Ordinance 71773
Redevelopment Plan for the 3101-3115 South Jefferson Ave. and 2614-2624 Arsenal St. Redevelopment Area
Summary
This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 3101-3115 South Jefferson Ave. & 2614-2624 Arsenal St. Redevelopment Area. The project consists of vacant lots in the Benton Park West neighborhood. The prospective redeveloper plans constructing a multi-story building with 49 senior citizen residential units, at the cost of $14.5 million. The redeveloper plans to utilize LIHTC and private funds for this project. Staff supports up to fifteen (15) years of tax abatement as follows: ten (10) years of tax abatement based on 90% of the assessed value of incremental improvements followed by five (5) years of tax abatement based on 50% of the assessed value of 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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11/17/2023
First Reading
Bill text was introduced (3.22 MB PDF).
11/17/2023Referred to a Committee
The bill was assigned to the Housing, Urban Development and Zoning Committee.
12/05/2023Committee Hearing
The bill was passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.
12/08/2023Second Reading
12/08/2023Perfection
The bill was passed.
12/15/2023Engrossment
The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.
12/15/2023Third Reading
The bill was passed.
12/15/2023Delivered to Mayor
12/26/2023Mayor Returns Bill
The bill was approved.
12/26/2023Delivered to Register
01/09/2024Register Returns Notice with Ordinance Number
Register returns ordinance number 71773. Effective date is 01/26/2024
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