Business Corridor Redevelopment Program
This incentive program was created to encourage redevelopment of underutilized or vacant commercial properties in the City. Sites designated under program qualify for a 30 percent rebate of real property taxes based on incremental investment due to redevelopment. The rebate is provided for a maximum of 15 years or up to 20 percent of project costs - whichever comes first.
The program is intended to partially offset the often high costs that can discourage redevelopment of existing sites. Only sites located within redevelopment districts are eligible for designation in this program.
• See maps on the right side of this page for eligible areas.
• Minimum $250,000 redevelopment cost
• Eligible costs include
- Architectural/engineering services
- Environmental remediation
- Site preparation
- Site improvements
• Property must have appropriate zoning prior to the application
• Property owner can receive annual rebate of property tax in an amount equal to 30 percent of tax increase due to
• Rebate is received annually for a maximum of 15 years or until total rebate equals 20% of development basis
Projects that do not involve demolition of existing structures are eligible provided redevelopment results in at least a 50 percent increase in the tax assessment. Sites also are required to comply with sign, tree and landscape ordinances.
New construction on previously undeveloped land is eligible only if combined with a contiguous parcel containing an eligible structure and the vacant parcel comprises no more than 50 percent of the land of the newly formed development parcel.
Incentives paid are for real property only. Payments for inventory, equipment, and other personal property are excluded as sources of incentives.