Ordinance 71721
Chapter 99 Redevelopment Plan for the 4221-4227 Forest Park Ave. Redevelopment Area
Summary
This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 4221-4227 Forest Park Ave. Redevelopment Area. The project consists of the construction a residential building in the Central West End Neighborhood. The prospective redeveloper is producing 38 one-bedroom units, at the cost of $10.6 million. The redeveloper plans to utilize 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 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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Overview
Legislative History
Legislative activities and outcomes for this board bill. Learn more about what these activities mean.
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06/23/2023
First Reading
Bill text was introduced (4.39 MB PDF).
06/23/2023Referred to a Committee
The bill was assigned to the Housing, Urban Development and Zoning Committee.
07/11/2023Committee Hearing
The bill was passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.
07/14/2023Second Reading
07/20/2023Perfection
The bill was passed.
09/15/2023Engrossment
The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.
09/15/2023Third Reading
The bill was passed.
09/15/2023Delivered to Mayor
09/27/2023Mayor Returns Bill
The bill was approved.
09/27/2023Delivered to Register
09/29/2023Register Returns Notice with Ordinance Number
Register returns ordinance number 71721. Effective date is 10/25/2023
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