City of Colorado Springs - File #: 21-455

• File #: 21-455
• Version: 2
• Name: Draper Commons
• Type: Resolution
• Status: Mayor's Office
• File created: 7/19/2021
• In control: City Council
• On agenda: 12/14/2021
• Final action: 12/14/2021
• Title: Ordinance No. 21-108 by the City of Colorado Springs, Colorado authorizing the issuance and delivery of its Multifamily Housing Tax-Exempt Mortgage-Backed Bonds (M-Tems) (Draper Commons), Series 2022A, in an amount not to exceed $26,000,000 and its Multifamily Housing Taxable Mortgage-Backed Bonds (M-Tmbs) (Draper Commons Project), Series 2022B, in an amount not to exceed $5,000,000; authorizing the execution and delivery by the City of any and all necessary documents to effectuate the issuance of such bonds; authorizing officials of the City to take all action necessary to carry out the transactions contemplated hereby, and providing for related matters Presenter: Steve Posey, Community Development Division Manager John Bales, Fred Marienthal, Kutak Rock LLP Peter Wysocki, Director of Planning and Community Development
• Indexes: PAB
• Related files: 20-019, 21-265

Date	Ver.	Action By	Action	Result
12/14/2021	1	City Council	finally passed	Pass
11/23/2021	1	City Council	approved on first reading	Pass
11/8/2021	1	Council Work Session	referred

Title
Ordinance No. 21-108 by the City of Colorado Springs, Colorado authorizing the issuance and delivery of its Multifamily Housing Tax-Exempt Mortgage-Backed Bonds (M-Tems) (Draper Commons), Series 2022A, in an amount not to exceed $26,000,000 and its Multifamily Housing Taxable Mortgage-Backed Bonds (M-Tmbs) (Draper Commons Project), Series 2022B, in an amount not to exceed $5,000,000; authorizing the execution and delivery by the City of any and all necessary documents to effectuate the issuance of such bonds; authorizing officials of the City to take all action necessary to carry out the transactions contemplated hereby, and providing for related matters

Presenter:
Steve Posey, Community Development Division Manager
John Bales, Fred Marienthal, Kutak Rock LLP
Peter Wysocki, Director of Planning and Community Development

Body
Summary:
The ordinance will authorize the issuance and delivery of multifamily housing tax-exempt mortgage-backed bonds (M-TEMS) (Draper Commons), Series 2022A, in an amount not to exceed $26,000,000, and multifamily housing taxable mortgage-backed bonds (M-TMBS) (Draper Commons Project), Series 2022B, in an amount not to exceed $5,000,000.

The issuance will be for Draper Commons, a 280 unit affordable housing project located in the Lowell neighborhood in SE downtown. The project is 100% affordable multi-family rental.

All expenses related to bond issuance are paid by the developer. These include legal fees and servicing costs of other 3rd parties involved in the bond transaction. Administrative regulation 2021-04 establishes issuer fees totaling 0.4% of par value of bond issue. Community Development intends to use the City's issuer fees to assist non-profits with eligible pre-development costs related to affordable multi-family rental projects.

Previous Council Action:
88-18, 72-19, 63-20: Resolutions adopted to carry forward the City's annual private activity bond allocations for the financing of affordable multi-...