Red Bank Crossing seeking CRA LEED exemption

The developers of Red Bank Crossing are seeking a Community Reinvestment Area (CRA) LEED tax exemption for the renovation of a 30,000-square-foot building.

Neyer Properties is developing Red Bank Crossing II as general and medical office space as part of a larger office and retail campus along the 4400 block of Red Bank Road (BIRD'S EYE).

Within three years, the newly-renovated building is expected to create 60 new jobs with a payroll impact of $2.4 million.

The exemption would cover 75 percent of the increased tax value of the property - or about $1,580 annually - and would be in effect for 12 years.

The developers have registered Red Bank Crossing II with the U.S. Green Building Council as a LEED for Core and Shell project.

The renovation, which is expected to cost $600,000, should be completed by July.

CRA tax exemptions for commercial developments require City Council approval, and the ordinance is currently in council's Finance Committee.

Red Bank Crossing I, an adjacent 40,000-square-foot office building, is fully leased.