MIXED USE CORRIDOR – OLD TOWN Sample Clauses

MIXED USE CORRIDOR – OLD TOWN. 1. A New Facility seeking abatement on Eligible Property should qualify at a minimum level of investment based on annual sales and a minimum number of new jobs not currently in the market, both of which must be generated within two years of construction. a. The abatement should be granted from either real property tax or sales tax revenue allocated to the general fund. b. An investment of not less than $1,000,000 in annual sales and at least 10 new jobs is recommended for an abatement of one (1) year at 50%. c. An investment of not less than $3,000,000 and at least 20 new jobs is recommended for an abatement of two (2) years at 50%. d. A New Facility or an improved existing facility seeking abatement should incorporate public improvements (i.e. alleys, light poles, banners) and either increase the daytime population or promote evening entertainment. e. An existing building should be remodeled to allow for commercial, residential or office use. 2. A New Facility or existing facility that is below minimum levels of investment and new jobs may be eligible for a Microgrant conditioned upon a repayment plan, associated collateral, and a sales concept not present in the market.
Sample 1

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