Resolution 14-14

This resolution designates four parcels collectively owned by Elmore Y Orrego LLCand known as 304 W. Kirkwood Street as an Economic Revitalization Area (ERA).This designation was recommended by the Economic Development Commissionand will enable the proposed mixed use redevelopment project, which includesnewly constructed office, retail and upper-story market-rate residential units andcondominiums, to be eligible for tax abatement. The resolution also authorizes afive-year period of abatement for real property improvements and a ten-year periodfor personal property abatement and sets deduction schedules for each. Theresolution also declares the intent of the Council to hold a public hearing onSeptember 17, 2014 to hear public comment on the ERA designation.