- Incentive Website
- Incentive Status: Active
- Application Due Date: Ongoing
This program provides financial incentives to eligible parties interested in developing new market-rate residential, commercial, or mixed-use projects in Downtown Stockton.
To qualify for the program, businesses must meet these criteria:
1. Develop a minimum of 35 new market-rate residential units and/or develop a minimum of 30,000 square feet of new, or newly renovated, retail or commercial space
2. Be located within the program boundary, which includes Center Street to the west, Park Street to the north, ACE Rail/Union Pacific Railroad to the east, and Washington Street to the south
3. Make a capital investment of at least $500,000
4. Eligible public infrastructure improvements must equal $100,000 or more
Do I Qualify?
Examples of eligible public infrastructure improvements are:
– Sewer and Water
– Storm Drain
– Street Improvements, including crosswalks, bike lanes, striping, medians
– Traffic Signals
– Street Lights
How to Apply
Applicants must submit a request for funding to the Economic Development Department for review and consideration.
– If deemed eligible under the program guidelines, a Reimbursement Agreement requiring Council approval will be executed between the City and applicant.
– Applications will be reviewed and funding recommended for Council consideration on a first-come, first-served basis.
– The City will reimburse the applicant within six (6) months of completion of the public improvements included within the reimbursement agreement of up to $900,000 annually. If improvements exceed $900,000 annual funding allocation, reimbursements could occur in subsequent years.
– Reimbursement agreement will stipulate the public improvements that are eligible for reimbursement and the amount the City agrees to reimburse.
– Improvements not included within the approved reimbursement agreement are not eligible for funding.
For more information visit our website or call (209) 937-8539. You can send us an email using form below.