Board Bill Number 86 In Session 2024-2025

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 1105 Olive St. Redevelopment Area. This Area consists of a vacant commercial building in the Downtown Neighborhood. The property in the Area is currently blighted and is in a deteriorated condition that constitutes an economic liability to the City. The prospective redeveloper is acquiring the property for approximately $550,000 and plans on renovating the lower two floors for adult day care services for the approximate cost of $1.2 million. Private financing will be used for the project. The project is approved for ten (10) years of tax abatement based on 75 percent of the assessed value of incremental improvements.

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