Ordinance 71596

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 3401 Goodfellow Blvd Area. The project consists of the renovation of 11 residential buildings in the Wells/Goodfellow neighborhood. The prospective redeveloper plans on renovating all 146 units ranging from 2-3 bedrooms, at the cost of $ 30.5 million. The redeveloper plans to utilize Affordable Housing Trust Fund, Nat’l/Affordable Housing Trust Fund, 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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