* 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)
The Neighborhood Opportunity Fund shall be used for projects located in or directly benefiting Qualified Investment Areas. The Commissioner shall publish a map of Qualified Investment Areas and update the map at least once every five years. The eligibility of any prospective project seeking funding under this chapter shall be based upon the map of Qualified Investment Areas which was current at the time of the project’s initial application to the Department.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 6; Amend Coun. J. 7-17-24, p. 13743, § 4)
The following uses are authorized uses of the Neighborhood Opportunity Fund:
(a) commercial establishments that provide, on a permanent or short-term (pop-up) basis, goods and services which complement and revitalize the areas in which they are located, and which may include, without limitation, grocery stores, retail establishments, and restaurants that sell food primarily for consumption on premises;
(b) industrial or manufacturing projects that process raw materials or parts into physical goods and which complement and revitalize the areas in which they are located;
(c) cultural establishments that provide, on a permanent or short-term (pop-up) basis, recreational and educational opportunities which complement and revitalize the areas in which they are located;
(d) mixed-use projects consisting of one or more non-residential uses, plus at least 10 or more residential units;
(e) incubation, mentoring, and training of small businesses that otherwise qualify as authorized uses under subsections (a) through (d) of this section; and
(f) loan loss reserve funding arrangements granted to qualified Community Development Financial Institutions (CDFIs) or other qualified delegates for the purpose of reducing the risk of lending private capital to NOF program participants otherwise having difficulty qualifying to borrow using traditional business debt instruments from mainstream lenders.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 7; Amend Coun. J. 7-17-24, p. 13743, § 5; Amend Coun. J. 9-18-24, p. 16322, § 1)
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