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Council gives preliminary approval for conduit bonds to fund renovation of 127‑unit senior housing
Summary
The council unanimously granted preliminary approval for the city to act as conduit issuer for tax‑exempt bonds (not city liability) to support a 127‑unit senior affordable housing renovation, authorizing staff to pursue state allocation and a future public hearing.
The Roseville City Council unanimously approved preliminary support on May 4 for Standard Communities’ application for conduit multifamily housing revenue bonds to finance a renovation of a 127‑unit senior living property in the city.
Bond counsel Rhonda Scobie (Taft Stettinius & Hollister) told the council the city would act as a conduit issuer under state and federal law and that no city funds or liability would back the bonds: "No city funds would be used for the bonds; the city would not have any liability for the…
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