City of Colorado Springs - File #: 22-167

• File #: 22-167
• Version: 2
• Name: Copper Rose
• Type: Ordinance
• Status: Mayor's Office
• File created: 3/8/2022
• In control: City Council
• On agenda: 5/24/2022
• Final action: 5/24/2022
• Title: Ordinance No. 22-31 by the City of Colorado Springs, Colorado, authorizing the issuance and delivery of its Multifamily Housing Revenue Note (Copper Rose Apartments Project) Series 2022, in an aggregate amount not to exceed $24,000,000, for the purpose of financing the acquisition, construction, improvement and equipping of a multifamily housing facility in the City of Colorado Springs, Colorado and to pay certain issuance expenses of such Note; approving and authorizing execution of a loan agreement with the funding lender, a loan agreement with the borrower, and a tax regulatory agreement with respect to the Note; making findings and determinations with respect to the Project and the Note; authorizing the execution and delivery of related documents; and repealing all action heretofore taken in conflict herewith Presenter: Katie Sunderlin, Senior Affordable Housing Coordinator Steve Posey, Community Development Division Manager John Bales, Fred Marienthal, Kutak Rock LLP Peter Wy...
• Indexes: PAB

Date	Ver.	Action By	Action	Result
5/24/2022	1	City Council	finally passed	Pass
5/10/2022	1	City Council	approved on first reading	Pass
4/25/2022	1	Council Work Session	referred

Title
Ordinance No. 22-31 by the City of Colorado Springs, Colorado, authorizing the issuance and delivery of its Multifamily Housing Revenue Note (Copper Rose Apartments Project) Series 2022, in an aggregate amount not to exceed $24,000,000, for the purpose of financing the acquisition, construction, improvement and equipping of a multifamily housing facility in the City of Colorado Springs, Colorado and to pay certain issuance expenses of such Note; approving and authorizing execution of a loan agreement with the funding lender, a loan agreement with the borrower, and a tax regulatory agreement with respect to the Note; making findings and determinations with respect to the Project and the Note; authorizing the execution and delivery of related documents; and repealing all action heretofore taken in conflict herewith

Presenter:
Katie Sunderlin, Senior Affordable Housing Coordinator
Steve Posey, Community Development Division Manager
John Bales, Fred Marienthal, Kutak Rock LLP
Peter Wysocki, Director of Planning and Community Development

Body
Summary:
The Copper Rose Apartments Project is an affordable housing project that proposes to construct 183 apartment units.

The ordinance will authorize the issuance and delivery of an amount not to exceed $24M in Private Activity Bonds (PAB) for the purpose of financing the acquisition, construction, improvement, and equipping of an affordable multi-family property. The project is 100% affordable with all units renting to households at 60% Area Median Income (AMI) or below.

The City previously passed a resolution reserving $18.5M in Colorado Springs PAB cap with a not to exceed amount of $21.5M. The $3M gap in PAB was to be assigned to the City by another issuer. Due to significant demand for private activity bond financing and a volatile construction cost market, the developer has requested an increase in the not to exceed amount of PAB to $24M. It is advantageous to the City to use its own PAB to finance...