GOV
Ordinance 71923
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
Legislative History
Legislative activities and outcomes for this board bill. Learn more about what these activities mean.
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10/04/2024
First Reading
Bill text was introduced (478.05 KB PDF).
10/04/2024Referred to a Committee
The bill was assigned to the Housing, Urban Development and Zoning Committee.
10/08/2024Committee Hearing
The bill was held in committee during the Housing, Urban Development and Zoning Committee hearing.
10/15/2024Committee Hearing
The bill was passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.
10/18/2024Second Reading
10/25/2024Perfection
The bill was passed.
11/01/2024Engrossment
The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.
11/01/2024Third Reading
The bill was passed.
11/01/2024Delivered to Mayor
11/15/2024Mayor Returns Bill
The bill was approved.
11/18/2024Delivered to Register
11/25/2024Register Returns Notice with Ordinance Number
Register returns ordinance number 71923. Effective date is 12/15/2024
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