10-05-2014, 03:32 PM
Establishing a Redevelopment Area and Central Business District
Establishing a Redevelopment.ppt (Size: 239 KB / Downloads: 12)
What is a
Redevelopment Area?
State law allows cities to create a redevelopment area in order to improve living conditions and economic vitality. The City of Tucson currently has 3 redevelopment areas designated within the downtown.
State Requirement
The City has determined that,
“the public welfare is threatened because of dilapidated, deteriorated, aging or obsolescent buildings or improvements” that exist within the area outlined in the map.
What is a
Central Business District?
An area that is entirely within a Redevelopment Area that allows cities to offer a tool called a Government Property Lease Excise Tax, or GPLET.
Criteria for Use of GPLET
Property must be within a Central Business District
Property improvement will result in an increase in property value of at least 100%
Mayor and Council approval
Independent 3rd party must prepare an analysis showing that the economic or fiscal benefit to the City will exceed the benefits received by the lessee
City must notify the County and school districts
What’s Next?
The Mayor and Council will hold
a Public Hearing on April 3, 2012
at or after 5:30 pm
Once the area is adopted, the City will begin work on a Redevelopment Plan
GPLET cannot be used within this area for 1 year