Committee of the Whole
TL;DR
The City Council held a virtual meeting to discuss a proposed $65 million affordable housing bond that could support up to $150 million in total housing development and rehabilitation. The bond aims to address vacant housing units and create affordable housing options throughout Baltimore, with a focus on infrastructure improvements.
Key Decisions
- Affordable Housing Bond Issuance Hearing Recessed
Agenda
- CALL TO ORDER
- INTRODUCTIONS
- ATTENDANCE
- ITEM SCHEDULED FOR PUBLIC HEARING
- SEE NEXT PAGE
- 24-0594 City-Wide Affordable Housing Bond Issuance For the purpose of authorizing the issuance of special obligation bonds and the pledge, subject to appropriation, of Tax Increment Revenues (as such term is defined herein) to the payment of debt service thereon; providing that such bonds may be issued from time to time and in one or more issues or series in an aggregate principal amount not exceeding $65,000,000 (to support, subject to additional Mayor and City Council approval, a borrowing program in the aggregate principal amount of $150,000,000) for the purpose of financing costs associated with the rehabilitation of vacant units and the development of affordable housing, certain public infrastructure improvements, and other related costs, including, without limitation, the Project (defined herein), and other necessary improvements to, from, or within the development district, and certain other improvements permitted by the Tax Increment Act (defined herein); providing for the method and sources of payment for such special obligation bonds; authorizing the Board of Finance to specify, prescribe, determine, provide for and approve the details, forms, documents or procedures in connection with such special obligation bonds and any other matters necessary or desirable in connection with the authorization, issuance, sale, and payment of such special obligation bonds; authorizing the Board of Finance to specify, prescribe, determine, provide for, and approve the method and sources of such pledge, the details, forms, documents, or procedures in connection with such pledge, and any other matters necessary or desirable in connection with such pledge; providing for a special effective date; providing that the City, in each fiscal year in which any such bonds are outstanding, use its best efforts to obtain the appropriation of the Tax Increment Revenues in the amounts and at the times specified in a trust agreement or agreements between the City and a bank or trust company appointed as trustee thereunder; and generally relating to the issuance and payment of special obligation bonds.Ordinance
Hearing called to recess; to reconvene at a later date.
- ADJOURNMENT
- THIS MEETING IS OPEN TO THE PUBLIC