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Rationale for CitV Assistance: <br />The site requires approximately $350,000 in environmental remediation and site preparation <br />work in order to meet all environmental requirements for residential re -use. <br />The city's financial assistance is strictly for permanent physical improvements to the site. The <br />goal is to make this property suitable for residential redevelopment that is more consistent <br />with the base zoning of the district and the character of the neighborhood. <br />Proiect Description: <br />WXZ Development has proposed a four -unit townhome development for the 0.6 acre site. The <br />four homes proposed would have first -floor master suites and architecturally complement the <br />existing homes in the corridor. <br />WXZ is an innovative developer which has delivered quality residential projects throughout the <br />region, most notable in the University Circle Neighborhood. <br />Converting this site from vacant lot which previously was the site of a non- conforming use is a <br />priority for the city. We estimate that with target sales prices of $600,000 per unit, the property <br />will generate approximately $75,000 per year in real estate taxes. Along with an estimated <br />$4,000 / year in income taxes from four new households, the payback period for these grant <br />funds is 1.5 years. <br />