Council hears request for preliminary approval of $17M conduit bonds for Norcutt Mill affordable housing
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Summary
City staff requested preliminary approval to issue $17,000,000 in multifamily housing revenue conduit bonds for Norcutt Mill, a 112‑unit project at 31 White Street; staff said the city acts as conduit and has no repayment obligation.
Housing staff presented a request for preliminary approval of a conduit debt issuance to support Norcutt Mill, a 112‑unit residential project proposed at 31 White Street. "It is for Norcutt Mill, in the amount of $17,000,000; they do intend to provide affordable housing," staff said.
Staff explained that, as with previous conduit financings, the city would act as a conduit issuer and would have no obligation to repay the debt; the tool allows nonprofit and private developers to access tax‑exempt financing while the city serves as the housing agency.
Council members asked whether there were overlaps with other local projects and whether any local partners (for example, property managers or prior partners) were involved; staff said the developer is the same group that worked on Coleman Mills and that there may be future property management partnerships, but the current request stands apart.
The item was presented for preliminary approval; staff said documentation and final bond terms would be presented if council approves moving forward.