Public/ Private Agreement Program for Transit-Oriented Development
PURPOSE: It is the purpose of this program to provide assistance only for projects where such assistance is necessary to stimulate private investment to add further value to the project above current zoning requirements. Accordingly, the program is available when agreements between the City and private parties that are not tax-exempt are approved by City Council prior to investment occurring. Projects seeking economic incentives must provide written assurance that ‘but for’ the incentives sought, the proposed project would be substantially altered such that the economic returns to the city would be reduced or the project would not otherwise occur in the City. In addition, all certified LEEDs projects will be given special consideration.
Categories of Participation:
TAX REBATE: Temporary abatement of either real estate or personal property taxes is not available within the TIRZ district.
INFRASTRUCTURE COST PARTICIPATION: City may pay a portion or the entire amount of the required City infrastructure (within ROWs or easements dedicated to the City). For those projects where certain City escrow fees will be required, a waiver of such fees may be considered. In addition, third party utility improvements may be rebated to facilitate aesthetic requirements of the Transit Center District. Participation is considered on a ‘case by case’ basis with limits outlined on the table below.
DEVELOPMENT FEE REBATES: City may rebate a portion or the entire amount of all City fees charged in the regulation of land development. Participation is considered on a ‘case by case’ basis with limits outlined on the table below. Rebates are payable only after a Certificate of Occupancy is granted.
CITY-OWNED REAL PROPERTY/ PUBLIC RIGHT-OF-WAY: The City may transfer ownership of real property at or below market rate (or City’s purchase price, whichever is less) and as required by statute. In the case of public right-of-way, the City may rebate fees charged by the City for abandonment of public rights-of-way. Participation is considered on a ‘case by case’ basis with limits outlined on the table below. Rebates are payable only after a Certificate of Occupancy is granted. Transfer of real property will occur upon issuance of building permit for a fully financed project.
TOD Incentive Application
For further information, please contact Mr. Peter Braster, Senior Development Manager, at 972-466-3042.
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