Title
Fifth Avenue/Pleasant Street Redevelopment Incentive Program (B)
Explanation
The Fifth Avenue Pleasant Street Redevelopment Incentive Program was adopted October 15, 2003. On September 18, 2006, the CRA Board directed the district boards to reexamine the incentive programs, including the Redevelopment Incentive Programs that targeted smaller scale developments. The CRA adopted the Eastside Redevelopment Incentive Program in an effort to encourage development projects within the redevelopment area by offering assistance to those projects that would not happen, but for funds provided by the program. The program offers the developer a variety of incentives to choose from that best fits the need of the project. 100% of the tax increment revenues generated by the project for up to 5 years, or 50% of the tax increment revenues generated by the project for up to 10 years or 25% of the tax increment revenues generated by the project for up to 20 years. Staff has revised the FAPS Incentive Program, which aims to reduce the cost of development area by offering infrastructure improvements associated with new small -scale development. Added increment reimbursements are permitted for a maximum of five additional years, up to the "but for" gap, for projects such as truck line upgrades, which constitute substantial public wastewater infrastructure improvements, as defined by GRU. These additional payments will be equal to 50% of the original payment percentage. The reimbursement is derived solely from the increase in taxes generated by the completed project. A draft of the proposed changes is included in the backup for review.
The menu would include items such as: Water and wastewater meter costs and connection fees; tap charges (required when a project must tap into the line--not meter or connections costs); meter fees (gas or electric); undergrounding utilities; placement of utilities in buildings to avoid large surface-mounted facilities on site; utility...
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