in downtown that will be an innovative co-working space and offer entrepreneurs resources to help start or grow their businesses.; It will also feature a downtown Visitor’s Center. Another developer, Gorman & Company, recently got approval for a $22 million project to refurbish the historic Hill Street school, turning it into a 64-unit affordable housing complex for seniors using the State Tax Credits called LIHTC (Low Income Housing Tax Credit). Gorman broke ground in 2023 with an expected completion date of late 2024. Globe’s 9.2 square miles of designated Opportunity Zone area is a unique and powerful engine for economic development. An Opportunity Zone is a Federal tax deferment program inside the Tax Cuts and Jobs Act of 2017 that harnesses the power of investors with realized capital gains to invest patiently in these economically marginalized census tracts in need of revitalization, thereby creating a major impact in these communities. Unlike Federal or State Tax Credits, Investors must invest inside a Qualified Opportunity Zone Fund or QOF that will develop inside these Opportunity Zones and hold these investments for a period of 10 to 15 years in exchange for incredible tax-free gains on their investment’s appreciation. Moving forward, the City Council is keenly focused on maintaining its partnerships which have been so valuable to the growth and development of the city as well as providing top-tier amenities and services for its long-time and valued residents. FINAL THOUGHTS “The word is out about all the interest, activity and projects happening in Globe,” concluded Mayor Al Gameros. Globe has come a long way these past seven years. Mayor Gameros added, “At last year’s 173 CIVIL AND MUNICIPAL VOLUME 5, ISSUE 03 GLOBE, AZ
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