Board Bill Number 88 In Session 2024-2025
Redevelopment Plan for the 1100 Veronica Ave. Redevelopment Area
Summary
This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 1100 Veronica Ave. Redevelopment Area. The prospective redeveloper plans renovating the school into 51 affordable residential units at the cost of $21.8 million. There will be 17 one bedrooms, 23 two bedrooms, and 11 three bedrooms. The redeveloper plans to utilize LIHTC, HTC, Home and private funds for this project. Staff supports up to fifteen (15) years of tax abatement as follows: ten years (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.
Download
Latest Bill text:
- Introduced (4.08 MB PDF)
Overview
Session: 2024-2025
Introduced: 09/13/2024
Primary Sponsors: Pamela Boyd
Latest Activity: Committee Hearing
Legislative History
Legislative activities and outcomes for this board bill. Learn more about what these activities mean.
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09/13/2024
First Reading
Bill text was introduced (4.08 MB PDF).
09/13/2024Referred to a Committee
The bill was assigned to the Housing, Urban Development and Zoning Committee.
10/22/2024Committee Hearing
The bill was held in committee during the Housing, Urban Development and Zoning Committee hearing.
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