TO DESIGNATE AN ECONOMIC REVITALIZATION AREA, APPROVE A STATEMENT OF BENEFITS, AND AUTHORIZE A PERIOD OF TAX ABATEMENT -Re: Morton Place Condominiums, 626 N. Morton Street (ERL-3, LLC, Petitioner)
This resolution designates the property located at 626 N. Morton Street as an Economic Revitalization Area (ERA), approves a Statement of Benefits, and authorizes a 10-year period of abatement for the project proposed by the petitioner, ERL-3, LLC. Petitioner is seeking tax abatement in order to attract owner occupants to a 25-unit condominium development, with potential commercial space on the first floor. The resolution also declares the intent of the Council to hold a public hearing during its Regular Session scheduled for December 19, 2007 to hear public comment on the ERA designation before voting on a resolution confirming these actions.