1) Continue to offer 5-year impact fee financing to qualified projects within the Enterprise Zone boundary secured by a lien against real property.
· Continuing to offer to finance impact fees for qualified property to be paid via the tax roll when secured against real property offers sizeable assistance to development.
2) Expedite commercial and large residential development projects in excess of $1,000,000.
· Because City staff can do this work, the plan checks will be completed more quickly.
3) Participate in the CaliforniaFIRST energy efficiency and solar energy low-interest financing program for Visalians
· This would enable Visalia property owners to install energy efficiency retrofits and/or solar energy systems which will significantly lower their ongoing energy costs and put contractors to work installing these systems.
Council Approved Actions on June 7, 2010 (effective immediately)
The City of Visalia has reduced the cost of doing business in an effort to support new home construction and commercial and industrial development that leads to job creation.
1) Reduce Transportation Impact Fees by 15% “across the board”.
2) Reduce Park Acquisition and Water Acquisition Fee by 15%.
3) Establish a “Special Downtown TIF Credit Zone” with a TIF credit of 25%.
· Cost of future street improvements in this area will be significantly less because of the “trend toward walkability” (less vehicle trips).
4) Increase the existing “Infill Credit” from the current 15% to 25%, in addition to any Special Downtown TIF Credit Zone credit.
5) Utilize a tiered fee structure for TIF fees for gas stations to give credit for underutilized gas pumps during non-peak hours.
· TIF for an 18-position station would be reduced from $405,504 to $265,408.
6) Waive the 2009 Construction Cost Index increase of 6.5% for fiscal year 2010 – 2011 only.
· In May of 2010, the impact fees were all reduced by .28% per the new construction cost index.
· The deferral of the 6.5% increase saved developers an estimated $390,000 in 2008/2009.
Economic Development Manager
425 E Oak Street, Suite 301
Visalia, CA 93291