Resolution 16-11

This resolution designates five parcels owned by H.M. Mac Development, LLC and known as 405 S. Walnut Street; 114, 118, and 120 E. Smith Avenue, and 404 S> Washington Street as an Economic Revitalization Area (ERA). This designation was recommended by the Economic Development Commission and will enable the proposed mixed used redevelopment project, which includes newly constructed retail/commercial and residential units, to be eligible for tax abatement. The resolution also authorizes a three-year period of abatement for real property improvements and sets its deduction schedule. The resolution also declares the intent of the Council to hold a public hearing on August 31, 2016 to hear public comment on the ERA designation. Note: On July 13, 2016, this resolution was amended with the adoption of Am 01 and Am 02. Am 01 changed the date of the public hearing on the Confirmatory Resolution. Am 2 lowered the period of abatement from 5 years to 3 years.