ORDINANCE NO. 260379
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Sponsor: City Manager's Office
Reducing a revenue estimate and appropriation in the amount of $4,166,667.00 within the General Obligation Series 2022A Question 1 Fund originally established for the Promise Place housing project; estimating and appropriating surplus TIF revenue in the amount of $1,100,000.00 from the anticipated termination of the Blue Ridge Mall TIF Plan and providing for an additional appropriation from the Shared Success Fund for the Promise Place housing project; restating the City Manager's authorization to execute an agreement with the Promise Place, LLC for utilization of funds appropriated herein; modifying the timeline for substantial completion of the project; and recognizing this ordinance as having an accelerated effective date.
Finance Committee recommends "Advance and Do Pass."
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WHEREAS, Council passed Committee Substitute for Ordinance No. 210695 and Committee Substitute for Ordinance No. 210696 on September 23, 2021, each of which provided potential funding sources for Third District housing projects to include Olive Street Housing and Forest Street Housing in Beacon Hill; and
WHEREAS, Council estimated and appropriated $2,666,667.00 of 2022A Question 1 General Obligation bond proceeds for the Olive Street Housing project with the passage of Committee Substitute for Ordinance 210695 but the bonds were never issued; and
WHEREAS, Council estimated and appropriated $1,500,000.00 of 2022A Question 1 General Obligation bond proceeds for the Forest Street Housing project with the passage of Committee Substitute for Ordinance No. 210696 but the bonds were never issued; and
WHEREAS, Ordinance No. 210695 authorized the City Manager to negotiate and execute a $2,666,667.00 development agreement for the purpose of constructing a 101-unit affordable housing development located at 4423 Olive Street; and
WHEREAS, Council passed Ordinance No. 220430 on M...
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