Title
Resolution Providing Approval of the Financing of a Mixed Income Residential Rental Facility with Multifamily Housing Revenue Bonds in an Aggregate Amount Not to Exceed $33,363,000
Body
Department: Executive
Council District: 2
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Barbara Harris, Assistant City Manager, 373-2320
Contact 2 and Phone: Tom Carruthers, City Attorney 373-2320
PURPOSE:
To approve the Housing Authority of Greensboro to issue multifamily housing revenue bonds (the "Bonds") in an amount not to exceed $33,363,000 for the purpose of financing the acquisition and renovation by Printworks Venture, LLC of the Printworks Mill located at 1700 Fairview Street.
BACKGROUND:
The Housing Authority of the City of Greensboro has tentatively agreed to issue its multifamily housing revenue bonds in an amount not to exceed $33,363,000 for the purpose of financing the acquisition by Printworks Venture, LLC, or an affiliated or related entity of the Printworks Mill and the renovating and equipping of a mixed income multifamily residential rental facility, consisting of approximately 217 total units, of which 143 are expected to be targeted to low and moderate income residents. The project will consist of one, two, and three bedroom units located in a collection of interconnected buildings on an approximately 13.3 acre site at 1700 Fairview Street in District 2 of the City of Greensboro.
A public hearing was held on January 25, 2018, at 3:15 pm at 450 North Church Street in Greensboro with respect to the issuance of the Bonds to finance, in part, the Printworks development, and the City is requested to approve the issuance of the Bonds as required by the Code Section 147(f) of the Internal Revenue Code of 1986, which requires that any bonds issued by the Authority for the facilities may only be issued after approval of the plan of financing by the City following a public hearing with respect to such plan.
BUDGET IMPACT:
None. ...
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