Board Bill Number 139 In Session 2024-2025

The industrial Development Revenue Bonds

Summary

This Board Bill authorizes the City to enter into an industrial development revenue bond transaction to facilitate personal property tax exemption on Project Equipment and sales and use tax exemption on construction materials used to construct and equip a development project consisting of an approximately 70,000-square-foot lab and office facility to be located at 4140 Forest Park Avenue in the City. The industrial development revenue bonds authorized by this Board Bill will be secured solely by lease payments made by the company. 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: 11/22/2024

Primary Sponsors: Michael Browning

Latest Activity: Register Returns Notice with Ordinance Number

Ordinance: 71956 effective 03/02/2025

Legislative History

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

  • 11/22/2024

    First Reading

    Bill text was introduced (1.89 MB PDF).

  • 11/22/2024

    Referred to a Committee

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

  • 12/10/2024

    Committee Hearing

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

  • 12/13/2024

    Second Reading

  • 12/13/2024

    Perfection

    The bill failed.

  • 12/13/2024

    Perfection

    The bill was passed.

  • 12/13/2024

    Reconsidered

    The vote to override the veto passed.

  • 01/10/2025

    Engrossment

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

  • 01/10/2025

    Third Reading

    The bill was passed.

  • 01/13/2025

    Delivered to Mayor

  • 01/29/2025

    Mayor Returns Bill

    The bill was approved.

  • 01/31/2025

    Delivered to Register

  • 02/11/2025

    Register Returns Notice with Ordinance Number

    Register returns ordinance number 71956. Effective date is 03/02/2025

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
Document provided by the sponsor for the full BOA meeting held Friday, December 13, 2024 in the Chambers. Cortex C2N One-Pager (3).pdf 51.38 KB

Votes

01/10/2025 Vote Results

Aye Votes 11
No Votes 4
Final Passage Vote

View vote details

Ordinance

Ordinance Number: 71956

Effective Date: 03/02/2025

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