Board Bill Number 108 In Session 2024-2025

Industrial Development Bond Transaction to Facilitate a Sale

Summary

This Board Bill authorizes the City to enter into an industrial development bond transaction to facilitate a sales and use tax exemption on construction materials used to construct a development project consisting of an approximately 145,000-square-foot seven-story building (including approximately 173 apartment units and 2,000 square feet of commercial space) and related parking and infrastructure to be located southwest of the intersection of Clayton Avenue and Sarah Street. The industrial development bonds authorized by this Board Bill will be secured solely by lease payments made by the developer. The bonds do not constitute a debt of the City and are not payable from any City tax revenues.

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Overview

Session: 2024-2025

Introduced: 10/04/2024

Primary Sponsors: Michael Browning

Latest Activity: Perfection

Legislative History

Legislative activities and outcomes for this board bill. Learn more about what these activities mean.

Supporting Materials

These materials are not a part of the legislation. They may be presented by the sponsor, other Board members, special guest speakers or others to help further explain the proposal, provide other evidence, give additional information and/or alternative ideas or opinions.

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Updated Financial Impact Statement present at the Housing, Urban Dvelopment and Zoning Committee meeting held Tuesday, October 15, 2024 in the Knnedy Room. BB108 Revised Finanicial Impact.pdf 256.62 KB

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