TO: Mayor and Members of City Council
THRU: Kelly Olivera, Assistant City Manager
FROM: Christopher Cauley, MPA - Director of Economic and Community Development
DATE: August 12, 2024
RE:
Title
Public Hearing on Authorization of the Issuance of Private Activity Bonds not to Exceed $80,000,000 by the Public Finance Authority Relating to Two Mixed Income Housing Developments Located at 1701 Owen Drive and 1944 Cedar Creek Road - Reauthorization
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COUNCIL DISTRICT(S):
Council District(s)
District 2
b
Relationship To Strategic Plan:
GOAL II: The City of Fayetteville will have a Responsive City Government supporting a diverse and viable economy.
GOAL III: The City of Fayetteville will be a city invested in Today and Tomorrow.
GOAL IV: The City of Fayetteville will be a highly desirable place to live, work and recreate.
Executive Summary:
GoodHomes, Inc., acting as the developer, has partnered with the Community Finance Corporation, a non-profit developer, and its affiliates CFC-FNC, LLC and CFC-FNC II, LLC (together, the Borrower) and is requesting the City hold a Public Hearing and adopt a resolution authorizing the issuance of not more than $80,000,000 in Private Activity Bonds issued by the Public Finance Authority (PFA). The project involves redevelopment of properties located at 1701 Owen Drive and 1944 Cedar Creek Road. Additional details of each development are attached. The issuance of bonds is a transaction between the PFA and the Borrower and does not expose the City to any financial risk. City Council is asked to hold a Public Hearing and adopt the resolutions authorizing the issuance of not more than $80,000,000 in Private Activity Bonds issued by the PFA.
Background:
GoodHomes, Inc. is a developer specializing in the adaptive reuse of underperforming hotels by taking once prosperous developments and converting them into vibrant and meaningful communities. The Borrower is organized, among other purposes, for the purpose of less...
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