This is a creative way to partner with and reinvest in our residents and neighborhoods, and maintain our beautiful city’s stature as the world-renowned residential resort community it is today
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Indian Wells, CA (Vocus) March 19, 2010
Indian Wells property owners might be more inclined to remodel their homes and fix up foreclosed residential properties if there were money-saving incentives to do so. Such is the rationale behind the City of Indian Wells’ Housing Stimulus Plan, an exciting new initiative that Indian Wells City Council approved in a 5-0 vote during today’s council meeting at City Hall.
The innovative pilot program will waive city building department plan check and permit issuance fees for one year, going into effect on July 1, 2010, and lasting through June 30, 2011. The program will also include foreclosed properties that had active or expired remodeling permits. In a time where most municipal governments are increasing taxes and fees, the City of Indian Wells is once again taking the lead; this time to ease homeowner remodeling budgets while, at the same time, revitalizing the housing market and property values.
“This is a creative way to partner with and reinvest in our residents and neighborhoods, and maintain our beautiful city’s stature as the world-renowned residential resort community it is today,” said Mayor Ed Monarch, who initially brought the idea to city council and staff. “This really has the potential to be a win-win situation for our residents, the city, and the local Valley economy.”
The city’s economic stimulus program will also foster added benefits by creating construction jobs in the Coachella Valley and helping to maintain compliance with State of California waste diversion requirements. Moreover, it will potentially assist in increasing property values in Indian Wells, long considered to be one of the most desirable zip codes in Southern California.
In fiscal year 2008/2009, city building permit revenues for single family home remodeling projects were approximately $55,572. With the approval of the Housing Stimulus Plan, the short-term loss in building permit revenue for the upcoming fiscal year will be covered by the surplus in the city’s General Fund.