Ordinance 71600

RPA 6 Notes

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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.


Session: 2022-2023

Board Bill Number: 114

Primary Sponsors: Tina (Sweet-T) Pihl

Effective: 01/20/2023

Legislative History

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

  • 10/28/2022

    First Reading

    Bill text was introduced (1.27 MB PDF).

  • 10/28/2022

    Referred to a Committee

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

  • 11/17/2022

    Committee Hearing

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

  • 11/18/2022

    Second Reading

  • 12/01/2022


    The bill was passed.

  • 12/09/2022


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

  • 12/09/2022

    Third Reading

    The bill was passed.

  • 12/09/2022

    Delivered to Mayor

  • 12/20/2022

    Mayor Returns Bill

    The bill was approved.

  • 12/20/2022

    Delivered to Register

  • 12/29/2022

    Register Returns Notice with Ordinance Number

    Register returns ordinance number 71600. Effective date is 01/20/2023

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