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Section 380 Economic Development Program

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.

  1.  

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.  

   2.   Eligibility Criteria:
  • Project located within City’s TIRZ #1 as described in Ordinance 3034.
  • Project meets the purpose of this Program and assistance is necessary to stimulate private investment to add further value to the project above current minimum zoning requirements.
   3.   Application and Approval Process:
  • An application for incentives must be submitted to the City’s Office of Economic Development by the land owner/ developer. The application should include a detailed description of the project, including renderings or drawings of the proposed project, and a project budget including sources of funds and a project timetable.
  • Project review of each application is required by staff including appropriate comments and recommendations for changes prior to submission to the City Council Transit-Oriented Development Subcommittee (the TOD Subcommittee).
  • All applications will be reviewed by the TOD Subcommittee. Applicants may be interviewed by the TOD Subcommittee and any modifications to the application will be made prior to forwarding the application to the full City Council with a recommendation for approval or denial.
  • City Council will review the recommendation of the TOD Subcommittee and vote to either approve or deny the application.
  • Incentives will not be granted until a successful binding incentive agreement is entered into between the City and the owner/ developer.
   4.    Table of Incentives

    Tax Rebate Infrastructure Cost Participation Development Fee Rebates City Owned Real Property/ Public ROW
  Minimum Eligibility Percentage on added real estate or personal property value
City pays portion of infrastructure Rebate of fees charged by the City in the regulation of land development Transfer of Ownership
City’s Master Developer Project located within boundaries of TIRZ #1

$5 Million Minimum Development Cost*
None Case-by-case

Up to 50% maximum

Participation shall not exceed 30% of total on-site improvement costs

Waiver of Development Escrow
Case-by-case

Up to 100% maximum rebate on not-to-exceed basis

Payable after Certificate of Occupancy issued
Case-by-case

Rebate up to 100% maximum based on City’s purchase price and related fees
All Other Development Project located within boundaries of TIRZ #1

$3 Million Minimum Development Cost*
None Case-by-case

Up to 40% maximum

Participation shall not exceed 20% of total on-site improvement costs

Waiver of Development Escrow
Case-by-case

Up to 80% maximum rebate on not-to-exceed basis

Payable after Certificate of Occupancy issued
Case-by-case

Rebate up to 80% maximum based on City’s purchase price and related fees

TOD Incentive Application

For further information, please contact Mr. Brad Mink, Director of Economic Development, at 972-466-3391.

Last updated: 7/1/2014 3:16:51 PM