City of Colorado Springs - File #: 25-206

• File #: 25-206
• Version: 2
• Name: Royal Pine Apartments
• Type: Ordinance
• Status: Tabled
• File created: 4/4/2025
• In control: City Council
• On agenda: 5/27/2025
• Final action: 5/27/2025
• Title: Ordinance No. 25-56 by the City of Colorado Springs, Colorado authorizing the issuance and delivery of its multifamily housing revenue bonds (Royal Pine Apartments Project), Series 2025 A, in one or more tax-exempt or taxable series in an aggregate amount not to exceed $60,000,000, for the purpose of financing the acquisition, construction, improvement and equipping of a multifamily housing facility in the City of Colorado Springs, State of Colorado and to pay certain issuance expenses of such bonds; approving and authorizing execution of an indenture of trust, a loan agreement with the borrower, a bond placement agreement, and a tax regulatory agreement with respect to the bonds; making findings and determinations with respect to the project and the bonds; authorizing the execution and delivery of related documents; and repealing all action heretofore taken in conflict herewith Presenter: Aimee Cox, Chief Housing and Homelessness Response Officer
• Indexes: Affordable Housing, PAB
• Related files: 23-231

Date	Ver.	Action By	Action	Result
5/27/2025	2	City Council
5/27/2025	2	City Council
5/13/2025	1	City Council	approved on first reading	Pass
4/21/2025	1	Council Work Session	referred

Title
Ordinance No. 25-56 by the City of Colorado Springs, Colorado authorizing the issuance and delivery of its multifamily housing revenue bonds (Royal Pine Apartments Project), Series 2025 A, in one or more tax-exempt or taxable series in an aggregate amount not to exceed $60,000,000, for the purpose of financing the acquisition, construction, improvement and equipping of a multifamily housing facility in the City of Colorado Springs, State of Colorado and to pay certain issuance expenses of such bonds; approving and authorizing execution of an indenture of trust, a loan agreement with the borrower, a bond placement agreement, and a tax regulatory agreement with respect to the bonds; making findings and determinations with respect to the project and the bonds; authorizing the execution and delivery of related documents; and repealing all action heretofore taken in conflict herewith

Presenter:
Aimee Cox, Chief Housing and Homelessness Response Officer

Body
Summary:
The ordinance will authorize the issuance and delivery of $40,000,000 in Private Activity Bonds (PAB) and up to $20,000,000 in taxable bonds for Royal Pine and the new construction of 232 total units of affordable housing located at 4150 Royal Pine Drive, Colorado Springs, CO 80920.

Previous Council Action:
Previous Council Action:
106-22, 115-23, 101-24: Resolutions adopted to carry forward the City's annual private activity bond allocations for the financing of affordable multi-family rental projects.

87-23: Resolution declaring the intent of the City to issue its multifamily housing revenue bonds to finance an affordable multifamily housing facility known as Royal Pine Apartments

Background:
In 2018, 2019, 2020, 2021, 2022, 2023 and 2024 City Council voted to carry forward its PAB allocations for the purpose of financing qualified residential rental projects, an eligible use of PAB under the IRS code. Carrying forward PAB for multi-family affordable housing is a means fo...