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Council hears second reading of Greenwood Commons CRA agreement: 252 units with 20% set aside for affordable rents
Summary
Council heard the second reading of a CRA agreement for Greenwood Commons, a proposed 252-unit multifamily development at 340 Lake Street. Staff described a proposed 10-year, 70% abatement on increased value with 20% of units reserved at 50'60% AMI; council did not vote and the item was returned for a third reading.
City staff presented the second reading of an ordinance on April 14 that would authorize a Community Reinvestment Area agreement with Greenwood Commons LLC for a proposed 252-unit multifamily development on the former Salvation Army site at 340 Lake Street.
"This is a CRA agreement for Greenwood Commons," said Nick Leifer, a staff member. He said the agreement as drafted calls for a 10-year, 70% property-tax exemption on the increased value of new improvements (excluding land) and that the developer had agreed to allocate 20% of the 252 units (about 51 apartments) as affordable units…
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