Ordinance 07-27

This ordinance designates the property located at 626 North Morton Street, called Morton Place Condominiums, as an Economic Development Target Area (EDTA). This designation was recommended by the Economic Development Commission and will enable the proposed owner-occupied condominium project upon currently undeveloped property to be eligible for tax abatement. Final approval of the tax abatement for the construction of the condominium project will also require the adoption of an initial and confirming resolution, which must designate this property as an Economic Revitalization Area (ERA), approve the Statement of Benefits, and authorize a period of abatement.