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Council hears Lumberyard affordable-housing plan; $70M bond question set for Nov. 4 ballot
Summary
City and developer presentations described a 277-unit, deed-restricted Lumberyard housing development, with an estimated total development cost of about $360 million, the city's contribution around $250 million and a council-placed ballot question asking voters to authorize up to $70 million in municipal revenue bonds for the project.
Chris summarized the Lumberyard (lumber yard) affordable-housing development and told the council the project would deliver 277 deed-restricted rental units. "The housing program is 277 rental units," Chris said, describing the bedroom mix and income categories under APCHA rules.
Chris said Gorman and Company is the developer and estimated the total development cost at about $360,000,000 with the city's contribution estimated near $250,000,000. He told the council construction could start mid-2026 and building 1 could be leased in mid-2028, with later buildings following in 20282029. He also said the council has placed a ballot question on Nov. 4, 2025 asking voters to authorize up to $70,000,000 in municipal revenue bonds for exclusive use on the Lumberyard project, with debt service to be paid from housing fund revenues.
Council members asked for clarity on income-category caps and whether low-income housing tax credits would be used. Chris said the project is not using low-income housing tax credits, which provides flexibility to repurpose category 1 units for category 2 occupants if needed. Council members also sought details about the timing of a planned closing and whether additional city funding or bond proceeds would affect other reserves; Chris said more details will be available as the team approaches closing.
