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CRA approves tax-increment rebate for redevelopment at 241 W. H Street
Summary
The CRA board approved a tax-increment rebate award to Woolard 24 LLC for renovation of 241 West H Street, authorizing a performance agreement at a 70% award rate not to exceed $79,119.43 over up to 15 years.
The CRA board approved a tax-increment rebate to Woolard 24 LLC for the redevelopment of 241 West H Street, finding the project met program criteria. Staff recommended an award at a 70% rebate rate of eligible costs, capped at $79,119.43 and payable over a period not to exceed 15 years.
Staff said the application was reviewed for completeness and evaluated under the tax-increment rebate program guidelines; the executive director recommended the award based on the project’s revitalization of a deteriorated building and conversion to commercial office space. The board moved and approved the recommendation unanimously.
Under the approved performance agreement staff will track eligible project costs and administer rebate payments consistent with program rules. Staff will return to execute a performance agreement with the applicant and monitor compliance with program milestones.
