GOV
Ordinance 71599
Chapter 99 Redevelopment Plan for the 490 North Kingshighway Blvd. and 4952-4956 McPherson Ave. Area
Summary
This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 490 North Kingshighway Blvd. and 4952-4956 McPherson Ave. Area. The project consists of the renovation of the existing building, the demolition of the two-family building, the construction of a five-story apartment building on top of the existing building and an addition to the existing building to the east. The development will have 118 units ranging from studio to 2 bedrooms above a 127-space parking garage, at the cost of $ 33.5 million. The financial model concludes that the project supports ten (10) years of tax abatement (5 at 90 percent followed by 5 at 75 percent) the LCRA Board concurs. This board bill will allow, ten (10) years of tax abatement (5 at 90 percent followed by 5 at 75 percent).
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Overview
Legislative History
Legislative activities and outcomes for this board bill. Learn more about what these activities mean.
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10/28/2022
First Reading
Bill text was introduced (2.07 MB PDF).
10/28/2022Referred to a Committee
The bill was assigned to the Housing, Urban Development and Zoning Committee.
11/17/2022Committee Hearing
The bill was passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.
11/18/2022Second Reading
12/01/2022Perfection
The bill was passed.
12/09/2022Engrossment
The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.
12/09/2022Third Reading
The bill was passed.
12/09/2022Delivered to Mayor
12/20/2022Mayor Returns Bill
The bill was approved.
12/20/2022Delivered to Register
12/29/2022Register Returns Notice with Ordinance Number
Register returns ordinance number 71599. Effective date is 01/20/2023
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