City of Colorado Springs - File #: 22-455

• File #: 22-455
• Version: 2
• Name: Paloma Garden
• Type: Ordinance
• Status: Mayor's Office
• File created: 6/28/2022
• In control: City Council
• On agenda: 8/23/2022
• Final action: 8/23/2022
• Title: Ordinance No. 22-51 by the City of Colorado Springs, Colorado authorizing the issuance and delivery of its multifamily housing revenue bonds (Paloma Garden project) series 2022, in an aggregate amount not to exceed $19,000,000, for the purpose of financing the acquisition, construction, improvement and equipping of a senior 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 a financing 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: 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 Deve...
• Indexes: PAB
• Related files: 22-305

Date	Ver.	Action By	Action	Result
8/23/2022	1	City Council	finally passed	Pass
8/9/2022	1	City Council	approved on first reading	Pass
7/25/2022	1	Council Work Session	referred

Title
Ordinance No. 22-51 by the City of Colorado Springs, Colorado authorizing the issuance and delivery of its multifamily housing revenue bonds (Paloma Garden project) series 2022, in an aggregate amount not to exceed $19,000,000, for the purpose of financing the acquisition, construction, improvement and equipping of a senior 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 a financing 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:
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 ordinance will authorize the issuance and delivery of Private Activity Bonds (PAB) for Paloma Garden and the new construction and rehab of 127 total units of affordable housing located at 920 S. Chelton Road and 3140 Mallard Drive Colorado Springs, CO 80910. The project will provide 75 new, and 50 rehabbed units for low-income seniors, with two units reserved for managers.

Previous Council Action:
18-038, 19-352, 20-389, 114-21: 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, and 2021 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 for City Council to address the need for additional housing for lower-income populations...