Resolution 15-02

This resolution confirms Resolution 15-01 and designates a parcel owned by Big O Properties LLC and known as 338 S. Walnut Street as an Economic Revitalization Area (ERA). This designation was recommended by the Economic Development Commission and will enable the proposed mixed use redevelopment project, which includes newly constructed retail/commercial and upper-story market-rate residential units, to be eligible for tax abatement. The resolution also approves a three-year period of abatement for real property improvements and sets its deduction schedule. The public comment on this resolution at the Regular Session on March 4, 2015 will constitute the statutorily required public hearing on this legislation.