This resolution designates two parcels located at 1730 South Walnut Street as an Economic Revitalization Area ("ERA") for Real America LLC ("Petitioner"). This designation was recommended by the Economic Development Commission on May 12, 2021, and will enable the proposed affordable housing redevelopment project to be eligible for tax abatement. The resolution approves Petitioner's Statement of Benefits, authorizes a ten-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 June 16, 2021, to hear public comment on the ERA designation.

Note: This resolution was revised after distribution in the Legislative Packet but before introduction at the June 2, 2021 Regular Session to correct misspelled words in Sections 3 and 4.

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