Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Development Finance topic
No spam. Unsubscribe anytime.
Council to consider emergency bond ordinances to support 159-unit Creekside Woods townhomes
Summary
Staff requested council waive second reading and adopt emergency bond ordinances Monday to issue developer-obligated bonds for a 159-unit Creekside Woods townhome development; staff said the city would net about $3.4 million over the project's life and the bonds are structured as developer obligations with no recourse to the city.
During the work session, staff introduced emergency legislation authorizing issuance of bonds for the Creekside Woods incentive district, a 159-unit townhome development. Aaron and Mister Sorrell described the bonds as a pass-through financing mechanism: "These bonds are the obligation of the developer. The city is really just a pass through mechanism. There is no recourse on the city if the project were to not perform," Sorrell said. Staff said the city expects to net approximately $3,400,000 over the life of the project.
Because the developer has already started work, staff asked council to waive the second reading and adopt the ordinances as emergency legislation on Monday to proceed with issuance. Council signaled support and moved the item to the Monday agenda for second reading and adoption.
