District Weighs Housing Incentive Deal With Elevant Development

Waived school impact fees totaling $82,000; cumulative value/repayment obligation up to $287,492 with $71,873 annual backstop

OTHER

Program commences upon certificate of occupancy/opening of leasing; operates with no defined end date, but backstop/reconciliation for a period of up to four years or until $287,492 is fully recovered

Preferred Educator Program is intended to operate with no defined end date and must continue at least until the cumulative value of rent abatements, waived fees, renewal credits, and/or cash payments equals $287,492, with an annual backstop payment of $71,873 for up to four years. A $500 renewal credit is offered for each lease renewal for participating staff.

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