The Targeted Site Revitalization Pilot Program is designed to foster the redevelopment of catalytic sites throughout the city that have experienced abandonment, blight and/or disinvestment. A primary objective of this program is to encourage private sector investments. A secondary objective of this program is the spin-off effects the redevelopment of key properties located throughout the city will have on the surrounding areas.
In order to be qualified as an eligible “targeted revitalization site”, the property must meet the following criteria:
- Minimum of nine acres in size
- Experienced disinvestment over a multi-year period
- Meet Brownfield Site qualifications
- Approved redevelopment plan that incorporates the following principles: mixed use, sustainability features, affordable/workforce housing units (minimum of 10 percent if part of the project), high quality urban design, and public spaces, and
- The proposed redevelopment project must be 400 percent of the existing taxable value of the property
- Properties within a CRA
- Sites that have been acquired and/or redevelopment plans announced prior to receiving program approval and/or letter preserving inducement from the city
- Projects that are Locally Undesirable Land Uses as listed in the Land Development Code, Chapter 58, Part 4 as well as any specific uses listed within approved Special Plans
- Greenfield sites
- This is a performance-based incentive.
- For qualifying projects, the city will provide a 10-year, 50 percent real property tax refund on the city portion of the new tax increment generated by the project.
- At no time shall the tax refund exceed a 10-year period even with a phased development.
- The agreement is transferable.
- Performance benchmarks based on the approved redevelopment plan will be included as part of the agreement.
- All qualifying projects are required to go through a master plan or planned development process. As part of this process additional Land Development Code regulations may be required to assist the city in meeting our sustainability, affordable housing and urban design goals.
- A one-year “Push Option” shall be allowed due to project delays.
The program will be in effect for a 5-year period with a 5-year renewal option that requires City Council authorization.
- Once a potential qualifying project is identified, the Business Development Division will work with the client on the negotiation of an Economic Development Grant Agreement.
- All Grant Agreements will be brought back to City Council for final approval.
For more information, please call Sherry Gutch, Business Development Division Manager at 407.246.3346 or email email@example.com.