Resolution 14-15

This resolution modifies and confirms Resolution 14-14 and designates four parcelsand their subsequent subdivided parcels collectively owned by Elmore Y OrregoLLC and known as 304 W. Kirkwood Street as an Economic Revitalization Area(ERA). This designation was recommended by the Economic DevelopmentCommission and will enable the proposed mixed use redevelopment project, whichincludes newly constructed office, retail and upper-story market-rate residentialunits and condominiums, to be eligible for tax abatement. The resolution alsoapproves a five-year period of abatement for real property improvements and a ten-year period for personal property abatement and sets deduction schedules foreach.Note: At the Regular Session on September 17th, the Common Council adoptedAmendment 01, which amended Section 3 (as well as the title and synopsis) toremove (and reflect removal of) the proposed tax abatement for the two penthousecondominium units on the top floor of this project.