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City Council Regular
Consider Resolution 19-82, Real Estate Equities Housing Revenue Bonds
Matt Brown, Economic Development Coordinator
The Council is asked to consider a resolution regarding the issuance of conduit revenue bonds for an apartment project near 94th Avenue and Springbrook Drive.
Earlier this year, the City Council approved land use applications by Real Estate Equities for a 168-unit workforce apartment building on a vacant site near the intersection of 94th Avenue and Springbrook Drive. All units in the proposed building would be affordable to households earning 60% of area median income. Project financing will include federal tax credits, tax-increment financing, and conduit revenue bonds. Real Estate Equities has requested that the City act as the issuer for tax-exempt bonds to fund the project. The bonds, which are not an obligation of the City, will provide construction financing for the project and will be paid down after the project has stabilized and permanent financing is obtained. In June 2019, the Council adopted a resolution authorizing an initial temporary bond issue. Because those bonds were parked and the developer is now preparing to close on its permanent financing, the Council is asked to consider an additional bond resolution. Closing on the project is expected to occur by early September and construction will begin shortly thereafter.
Staff recommends that the Council approve Resolution 19-82 related to the issuance and sale of multi-family housing revenue bonds.
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