Ordinance 71377

Issuance of Taxable Industrial Revenue Bonds

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Summary

This Board Bill will authorize the issuance of taxable industrial revenue bonds to facilitate a sales and use tax exemption on construction materials purchased in connection with the multi-family residential, office, retail and structured parking portions of the RPA 2 Redevelopment Project described in the City Foundry Saint Louis Tax Increment Financing (TIF) Second Amended RPA 2 Redevelopment Plan. The bonds are payable only from lease revenues paid by the Developer and not from any City tax revenues. Additionally, the Board Bill (see Section 3.1 of Exhibit F) requires the Developer to make a $1,800,000 Equitable Development Contribution to the Affordable Housing Trust Fund, which will be used for affordable housing purposes in the 17th Ward and North of Delmar.

Overview

Session: 2021-2022

Board Bill Number: 73

Sponsor: Tina (Sweet-T) Pihl

Effective: 08/30/2021

Legislative History

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

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