Councilmember Donelson asked if there have been any objections to this
project. Ms. Sunderlin stated they received twelve responses back. Kevin
Walker, Director, Planning Department, stated the land use items have
been approved without appeal.
8.D.
An Ordinance by the City of Colorado Springs, Colorado authorizing the
issuance and delivery of its multifamily housing revenue bonds (Royal
Pine Apartments Project), Series 2025 A, in one or more tax-exempt or
taxable series in an aggregate amount not to exceed $60,000,000, 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 bond placement 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 Response Officer
Katie Sunderlin, Housing Solutions Manager, Housing and Homelessness
Response, presented the Ordinance authorizing the issuance and delivery
of its multifamily housing revenue bonds (Royal Pine Apartments Project),
Series 2025 A, in one or more tax-exempt or taxable series in an
aggregate amount not to exceed $60,000,000 for the purpose of financing
the acquisition, construction, improvement and equipping of a
multifamily housing facility in the City. She provided an overview of the
development, why the project requires the use of Private Activity Bonds
(PAB), PAB inducement approval considerations, PAB inducement,
timeline, and next steps.
Councilmember Henjum requested additional information regarding the
issuance fee. Ms. Sunderlin explained the increase of affordable housing in
the community and one of the sources of financing which is the issuance
fee to developers.
Councilmember Donelson asked if the legal actions from the neighborhood
and neighboring businesses have been resolved. Eric Grodahl, Principal,
DBG Properties, representing the developer, confirmed they have been