Ordinance 71117

4500 - 4540 Swan Redevelopment Plan

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Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 4500-4540 Swan Ave. and 1305 & 1305R South Taylor Ave. Redevelopment Area. This Board Bill will allow 4540 Swan Ave. and 1305 & 1305R South Taylor Ave. to have 10 years of tax abatement based on 75% of the assessed value of the incremental improvements The project consists of two industrial buildings in the Forest Park Southeast neighborhood. The prospective redeveloper proposes demolishing the buildings and constructing an apartment building. The apartment building will have 307 units, 1,450 square feet of commercial space and 381 parking spaces. The acquisition cost for all four parcels is $4.5 million, and construction costs are estimated at $55 million.

Overview

Session: 2019-2020

Board Bill Number: 183

Sponsor: Joseph D Roddy

Committee: Housing, Urban Development and Zoning

Effective: 04/25/2020

Legislative History

  • 12/13/2019

    First Reading

  • 02/14/2020

    Second Reading

  • 02/21/2020

    Perfection

  • 03/06/2020

    Third Reading

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