Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the 400 South 14th St. Redevelopment Area. This Area consists of the hotel condominium unit of a partially occupied building that is in the Downtown West Neighborhood. The property in the Area is currently blighted and is in a deteriorated condition that constitutes an economic liability to the City. The prospective redeveloper is acquiring the property for approximately $11.0M and plans on renovating the hotel portion of the building at 400 South 14th St. for the approximate cost of $34.9 million. Retail and restaurant bays will also be reactivated at street level. Private financing will be used for the project. The project is approved for ten (10) years of tax abatement based on 75% of the assessed value of incremental improvements.