GOV
Ordinance 71426
Steelcote Gratiot LLC Project
Summary
This Board Bill authorizes the issuance of Taxable Industrial Revenue Bonds for the Steelcote Gratiot LLC project, which consists of the development of approximately 196 multi-family residential apartments, 65,000 square feet of retail space and 355 structured and surface parking spaces. The proposed bonds will facilitate a sales and use tax exemption on construction materials used to construct the project. The bonds are payable only from the lease revenues paid by the Developer and not from any City tax revenues. The Developer, in a separate board bill, is also pursuing creation of a community improvement district. The Developer will be required to maintain a portion of the Project as workforce housing, affordable to families making 80 percent or less of the area median income.
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Overview
Legislative History
Legislative activities and outcomes for this board bill. Learn more about what these activities mean.
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10/15/2021
First Reading
Bill text was introduced (2.07 MB PDF).
10/15/2021Referred to a Committee
The bill was assigned to the Housing, Urban Development and Zoning Committee.
11/09/2021Committee Hearing
The bill was passed out of committee with a recommendation of do pass during the Housing, Urban Development and Zoning Committee hearing.
11/12/2021Second Reading
11/19/2021Perfection
The bill was passed.
11/23/2021Engrossment
The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.
11/23/2021Third Reading
The bill was passed.
11/23/2021Delivered to Mayor
12/14/2021Mayor Returns Bill
The bill was approved.
12/15/2021Delivered to Register
12/28/2021Register Returns Notice with Ordinance Number
Register returns ordinance number 71426. Effective date is 01/13/2022
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