Sarah B. Johnson, City Clerk
Attachments:
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8. Items for Introduction
A resolution declaring the intent of the City of Colorado Springs,
Colorado to issue its multifamily housing revenue bonds to finance the
acquisition, construction, improvement and equipping of an affordable
multifamily housing facility known as Royal Pine Apartments.
8.A.
Steve Posey, Community Development Division Manager
John Bales, Fred Marienthal, Kutak Rock LLP
Peter Wysocki, Director of Planning and Community Development
Attachments:
Steve Posey, Community Development Division Manager, Planning and
Community Development Department, presented the resolution
declaring the intent of the City to issue its multifamily housing revenue
bonds to finance the acquisition, construction, improvement and
equipping of an affordable multifamily housing facility known as Royal
Pine Apartments. He provided an overview of the Royal Pine Drive new
construction, request, unit mix/rents, private activity bonds (PAB)
allocations, and projects.
Councilmember Henjum asked who the developer for this project is. Mr.
Posey stated it is DBG Properties, LLC, which is a father, son
development team, Walter and Eric Grodahl, who worked on the
Academy Heights project located on Fountain Boulevard.
Councilmember Talarico asked how many units will be at the thirty
percent Average Median Income (AMI). Mr. Posey stated if the
developer wants to take the best advantage of the available incentives
and rebates, they will attempt to get as many units as possible below
fifty percent.
Councilmember Avila asked if the average rent for a two-bedroom unit at
Academy Heights compared to Royal Pines Apartments. Mr. Posey
stated a two-bedroom unit at Royal Pines Apartments will be
approximately $1,300.00 per month. Holly Robertson, Business Project
Manager II, Community Development Division Manager, Planning and
Community Development Department, stated the average rent for a
two-bedroom unit at Academy Heights would be similar to the rent at
Royal Pines. Mr. Posey stated he believe Academy Heights is between
$1,000.00 and $1,200.00 per month.