Former City Commissioner Bob Schumm has filed plans to build a five-story building on a pair of vacant lots in the 800 block of Vermont Street.

In the midst of an overhaul of the city’s public incentives policy, a request to incentivize a downtown condominium project will go before the Lawrence City Commission at its meeting Tuesday.

The developer of the project is seeking two forms of incentives: Neighborhood Revitalization Act and Industrial Revenue Bonds. Together, the incentives have a value of about $1.3 million, according to a city analysis.

In June, the commission refused to consider tax breaks for the project at the level requested by the developer. The incentives request has since been decreased, and an affordable housing component has been added.

Former City Commissioner Bob Schumm — who served on the commission from 1979 to 1981, 1987 to 1993 and 2011 to 2015 — owns the property and is behind the development.

Schumm is requesting a 10-year, 75 percent property tax rebate through the Neighborhood Revitalization Act. A sales tax exemption for the costs of construction materials, via an Industrial Revenue Bond, is also being sought. The NRA has a more than $1 million value, while the IRB is about $275,000.

In October, the commission reviewed changes to the city’s policies for economic development incentives after more than a year of review by advisory boards. Incentives were a major topic in the most recent election of commissioners, with many concerned that they have been overused. A second draft of the policy is in the works and will eventually return to the commission for final approval.

The proposed downtown project would include a mix of condominiums, commercial space and office space at 800-815 Vermont St., which is currently a vacant lot. The five-story project will consist of commercial space for lease on the first floor, about 30 “entrepreneurial offices” on the second floor and condominiums on the remaining floors. An underground parking garage will include 22 parking spaces.

Schumm is proposing that one of the 12 condominiums be designated as an affordable housing unit that would be offered for sale through the Lawrence Tenants to Homeowners Program. That one-bedroom condominium would be sold for about $95,000 — the market value of the property is estimated at about $246,785 — and designed as an affordable housing unit in perpetuity.

The request is being recommended by the Affordable Housing Advisory Board and the Public Incentives Review Committee.

City staff are also recommending the incentives be approved based on cost-benefit and gap analysis. Cost-benefit analysis shows a 1.78 ratio for the city, meaning for every $1 in public incentives, $1.78 of benefit value is returned, and gap analysis supports the request. The gap analysis is meant to show that the incentives are required — or fill a gap in funding — in order for the project to be financially feasible.

In addition to being approved by the city, NRA requests must be approved by the county and school district, which will consider their participation at upcoming meetings.

The City Commission will convene at 5:45 p.m. Tuesday at City Hall, 6 E. Sixth St.