Council repeals city-backed bond authorization after developer opts for developer-backed financing for Park and Popppler
The council repealed ordinance 25-85 by adopting ordinance 26-21 after staff explained the developer chose a developer-backed bond for the Park and Popppler Midtown project; councilors were told the developer-backed approach transfers bond risk to the developer and preserves city advantage of avoiding long-term liability.
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Janelle Fairman, executive chief of economic and community development, asked the council to approve ordinance 26-21 to repeal ordinance 25-85 after the Park and Popppler Midtown project’s developer shifted from a city-backed lease-rental bond to a developer-backed purchase bond. Fairman described the project as an approximately $123 million mixed-use development including two office buildings, a 523-space parking garage and about 240 multifamily units and brownstones.
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