...Title
Downtown Residential Incentive Program Tax and Fee Waiver for the Gateway Tower and Bank of Italy Developments Located at 470 South Market Street and 12 South First Street.
...Recommendations
(a) Conduct a public hearing to approve an economic development tax and fee waiver in connection with a reduction in construction taxes, parkland fees, and of the Inclusionary Housing Ordinance fees through the Downtown Residential Incentive Program in an amount of up to $6,092,122 pursuant to California Government Code Section 53083 and Open Government Resolution No. RES2024-99 Section 2.3.2.6.C for:
(1) Gateway Tower located at 470 South Market Street; and
(2) Bank of Italy located at 12 South First Street.
(b) Adopt a resolution approving the tax and fee waiver and authorizing the Housing Director, or his designee, to negotiate and execute documents and document amendments related to implementing the Downtown Residential Incentive Program, such as construction progress agreements.
CEQA: Gateway Tower: Supplemental Environmental Impact Report and Addenda thereto, for the Gateway Tower Mixed Use Development project (Resolution No. 78007), File Nos. H15-047 and H15-003. Bank of Italy: Categorically Exempt, File No. HP20-003 and HPAD23-021, CEQA Guidelines Section 15331, Historical Resource Restoration/Rehabilitation. Council District 3. (Housing/Planning, Building, and Code Enforcement/Transportation/Parks, Recreation, and Neighborhood Services)