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File #: 080826.    Version: 0 Name: Summary of Transformational Incentive Program Changes (B)
Type: Discussion Item Status: Pending In Committee
File created: 2/16/2009 In control: Community Redevelopment Agency
On agenda: Final action: 2/16/2009
Title: Summary of Transformational Incentive Program Changes (B)
Attachments: 1. 080826_Board Input_20090216.pdf, 2. 080826_PP_20090216.PDF
Title
Summary of Transformational Incentive Program Changes (B)

Explanation
In May 2007, the CRA approved significant changes to the Transformational Projects Incentive Program. At the December 2008 meeting, the Board requested that Staff provide an update on this subject, in order to familiarize new CRA members and refresh returning members as to the details of this incentive program. A summary of the revisions to the Transformational Program is presented below. Additionally, staff will provide a presentation of the program at the February 2009 CRA meeting.

The Transformational Projects Incentive Program is an important incentive tool for the CRA. This program was created to encourage investment in the urban core and is designed to promote redevelopment in the face of challenges such as land assembly, environmental issues, complex infrastructure or parking considerations, etc. To this end, the program includes a list of the public infrastructure improvements, design expenses, “green” building costs, technology infrastructure costs, and land assembly expenses for which the CRA may reimburse the developer. The program also lists the specific redevelopment goals that projects must attain in order to qualify for funding, including unique point systems tailored to each redevelopment area.

In order to best serve the needs of the CRA, the Transformational Projects Incentive Program must be responsive to the current redevelopment needs of the CRA districts. Therefore, at the September 2006 meeting, the CRA reviewed a number of recommendations regarding potential revisions and updates to the Transformational Projects Incentive Program. The CRA approved administrative changes to the program (such as the creation of a $15,000 non-refundable application fee, and rules prohibiting contact outside of public hearings between CRA members and Transformational applicants). The Board also approved a reduction in the maximum increment funding levels from 90...

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