An area in Culver known commonly as “Sand Hill Farms” located at 540 W Jefferson Street received economic revitalization area and economic target area status as a result of a resolution passed by the Culver City Council Wednesday night.
Town Manager Jonathan Leist explained that the recently created Culver Economic Development Commission is permitted to grant tax abatement for residential property under state law. Earlier this week, the Culver EDC met for the first time and passed a resolution recommending that the city council classify this entire parcel on Jefferson Street as both an economic revitalization area and an economic target area to allow for future residential tax abatement.
Leist added that the approval of this resolution would only grant abatement on phase one, on the personal property investment of approximately $2.7 million that is listed in section one of the resolution. He said if they receive any applications for future tax abatements, the whole process would need to be completed again. Continue reading