Issue $67 million in bonds to finance Crescent Park Apartments project
In Plain English
The city plans to issue tax-exempt and taxable bonds totaling up to $67 million to fund construction of a new multifamily rental housing project called Crescent Park Apartments. The bonds allow the city to provide low-cost financing to developers while transferring construction and financial risks away from taxpayers. If approved, the developer receives the loan proceeds and becomes responsible for repaying bondholders directly.
Auto-generated summary. Source: official agenda documents.
Votes
Adopt the resolution authorizing multifamily housing revenue bonds for Crescent Park Apartments Project
8 to 0
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