ORDINANCE NO. 250402
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Sponsor: Councilmember Melissa Robinson
Estimating and appropriating revenue in the amount of $4,166,667.00 for the purpose of providing funds for the Olive Street / Promise Place housing project; designating requisitioning authority; authorizing the Director of Finance to close project accounts upon completion; declaring the intent of the City to reimburse itself from the bond proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, the City 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; the funding previously allocated for Forest Street Housing is no longer needed and the City Council desires to reallocate $1.5 million previously committed to Forest Street Housing to Olive Street Housing/Promise Place; and
WHEREAS, the prior ordinances proposed the use of General Obligation Question 1 bond proceeds to assist with infrastructure funding and, therefore estimated and appropriated bond proceeds for that purpose; however, the project is not in need of proceeds which would be restricted to infrastructure nor have any infrastructure needs been included in the City's Five Year Capital Improvement Plan for this project; and
WHEREAS, the gap in funding for the Olive Street/Promise Place housing project persists and the City Council desires to issue taxable special obligation bonds in Fiscal Year 2026 to fund up to $4,166,667.00 of project costs so long as the developer has applied for tax abatement/incentives pursuant to the requirements of Committee Substitute for Ordinance No. 210696; and
WHEREAS, consistent with the requirements of Section 2-1990 (k)(4)(b)(1) of the City's codified Deb...
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