Board Bill Number 114 In Session 2022-2023
RPA 6 Notes
Summary
This Board Bill authorizes issuance of RPA 6 Notes not to exceed $4.6 million; authorizes execution of a Second Amendment to Amended and Restated Redevelopment Agreement; and authorizes execution of an Eighth Supplemental Trust Indenture relating to RPA 6 notes, pursuant to which RPA 4 and RPA 8 TIF Revenues are declared as "surplus" and passed through to taxing districts. Pursuant to the Second Amendment to Amended and Restated Redevelopment Agreement, among the RPA 4, 6, and 8 projects, only the RPA 6 project, a ~$50 million mixed-use residential project including ~$4.6 million of public realm improvements, will have access to TIF until further review and approval is obtained. Pursuant to Section 2.F. of the Sub-Developer Parcel Development Agreement attached as an exhibit to the Second Amendment to Amended and Restated Redevelopment Agreement, Sub-Developer is agreeing to certain monthly rent restrictions (described therein) and a $250,000 contribution to the City's Affordable Housing Trust Fund. In addition, pursuant to Section 403(b) of the Eighth Supplemental Trust Indenture, the City will capture 10% of RPA 6 TIF Revenues (after Comptroller administrative fees are deducted) for the newly-established Strategic Infrastructure for Economic Growth Fund.
Download
Latest Bill text:
- Introduced (1.27 MB PDF)
Overview
Session: 2022-2023
Introduced: 10/28/2022
Primary Sponsors: Tina (Sweet-T) Pihl
Latest Activity: Register Returns Notice with Ordinance Number
Ordinance: 71600 effective 01/20/2023
Legislative History
Legislative activities and outcomes for this board bill. Learn more about what these activities mean.
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10/28/2022
First Reading
Bill text was introduced (1.27 MB PDF).
10/28/2022Referred to a Committee
The bill was assigned to the Housing, Urban Development and Zoning Committee.
11/17/2022Committee Hearing
The bill was passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.
11/18/2022Second Reading
12/01/2022Perfection
The bill was passed.
12/09/2022Engrossment
The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.
12/09/2022Third Reading
The bill was passed.
12/09/2022Delivered to Mayor
12/20/2022Mayor Returns Bill
The bill was approved.
12/20/2022Feedback is anonymous.5 comments from people like you have helped us improve this page. Keep the feedback coming!
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