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Committee approves financing changes for Warner & Swayze redevelopment; $10.6M city support reported
Summary
The Finance, Development, Equity and Inclusion committee approved amendments allowing multiple loan agreements to Penrose Holdings LLC to finance redevelopment of the Warner & Swayze Building, with city support reported at $10.6 million toward a $64 million project.
The committee approved an amended emergency ordinance (14‑58‑2025 as amended) authorizing agreements with Penrose Holdings LLC and related loan documents to support redevelopment of the Warner & Swayze Building at 5701 Carnegie Ave.
Director Jovi Jovi Rose and project staff said the amendment pluralizes the loan authorization so the city may enter into separate, customized loans for different housing products (senior and family units). Staff described a capital stack with many partners and said the total project cost is about $64,000,000.
Council members pressed staff for specifics about city exposure, repayment terms and lien position. Economic development staff reported the city’s total investment in loans and grants for the project added to $10,600,000. Staff said some of the economic‑development loan portion (about $2,800,000) is structured as forgivable contingent on meeting forgiveness conditions; community‑development home dollars account for other portions and will carry roughly 15‑year terms.
Committee members also clarified that the city holds subordinate positions behind primary lenders rather than first lien positions. After questions on terms and parcel specifics (the building has been vacant for decades), the committee voted to approve the amended ordinance and advance companion pieces to the full council for consideration.
The committee record shows ordinance 14‑58‑2025 stands approved in committee; companion ordinance 15‑19‑2025 will be heard by full council that evening.
