TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: May 11, 2016
Title
DISCUSSION OF DRAFT DEVELOPMENT INFRASTRUCTURE ASSISTANCE PROGRAM
Body
BACKGROUND: At the April meeting, the Board requested staff draft an incentive/assistance program for new businesses locating in the MCRA District. The 2009 CRA Plan recommends creating "Economic Development Incentive Programs" that establish a diverse, identifiable character for the City within the Redevelopment Area and promote economic vitality through private sector investment. In response, staff drafted the Development Infrastructure Assistance Program (Program) which is instituted to encourage property owners (established and new) to make improvements within or adjacent to the public rights of way of commercial buildings.
The following outlines the basic eligibility requirements of the proposed program;
* Projects that cost $1 million or more
* Must be a for-profit operation
* Targeted projects include office and commercial space, new and/or existing commercial buildings, hotel projects, and mixed-use buildings that are consistent with MCRA objectives. (Auto oriented uses would not be eligible unless they address a specific need (i.e., providing jobs for hard to employ persons, filling a gap in a particular service, or otherwise meeting a need identified in the CRA Plan.)
* Improvements may be either on private or public land, on the public right of way, or both.
The CRA would invest its capital in return for fulfilling the following objectives;
* improving both the physical appearance of the redevelopment area and the property values/marketability of surrounding properties;
* improving existing properties and their value;
* creating an improved infrastructure on both public and private land;
* facilitating commercial development in the CRA District; and
* facilitating commercial development that creates employment opportunities within walking distance of transit.
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