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City Parkway 5 agrees to serve as leverage lender for Las Vegas NMTC deal; authorizes up to $300,000 short-term loan
Summary
On April 7, the City Parkway 5, Inc. board approved a resolution authorizing allocation of new markets tax credits to Las Vegas Community Investment Corporation and related entities for a project at 320 South Ninth Street, and separately authorized up to $300,000 in short-term gap financing to be reimbursed by the City of Las Vegas upon closing.
City Parkway 5, Inc. approved a resolution on April 7 authorizing the company to participate as the leverage lender in a new markets tax credit transaction for a project at 320 South Ninth Street (APN 13934701010) and separately authorized short-term gap financing of up to $300,000 to be reimbursed by the City of Las Vegas upon closing.
The action covers an allocation of new markets tax credits to Las Vegas Community Investment Corporation and the subsequent allocation of a portion of those credits to LVCIC sub CDE 12, LLC for construction and operation of the property, and includes authorization to execute related transaction documents. "Staff recommends approval of this item," Zach Langfeld, senior management analyst, said during the meeting. Langfeld said the arrangement allows City Parkway 5 to act as the leverage lender in the Strong Start, Bridger transaction and noted the item is linked to Las Vegas City Council items 26 and 27 from the April 2 meeting.
Separately, the board approved a motion to authorize short-term funding not to exceed $300,000 to fund the new markets tax credit leverage loan; the board recorded that those funds will be reimbursed by the City of Las Vegas upon closing. Zach Langfeld (recorded elsewhere in the transcript as Zach Blankfeld) again recommended approval for the short-term financing item.
The transcript records that motions on both items were moved and seconded and that the motions passed. The meeting record does not include a roll-call vote tally or named second for the NMTC resolution; the short-term funding item likewise had no roll-call tally in the transcript.
The board did not discuss detailed loan terms, interest rates, repayment schedule, or an unambiguous total leverage-lender commitment in the transcript. The staff statement that followed the resolution included an unclear dollar figure (the transcript records a garbled amount described as "6.3522 hundred thousand billion dollars"); the record does not provide a clear or confirmed loan total for City Parkway 5 in the transcript.
City Parkway 5's participation, as described by staff, is contingent on the transaction documents and the related city council actions previously referenced. No public comments were recorded on these items during the meeting.
The board moved on after approving both items and took up the next agenda item.
