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PL -INFO -0007 (rev 01/25) <br />foreclosed properties, all taxing jurisdictions shall be required to sign off on the low-cost land sale <br />according to the provisions of State Law prior to transfer of the property to the applicant. <br />Minimum Investment To be eligible for residential tax abatement, an Applicant must construct a new <br />structure or structures on the property parcel(s) identified in an Agreement between the applicant and <br />the City. <br />Limitations: <br />1. Maximum of 10 dwelling units per agreement. <br />2. An Applicant with whom the city has entered into an Active Agreement pursuant to which the City <br />has conveyed a low-cost residential lot or lots shall not be eligible to apply for an additional <br />Agreement involving such a conveyance until at least 80% of all structures required under the Active <br />Agreement have been constructed and the City has issued certificates of completion for same. This <br />80% completion requirement does not apply to Applicants with Active Agreements that do not <br />provide for the City to convey land. If an Active Agreement applies to a mix of privately owned <br />property and the conveyance of trustee parcels, the Applicant must have completed construction on <br />at least 80% of the conveyed parcels to be eligible for a new agreement. <br />3. Pre -Approved building plans may be accepted. <br />4. No zoning change unless there is a substantial change in neighborhood or compatible with the future <br />land use map. <br />Page 3 of 7 <br />����� � � . � P , � i r �,. <br />mg <br />/ ii /%ii ,,,,.rico /% riii.,; r,,/, iii i.� rr �,.. �i „ �� .,,�/ <br />a„/ r ,/ ,; . eJ ri��a, i <br />%i <br />