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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 and council agreed in June 2020 to grant those fees back to the developer. Valerie said the financing closed in 2024, but for reasons staff cannot explain the fee return was listed as a loan on the Dec. 2022 agenda. The developer has asked that the original grant be reinstated; staff recommended correcting the record and placed the item on the regular agenda (rather than consent) so minutes would clearly show the correction and supporting documentation.
Council asked why the change occurred; Valerie said staff could not find documentation explaining the conversion and speculated a miscommunication among prior staff and the developer. The transcript records presentation and questions but no final council vote to reinstate the grant during the work session.
