The original program expired in 2016; however, the City applied for and received a 5 year extension. The Renaissance Zone Program provides a 100% tax exemption for non-residential and residential properties. The applicant must invest a specified percentage of the Current True and Full Value of the property. Non-residential must invest 50% in structural improvements, i.e., anything that extends the life of the structure but does not include cosmetic repairs such as floor coverings, furnishings, and interior painting or cabinetry improvements/replacement. For residential, the investment is 20% in structural improvements, i.e. anything that extends the life of the structure but does not include cosmetic repairs such as floor coverings, furnishings, and interior painting or cabinetry improvements/replacement.
Currently there are 23 blocks assigned of the allowed 34 blocks. Within the currently assigned blocks, there are 407 eligible properties. The unassigned 11 blocks are kept in reserve, these will be assigned at the discretion of the Renaissance Zone Board.
As part of the extension application, the City updated its’ Renaissance Zone Development Plan with the guidance and approval of the Renaissance Zone Board. Some of the major changes in the Development Plan are aimed at exterior/façade improvements. Now that the City has made a large investment in infrastructure improvements, incentivizing more business investment is imperative.