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Board approves redevelopment project and 15‑year abatement for Tater Woody LLC
Summary
The board unanimously adopted an ordinance approving a redevelopment project for Tater Woody LLC under the K‑353 plan and approved an abatement agreement; staff said the project qualifies for a Level C incentive with an estimated abatement of $801,809.
Economic Development Director Carolyn Yatsuk presented a redevelopment project and associated abatement agreement for Tater Woody LLC, describing a proposed modern 24‑unit apartment building on the site of the Collins Apartments (identified in packets as 102 South Florence).
Yatsuk said the application qualifies for a Level C incentive under the K‑353 redevelopment plan, characterized in the presentation as "market shifting" and described the incentive structure as a 100% abatement on the increase in value of the property for 15 years. She quoted an estimated tax abatement of $801,809 based on the project's submitted assumptions and said the K‑353 redevelopment corporation had unanimously recommended approval. Staff recommended approval as well; the board adopted the ordinance on second reading by unanimous vote.
Why it matters: the agreement enables a new multifamily project and provides a long‑term abatement intended to encourage redevelopment in the designated K‑353 area. The abatement figure was presented as an estimate based on submitted project assumptions.
Provenance: project summary and recommended action were presented during the public hearing portion of the meeting and the ordinance was adopted that evening.
