Issue $55 million in bonds to finance Crescent Park Apartments housing project
In Plain English
The city plans to issue municipal bonds to help finance construction of the Crescent Park Apartments development. These bonds allow the city to borrow money at lower interest rates and pass those savings to the developer. The bond debt belongs to the developer, not the city, so taxpayers face no financial risk if the project fails.
Auto-generated summary. Source: official agenda documents.
Votes
Close the public hearing
8 to 0
Adopt Resolution No. 7-07 declaring the City's intent to undertake the financing of a multifamily housing project and Resolution No. 8-07 authorizing the issuance of not to exceed $55,000 in multifamily housing mortgage revenue bonds for the Crescent Park Apartments
8 to 0
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