Council Adopts Agreement Aimed at Revitalizing North Tyler
Posted/updated on: May 12, 2011 at 12:21 pm
TYLER — The Tyler City Council has unanimously voted to enter into an economic development incentive agreement with North Chase Development, LLC, for the development of the Forest Meadows Subdivision. On March 23, the Tyler City Council created a Neighborhood Empowerment Zone (NEZ) for the Forest Meadows Subdivision in North Tyler. The NEZ was adopted to help reach one of the goals identified in the Tyler 21 Plan: to create 3,000 rooftops in the north Tyler area. To help reach this goal, the NEZ program will focus on the development of an entire neighborhood comprised of at least 20 homes on contiguous lots. It is anticipated that with the increase of affordable housing stock economic development will follow.
The collaboration of the North Chase Development and the programs offered by the City should create the perfect combination to revitalize this area of our community, said Mayor Barbara Bass. Using these public programs in conjunction with private investment is exactly what is needed to bring this portion of the Tyler 21 Plan to fruition.
North Chase Development will build 20 units that will be sold for use as owner-occupied housing; of those 20 units, seven will meet affordable housing criteria. In exchange, the City will provide funding in an amount up to, but not exceeding $286,000, which will be provided through the CDBG Public Facilities program. These funds will be used to construct streets and utilities during Phase I of the development project. Additionally, the City will provide the following incentives to the developer for the Forest Meadows Development:
* Waive or rebate zoning fees;
* Waive or rebate platting fees;
* Waive building permit fees;
* Waive testing fees;
* Waive tap fees;
* Provide direct access to the Neighborhood Services Departments First Time Homebuyers Program (first come/first serve basis-pending approved application);
* Provide an infrastructure incentive in the amount of $2000 per unit (single-family attached) or $1,000 per unit (single family detached) up to the maximum of 50 units; and,
* Waive escrow for North Broadway Extension.
Programs like the NEZ and economic development incentives have been used in other communities to inspire private investment, said Mayor Pro Tem Ralph Caraway. We are hoping these programs provide Tyler the same success. You can go to http://www.cityoftyler.org for more on this story. Visit http://www.NorthChaseTyler.com for more information on the project, or call (903) 617-2020.
