Ordinance 71426

Steelcote Gratiot LLC Project

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Summary

This Board Bill authorizes the issuance of Taxable Industrial Revenue Bonds for the Steelcote Gratiot LLC project, which consists of the development of approximately 196 multi-family residential apartments, 65,000 square feet of retail space and 355 structured and surface parking spaces. The proposed bonds will facilitate a sales and use tax exemption on construction materials used to construct the project. The bonds are payable only from the lease revenues paid by the Developer and not from any City tax revenues. The Developer, in a separate board bill, is also pursuing creation of a community improvement district. The Developer will be required to maintain a portion of the Project as workforce housing, affordable to families making 80 percent or less of the area median income.

Overview

Session: 2021-2022

Board Bill Number: 113

Sponsor: Marlene E Davis

Effective: 01/13/2022

Legislative History

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

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