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« c4<IFORN% CITY COUNCIL STAFF REPORT
DATE: February 1, 2012 CONSENT CALENDAR
SUBJECT: EXTENSION OF THE NEW RESIDENTIAL CONSTRUCTION
INCENTIVE PROGRAM AS PART OF THE CITY OF PALM SPRINGS
CONTINUING ECONOMIC DEVELOPMENT PROGRAM
FROM: David H. Ready, City Manager
BY: Thomas J. Wilson, Assistant City Manager
SUMMARY
On January 20, 2010, the City Council adopted an Economic Recovery Development
Program to stimulate and incent the City's recovery from the worst national recession in
70 years. On July 28, 2010, the City added a new Residential Construction Incentive
Program. To date the program has generated the initiation of the construction of 73
new residences in Palm Springs. Staff recommends that the Residential Construction
Incentive be extended through December 31, 2012.
RECOMMENDATION:
- Approve the extension of the New Residential Construction Incentive through
December 31, 2012.
STAFF ANALYSIS:
The new Residential Construction Incentive has demonstrated success with 73 new
houses under construction or approved through the program. The extension of the
program would provide the following to qualified participants:
• City waiver of Park-In-Lieu Fees and Public Art Fees.
• City contribution of 50% of a qualified project's "Plan Check" fees in an amount
not to exceed $50,000 per project.
• City contribution of$4,000 per unit in "off-site" public improvements.
• The suspension of the Community Facilities District 2005-1 for new residences.
Item No. 2.J.
City Council Staff Report
February 1, 2012 -- Page 2
Extension of the New Residential Construction Incentive Program
The incentive program would continue to be available for new construction residential
projects only, of no less than 20 units and no more than 100 units. The incentive would
only apply to units in projects that are fully permitted for construction and begin vertical
construction no later than December 31, 2012.
FISCAL IMPACT:
Funds fo program remain available in the General Fund, Account No. 001-54101.
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Dougl Holland, City Attorney Thomas Wil , Assistant City Manager
David H. Ready, it ager