Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Rp Kensington topic
No spam. Unsubscribe anytime.
Board preserves tax-exempt bond eligibility for Kensington Drive project; resolution passes
Summary
The board approved a preliminary resolution to preserve up to $20,000,000 in bond authority for an approximately 95-unit Kensington Drive affordable housing project; presenters emphasized the step preserves vouchers and THDA/LIHTC application timing, not construction approval.
The board voted to approve a preliminary multifamily housing revenue bond resolution for RP Kensington LP, preserving tax-exempt bond authority in an amount not to exceed $20,000,000 for the Kensington Drive project.
Bond counsel Jay Moneyhine said Kensington is "approximately 95 units" and that the action allows the developer to submit applications to the Tennessee Housing Development Agency for tax-exempt bonds and low-income housing tax credits before the August 10 deadline. He reiterated that TEFRA steps are intended to "preserve the fair cloth vouchers potentially for these projects" and do not constitute final project or financing approvals.
Board members asked about access and traffic; presenters said Kensington’s entrance is already in service on Kinsey Drive and that traffic studies for Brainerd and Kensington were acceptable to the project team. The chair confirmed the board would vote separately on Kensington after Brainerd; both preliminary resolutions passed by voice vote.
