Committee of the Whole

Agenda

1. CALL TO ORDER
2. INTRODUCTIONS
3. ATTENDANCE
4. RECONVENING HEARING
5. ITEMS SCHEDULED FOR PUBLIC HEARING
6. SEE NEXT PAGE(S)
7. 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
   Action: Recommended Favorably with Amendment Passed

   A motion was made by member Dorsey, seconded by member Ramos, that Ordinance 24-0594 be Recommended Favorably with Amendments. The motion carried by the following vote:

8. 24-0595 City-Wide Affordable Housing Development District For the purpose of designating a “development district” to be known as the “City-Wide Affordable Housing Development District”; providing for and determining various matters in connection with the establishment of the development district; creating a special, tax increment fund for the development district; to provide for the financing of costs associated with the rehabilitation of vacant units and the development of affordable housing; allocating certain property taxes to that fund; making certain findings and determinations; providing for a special effective date; and generally providing for matters relating to the designation and operation of the development district, the establishment and use of the special, tax increment fund to provide for the payment by or reimbursement to the City for debt service which the City is obligated to pay or has paid (whether such obligation is general or limited) on any special obligation bonds or notes issued by the City, the replenishment of any reserve fund established for any bonds, and the payment of certain expenses and administrative costs related to the operation of the development district; and providing for a special effective date.
   Ordinance
   Action: Recommended Favorably with Amendment Passed

   A motion was made by member Dorsey, seconded by member Ramos, that Ordinance 24-0595 be Recommended Favorably with Amendment. The motion carried by the following vote:

9. ADJOURNMENT
10. THIS MEETING IS OPEN TO THE PUBLIC