8.1 - The Carlysle
Downtown High-Rise Tax/Fee Waiver
January 25, 2022
City of San Jose
Office of Economic Development
and Cultural Affairs
Jerad Ferguson, Housing Catalyst
Downtown Residential High-Rise Program
2 • Approved November 2019 by City Council
• Followed receipt of analysis that demonstrated a typical high-rise residential development in Downtown was not financially feasible • Fifty percent (50%) reduction in the Building and Structure Construction Tax (B&S) and the Commercial-Residential-Mobile Home-Park Building Tax (CRMP)
• Reduction to $0 the Affordable Housing Impact Fee (AHIF) or the Inclusionary Housing Ordinance (IHO) In-Lieu Fee
The Carlysle
3 • 21-Story located at 51 Notre Dame Street
• 290 market-rate rental units
• 123,479 sq. ft. of office space
Summary of Tax and Fee Waiver
4 50% Reduction of CRMP & B&S $715,427
AHIF $3,675,172
Total Value of Tax & AHIF Reduction $4,390,599
8.1 - The Carlysle
Downtown High-Rise Tax/Fee Waiver
January 25, 2022
City of San Jose
Office of Economic Development
and Cultural Affairs
Jerad Ferguson, Housing Catalyst