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Council approves $60 million in bonds for Royal Pines apartments despite neighborhood opposition
Summary
City Council approved the issuance of up to $60 million in multifamily housing revenue bonds for the Royal Pine Apartments after extended public comment focused on traffic, parking, school capacity and site suitability; the ordinance passed 8–1.
The Colorado Springs City Council on Tuesday approved an ordinance authorizing up to $60 million in multifamily housing revenue bonds to finance the Royal Pine Apartments, a 232-unit development in Council District 2, by an 8–1 vote.
The ordinance authorizes private activity tax-exempt bonds and a taxable tail to fund acquisition, construction and certain issuance costs for the project. City housing staff and bond counsel told council the project had previously received land-use approvals and that bond investors had signaled they were willing to proceed despite pending litigation affecting other local projects.
Why it matters: The project drew sustained…
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