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City staff seek to reinstate $300,000 bond-issuance fee grant for Coleman Mill affordable housing
Summary
Staff told council that $300,000 in bond issuance fees collected as part of conduit financing for the Coleman Mill affordable housing project were intended as a grant to the developer in June 2020 but were later recorded as a loan in Dec. 2022; the developer requested correction and staff could not locate documentation explaining the 2022 change.
Valerie summarized the Coleman Mill financing history: the city acted as conduit for bond financing to revitalize the historic mill and create 144 affordable housing units. As part of the 2019 transaction the city received $300,000 in bond issuance fees…
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