Board Bill Number 88 In Session 2024-2025

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.

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