Special Valuation: A revision of the assessed value of an historic property which subtracts, for up to ten years, such rehabilitation costs as approved by the Spokane City-County Historic Landmarks Commission. Properties must be listed on the Spokane Register of Historic Places prior to the application to qualify and rehabilitation must comply with the Secretary of the Interior’s Standards for Rehabilitation. Rehabilitation costs must total 25% or more of the assessed value of the structure (not the land) prior to rehabilitation.
Investment Tax Credit: A Federal income tax credit may be granted to commercial properties that are listed on the National Register of Historic Places and on which “substantial rehabilitation” is performed.
Pre-Certification and completion review and approval by the Washington State Department of Archaeology and Historic Preservation and the National Park Service is required. The dollar-for-dollar Federal income tax credit equal to 20% of the construction costs for rehabilitating an income-producing
building constructed prior to 1936.
Multi-Family Tax Exemption: A partial property tax exemption for new improvements that create multi-family housing. The exemption period is 8 years for market rate projects, and 12 years for projects that target at least 20% of the units for low to moderate income households.
General Facilities Connection: For development and redevelopment projects within the Empowerment Zone a significant portion of the GFCs are waived for water and sewer connections.
Urban Utility Installation Program: A financial incentive for installation or upgrades of fire line services, water, and/or sewer in the right of way when combined with a redevelopment project within the defined Urban Utility area boundaries.
Other Exemptions to Consider:
- Traffic Impact Fee Postponement
- Brownfields Program
- Blight Remediation
- Commercial Rate Clarification Policy
- ROW improvement requirements waived prior to public investment
Projects of Citywide Significance: Projects which include investments of $5 million and greater will be considered for this incentive plan. Projects will be evaluated and scored based on the project’s merits with regard to the following incremental revenue generated for the City by increased property tax, sales tax and utility tax dollars added.
- Overall long-term job generation.
- The number of jobs created and number with wages at 30 percent or greater than the average per capita income in Spokane.
- How well the project implements existing community plans, Comprehensive Plan, design standards and cleans up the environment; advances state and regional industry cluster growth and regional
economic development plans.
- If the project is in a core infill development area such as within a Center or Corridor, targeted area.
Community Development Block Grant (CDBG): Provides annual grants on a formula basis to entitled communities to carry out a wide range of community development activities directed toward neighborhood revitalization, economic development and improved community facilities and services. Entitlement communities develop their own programs and funding priorities and consult with local residents before making final decisions. All CDBG activities must meet at least one of the following national objectives: benefit low-income and moderate-income persons; aid in the prevention or elimination of slums and blight; or meet certain community development needs having a particular urgency. The City of Spokane allocates approximately 20% of the total CDBG allocation to support local improvements driven by Neighborhood Councils.
The total allocation varies from year to year, depending on the federal budget and local demographics.
Section 108 Loan Guarantee Program: Section 108 is the loan guarantee provision of the Community Development Block Grant (CDBG) program. Under Section 108 HUD offers communities a low cost, long term source of financing for certain community development activities, such as housing rehabilitation, economic development, and large-scale physical development projects. Entitlement jurisdictions may borrow up to five times their CDBG allocation. The City of Spokane’s allocation was
approximately $2,987,856 in 2016. The applicant pledges its current and future CDBG funds as the principal security for the loan guarantee. HUD may require additional security for each loan.