Good news for downtown property owners.
EL PASO- The message is simple: if you spend a little, the city will give a little.
City Council agreed to a revised amendment to the downtown construction incentive program. That means if property owners who fall in the new revised design map spend money on either new construction or rehab existing buildings, the city won't let that work go unnoticed.
Qualifications are based on city approval, but for new construction in the 2-million dollar category down to as little as 250-thousand dollars for reconstruction projects, the city has incentives to give. Ten years property tax abatement, ten years in rebates of the city's portion of sales on the ground floor and a waiver on all your building permit fees.
The original incentive program was approved last year and primarily centered around the major mass transit terminals. The updated version includes incentives for more investments based on the new streetcar, project bonds and the baseball stadium.