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Council committee approves IZ-TIF for 7 Points development, staff says prevailing-wage protections apply
Summary
The Business, Housing and Zoning Committee approved an inclusionary-zoning TIF for the 7 Points project in South Uptown, securing 46 units at 50% AMI for 30 years and authorizing up to $6,264,000 in pay-as-you-go TIF; staff confirmed prevailing wage and affirmative-action provisions in the TIF contract.
The Business, Housing and Zoning Committee voted to approve an inclusionary-zoning tax-increment financing (IZ TIF) plan for the 7 Points project, a 228-unit market-rate development in the South Uptown neighborhood that will reserve 20% of units — 46 units — at 50% of area median income for 30 years.
“7 points is a new construction market rate project located in the South Uptown neighborhood in Ward 10,” said Haley McSparren, senior project coordinator in CPED, while presenting staff’s recommendation. McSparren said the proposal establishes a new housing…
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