Ordinance 71573

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).

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