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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Latest Bill text:

Overview

Session: 2024-2025

Introduced: 10/04/2024

Primary Sponsors: Michael Browning

Latest Activity: Register Returns Notice with Ordinance Number

Ordinance: 71923 effective 12/15/2024

Legislative History

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

  • 10/04/2024

    First Reading

    Bill text was introduced (478.05 KB PDF).

  • 10/04/2024

    Referred to a Committee

    The bill was assigned to the Housing, Urban Development and Zoning Committee.

  • 10/08/2024

    Committee Hearing

    The bill was held in committee during the Housing, Urban Development and Zoning Committee hearing.

  • 10/15/2024

    Committee Hearing

    The bill was passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.

  • 10/18/2024

    Second Reading

  • 10/25/2024

    Perfection

    The bill was passed.

  • 11/01/2024

    Engrossment

    The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.

  • 11/01/2024

    Third Reading

    The bill was passed.

  • 11/01/2024

    Delivered to Mayor

  • 11/15/2024

    Mayor Returns Bill

    The bill was approved.

  • 11/18/2024

    Delivered to Register

  • 11/25/2024

    Register Returns Notice with Ordinance Number

    Register returns ordinance number 71923. Effective date is 12/15/2024

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.

1 document has been uploaded
Title File Size
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

Votes

11/01/2024 Vote Results

Aye Votes 14
No Votes 0
Final Passage Vote

View vote details

Ordinance

Ordinance Number: 71923

Effective Date: 12/15/2024

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