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Council continues vote on $28.4 million Metropolitan Apartments bond refunding amid dispute over affordable-housing term
Summary
The Los Angeles City Council recessed to a special meeting to consider a CRA request to refund multifamily housing revenue bonds for the Metropolitan Apartments project, asking the council to approve documents for a refunding not to exceed $28,400,000.
The Los Angeles City Council recessed to a special meeting to consider a request from the Community Redevelopment Agency to refund multifamily housing revenue bonds for the Metropolitan Apartments project (not to exceed $28,400,000). CRA staff and representatives of the project's developer, Forest City Enterprises, described financing constraints after the project's existing letter of credit approached termination and asked the council to approve bond documents that would allow a corporate guarantee and extend the bond maturity to 2025.
CRA st…
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