§ 13.04.270. Title 32 Overlay District.

(a)

Intent. The purpose of the Title 32 Overlay District is to ensure that land and structures in existing and future metropolitan districts located in priority commercial areas of the Town are used, reused, developed or redeveloped in ways that maintain and enhance their vital role as commercial centers in the community and protect the financial health of Title 32 metropolitan districts approved by the Town to develop and/or operate infrastructure and services by limiting most development and redevelopment to land uses that generate property tax revenues.

(b)

Applicability. The Title 32 Overlay District shall apply to all qualifying parcels within the overlay district boundary as shown within the district on the map attached to Ordinance 3.01.99 and shown on the official zoning map. A qualifying parcel is a parcel that:

(1)

Is zoned to allow commercial or mixed commercial/residential development; and

(2)

Is located in a Title 32 metropolitan district approved by the Town.

(c)

Development requirements. The requirements of this overlay district apply to all applications for use, reuse, development or redevelopment of the qualifying parcel.

(1)

Renovation of existing structures. An application for a building permit to renovate or make interior alterations to an existing structure that was previously occupied by a commercial or mixed commercial/residential use shall only be approved for a commercial or mixed commercial/residential use.

(2)

Demolition and replacement of existing structures. If an application is filed to demolish an existing structure with a gross floor area of fifteen thousand (15,000) square feet or more in which fifty percent (50%) or more of the gross floor area was previously occupied by commercial or mixed commercial/residential uses, the demolition permit shall require that any primary structure later constructed on that parcel shall be entirely occupied by a commercial or mixed commercial/residential use.

(3)

Initial development of vacant land.

a.

For the remaining term of any Title 32 district debt outstanding on January 1 of the year of initial development of vacant land, the total annual taxes and payments in lieu of taxes from land, structures and other development on that parcel shall equal or exceed the amount of property tax revenue due from that vacant parcel in the year prior to initial development.

b.

As an alternative to the stream of annual payments due under Subparagraph a. above, the applicant may make a lump sum payment equal to: (i) the property taxes received from the vacant property in the year prior to initial development, multiplied by (ii) the remaining term of any Title 32 district debt outstanding on January 1 of the year of initial development of vacant land, (iii) discounted to its present value based on the average interest rate being paid by the Title 32 district on its outstanding debt as of January 1 of the year of initial development of the parcel.

(d)

Waiver. The Town Council may waive or modify some or all of the requirements of Subsection (c) above if it makes a written finding that the waiver will not result in significant threat to the financial health of any approved Title 32 district in which the property is located and will not significantly impair the ability of that Title 32 district to repay any borrowing by that Title 32 district to provide infrastructure.

(Ord. 3.01.99 §1, 2013)