The new Redevelopment Tax Abatement program offers a seven-year incremental property tax abatement to development in Metropolitan Redevelopment Areas. The program no longer requires applicants to also receive a city bond, reducing the cost and administrative burden.
By restructuring this incentive and providing clear applicant criteria we hope that more developers, including smaller developers and adaptive reuse projects, will apply. The new program also reduces administrative discretion and provides a clear rubric to ensure projects include sustainability, equity, placemaking, and community benefit elements.
Learn more about the Redevelopment Tax Abatement here.
