Arizona is open for business growth and has a $25 million fund to help companies that will create high-quality, stable jobs in the Grand Canyon state.
Executives from one of the largest commercial real estate organizations devoted to the representation of corporate tenants and buyers heard this message loud and clear from the Arizona Commerce Authority (ACA) at the recent ITRA Global conference in Scottsdale.
Mr. Greg Linaman, ACA Chief Operating Officer/Chief Counsel, shared with conference attendees information about Arizona’s incentives and services aimed at attracting companies to expand or relocate in the state. Among them was the state’s $25 million Arizona Competes Fund, a “deal-closing fund” that provides incentives for companies that meet job-creation benchmarks.
Since mid-2011, the fund has awarded grants to seven companies: Clear Energy Systems Inc., Silicon Valley Bank, Ulthera Inc., United HealthCare Services Inc., The Go Daddy Group Inc., Maverick HealthCare Group LLC and Acceler8 Technologies Corp. Together they are expected to bring nearly 1,700 new jobs to Arizona.
“My ITRA colleagues found this information extremely useful in our work assisting clients in decisions about the best sites for relocation and expansion,” says Michael Coretz, Principal of ITRA Global / Commercial Real Estate Group of Tucson. “These incentives provide the extra consideration that Arizona already receives from its business-friendly environment, talented work force and great weather and culture,” says Mr. Coretz, who was instrumental in bringing the global conference to Arizona.
“The Arizona Competitiveness Package encompasses some of the most powerful economic development legislation in the country, making Arizona one of the most attractive locations in the world for companies to operate,” says Gordon Rasmussen, principal of ITRA Global / Martin Property Advisors Inc. in Phoenix. “The $25 million deal-closing fund should be of particular interest to major employers who are considering Arizona.”
The conference also included a guest panel of corporate executives from major firms that have already located or expanded to the Phoenix area, including Brandon Keenan, National Director (Phoenix) for Gigya; Ken Veach, Director for Silicon Valley Bank; and Mark Singerman, Regional Director for Rockefeller Group International, Inc.. The panelists praised Arizona officials for their willingness to work with them throughout the site selection process. “Put smart people in a room and good things happen,” says Brandon Keenan.
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: Recruit, Grow, Create – Recruit out-of-state companies to expand their operations in Arizona; work with existing companies to grow their business in Arizona and beyond; and partner with entrepreneurs and companies large and small to create new jobs and businesses in targeted industries. You may reach the ACA at 602.845.1200.
ITRA Global is an organization of real estate professionals specializing in representing tenants and buyers in the leasing, acquisition and disposition of office, industrial and retail facilities. With coverage in major markets around the world, ITRA Global is one of the largest organizations dedicated to representing tenants and occupiers of commercial real estate. Clients benefit by having an experienced professional as their trusted advisor, providing conflict-free representation with total objectivity. To learn more about ITRA Global or any of our locations, contact Michael Coretz, ITRA Global / Tucson, at 520.299.3400 or Beth Wade, Executive Director of ITRA Global, at 706.654.3201.
