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Board approves Bluestone Town Center senior project financing after lease-term discussion
Summary
After discussing ownership structure and ground-lease length (including legal risk of a 99‑year lease), the authority approved a consent resolution allowing bond closing for BTC Senior entities financed with 9% tax credits.
The board approved a consent resolution to advance financing for the Bluestone Town Center (BTC) Senior project, an arrangement that uses 9% tax credits and contemplates a ground-lease/ownership structure in which the authority will co-own the property and enter a long-term ground lease with managing LLCs.
Staff described the ownership/ground-lease plan and noted tax-credit financing through an affiliate nonprofit. Board members discussed lease-term options (staff said terms ranging from ~30 to 99 years were under consideration) and the legal risk of an overly long lease. As the chair observed, "The longer a ground lease is, law could deem it to be a fee simple for the day." After a procedural omission (a motion was not initially recorded), the board re-ran roll call and approved the resolution.
Staff said investors and the final management-member structure will be added later via a subsequent resolution once investors are identified.
