Subdivision 5B. Revitalization Tax Credits

The construction, reconstruction, or extension of nonresidential structures;

The reconstruction or extension of existing residential structures;

The construction or reconstruction of new single-family residential structures that are built on lots on which a residential structure has been razed or demolished within the prior five (5) years, or on vacant lots between adjacent lots with single-family residential structures;

New construction in developments of less than ten (10) one-family dwellings, as set forth in the plan of subdivision; and

The construction, reconstruction, or extension of new or existing nonresidential or residential structures within a Major Transit-Oriented Development Project, subject to the requirements of this Paragraph (Section 10-235.02(d)(5)).

Except for projects subject to Paragraph (3), below, for nonresidential improvements, for the first tax year immediately following the year in which the improvements are completed and assessed, the tax credit shall be in an amount equal to 100% of the amount of the County property tax imposed on the increased assessment attributable to the improvements as determined by the Supervisor of Assessments. The tax credit shall be reduced to 80% in the subsequent tax year, 60% in the third year, 40% in the fourth year, and 20% in the fifth year. A property tax credit granted hereunder for nonresidential improvements may not be granted for more than five (5) consecutive years. The total value of the tax credit over five (5) years may not exceed an amount equal to 100% of the costs of eligible improvements.

Except for projects subject to Paragraph (3), below, for residential improvements, for the first tax year immediately following the year in which the improvements are completed and assessed, the tax credit shall be in an amount equal to 100% of the amount of the County property tax imposed on the increased assessment attributable to the improvements as determined by the Supervisor of Assessments. The tax credit shall be reduced to 66% in the subsequent tax year, and 33% in the third year. A property tax credit granted hereunder for residential improvements may not be granted for more than three (3) consecutive years. The total value of the tax credit over three (3) years may not exceed an amount equal to 100% of the costs of eligible improvements. For residential improvements, the maximum amount of eligible improvements shall be $200,000 per dwelling unit.

For nonresidential or residential improvements within an MTOD Project, for the first five (5) tax years immediately following the year in which the respective improvements are completed and assessed, the tax credit shall be in an amount equal to one-hundred percent (100%) of the amount of the County property tax imposed on the increased assessment attributable to the improvements as determined by the Supervisor of Assessments. A property tax credit granted hereunder may not be granted for more than five (5) consecutive tax years after the respective improvements are completed and assessed. A phased project may have improvements that are completed and assessed at different times, which means the 5-year clock for a particular phase would start at the time that phase has been completed and assessed irrespective of the timing of completion and assessment of another phase, which would have its own 5-year start times upon assessment. Nonresidential or residential improvements within an MTOD Project shall only be eligible for a tax credit under this Paragraph if commenced and completed after the approval of a Detailed Site Plan (new or amended) or Building Permit Site Plan (new or amended) in accordance with Section 10-235.02(d)(5) and after the approval of a Supplier Diversity and Equity Plan, if applicable. County property tax amounts obligated, exempted, or credited pursuant to tax increment financing (TIF), payment in-lieu of taxes (PILOT), or other tax credits, exemptions, and incentives shall not be eligible for tax credit award under this Paragraph (Section 10-235.02(d)(5)).

approval of either a Detailed Site Plan (a new Detailed Site Plan or new amendment(s) to an existing Detailed Site Plan) or a Building Permit Site Plan (a new Building Permit Site Plan or new amendment(s) to an existing Building Permit Site Plan) that meets the requirements of Sections 10-235.02(d)(5)(A) and 10-235.02(d)(5)(C), the boundaries of which shall be the boundaries of the Revitalization Tax Credit District, and,

for High Value TOD Projects, approval of a Supplier Diversity and Equity Plan in accordance with Section 10-235.02(d)(5)(B).