Description
Title: To amend City Code § 26-610, concerning the evaluation and expiration of the partial exemption of certain rehabilitated commercial or industrial structures from real estate taxation, for the purpose of extending the expiration date from June 30, 2026, to June 30, 2027.
Summary
Ordinance No. 2026-151 amends the City Code of Richmond to extend the expiration date of the partial tax exemption for rehabilitated commercial and industrial structures from June 30, 2026, to June 30, 2027. This legislation, championed by Mayor Avula, aims to incentivize the rehabilitation of aging properties by temporarily reducing property taxes on improvements. The program, evaluated every five years, has seen 34 applications, resulting in 19 completed renovations and 12 ongoing projects, primarily benefiting older, smaller buildings in downtown Richmond and Enterprise Zones. The extension allows for further refinements to support affordable housing and enhance program efficiency, crucial for revitalizing the city's commercial corridors. Public hearings are scheduled for June