Board Bill Number 138 | Session 2022-2023

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 1423 and 1435 Mallinckrodt St. Redevelopment Area. The project consists of the renovation of an unoccupied institutional building to create office and school space. The prospective redeveloper plans on renovating at the cost of $ 7.4 million. The financial model concludes that the project supports fifteen (15) years of tax abatement (10 years based on 90 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 90 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).

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