Summary

This Board Bill seeks to approve a Chapter 99 Redevelopment Plan and Blighting Study for the Marquette Park Scattered Sites Redevelopment Area. The project consists of the renovation of 6 buildings and construction 5 residential buildings in the Dutchtown and Gravois Park Neighborhoods. The prospective redeveloper is producing 60 units ranging from 1-3 bedrooms, at the cost of $25.9 million. The redeveloper plans to utilize Historic Tax Credits, LIHTC and private funds for this project. The financial model concludes that the project supports fifteen (15) years of tax abatement (10 years based on 90 percent of the assessed value of the incremental improvements and followed by 5 years based on 50 percent of the assessed value of the incremental improvements).