Title
A ordinance by the City of Colorado Springs, Colorado authorizing the issuance and delivery of its multifamily housing revenue bonds (Bradley Ridge Apartments Project), series 2025, in one or more tax-exempt or taxable series in an aggregate amount not to exceed $76,832,222.72 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 forward bond purchase agreement, a bond purchase 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 Officer, Housing & Homelessness Response Department
Body
Summary:
The ordinance will authorize the issuance of Private Activity Bonds (PAB) for Bradley Ridge and the new construction of approximately 336 total units of affordable housing located at the southwest corner of Bradley Ridge Drive and Bradley Landing Boulevard, Colorado Springs, Colorado 80925.
Previous Council Action:
Resolution No. 65-25: Resolution declaring the intent of the City of Colorado Springs, Colorado to issue its multifamily housing revenue bonds to finance the acquisition, construction, improvement, and equipping of an affordable multifamily housing facility known as Bradley Ridge Apartments.
Resolution Nos.106-22, 115-23, 101-24, and 64-25: Resolutions adopted to carry forward the City's annual private activity bond allocations for the financing of affordable multi-family rental projects.
Background:
In 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025, City Council voted to carry forward its PAB allocat...
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