City of Colorado Springs
Enable Recite
Share to Facebook Share to Twitter Bookmark and Share
File #: 19-325    Version: 1 Name: Atrium at Austin Bluffs
Type: Resolution Status: Mayor's Office
File created: 6/5/2019 In control: City Council
On agenda: 7/23/2019 Final action: 7/23/2019
Title: A Resolution declaring the intent of the City of Colorado Springs, Colorado to issue its Multifamily Housing Revenue Bonds to finance the construction of a senior affordable multifamily housing facility known as Atrium at Austin Bluffs Presenter: Steve Posey, HUD Program Manager, Planning & Community Development Peter Wysocki, Director of Planning and Community Development
Indexes: PAB
Attachments: 1. Draft Resolution for Preliminary Inducement of Private Activity Bonds, 2. Prelim Inducement Res TGap CC Materials, 3. Signed Resolution 66-19
Related files: 20-148, CPC CU 19-00148


Title
A Resolution declaring the intent of the City of Colorado Springs, Colorado to issue its Multifamily Housing Revenue Bonds to finance the construction of a senior affordable multifamily housing facility known as Atrium at Austin Bluffs

Presenter:
Steve Posey, HUD Program Manager, Planning & Community Development
Peter Wysocki, Director of Planning and Community Development

Body
Summary:
A Preliminary Inducement Resolution for the issuance of Private Activity Bonds (PAB) for The Atrium at Austin Bluffs, a 54 unit senior affordable housing project located at the corner of Austin Bluffs and Templeton Gap.

Previous Council Action:
N/A

Background:
Private activity bonds (PAB) are a form of tax-exempt financing in which the City acts as the conduit issuer, but assumes no debt responsibility. Annually, the City of Colorado Springs receives an allocation of PAB from the State of Colorado. The allocation is based on population. Year over year, the City of Colorado Springs has seen an increase in its PAB allocation as a result of continued growth. In 2018, the City's allocation totaled $24,200,033 and in 2019 the City's allocation totaled $24,866,520.

Prior to 2018, the City routinely assigned its PAB allocation to El Paso County. The County has used the City's PAB to finance affordable multi-family rental projects, including Copper Range, a 240 unit work force housing development where rents are capped at 60% of area median income (AMI), Traditions at Colorado Springs, a 180 unit senior affordable housing project with similar rent caps, and the acquisition and rehabilitation of Whitney Young Manor, a 200 unit senior affordable rental complex.

In 2018, the City Council voted to carry forward its PAB allocation for the purpose of financing qualified residential rental projects, an eligible use of PAB under the IRS code. The carry forward is consistent with PAB use in other jurisdictions around the state. Recently, Colorado ranked among the top 1...

Click here for full text



The City of Colorado Springs is committed to making its websites accessible to the widest possible audience. We are constantly working to increase the accessibility and usability of our online technology. We strive to maintain conformance to Web Content Accessibility Guidelines (WCAG) 2.0 as well as U.S. Federal Government Section 508 Guidelines. The City of Colorado Springs will be evaluating this site on a regular basis and it will continue to evolve and improve over time as new technologies emerge. If you experience difficulty accessing the information contained within this webpage please contact the Office of Accessibility at 719-385-5169.