Land Value Investment Program
Public or private entities may lease CRA-owned land for up to 60 years at severely discounted rates during the first fifteen years. In exchange, the developer builds a multi-story building with retail on the ground floor and Class A office space and other uses on additional floors.
The CRA may provide a developer with a long-term land lease of unencumbered CRA-owned property for long-term use. A formal Public Private Partnership land lease agreement would be negotiated, subject to final approval by the CRA Board of Commissioners. The length of the initial land lease shall be up to 40 years, but the lase may be extended an additional 20 years at market rate.
Job Creation Bonus Program
This Job Creation Bonus Program is designed to help attract companies to and grow existing within the CRA District while increasing the number of quality jobs in the community. The applicant, if a new business, must create or relocate a minimum number of 10 new jobs whose average annual wages meet or exceed 114% of the County’s Average Wage. If the applicant is an existing business in the CRA District they must create a minimum number of five (5) New jobs whose average annual wages Equal or exceed 115% of the County’s Average Annual Wage.
Development Infrastructure Assistance Program
The Development Infrastructure Assistance Program is a CRA incentive program in which the CRA reimburses a private for-profit organization fifty percent (50%) of the costs of eligible site improvements for an eligible commercial project, up to an amount not to exceed 50% of the projected Tax Increment Funs (“TIF”) generated by the improvements over a five (5) year period following project completion, not to exceed $250,000. Proposed projects must be located in CRA Sub-Areas #3, #4, #5, #6, #7 or #8.