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Developer asks council to allow CRA assignment to enable lower-priced townhomes as buffer near industrial park
Summary
Developers and their consultants urged the council to allow a CRA (tax-abatement) assignment on land inside the existing district so they can deliver deeded townhomes priced lower than area single-family houses and provide a buffer between industrial and residential uses.
A redevelopment firm asked council to consider assigning a portion of the existing Rickenbacker Exchange Community Reinvestment Area (CRA) to support construction of deeded townhomes intended as lower-priced, higher-density housing and as a landscaped buffer between industrial property and adjacent single-family neighborhoods.
The presenter said the parcel falls within the existing CRA and that assigning CRA benefits to the project would make townhomes financially feasible at…
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