Ordinance 71117

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 4500-4540 Swan Ave. and 1305 & 1305R South Taylor Ave. Redevelopment Area. This Board Bill will allow 4540 Swan Ave. and 1305 & 1305R South Taylor Ave. to have 10 years of tax abatement based on 75% of the assessed value of the incremental improvements The project consists of two industrial buildings in the Forest Park Southeast neighborhood. The prospective redeveloper proposes demolishing the buildings and constructing an apartment building. The apartment building will have 307 units, 1,450 square feet of commercial space and 381 parking spaces. The acquisition cost for all four parcels is $4.5 million, and construction costs are estimated at $55 million.

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