As construction of the Clifton Pointe townhome development is well under way — and all 17 units are sold — Lakewood City Council is considering a measure that could extend the 10-year tax break to the second phase of development.
The current project on Sloane Avenue is already considered a “community reinvestment area,” but council must now decide whether to modify the proposal to include the parcels of land across Sloane Subway.
The distinction means that potential developments could qualify for tax abatements.
“Abode has had such good success with selling Phase 1, and they’re interested in doubling down on their investment and doing a second phase,” said Dru Siley, the city’s director of planning and development.
“The whole idea behind the CRA was to create incentives for riverfront development and so far we’ve had good success.”
The designation would waive property taxes on all new, residential units for up to 10 years, and offer abatements at 100 percent of property tax increases resulting from improvements made by the homeowner within that period.
After some back-and-forth from the state, the Lakewood City Council gave the OK to make 13 parcels of land along the Rocky River a CRA in 2011.
City council is expected to discuss the current proposal further at its housing committee meeting on Monday night.
“It’s a lengthy and involved process to get a CRA approved,” added Siley.
Design plans are also expected soon before the architectural board of review, as well as a measure before the Lakewood Planning Commission to change the zoning.