Infill Development Incentive Program

Applicant: Cavallion Developers, LLC

Property: 5101 Fairbanks

Infill Development Incentive Program

Infill Development Incentive Program (approved by City Council 08/24/10; program sunsets 08/31/15)

• Intended to facilitate the reuse of vacant land, and vacant or blighted buildings

• Available for commercial projects, multifamily and attainable single-family rental housing

• Minimum investment of $50,000 for commercial projects

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Incentives available:

• Property Tax exemption (5 years – based on investment level)

• Construction fee waivers (up to $10,000)

• Construction Materials Sales Tax Rebate

Infill Development Incentive Program:5101 Fairbanks

Incentive Criteria met: Blighted, vacant land Located within the

Enterprise Zone

Project description:• $200,000+ investment

• New Construction of a Mixed-Use building

• Commercial/Residential

• Development of a vacant lot

Current condition of property:5101 Fairbanks

Current condition of property:5101 Fairbanks

Proposed use: Mixed-Use Commercial & Retail

Proposed incentives per Infill Development Incentive Policy5101 Fairbanks

 Minimum Investment Year 1 Year 2 Year 3 Year 4 Year 5

$200,000+ 100% 66% 33% 0% 0%

$1,549.21 $1053.14 $542.38 $0.00 $0.00

1. Eligible property tax abatement per policy (City’s portion):

2. Eligible for Construction Materials Sales Tax Rebate•100% one-time rebate of City’s portion (1%) of sales tax

3. Building Construction Fee Waivers•Fees associated with construction, redevelopment and infill development waived up to $10,000

Rebate Type Projected Grant Payment

5 Year Abatement $3,144.73

Sales Tax Rebate $2,000.00

Permit Fees $10,000.00

Projected Total Incentive Package $15,144.73