* Editor's note – Coun. J. 2-19-20, p. 14012, § 1, revised the title of this Chapter, which formerly read "Neighborhoods Opportunity Fund Ordinance".
16-14-010 Title.
16-14-020 Definitions.
16-14-030 Neighborhood Opportunity Fund.
16-14-040 Purpose.
16-14-050 Qualified investment areas.
16-14-060 Authorized uses.
16-14-070 Eligible costs.
16-14-080 Administration.
For purposes of this chapter, the following definitions shall apply:
“Commissioner” means the Commissioner of Planning and Development.
“Department” means the Department of Planning and Development.
“Group I Award” means, with respect to an individual development project funded under this chapter, a grant in an aggregate amount of $300,000.00 or less, excluding any Pre-Development Award with respect to such project.
“Group I Program Funding Limit” has the meaning ascribed to that term in subsection (d) of Section 16-14-080.
“Group II Award” means, with respect to an individual development project funded under this chapter, a grant in an aggregate amount exceeding $300,000.00 and less than $5,000,000.00, including any Local Residency Bonus, but excluding any Pre-Development Award, with respect to such project.
“Local Residency Bonus” means a funding bonus of up to 25 percent of the total project cost of a development project where the primary residence(s) of the owner or owners are located within the Qualified Investment Area. For Group II Awards, the Local Residency Bonus may not exceed a total of $500,000.00.
“Pre-Development Award” means a grant in an aggregate amount of $150,000.00 or less for costs described in subsection (d) of Section 16-14-070 that is awarded to support the development of an individual development project for which the applicant has applied for a Group I Award or Group II Award.
“Qualified Investment Area” means any area in the City designated by the Commissioner as a low-moderate income area pursuant to data on areas of concentrated disadvantage published by the United States Census Bureau.
“Small Business Development Costs” means the costs of business incubation, mentoring, and training within the meaning of subsection (e) of Section 16-14-060.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 3; Amend Coun. J. 7-17-24, p. 13743, § 1; Amend Coun. J. 9-18-24, p. 16322, § 1)
A separate fund is hereby established and designated the Neighborhood Opportunity Fund into which 80% of the funds collected from any downtown floor area bonus under Sec. 17-4-1000 of this Code will be deposited. The revenues of the Neighborhood Opportunity Fund, including without limitation any amounts repaid, returned, or recaptured under a Group I Award or Group II Award, shall be reserved and utilized exclusively in accordance with this chapter.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 4; Amend Coun. J. 7-17-24, p. 13743, § 2)
The purpose of the Neighborhood Opportunity Fund is:
(a) to promote growth within the downtown area through the floor area bonus provisions of Sec. 17-4-1000, and simultaneously generate new revenues for investment in business development and job growth in neighborhoods impacted by poverty, high unemployment, and other indicators of economic deprivation;
(b) to strengthen neighborhood commercial corridors in Qualified Investment Areas; and
(c) to address the decline of private investment in Qualified Investment Areas that damages the City’s overall economic competitiveness, impedes the sustainable and equitable development of the City as a whole, contributes to inequality and poverty, and has a detrimental effect on the City’s quality of life.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 5; Amend Coun. J. 7-17-24, p. 13743, § 3)
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