Tax break for dedicating land to fast track housing

A. A special land reserve is established to enable an owner of land on which a residential workforce housing project has been approved for fast track housing by the council in accordance with chapter 2.97 of this code to dedicate the project site for fast track housing and be exempt from real property taxes until the project is complete. B. If the owner desires to dedicate the project site for fast track housing, the owner must petition the director and affirm the owner will complete the fast track housing in accordance with the application approved by the council in accordance with chapter 2.97 of this code. C. Upon confirmation of the council's application approval for fast track housing, the director will approve the petition and declare the property to be dedicated to fast track housing. D. The approval of the petition by the director to dedicate a property for fast track housing constitutes a forfeiture on the part of the owner of any right to change the use of the project site as set forth by chapter 2.97 of this code. E. Failure of the owner to commence construction within the time period set forth by chapter 2.97 of this code forfeits the special tax assessment privilege retroactive to the date of the dedication, and all real property taxes that would have been due from assessment are payable with a ten percent penalty from the respective dates that these payments would have been due. Nothing in this subsection precludes the County from pursuing any other remedy to enforce the covenant on the use of the land. F. The taxes and penalties due and owing as a result of failure of the owner to commence construction within the time period set forth by chapter 2.97 constitute a paramount lien upon the property as provided for by this chapter. G. The petition must be filed with the director by September 1 of any calendar year, in a form prescribed by the director, and will be approved or disapproved by December 15. If approved, the assessment based upon the use requested in the dedication will be effective on January 1 of the next calendar year. ( Ord. No. 5020 , § 1, 2019; Ord. No. 4941 , § 2, 2018)