Title
Downtown Redevelopment Incentive Program (B)
Explanation
On September 18, 2006, the CRA directed the district boards to reexamine incentive programs, including the Downtown Redevelopment Incentive Program. DRAB reviewed the Redevelopment Incentive Program and asked staff to come back with a program similar to that of the Eastside district, but tailored to Downtown. Staff subsequently presented a draft program to DRAB on March 28, 2007 and June 4, 2007. DRAB members requested that Staff amend the draft program to include additional incentives encouraging residential development on the proposed menu of items eligible for reimbursement. DRAB also provided suggestions to clarify the language in order to eliminate confusion or ambiguity. Additionally, on June 4, 2007, DRAB passed a motion to alter the language describing eligible projects in order to clarify the types of uses the program will allow. This language has been incorporated into the program.
The proposed Downtown Redevelopment Incentive Program is extremely similar to its Eastside counterpart. The program will support commercial, mixed-use, and residential uses. Both market-rate and affordable/workforce housing are permitted. The program includes a menu of items eligible for reimbursement, including costs related to water/wastewater meters and connection fees; tap charges; gas or electric meter fees; utility undergrounding; streetscaping; curb and gutter; sidewalks; trunk main improvements; green buildings; and pedestrian-sensitive parking.
Projects seeking incentives must address issues identified in the Downtown Redevelopment Plan. Eligible projects must demonstrate the existence of a "but for" gap and must also meet a majority of the following criteria, which are derived from the Redevelopment Plan: increase residential opportunities Downtown; replace older or underutilized utilities where needed; increase mobility through transit or pedestrian improvements; develop local-ser...
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