The Common Council voted to confirm a resolution designating 2020 South Main Street as an Economic Revitalization Area and authorizing a 10-year property tax abatement to support a proposed 50-unit affordable apartment project. The resolution (25-36) was approved after a staff presentation and remarks from the developer'9s representative.

City staff said the site is city-owned and currently brings negligible tax revenue; the proposed redevelopment by TCG (presented by Carla Burke, executive vice president of KCG Development) would create a 50-unit affordable apartment building if the developer receives low-income housing tax credits (LIHTC). Staff said the abatement over 10 years was estimated at roughly $330,000 in foregone property tax revenue but that without the LIHTC award the project likely would not proceed.

Carla Burke said the development aims to provide safe, decent and affordable housing and that the abatement is part of the city'9s support for the LIHTC application due at the end of the month; staff said award decisions would likely be in November. No members of the public spoke in opposition during the hearing.

The council approved the resolution unanimously and the abatement confirmation enables the project team to complete LIHTC-related steps and other financing actions; the actual construction and tax-treatment of the property will be contingent on LIHTC award and final financing.