Board Bill Number 74 | Session 2022-2023

Chapter 99 Redevelopment Plan for the 3101, 3117-3123 Delmar Blvd. & 3107-3115 Franklin Ave Area

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 3101, 3117-3123 Delmar Blvd. & 3107-3115 Franklin Ave Area. The project consists of the renovation of an occupied residential building and demolition of two homes to create a community space for residents in the JeffVanderLou neighborhood. The prospective redeveloper plans on renovating all 147 units ranging from 1-2 bedrooms, at the cost of $ 23 million. The redeveloper plans to utilize tax exempt, Nat'l/Affordable Housing Trust Fund, HOME, LIHTC and private funds for this project. The financial model concludes that the project supports fifteen (15) years of tax abatement (10 years based on 95 percent of the assessed value of the incremental improvements and followed by 5 years based on 50 percent of the assessed value of the incremental improvements) and the LCRA Board concurs. This Board Bill will allow fifteen (15) years of tax abatement (10 years based on 95 percent of the assessed value of the incremental improvements and followed by 5 years based on 50 percent of the assessed value of the incremental improvements).

Download

Lastest Bill text:

Overview

Session: 2022-2023

Introduced: 07/15/2022

Sponsor: Marlene E Davis

Latest Activity: Register Returns Notice with Ordinance Number

Ordinance: 71573 effective 12/04/2022

Legislative History

Legislative activities and outcomes for this board bill. Learn more about what these activities mean.

10/28/2022 Final Passage Vote Results

Aye Votes
26
Nay Votes
0
Vote Totals

View vote details

Ordinance

Ordinance Number: 71573

Effective Date: 12/04/2022

Was this page helpful?      



Comments are helpful!
500 character limit

Feedback is anonymous.

5 comments from people like you have helped us improve this page. Keep the feedback coming!