Council approves tax-rebate application for 16-unit duplex project on Hayes Street
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Summary
Valley Center council approved a commercial housing incentive for K2M Investments LLC covering eight duplex buildings (16 units) on Hayes Street, a three-year 100% city tax rebate contingent on continued multifamily ownership of each building.
The Valley Center City Council voted to approve a commercial housing incentive application from k 2 m Investments LLC for eight duplex buildings (16 units) on Hayes Street.
A staff presenter said the buildings were completed in February 2025 and that the application met program requirements. The incentive is a three-year, 100% portion city tax rebate provided the property owner retains ownership of both sides of each duplex; if a building side is sold, that building becomes ineligible for the rebate. Staff said the city verifies ownership annually and usually issues rebate checks in June, with eligibility checked after the second half of tax payments are due.
Council moved and approved the application without additional amendments.
Why it matters: The rebate is intended to support recently completed multifamily housing and to encourage continued ownership and maintenance of duplex units. Council required annual verification to ensure continued qualification for the rebate.
Next steps: City staff will perform the annual ownership verification and issue rebate payments if criteria are met.