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.
Councilman Joel Samuelson asked if there was a specific reason they had to approve “Sand Hill Farms” as both a revitalization area and target area.
Town Attorney Jim Clevenger clarified, explaining the difference between the terms is that an economic revitalization area implies there has been little to no economic growth or development in the area and an economic target area classification expresses an interest in implementing economic growth in a specific location.
Clevenger said that the commission concluded that the location could fall into either categorization, so they wanted to establish it as both.
After council members unanimously approved the resolution, Town Manager Leist mentioned that the next step is a public hearing which is scheduled for the council meeting on October 10th. At that time an abatement schedule will also be considered.