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Commission approves roughly $9.6M closing payment to seed affordable housing fund
Summary
The commission authorized a closing payment of about $9.595 million from amphitheater sale proceeds to the Grand Rapids Community Foundation to seed the city's affordable housing fund, part of a multi-year payment structure tied to the sale.
The Grand Rapids City Commission approved a transfer of approximately $9.595 million in closing proceeds to the Grand Rapids Community Foundation to capitalize an affordable housing fund.
"This is a long-anticipated closing that finally occurred when the amphitheater was ready to be open to the public earlier this spring," said Miss Barren, who presented the item. She said the sale structure included both a $10 million closing payment and additional annual payments tied to later receipts; the $9.595 million figure reflects netting for carrying costs and preparatory expenses the city incurred.
Commissioners expressed support for directing the proceeds into affordable housing initiatives. The resolution to authorize payment was approved by voice vote with no opposition reported.
What happens next: The foundation will receive the closing payment and the city will continue to monitor the subsequent payments in accordance with the sale agreement; staff will report on proposed uses and any performance agreements related to the housing fund when appropriate.
