...Title
Downtown Residential Incentive Program Expansion to Include Commercial-to-Residential Conversion Projects.
...Recommendations
(a) Adopt a resolution renaming the Downtown Residential High-Rise Incentive Program to the Downtown Residential Incentive Program, expanding the Program to include appropriate commercial-to-residential conversion projects for mid-rise and high-rise buildings located in the Downtown Planned Growth Area, and reducing the Inclusionary Housing In-Lieu Fee to $0 for eligible conversion projects and 0% deed restricted residential units.
(b) Approve an ordinance amending Section 4.46.036 of Chapter 4.46 and amending Section 4.47.089 of Chapter 4.47 of Title 4 of the San José Municipal Code to provide for conversion projects eligible under the Downtown Residential Incentive Program that waive:
(1) 100% of the Building and Structure Construction Tax and the Commercial-Residential-Mobilehome Park Building Tax for up to 500 units in projects that obtain building permits by December 31, 2026, and pass first inspection within 12 months of obtaining a building permit; and
(2) 50% of the taxes for the next 1,000 units in projects that obtain building permits by December 31, 2027, and pass first inspection within 12 months of obtaining a building permit.
(c) Adopt a resolution for conversion projects eligible under the Downtown Residential Incentive Program and provide:
(1) 50% reduction in the Parkland In-Lieu fees for the first 500 units in projects that obtain building permits by December 31, 2026, and pass first inspection within 12 months of obtaining a building permit; and
(2) 30% reduction in the Parkland In-Lieu fees for the next 1,000 units in projects that obtain building permits by December 31, 2027, and pass first inspection within 12 months of obtaining a building permit.
(d) Adopt a resolution amending the Fiscal Year 2025-2026 Schedule of Fees and Charges to revise the Rental Inclusionary In-Lieu Fee for eligible projects under the Downtown Residential Incentive Program.
CEQA: Statutorily Exempt, File No. PP17-005, CEQA Guidelines Section 15273, Adjustment to Fees, Rates and Fares without changes to or expansion of services. (Housing/City Manager)