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A. Requirements that address demolition of existing structures and site <br /> utilization; and <br /> B. Building requirements that may include elements addressing parking, <br /> height, density, environmental impact,public benefit features, compatibility with <br /> surrounding property, and such other amenities as will attract and keep permanent <br /> residents and will properly enhance the livability of the residential targeted area. The <br /> required amenities should be relative to the size of the proposed project and tax benefit to <br /> be obtained. <br /> C. A proposed project must meet the standards and guidelines listed in <br /> Section 7, D. 1 though 6, including parking requirements existing for the applicable zone <br /> in effect at the time the applicant submits a fully completed application to the Director, <br /> provided, all parking shall be provided on site for the project subject to the application. <br /> Section 7. Tax Exemption For Multi-Family Housing in Residential Targeted Areas. <br /> A. Intent. Limited 10 year exemptions from ad valorem property taxation for <br /> multifamily housing in urban centers are intended to: <br /> 1. Encourage increased residential opportunities within the urban center <br /> designated by the City Council as a residential targeted area; <br /> 2. Stimulate new construction or rehabilitation of existing vacant and <br /> underutilized buildings for multifamily housing in the residential targeted area to increase <br /> and improve housing opportunities; <br /> 3. Assist in directing future population growth in the designated urban center, <br /> thereby reducing development pressure on single-family residential neighborhoods; and <br /> 4. Achieve development densities which are more conducive to transit use in <br /> the designated urban center. <br /> B. Duration of Exemption. The value of improvements qualifying under this <br /> ordinance will be exempt from ad valorem property taxation for 10 successive years <br /> beginning January 1 of the year immediately following the calendar year after issuance of <br /> the Final Certificate of Tax Exemption. <br /> C. Limits on Exemption. The exemption does not apply to the value of the land <br /> or to the value of improvements not qualifying under this ordinance, nor does the <br /> 5 <br />