Ordinance 71089

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 2127 North 11th St. Redevelopment Area. This Board Bill will allow up to fifteen (15) years of tax abatement as follows: ten years (10) years of tax full abatement followed by five (5) years of tax abatement based on 50% of the assessed value of incremental improvements. The project consists of renovation of the vacant Webster school in the Old North neighborhood. The prospective redeveloper plans renovating the school into 45 senior citizen residential units, and building 4 units behind the school, all 2 bedrooms, at the cost of $ 8.1 million. The redeveloper plans to utilize LIHTC and private funds for this project.

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