§ 10-239. New construction in downtown/redevelopment corridors.

(a)

In order to promote quality, responsible infill development, the city provides incentives to qualifying new construction projects in the downtown area and along specified redevelopment corridors.

(b)

The property owner responsible for qualifying new construction will be reimbursed for all city real property taxes paid by the owner on the relevant property attributable to the new development on that property for a maximum period of three years.

(c)

A property owner who creates new rental housing in an upper story (or in upper stories) of an existing commercial building in the opportunity zone will receive double the authorized reimbursement. The rental housing plans must be reviewed and approved by the city manager before work begins, and must be inspected after completion to ensure quality of work.

(d)

To qualify, the new construction must either be in the opportunity zone or in a designated redevelopment corridor. Should a property owner elect to receive a lump sum payment for all such taxes which will be credited, the city will pay the property owner for all such real property taxes which the property owner will pay which are attributable to the qualifying new construction for a maximum period of three years, upon that owner's receipt of a certificate of occupancy for that newly constructed building or that area of the previously existing commercial building which was renovated, improved, and/or added.

(Ord. No. 12-17-01, § 1, 1-9-2018)