Board Bill Number 114 Votes | Session 2022-2023

RPA 6 Notes

Board Bill

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.

View Board Bill 114 details

12/09/2022 Final Passage Vote Results

Note: Ward 10 Alderman Joseph Vollmer is voting in his role as president and not as alderman starting 06/07/2022.

Noes (1)

Ward Alderman
1 Sharon Tyus

Did Not Vote (2)

Ward Alderman
20 Cara Spencer
25 Shane Cohn

Abstain (0)

No aldermen abstained from vote

Present (1)

Ward Alderman
2 Lisa Middlebrook

Absent (3)

Ward Alderman
7 Jack Coatar
14 Carol Howard
18 Jesse Todd

Vacant Seat (1)

Ward
15 Seat is vacant

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