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Council asked to give preliminary approval to multifamily revenue bonds for Concord Chase rehab
Summary
Poplar Development Group is seeking a conduit bond allocation and tax credits for Concord Chase Apartments, a 24-unit affordable development; staff said bonds not to exceed $27 million and that the city would act as issuer similar to a prior Coleman Mill transaction.
Jessica, a staff member, told the council that an attorney for Poplar Development Group has applied for a conduit debt issuance and tax credit allocation to acquire and renovate Concord Chase Apartments, a 24-unit affordable housing development on Wilshire Avenue built in 2002.
Jessica described the request as an initial resolution to begin the bond and credit application process and said the financing requested is not to exceed $27,000,000. She said the financing structure would be similar to the Coleman Mill project and that the developer plans substantial interior, exterior and accessibility renovations to the buildings and site. Jessica told council the developer and their attorney would attend the council meeting on Thursday to answer questions about the project.
Council members confirmed with staff that serving as conduit issuer would not affect the city’s credit rating or mean that the city is backing the debt; staff said the city’s role is as issuer and that bond counsel has reviewed similar deals before. Jessica said the developer could pay associated city legal fees and bond issuance fees, which the city has handled similarly on prior deals.
No formal vote was taken at the work session; staff presented the initial resolution and said the developer would appear at the next meeting.
