City of Arlington issued the following announcement on Oct. 5.
The City of Arlington has acquired buildings and lots for the purpose of economic development. The intention of this policy is to set the price of commercial buildings and lots. The goal of the City of Arlington is to increase the tax base for the City. It is the purpose of this policy to outline the terms and conditions of the sale of buildings and lots with an assessed value of less than $250,000.
1. Businesses must present a business plan to the EDA Director before sale of the land will be considered by the EDA. The EDA Director may also require additional financial documents including a credit check.
2. Sale of buildings and lots will be approved first by the EDA and then by the Arlington Council.
3. Commercial Buildings and Lots will be sold for $1 per lot when the business meets the following criteria:
A. Will create at least 15 full-time equivalent (FTE) positions based in the City of Arlington.
4. Commercial Buildings and Lots will be sold for $5,000 when the business meets the following criteria:
A. Will create at least 10 full-time equivalent (FTE) positions.
5. Commercial Buildings and Lots will be sold for $10,000 when the business meets the following criteria:
A. Will create at least 5 full-time equivalent ( FTE) positions.
6. If a lot(s) is purchased for $1 or $10,000 and construction is not started within 180 days of closing, the lot(s) will be returned to the City of Arlington. Purchase price will be refunded, minus closing costs.
7. Commercial Buildings and Lots that do not meet any of the above criteria will be sold at the Market Rate Value.
8. Closing will occur within 4 months of signing the purchase agreement.
9. A Development Agreement must be approved by City Council and both parties must adhere to the terms of the agreement.
Original source can be found here.
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