Board Bill Number 172 In Session 2024-2025

Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 1128 Washington Ave. 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 $875,000 and plans on renovating the upper floors into 52 units of corporate housing and the first floor for a restaurant space for the approximate cost of $14.8 million. Private financing and Historic Tax Credits will be used for the project. The project is approved for ten (10) years of tax abatement based on 80% of the assessed value of the incremental improvements by LCRA.

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