Ordinance 71140

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 4565-4591 McRee Ave. Redevelopment Area. This Board Bill will allow 4565 and 4565R McRee Ave. to have 10 years of tax abatement based on 50% of the assessed value of the incremental improvements and that 4591 McRee Ave. to have 10 years of tax abatement based on 90% 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 one building and constructing an entertainment venue at 4591 McRee Ave. The developer also plans on renovating the building at 4565 McRee Ave. for office and bar/ restaurant space and using the vacant parcel at 4565R McRee Ave. for supportive uses. The acquisition cost for all three parcels is $3.7 million, and construction costs are estimated at $37 million for both projects.

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