Grant Avenue Parkway Redevelopment Plan set
to go to City Council Nov. 14 for approval

On Monday, Nov. 14, City Council will hear the first reading of a bill to approve a redevelopment plan for the Grant Avenue Parkway Redevelopment Area, generally bounded by Olive Street to the north, Catalpa Street to the south, Campbell Avenue to the east and Douglas Avenue to the west. 
 
Springfield Department of Economic Vitality staff along with planning consultants with PGAV will briefly present the contents of the Redevelopment Plan, outlining economic development and neighborhood revitalization resources along a portion of the Grant Avenue Parkway corridor.
 
The goals of the plan are to provide financial assistance programs to support private economic development and neighborhood revitalization along the Grant Avenue Parkway improvement corridor and into the surrounding neighborhoods. 
 
If approved by City Council, the Redevelopment Plan will enable property owners and developers to request partial real property tax abatement pursuant to either the Land Clearance for Redevelopment Authority (LCRA) Law (“Chapter 99”) or Urban Redevelopment Corporations Law (“Chapter 353”).

• Under the LCRA option, the taxable value of a property essentially becomes “frozen” for a period of up-to 10 years so that property taxes do not increase. This abatement program can be used to help existing homeowners fix up their homes, protect or enhance their asset and to stay in the neighborhood. It can also help facilitate redevelopment projects within the Redevelopment Area.

• Under Chapter 353, the taxable value of the land is frozen for a period of up to 10 years and then the property is valued at 50% of its total taxable value for up to an additional 15 years, providing up to 25 years of abatement. This program can help facilitate larger redevelopment projects within the identified Redevelopment Area.

Those who wish to sign up to speak on the bill must
sign up with the City Clerk no later than 5 p.m., Friday, Nov. 11.
Second reading of the bill is planned for the Nov. 28 City Council Meeting.