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~ Development fee rebate o Rebate of 90% of fees for rezoning, use permit, and subdivision applications and site plan reviews and 50% of building plan review and building permit fees (excluding state levy) to qualifying developments. o Rebates received after Certificate of Occupancy. o Qualifying developments are new construction or improvements to an existing structure totaling $50,000 or more that results in a net increase in the property's real estate assessment as determined by the City Assessor. o Application consists of two parts; Part 1 must be submitted to the Local Zone Administrator within 10 days of obtaining required permits; and Part 2 must be submitted to the Administrator within 120 days of Certificate of Occupancy. o Administered by the Local Zone Administrator in conjunction with the Director of Planning, City Engineer and Building Official ~ Rehabilitated Real Estate Tax Exemption o Existing city-wide program provides for 10-year real estate tax exemption for increases in real estate improvement assessment from renovations of commercial and industrial structures at least 25 years old when assessed value increases at least 60% due to renovations with less than 15% structural addition o For properties in VEZ, · Waive application fee, currently $50 · Add mixed-use properties provided the residential component does not exceed 80% of the square footage · Reduce age requirement to 15 years · F or renovations resulting in an increase in assessment of at least 100%, extend the exemption period to 15 years reducing the exception by 15% for each year after year 10 (year 11==85%, year 12=70%, year 13= 55%, year 14=40%, year 15=25%) o Administered by City Assessor Real Estate Investment Grant (REIG) o A cash grant from the Economic Development Authority (EDA) equal to 50% of the net increase in real estate tax paid on improvements (buildings) by a qualifying property owner over a 5-year period. o Grant is only paid after the property owner pays its taxes to the City and the City transfers the grant funds to the EDA. o A qualifying property owner must: · Invest at least $500,000 in new construction · Authorize the City Assessor to release pertinent data to the Local Zone Administrator o If investment in new construction exceeds $1,500,000 grant equals 60% of the net new incre.ase in real estate tax paid by a qualifying investor over a 5-year period. o If investment in new construction exceeds $3,000,000 grant equals 75% of the next new increase in real estate tax paid by a qualifying investor over 5-year period. o Administered by Local Zone Administrator and EDA with assistance from City Assessor 2