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Commissioners authorize publication of notice tied to multifamily housing bonds for Sandoval Flats/Dominion project
Summary
The commission authorized publication of a notice of intent to adopt an ordinance related to outstanding Series 2024A/2024B multifamily housing revenue bonds for the Sandoval Flats/Dominion project while bond counsel and staff continue renegotiations of an issuer fee to comply with tax law.
The Sandoval County Commission voted to authorize publication of a notice of intent to adopt an ordinance concerning the county's outstanding multifamily housing revenue bonds, Series 2024A and 2024B, associated with the Sandoval Flats/Dominion project.
Jill Sweeney of the Taft law firm, acting as bond counsel and standing in for financial adviser Rob Burpo, told commissioners that negotiations are ongoing to renegotiate an issuer fee so the fee will comply with tax laws. "You have before you a very simple resolution, to publish the notice of intent, for an ordinance relating to the county's outstanding multifamily housing revenue bonds series 2024 A and 2024 B," Sweeney said, adding staff will return soon with an ordinance that allows the project to continue within the limitations of the tax code.
Sweeney also noted technical difficulties prevented Mr. Burpo from connecting virtually; the firm and county staff said negotiations with bond counsel and county staff will continue before a final ordinance is presented.
The motion to publish the notice was moved, seconded and approved by roll call vote. County staff said they will proceed with timely publication and return with a formal ordinance and related materials when negotiations are complete.
Next steps: county staff and bond counsel will continue renegotiations of the issuer fee and return to the commission with an ordinance for final consideration.
