GOV
Ordinance 71926
Redevelopment Plan for the 1105 Olive Redevelopment Area
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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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 (1.49 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 passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.
10/25/2024Second Reading
11/01/2024Perfection
The bill was passed.
11/07/2024Engrossment
The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.
11/07/2024Third Reading
The bill was passed.
11/07/2024Delivered to Mayor
11/19/2024Mayor Returns Bill
The bill was approved.
11/20/2024Delivered to Register
11/25/2024Register Returns Notice with Ordinance Number
Register returns ordinance number 71926. Effective date is 12/19/2024
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