Mayor Chuck Reed and Councilmember Sam Liccardo authored a memo last week that would give high-rise builders in downtown San Jose new incentives to start constructing towers before the end of next year.
At its meeting Tuesday, the City Council will discuss the incentives for builders, which could consolidate and expedite the permit process, slash in half the construction tax and the commercial-residential-mobilehome park building tax, allow for the deferral of fees and waive minimum parking requirements, amongst other options.
“Overcoming the inertia of the last recession depends on getting a couple of towers built that can again ‘prove the market’ to other lenders and developers,” the mayor and Liccardo’s memo says. “Preliminary evidence of the downtown rental market—the Mesa 360 residential tower has leased quickly at very high rents, and has over 97 percent occupancy—suggests that a significant nudge could generate substantial momentum for private development downtown.”
The council also plans to review the budget hearings from last week and a Social Host Ordinance, which could make parents more liable when underage drinking occurs on their property and the parents are aware. Councilmember Nancy Pyle, of Almaden, proposed the idea.
Two other items on the agenda include hearing the planning commission’s recommendations to restrict payday lending offices, and expanding Parque de los Pobladores on South First Street to eliminate street pavement between Reed and Williams, which happens to be the block directly in front of the entrance of San Jose Inside and Metro Silicon Valley’s offices.
Click to read the City Council Agenda for May 15, 2012.