Thursday, April 5, 2012

Central Project Highlights City's Infill Incentives

A four unit residential project in Central El Paso could benefit from City incentives targeted at rewarding infill developments. The $200,000+ project will replace a blighted empty lot at 2308 Wheeling Ave., just east of Scenic Drive.
In return for his investment, the developer could receive a property tax exemption for five years, construction fee/permit waivers up to $10,000, and a sales tax rebate on construction materials.
The City adopted the incentive program in 2010 with hopes of encouraging projects like this one. It is intended to facilitate the reuse of vacant land, and vacant or blighted buildings, is available for commercial projects and affordable rental housing, and requires a minimum investment of $50,000 for commercial projects.
City Council will vote on the Wheeling project on April 9.
City Council agenda item: