Board Bill Number 58 In Session 2025-2026

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the Benton Park West, Fox Park, and Tower Grove East Scattered Sites Redevelopment Area. The prospective redeveloper is producing 71 affordable units ranging from 1-3 bedrooms, at the cost of $14.2 million. The redeveloper plans to utilize LIHTC, other public and private funds for this project. Staff supports up to fifteen (15) years of tax abatement as follows: ten years (10) years of tax abatement based on 90% of the assessed value of incremental improvements followed by five (5) years of tax abatement based on 50% of the assessed value of incremental improvements.

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